GPT soared 6.9% on Wednesday, placing it 5th amongst the tearaway real estate stocks; usually, such a move would see a stock sitting on top of the pile! This active owner and manager of a diversified portfolio of Australian retail, office and industrial property assets has already surged over +20% in less than 3-weeks illustrating that even though the stock remains cheap, trading at a large discount to its asset base, for now, it’s all about bond yields as the stock enjoys some performance catch up, i.e. lower yields will provide a major tailwind to GPT.
- We believe GPT will maintain its strong recovery, initially targeting a further ~10% upside.
MM is bullish toward GPT, targeting the $4.50 area
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