0357 GMT - Australian mall owner Scentre could be benefiting from tailwinds similar to those it enjoyed the last time its stock traded at a strong premium, its bulls at Morgan Stanley reckon. MS analysts tell clients in a note that, when Scentre's equity was valued at between 1.25 and 1.5 times its net tangible assets in 2015-17, the company was benefiting from factors including falling interest rates and strong demand from expanding international retailers. They point out that rates are widely expected to fall again and that demand is again strong, this time due to a lack of incremental new capacity. MS lifts its target price by 2.1% to A$4.44 and keeps an overweight rating on the stock, which is down 0.95% at A$3.635. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
December 08, 2024 22:57 ET (03:57 GMT)
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