In the good books
GPT (GPT) Upgraded to Buy from Neutral by Citi B/H/S: 3/2/1
REIT specialists at Citi remain of the view that changing conditions for bricks and mortar retailers in Australia are structural, not cyclical. As a direct result, argue the analysts, retail landlords (as in: retail REITs) are not as attractive as their weak share prices might suggest.
Citi analysts believe retail exposure through diversified property owners such as GPT is a much better option, as they benefit from significant non-retail parts of the portfolio. GPT has now been upgraded to Buy from Neutral. Target price lifts to $5.59.