Analysts at Jefferies have raised their price target for Australian property major, Dexus (ASX:DXS), to A$9.00 per share from the previous A$8.78.

Dexus’s FY23 results surpassed expectations from the company, brokerage, and wider market due to increased trading profits and a rise in funds under management resulting from industrial completion.

Jefferies has upgraded its rating for the company from ‘Hold’ to ‘Buy.’ Dexus has maintained a robust year of leasing and performed admirably in a challenging market, showing growth in funds under management and selling assets that approximate A$1.8 billion.

Potential upside is anticipated from fund management, asset recycling, developments, and trading, according to Jefferies.

Among 11 analysts, six rate the stock ‘buy’ or higher, three say ‘hold’ and two recommend ‘sell’; with their median price target at A$8.93, according to Refinitiv data.

The stock has faced a marginal decline of 0.1% this year, as of last closing.

Dexus is a leading Australian Property Company.