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Deutsche Bank downgrades Intu Properties to ‘sell’ from ‘hold’ following marathon shopping trip

The German bank also chopped its target price for the FTSE 250-listed stock back to 150p from 210p, with the shares currently changing hands at 177.5p each
Shopping centre
Deutsche Bank’s analysts pointed out that they visited 17 Intu shopping centre in 6 days, driving 1,500 miles

Deutsche Bank put the boot into real estate firm Intu Properties PLC (LON:INTU) on Thursday following a marathon shopping trip, downgrading its rating to ‘sell’ from ‘hold’.

The German bank also chopped its target price for the FTSE 250-listed stock back to 150p from 210p, with the shares currently changing hands at 177.5p each, down 3.9% on Wednesday’s close.

READ: Intu terminates Hammerson deal, believes in its stand-alone commercial future

In a note to clients, Deutsche Bank’s analysts pointed out that they visited 17 Intu shopping centre in 6 days, driving 1,500 miles.

They said: “We have travelled the length and breadth of the UK to visit Intu's English, Scottish and Welsh assets and answer the all-important question - Does Intu have a portfolio tail of weaker assets?

They concluded that while Intu’s management thinks otherwise, they are not convinced and consequently have cut their target and downgraded their rating for the stock.

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