Citi hikes PT on Aussie property firm Goodman on strong fundamentals

Goodman

06/11/2023 03:09

** Australian property firm Goodman Group  GMG.AX  trading
0.9% lower at A$21.85 as at 0233 GMT, after gaining as much as
1% earlier in the day
    ** Citi hikes price target to A$25.50 from A$24.50, retains
"buy" rating; says GMG top pick in Aussie real estate sector
    ** GMG logs 4.9% like-for-like net property income growth on
properties in partnership in 1Q24
    ** Forecasts FY24 distribution 30 Australian cents per
share, and 9% FY24 operating EPS growth
    ** Citi says large demand pipeline and solid track record
positions GMG to capture benefits from tighter demand supply
dynamics
    ** All 11 analysts covering GMG rate it "buy" or higher;
their median PT is A$24.75 – LSEG data
    ** GMG up 27% this year, as of last close

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))