Goldman Sachs lowers Icade to 'sell' amid dragging French economy

** Goldman Sachs downgrades Icade ICAD to "sell" from "neutral" and notches its 12-month PT for the French real estate investor down to EUR 18

** GS cites several key factors driving the downgrade, including a sluggish French economy as continuous parliamentary instability adds to fiscal uncertainty and a poor economic outlook

** With Parisian office space looking ever emptier as vacancy rates climb to 10.5%, GS says it is also "incrementally more cautious on the rental outlook for Icade"

** The broker also expects further pressure from upcoming lease expirations and increases its vacancy forecasts for 2028 and 2029

** Out of 13 analysts that cover Icade, four rate the stock "strong buy" or "buy", ​six "hold" and three​ "strong sell" or "sell" - LSEG data