Citi upgrades Australia's Mirvac Group to 'buy', upbeat on asset sale

Mirvac

30/06/2024 21:01

** Analysts at Citi "positive" on Mirvac Group's  MGR.AX 
sale of 66% stake in co's 55 Pitt Street Sydney office
    ** Citi upgrades MGR to "buy"
    ** Co reaffirms FY24 distribution per stapled security of
10.5 Australian cents in FY24
    ** Citi now sees "limited downside to consensus earnings"
    ** Four of 10 analysts rate the stock "buy" or higher, five
"hold" and one "sell" or lower; their median PT is A$2.20 –LSEG
data
    ** Stock is down over 10% this year, as of last close

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com;))