Citi analysts have raised their price target on Australian real estate major Charter Hall (ASX:CHC) to A$14.00 per share, up from a previous A$13.50 per share.

Citing slower-than-expected property devaluations, analysts have retained a ‘buy’ rating for the company.

Charter Hall’s FY23 gross transaction activity, at A$10.5 billion, surpassed Citi’s estimate of A$8 billion.

Further, it is suggested that transaction activities for property developers are increasing, according to market evidence.

Charter Hall stock has seen a 10.1% decrease this year as of the latest closing.

Of twelve analysts, seven rate the stock as ‘buy’ or higher, four hold, and one advises to sell.

The median price target among them is A$13.40, according to Refinitiv data.

Charter Hall is a leading Australian real estate group specializing in property management and development.