Citi upgrades Mirvac to 'buy'; Jefferies positive post Serenitas deal

Mirvac

18/10/2023 20:38

(Updates)
    ** Analysts at Citi upgrade Australian property developer
Mirvac Group  MGR.AX  to 'buy' from 'neutral'
    ** Mirvac on Wednesday said it would buy Serenitas from
Singapore's sovereign wealth fund GIC for A$1.01 billion ($643
million) along with Pacific Equity Partners Secure Assets (PEP)
and Tasman Capital Partners
    ** Brokerage sees Mirvac's shift from office portfolios as
'positive'
    ** The stock is now providing attractive value - Citi
    ** Another brokerage Jefferies upgrades FY24 and FY25 EPS
estimates on co by 0.3% and 2%, respectively
        ** Jefferies said it likes the fundamentals and
structural tailwinds of the Serenitas deal
  
        ** MGR's balance sheet strength a key positive -
Jefferies
  
    ** Three of nine analysts rate the stock "buy", two "hold"
and four "sell" or lower; their median PT is A$2.35– LSEG data
    ** Stock has fallen 2.4% this year, as of last close 

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))