Oddo BHF maintains its 'neutral' opinion on Mercialys, while lowering its price target from 10.2 to 8.2 euros after taking into account the dividend payment and adjusting upwards its risk premium on the property company's stock.

"Mercialys remains significantly exposed to Casino, even though the latter has just launched a conciliation procedure with its financial creditors", notes the analyst, estimating that this "forces Mercialys to be more selective in its strategic choices".

Oddo BHF remains neutral on the stock, 'in view of the poor visibility to date on the outcome of future actions underway on Casino, even though the share is currently trading at a historically low level of 6.5 times 2023 cash flow for a dividend yield of 13.1%'.

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