Goodman Group delivered on high expectations, UBS observes, with FY20 growth of 11.4%. The company is guiding to 9% growth in FY21.
An acceleration in demand from major customers is being experienced, in particular those exposed to the digital economy. UBS finds earnings clarity is high, given the large volume of development activity.
The broker retains a Neutral rating and raises the target to $17.50 from $17.00.
Sector: Real Estate.
Target price is $17.50.Current Price is $17.93. Difference: ($0.43) – (brackets indicate current price is over target). If GMG meets the UBS target it will return approximately -2% (excluding dividends, fees and charges – negative figures indicate an expected loss).