Berenberg Keeps PSP Swiss Property at Buy on Earnings Resilience Amid 'Tight' Investment Markets

12:37 AM EST, 01/08/2026 (MT Newswires) -- Berenberg affirmed its buy rating on PSP Swiss Property (PSPN.SW), noting the company's "high" earnings resilience and sustained dividend growth despite "tight" investment markets for prime commercial properties in Zurich and Geneva. The price target of 145 francs was also confirmed on Wednesday, while EBIT projections were trimmed by 1.9% for 2026 and 3.4% for 2027. On the other hand, analysts expect the group to post an adjusted EBITDA of around 300 million francs in 2026, maintaining earnings levels. "We believe PSP will keep its portfolio focus on modern office properties in central locations," analysts said. "Admittedly, there are more investment opportunities in secondary locations, offering seemingly attractive high initial yields. However, PSP maintained low-level vacancy rates of around 3-4% in its portfolio for many years, which indicates that the company has been reasonably successful in understanding the preferences of office occupiers, and the trend of tenants looking for modern space in sought-after locations is likely to be sustained, in our view." The research firm also expects PSP's development pipeline of 101 million francs until 2026 to be a source of potential growth.