Jefferies raises PT on Australia's GMG after Q1 update meets estimates

Goodman

06/11/2023 22:43

** Analysts at Jefferies hike price target for GMG's
 GMG.AX  by 21% to A$26.59 after company's first-quarter results
for 2024 meet analyst expectations 
    ** The real estate management firm reported 4.9%
like-for-like growth in net property income on properties in
Partnerships 
    ** Brokerage says co maintained FY24 guidance; expects co's
FY24 guidance to be upgraded to +11% at 1H24
    ** GMG continues to benefit from favourable fundamentals in 
its supply constrained markets - Jefferies 
    ** Jefferies estimates co's net profit to be A$2,007.5
million ($1.30 billion) in FY24
    ** 11 of 11 analysts rate the stock "buy" or higher; their
median PT is A$25.25 - LSEG Data
    ** Stock up 26.44% this year, as of last close




($1 = 1.5411 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))