In the good books
Abacus Property Group (ABP) was upgraded to Buy from Neutral by Citi
Citi believes the stock has sold off on concerns relating to the delays in realising the residential project in NSW, while a slowing residential market is weighing on earnings. The broker suspects the new strategy of moving towards a higher recurring base simplifies the business and could lead to a multiple re-rating. The broker does not believe much has been priced in for the land bank and upgrades to Buy from Neutral. Target is raised to $3.91 from $3.80.