Lendlease could still be short of Morgan Stanley's FY21 net profit forecast FY21 as the broker is yet to have the sell-down for Melbourne Quarter and Barangaroo confirmed.
The broker also notes there are 16 residential rental projects and 34 commercial buildings that could be converted by FY25.
Equal-weight rating and $13.98 target retained. Industry view: In-line.
Sector: Real Estate.
Target price is $13.98.Current Price is $12.13. Difference: $1.85 - (brackets indicate current price is over target). If LLC meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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