Colonial rises after 9-month net profit beat, outlook upgrade
** Inmobiliaria Colonial's COL.MC shares rise around 3% after it reported estimates-beating 9-month net profit and upgraded its guidance
** Spanish real estate group reported 9-month net profit at 156.4 million euros versus loss of 298.5 million euros year ago, and said it expected to exceed upper range of its EPS guidance for 2024
** CM Capital Markets says the results are overall positive for the stock as net profit came above consensus estimates although at the operating front were in line with expectations
** Jefferies points to 2024 guidance "to be beaten" and to "solid" like-for-like rental growth of 6.5% mainly driven by 7.4% like-for-like rental growth in Paris
** Sabadell says the results are "good" and above its expectations, due to higher revenue and lower operating and financial expenses
** "We believe that the stock could perform well after the punishment it has recently received (falling 11% in the last month)," the broker adds
** Colonial is one of the best performers on Spanish blue-chip index Ibex-35 .IBEX
Reporting by Joanna Jonczyk-Gwizdala
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