ADI – UBS rates the stock as Neutral

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The company has acquired four industrial assets in Melbourne for $38m, funded by $30m equity raising and debt. Strong rental growth is expected over time.

Management has also provided FY20 preliminary guidance of 2.5-3.0% growth in free funds from operations, considered a positive given UBS forecasts for 2.8% growth.

The broker maintains a Neutral rating and $2.99 target.

Sector: Real Estate.

Target price is $2.99.Current Price is $2.76. Difference: $0.23 – (brackets indicate current price is over target). If ADI meets the UBS target it will return approximately 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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