Australia's Lendlease Group falls as Citi downgrades to 'neutral', cuts TP

Lendlease

18/02/2025 24:38

** Shares of Lendlease Group  LLC.AX  fall as much as 2.5%
to A$6.600, as Citi downgrades its rating to "Neutral" from
"Buy", a day after the real estate company posted its HY results
    ** Brokerage trims price target to A$7.50 from A$8.00 
    ** The company posted HY operating profit after tax of A$122
mln ($77.53 mln) which missed Visible Alpha consensus of
A$180.74 mln
    ** We believe weaker construction result & development
provisions, as well as lower development earnings in FY26, makes
near term earnings outlook less attractive and potentially
uncertain - Citi
    ** Stock has risen 16.9% this year so far

($1 = 1.5736 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))