0304 GMT - Brickworks' bull at Citi is looking beyond near-term demand challenges to what they say is an improving outlook, thanks to interest rate cuts. Analyst Suraj Nebhani acknowledges that the prevalence of long-duration mortgages in the U.S. could limit building activity there but is more positive about Australian building-products demand and Brickworks' real-estate portfolio. In a note, he writes that lower rates will benefit property asset values and that he also sees medium-term upside from rent increases. Washington H. Soul Pattinson's strong investment track record is also positive for Brickworks' stake in the business, Nebhani adds. Citi cuts its target price by 2.8% to A$31.60 and maintains a buy rating. Shares are down 0.75% at A$23.75. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
March 23, 2025 23:04 ET (03:04 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.