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

Published: 10:43 12 Jul 2018 BST

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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