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20 Nov, 2020 13:53 20 Nov, 2020 13:53

JP Morgan raises target price on Grainger

Kew Bridge Court Grainger APG GRIP

Analysts at JP Morgan upped their target price on residential property business Grainger on Friday from 320.0p to 350.0p, citing the group's recent full-year net asset value beat.

JP Morgan said it chose to made the move following Grainger's 2020 results, which it said proved the "resilience" of the portfolio by delivering "solid rental growth and valuation gains" during "an extremely disruptive period".

"We expect the premium to NAV to become imbedded, allowing the company access to accretive equity capital and leverage its proven operational platform," said JP Morgan, which also reiterated its 'overweight' rating on the stock.

The analysts also noted that given the size of the market, and the demonstrated platform capability, they felt there was "practically no limit" as far as future growth potential was concerned on a decade-plus view.

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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.