Jefferies cuts Mercialys to 'hold' amid Casino's woes
** Jefferies cuts French property management company Mercialys MERY.PA to "hold" from "buy" as supermarket chain Casino CASP.PA will close stores owned by Mercialys
** Out of 19 outlets closing this week, six are located in Mercialys' shopping centres, while two are directly owned by it, accounting for 1.2% of the firm's annual rents
** Jefferies says the closures bring higher risk of jeopardizing the turnover of other shops in Mercialys' shopping centres
** It expects a rental income loss of around 8%, assuming that not all stores would close immediately
** "For the time being, we assume that Casino will stop paying its rents in 2025 along with another 0.3% rent loss in 2025 due to higher vacancies," Jefferies says
** It cuts Mercialys' PT by 3.8% to 12.50 euros ($13.82) from 13 euros
($1 = 0.9044 euros)
Reporting by Gianluca Lo Nostro
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