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Unibail Shares Decline After Analysts Lift Targets

Shares of Unibail SA, France's second- largest real-estate company, fell after Citigroup Inc. (C), Merrill Lynch and Co. and Kempen & Co. analysts raised their price targets.

Merrill analyst Alec Pelmore raised his target to 135 euros ($162.85) a share from 125 euros. Citigroup's Philippe Le Trung lifted his target to 128 euros from 114. Kempen analyst Boudwijn Schoon boosted his estimate to 131 euros from 120. Yesterday Morgan Stanley (MS) analyst Martin Allen raised his estimate for the Paris-based company to 114 euros from 107.

Unibail shares closed down 1 euro, or 0.8 percent, at 120.6 euros after rising to a record 124 euros during the day. The stock has gained 27 percent in the past year, valuing the company at 5.5 billion euros.

Unibail, which owns seven of France's 20 largest shopping centers, may spend as much as 1.7 billion euros on acquisitions or return capital to investors, Chief Executive Guillaume Poitrinal said yesterday. The Paris-based company said the net value of its assets rose 5.6 percent last year after returning 1 billion euros to shareholders. The value of its shops, offices and conference centers rose 23 percent to 8.6 billion euros.

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To contact the reporter for this story: Peter Woodifield in Edinburgh at pwoodifield@bloomberg.net

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