Australia's Brickworks rises as Citi marginally raises PT

Brickworks

29/09/2023 02:57

** Analysts at Citi say earnings in FY23 for Australia's
Brickworks  BKW.AX  were weak but value of investments for its
business was up 'significantly'
    ** Shares of the building materials maker and property
developer up as much as 3.2% to A$24.85, set for best day since
March 23 if gains hold
    ** Slightly raises Price Target to A$28.75/share from
A$28.50/share
    ** Brokerage acknowledges near-term earnings softness but
believes co provides unique exposure in a market where
industrial assets continue to be in strong demand
    ** BKW is now focused on maximising returns from its
invested capital, while reducing capital intensity- Citi
    ** Retains "buy" rating on stock
    ** Stock has risen 8.6% this year as of last close 

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))