Analysts at Citi have raised their price target on Australia’s Ingenia Communities Group (ASX:INA) from A$4.64 to A$4.80.

They anticipate strong prospects for the Australian land leasing industry, with Ingenia leading the pack.

The analysts predict that increased development settlements will drive an estimated compound annual growth rate (CAGR) of over 20% for earnings per share (EPS).

Citi also expects the company’s assets to gain value due to inflation linked rental growth.

Ingenia Communities is evaluating potential capital partnerships beyond its existing joint venture with the NYSE-listed housing operator, Sun Communities.

Among eight analysts, four rank Ingenia as ‘buy’ or higher, three rate it as ‘hold,’ and one as ‘sell’ or lower.

The median price target, according to Refinitiv data, is A$4.40.

The company’s stock has fallen 5.6% this year, as of the last closing.

Ingenia Communities Group, an Australian property developer, commands the highest position in the country’s land leasing industry.