Dexus Convenience Retail REIT's FY23 result was in line with guidance. Funds from operations (FFO) fell by -4.3% compared to FY22 due to higher interest costs partly offset by Property income.

The broker expects further asset sales across FY24 after -7% of the portfolio was divested in FY23 helping to reduce gearing to 31%.

In line with the analyst's forecast, management is guiding to FFO for FY24 in the range of 20.7-21.1cpu.

The target edges down to $3.17 from $3.18. Add.

Sector: Real Estate.

Target price is $3.17.Current Price is $2.54. Difference: $0.63 - (brackets indicate current price is over target). If DXC meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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