Australia's Stockland rises after Morgan Stanley ups PT on better outlook

Stockland

15/01/2025 02:33

** Shares of Stockland  SGP.AX  rise as much as 4.2%,
biggest intraday gain since Aug. 23; last up 2.3% at A$4.93
    ** Morgan Stanley raises PT for the real estate developer to
A$6.50 from A$6.35 and maintains "overweight" rating
    ** Says SGP's acquisition of 12 communities in 2024 could
boost land lease business; estimates pipeline could almost
double, adding ~7% to medium-term EBIT
    ** 5 analysts rate SGP "buy" or higher, 3 "hold" and 1
"sell"; median PT is A$5.55 – LSEG data

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))