LLC has rallied over +12% in the last 2 weeks, we jumped on board the embattled property/infrastructure stock last week with an initial target of $9, now around 15% higher. We believe the business has its balance sheet under control with our bullish outlook resting on their profitable delivery of the $17.9b pipeline of development work in progress – the country is in desperate need of residential construction as rents spiral and migration is set to accelerate as the doors reopen post COVID.
- We are initially targeting the $9 area for Lend Lease but this could be the start of a new bullish cycle for LLC.
MM is long and bullish toward LLC
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