Morgan Stanley cautious on Australia's Mirvac Group; sees weak FY earnings

Mirvac

14/12/2023 03:46

** Analysts at Morgan Stanley adopt cautious stance on
Mirvac Group's  MGR.AX  outlook for the remainder of FY24, flags
uncertainty
    ** Brokerage downgrades stock to "equal-weight" from
"overweight"; reduces price target to A$2.30/shr from A$2.55/shr
    ** Analysts say residential sales are slower than expected,
apartment settlements, and asset sales progress stalled for real
estate investment firm
    ** Morgan Stanley projects MGR's FY24 EPS below co's
guidance  
    ** Four of 10 analysts rate stock "buy" or higher, two hold
and four "sell" or lower; their median PT is A$2.30 - LSEG data
        ** Stock down 0.9% YTD, as of last close

 (Reporting by Shivangi Lahiri)
 ((Shivangi.Lahiri@thomsonreuters.com;))