Morgan Stanley believes there's reason for caution post Mirvac Group releasing its March quarter update, reaffirming FY24 guidance (EPS 14.0-14.3c) with the explicit mentioning that guidance is subject to selling down of 55 Pitt and Aspect South, as well as achieving circa 2500 resi settlements.

The broker suggests there's a genuine risk some of the targets might fall into FY25 instead.

Equal-weight. Target $2.41. Industry view: In-Line.

Sector: Real Estate.

Target price is $2.41.Current Price is $2.06. Difference: $0.35 - (brackets indicate current price is over target). If MGR meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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