Morgan Stanley has compared GPT Group's share price to a valuation implied by its peers over the last five years and found that post-2020, GPT has traded in a tight range of -12% to +1% versus peers, with any arbitrage closing within six months of GPT trading down to -10%.

Outperformance versus peers is typical in the second half of the calendar year, the broker notes, while GPT usually underperforms or trades sideways in first half.

Equal-weight and $4.60 target retained. Industry view: In-Line.

Sector: Real Estate.

Target price is $4.60.Current Price is $4.64. Difference: ($0.04) - (brackets indicate current price is over target). If GPT meets the Morgan Stanley target it will return approximately -1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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