In a report released yesterday, Richard Jones from J.P. Morgan maintained a Hold rating on Mirvac Group (MRVGF – Research Report), with a price target of A$2.40. The company’s shares closed last Tuesday at $1.38.
According to TipRanks, Jones is a 3-star analyst with an average return of 3.6% and a 58.94% success rate. Jones covers the Real Estate sector, focusing on stocks such as Vicinity Centres, Charter Hall Group, and Goodman Group.
The word on The Street in general, suggests a Hold analyst consensus rating for Mirvac Group with a $1.60 average price target.
The company has a one-year high of $1.89 and a one-year low of $0.95. Currently, Mirvac Group has an average volume of 27.42K.
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Mirvac Group (MRVGF) Company Description:
Mirvac’s strategy is to derive 80% of net profit after tax from direct office and retail investments, which are held in Mirvac Property Trust. Development activities make up the balance and consist of premium residential apartments and master-planned communities. This division also provides services and develops assets specifically for sale to Mirvac Property Trust and external strategic partners, generating earnings and releasing capital from the sale of equity stakes in projects. A strategic focus to June 2021 is to hold the amount of capital allocated to development activities around AUD 1.8 billion. Additional capital is planned to be deployed to passive rent-generating assets, predominantly Mirvac-developed office and industrial properties.
