1937 ET - Citi turns bullish on property company Charter Hall, citing the potential for a recovery in its earnings as asset values stabilize, as well as a return of equity flows into Australia. "The stock trades at 18.5x FY 2026 earnings which is above average, but earnings are near trough as they include minimal transaction and performance fees," analyst Suraj Nebhani says. Also, multiples tend to expand in periods of growth in funds under management, signaling a positive outlook, Citi adds. It upgrades Charter Hall to buy, from neutral. It retains a A$18.50/share price target on Charter Hall, which is up 0.5% at A$16.13 in early trading today. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
March 13, 2025 19:37 ET (23:37 GMT)
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