Citi raises PT on Aussie property developer Ingenia Communities

Sun Communities

22/08/2023 19:52

** Analysts at Citi raise price target on Australia's
Ingenia Communities Group  INA.AX  to A$4.80 from A$4.64
    ** Brokerage sees strong prospects for the Australian land
leasing industry, with Ingenia being the industry leader
    ** Says a ramping up in development settlements drives an
over 20% estimated compound annual growth rate (CAGR) for EPS
    ** Citi sees higher value for co's assets on the back of
inflation linked rental growth
    ** INA is exploring capital partnerships beyond the joint
venture with NYSE-listed housing operator, Sun Communities
 SUI.N 
    ** Four of eight analysts rate the INA as "buy" or higher,
three "hold" and one "sell" or lower; their median PT is A$4.40
– Refinitiv data
    ** Stock had fallen 5.6% this year, as of last close 

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