GOZ – Credit Suisse rates the stock as Outperform

Management has indicated that earnings to date have not been materially affected by the pandemic. The total amount of rent waved over the three months period is less than $1m.

Having previously allowed for a -5% decline in rents Credit Suisse now assumes a -3% decline.

Despite a challenging economic climate the broker considers there is some defensiveness in the earnings.

The portfolio is weighted 31% to the industrial sector, with the balance being metropolitan office.

Outperform rating retained. Target is raised to $3.34 from $3.15.

Sector: Real Estate.

Target price is $3.34.Current Price is $3.36. Difference: ($0.02) – (brackets indicate current price is over target). If GOZ meets the Credit Suisse target it will return approximately -1% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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