Australia's Mirvac down as Morgan Stanley lowers earnings estimate, cuts PT

Mirvac

21/05/2024 03:21

** Shares of property investment firm Mirvac Group  MGR.AX 
fall as much as 1.5% to A$2.040, lowest since May 6         
    ** Morgan Stanley cuts price target to A$2.35 from A$2.41,
rates stock "equal-weight"
    ** Brokerage lowers its FY25 EPS estimate by 2% to 14.2
Australian cents per share
    ** Adds, "FY25 may have less development profits, lower
passive earnings and be marred by lower value apartment
settlements"
    ** Stock set for worst day since May 17, if gains hold
    ** Two of 10 analysts rate the stock "buy" or higher, seven
"hold" and one "sell"; their median PT is A$2.25 – LSEG data
    ** MGR down ~1% YTD, as of last close

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))