Citi upgrades two major Australian developers to 'buy' amid higher house prices

Stockland

05/04/2023 01:09

** Citi believes residential real estate in Australia
presents good opportunities for outperformance post some
near-term uncertainty
    ** Analysts at Citi upgrade Australian property developer
Mirvac Group  MGR.AX  to "buy" from "neutral"; keeps price
target of A$2.40 unchanged
    ** Says rising near-term house prices, coupled with a rate
hike pause by the local central bank, are expected to help co
going ahead
    ** See Mirvac's portfolio being high quality, with Group
also having proven development capability and strong balance
sheet - Citi
    ** Brokerage further upgrades another real estate firm
Stockland Corp  SGP.AX  to "buy" from "neutral"; lifts PT to
A$4.60 from A$3.90
    ** Says the property market in Australia is seeing a number
of structural positives including rising immigration amid low
rental vacancy

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