** Morningstar trims fair value estimate for shares of Centuria Industrial REIT CIP.AX by 3% to A$3.40
** Investment research firm flags stronger-than-expected fastening of re-leasing spreads - the rent uplifts on new leases
** Believes lower spreads likely reflect lesser leasing activity in Sydney - Centuria's strongest market - during the quarter
** Morningstar suspects weakening tenant demand hurt by high interest rates and supply increases; says, however, shares look slightly undervalued
** Six of 9 analysts rate the stock "buy" or higher, three "hold"; their median PT is A$3.33, according to data compiled by LSEG
** Shares last closed at A$3.050 after adjustments, up 7.1% YTD
(Reporting by Nichiket Sunil in Bengaluru)
((Nichiket.Sunil@thomsonreuters.com;))
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