In the good books
STOCKLAND (SGP) Upgrade to Buy from Neutral by Citi B/H/S: 2/3/1
Citi suggests Stockland is benefitting from a favourable residential mix shift which is enabling earnings to grow while land sales moderate. The broker believes retail net operating income growth could exceed current expectations.
Valuation looks attractive on a 5.5% yield and modest PE, Citi suggests. Upgrade to Buy. Target rises to $5.08 from $4.91.