Australia's GPT Group well-positioned for growth in FY24 - Jefferies

GPT

05/11/2023 20:04

** Analysts at Jefferies says property co GPT Group  GPT.AX 
is well-positioned for growth in FY24 
    ** GPT says it remains on track to achieve its full-year
guidance for funds from operations and distributions 
    ** Brokerage sees modest upside to GPT's FY23 guidance
    ** Jefferies reduces price target to A$4.34 from A$4.79;
rates the co "buy"
    ** Brokerage says retail segment remains challenging for co
but is being offset by its growing office and industrial
portfolio 
    ** "We see its (GPT's) strong balance sheet and increased
office & development pipeline attractive" - Jefferies
    ** Five of 10 analysts rate the stock "buy" or higher, one
"hold" and four "sell"; their median PT is A$4.34 - LSEG Data
    ** GPT down 7.4% YTD as of last close 

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))