Berenberg Keeps Unibail-Rodamco-Westfield at Buy After Nine-month Trading Statement; Price Target Trimmed

12:15 PM EST, 11/03/2026 (MT Newswires) -- Berenberg retained Unibail-Rodamco-Westfield's (URW.PA) buy rating, saying it remains "positive" on the stock following the French commercial real estate company's nine-month trading statement. "Unibail-Rodamco-Westfield (URW) recently published a 9M trading statement, which again illustrated the company's resilient operations. Therefore, we believe URW is well on track to reach its FY 2026 target of EUR9.15-9.30 for adjusted EPS/FFO per share. Our estimate of EUR9.28 is at the upper end of URW's outlook," analysts said Tuesday. Against this backdrop, the research firm reduced the stock's price target to 115 euros from 122 euros, to incorporate a higher cost of capital into its model in light of elevated interest rates over previous weeks. Berenberg also trimmed its FFO forecasts for 2026 to 2028. Rents and EBIT projections for 2026 to 2027 were left unchanged, while those for 2028 were increased.