<WIRE> Citi Trims Price Target on Centuria Office REIT (ASX:COF) Following FY23 Results, FY24 Guidance Fall Short of Estimates

Financial analysts at Jefferies indicate the FY23 outcomes for Australia’s Centuria Office REIT (ASX:COF) fell below the predictions of the brokerage and market.

Their price target was further reduced by 5%, bringing it down to A$1.39 per share.

However, the ‘Hold’ rating is still in effect.

They point out that the results were less than expected because they were influenced by increasing debt expenses and a decelerating pace in the Australian property sector.

The real estate developer converted from a profit-making position to a deficit in 2023.

For the FY24, the forecast for the company’s funds from operations per unit is 13.8 Australian cents per share, and distribution per unit guidance stands at 12 Australian cents per share, both are lower than the estimates according to Jefferies.

Six analysts were divided in their evaluation of the stock: three suggest ‘buy’ or higher, one maintains ‘hold’, and two propose ‘sell’.

Their median price target is A$1.55.

The company’s shares have decreased by 13.7% over this year, up to the most recent closing.

Centuria Office REIT is an Australia-based property company focused on office real estate.

View full chart on Save $30 on a Pro or Premium TradingView account

Save $30 on a Pro or Premium TradingView account

Supported by

<SPON> Trade share CFDs with Plus500

Global online trading services company, Plus500:

Plus500 trading platform allows you to trade shares from all popular markets such as USA, UK, Germany and more, with leverage and low spreads. Using our advanced trading tools, you can also control your profits and losses.

Plus500AU Pty Ltd, AFSL #417727 issued by Australian Securities and Investments Commission. Based in Sydney.


Subscribe to the newsletter

Receive whispers every day in your inbox.