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(Sharecast News) - Analysts at Berenberg lowered their target price on property company Tritax EuroBox from 100.0p to 80.0p on Tuesday following the group's full-year results.
Berenberg stated that although Tritax EuroBox's full-year earnings per share fell short of forecasts, it still believes the company's performance was "resilient", with like-for-like metrics up "significantly".
"Like-for-like valuation growth of 5.6% was positive given the current investment market backdrop and led to EPRA NTA per share of 138c, 8.3% ahead of our 127c forecast," added the German Bank.
Berenberg also noted that with the company likely to benefit from rent indexation, but current market conditions delaying further investment, it had opted to reduce its price target on the stock but also maintain its 'buy' rating.
"Shares trade at a CY 2023 P/NTA of 0.56x, 44% below our trough NTA forecasts," added the analysts.
Reporting by Iain Gilbert at Sharecast.com
