While maintaining its 'buy' recommendation on Covivio, Invest Securities has lowered its target price from 54.6 to 51.3 euros, believing that 'market conditions are heightening uncertainty over the property company's 2024 dividend'.

'Risk-free rates remaining higher than our expectations and the extreme weakness of investment markets are heightening our concerns over the dividend's sustainability', says the analyst after the nine-month trading update.

"In view of our RNR trajectory (TCMA 2023/28 of -4.7%), the payout could fall as early as fiscal 2024", it warns, estimating nevertheless that "in this conservative scenario, the 2024 yield would remain above 9% on the basis of the current share price".

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