Workspace share price doesn’t reflect strong recovery potential, says RBC

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Analysts said the group is well-placed to take advantage of strong UK GDP growth and structural changes in tenant demand for London office space ’s () share price performance since the pandemic broke reflects the negative impact on trading but none of the potential for a strong recovery, said RBC. The Canadian investment bank hiked the price target by 40% to 1,050p and upgraded the stock to ‘outperform’ from ‘sector perform’. READ: Workspace swings to full-year loss as COVID-19 reduces rental income, property valuations Earnings per share (EPS) in the year ending in 2024 are expected to come in at 46.1p, 3% above 2020 and 116% above 2021. Workspace's like-for-like rents declined 24% over the year to March 2021, far more than the 9% in 2008-09, as around a tenth of its predominantly small and medium enterprise customers took advantage of flexible leases to leave and others to downsize. Management noted that the pickup in letting activity in the fourth quarter co
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