Citi sees Mirvac's share price drop as attractive buying opportunity

Mirvac

11/02/2022 01:26

** Shares of Australian real estate firm Mirvac Group
 MGR.AX  fall 4.3% to A$2.44, their lowest since April 12, 2021
    ** Co posted on Thursday its first-half earnings per share
of 7.5 Australian cents per share, below consensus estimates of
8.1 Australian cents per share  urn:newsml:reuters.com:*:nASX1ZqTTP
    ** Citi says drop in  Mirvac's share prices provides an
attractive buying opportunity
    ** Brokerage hikes PT to A$3.13 from A$2.95, and upgrades
stock rating to "buy" from "neutral" 
    ** Operationally, the development business is performing
well, offsetting near-term COVID impact on the investment
portfolio - Citi
    ** Stock down 12.4% YTD, as of last close

 (Reporting by Arundhati Dutta in Bengaluru)
 ((Arundhati.Dutta@thomsonreuters.com;))