Berenberg Tweaks Gecina Estimates After H1 Results; Buy Rating Kept

08:01 AM EDT, 08/10/2026 (MT Newswires) -- Berenberg updated its Gecina (GFC.PA) forecasts following the French real estate company's first-half results. "Operationally, Gecina benefits from its Paris office portfolio, which reported high tenant retention and occupancy rates of 84% and c94%, respectively, as of June, as well as a 13% average rental uplift on lettings during H1," according to a Monday note. The research firm trimmed its 2027 funds from operations per share estimates by 3%, citing expectations that lettings for the company's four redevelopment projects in Paris and Neuilly-sur-Seine might materialize more in the second half of 2027, as office occupiers might take longer to commit to larger pre-lease contracts amid current macroeconomic conditions. The 2028 estimate was also lowered by 1.6%, while that for 2026 ticked up 0.2%. The stock's buy rating was kept, while its price target was reduced to 92 euros from 95 euros.