Australia's Goodman Group rises after UBS upgrades to 'buy'

Goodman

12/05/2025 04:29

** Shares of property developer Goodman Group GMG.AX rise as much 2.5% to A$32.13, their highest level since March 25

** UBS upgrades stock to "buy" from "neutral" on increased confidence around A$100 bln ($64.21 bln) data centre project funding post recent A$4 bln equity raise

** Brokerage, however, cuts PT by 2% to A$36 on concerns that GMG may require further capital to realise data centre strategy by exploring potential for development JVs to fund pipeline

** Average rating of 10 analysts is "buy"; their median PT is A$37.5, according to data compiled by LSEG

** Stock trims YTD gains to 10.3%

($1 = 1.5574 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)

 ((Sneha.kumar@thomsonreuters.com;))