Morningstar updates forecast for Growthpoint Properties Australia

Growthpoint Properties Australia

05/10/2023 21:54

** Morningstar updates its forecast on real estate group
Growthpoint Properties Australia  GOZ.AX  after brokerage's
previous report showed old forecasts from April 2023 that were
not updated for fiscal 2023 results
    ** Latest forecasts include a more rapid increase in
interest costs. It also removes some development income, given
stubbornly high interest rates and elevated construction cost -
brokerage
    ** Morningstar now sees lower likelihood of profitable new
projects on Growthpoint's balance sheet
    ** Brokerage retains fair value estimate of A$3.80/shr
    ** Four of 6 analysts rate stock "buy" or higher, 2 "hold";
median PT is A$3.32 - LSEG data
    ** Stock down 27.9% this year, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))