We are downgrading our investment stance to a Hold from a Buy recommendation on Plaza Centres plc, with a 12-month price target of €1.04 from our previous price target of €1.14. The main reason being the revision of the discount rate to 7.8% from 6.9%, to be more in line with local peers, and more representative of the risk profile of the business. Our Hold recommendation is based on various factors. Click HERE to read the full report.