Federico Pezzetti, an analyst from Intermonte, maintained the Buy rating on IGD SIIIQ S.p.A.. The associated price target remains the same with €5.00.
Federico Pezzetti has given his Buy rating due to a combination of factors, notably the solid set of first-quarter 2026 results that were broadly in line with expectations across revenues, EBITDA, and cash generation. He also highlights the resilience of IGD’s operating metrics, with high occupancy levels and positive leasing activity in both Italy and Romania, which underscore the quality and attractiveness of the underlying retail portfolio.
Furthermore, Pezzetti points to management’s confirmation of 2026 guidance for a meaningful increase in FFO, alongside a strengthened financial profile with comfortable debt maturity and ongoing opportunities to optimise funding costs. In his view, the unchanged $5 price target remains compelling given the stock’s sizeable discount to asset value and modest FFO multiple, especially in a context of stabilising property valuations and a potential future uplift in dividends as leverage moves toward target levels.
