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).

© 2021 Acquisdata Pty Ltd., source FN Arena