Macquarie cuts PT on Australia's Mirvac on interest rate concerns

Mirvac

01/07/2024 04:26

** Shares of Mirvac Group  MGR.AX  fall as much as 0.8% to
A$1.885 
    ** Analysts at Macquarie cut target price for the
real-estate asset manager to A$2.26 from A$2.31; maintain
'outperform' rating
    ** Macquarie sees 50% chance of a rate hike by Reserve Bank
of Australia in August
    ** Brokerage cuts co's FY25 settlement forecast to 2,000 vs
prior forecast of 2,200 settlements as high rates weigh on co
    ** Co reaffirmed guidance of operating earnings per stapled
security (OEPS) of 14.0-14.3 AU cents per shares in FY24
    ** Macquarie cuts FY24 and FY25 OEPS forecasts by 1.0% and 
3.5%, respectively 
    ** Four of ten analysts rate the stock "buy" or higher, five
"hold" and one "sell"; their median PT is A$2.20 - LSEG Data
    ** Stock down 10.5% YTD as of last close 
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))