Australia's Charter Hall extends gains as Macquarie lifts PT

Charter Hall Retail REIT

13/12/2023 04:30

** Shares of Charter Hall Retail REIT  CQR.AX  climb as much
as 1.42% to A$3.570, their highest level since Aug. 15
    ** Stock on track for sixth straight day of gains, if trend
holds
    ** Property investment management co said on Tuesday it sold
two shopping centres for A$225.5 mln ($147.68 mln)
    ** Macquarie lifts PT on CQR by 3.4% to A$3.28
    ** Brokerage views sale as positive, given it alleviates
balance sheet pressures and is not materially dilutive to
earnings
    ** This (sale) provides capacity to withstand devaluations
and potentially enables CQR to acquire assets over the
medium-term, which could be accretive to earnings in FY25+. -
Macquarie
    ** Six of 10 analysts rate the stock "buy" or higher, 3 
"hold" and 1 "sell"; their median PT is A$3.72– LSEG data
    ** Including day's gains, stock down 7.6% YTD, as at 0428
GMT

($1 = 1.5270 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))