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Risk Warning
31/10/2011
While Prime Markets has highlighted Capital Shopping Centres Group's (CSCG) strong third quarter, the broker recommends to "sell into strength", saying that it sees no upside to the current share price.
"CSCG has delivered a remarkably resilient performance given the sovereign debt crises, the general malaise and lack of visibility across Europe and the wider global economy," said the head of dealing at Prime Markets, Richard Curr.
The FTSE 100 real estate investment trust which specialises in regional shopping centres, saw no increase in footfall in the three months to the end of October compared to the equivalent period of 2010, but said that occupancy levels remained strong at 97%.
"The 97% occupancy rate shows that CSCG is operating at close to optimum levels, but with management pointing to a low growth environment, a challenging retail market and a restricted financing market for real estate hampering progress for some time to come, there is every indication that the shares have gone as far as they can for now," Curr said.
Prime Markets' target price for the stock is 309p.
Securities and Derivatives markets may be subject to rapid and unexpected price movements and past performance is not necessarily a guide to future performance. Trading in these markets is generally considered to be suitable only for the more experienced investor as it carries a high degree of risk. An investor may not receive back the amount of their original investment and in certain circumstances may be liable for a sum that is greater than their original investment. If in any doubt, please seek independent financial advice.