Goodman Group (GMG.AU) saw its stock price soar by 18.49% in intraday trading, as investors reacted positively to bullish analyst sentiment and anticipation of upcoming market updates. The significant uptick comes amid growing optimism about the company's valuation and future growth potential.
Citi analysts have maintained a buy rating on Goodman Group, emphasizing that the stock is attractively priced ahead of potential share-price catalysts. The analysts noted that the recent underperformance relative to peers, partly due to a capital raise and concerns over data center growth outlook, has left the stock trading at cheaper multiples compared to its pre-data center expansion phase.
Market watchers are keeping a close eye on Goodman Group's upcoming third-quarter update next month and the full-year results announcement in August, which could further boost investor confidence. Citi remains optimistic about the underlying demand for both data centers and Goodman's core industrial business, maintaining a target price of A$40.00. This positive outlook, coupled with the perceived undervaluation, appears to have triggered significant buying interest, driving the stock's impressive surge.
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