2155 GMT - Barrenjoey analyst Ben Brayshaw says Australian construction and real estate company Lendlease "continues to make good strides toward simplification" following its fiscal 1H result. Brayshaw points out that Lendlease has announced or completed A$2.2 billion in asset sales so far, an important component of a strategy unveiled last year to streamline its business. He adds that the key highlight in the 1H result was the strong growth in construction backlog to A$6.2 billion, a 59% increase from the prior year. Despite that progress, Brayshaw maintains an underweight rating on Lendlease shares, cutting his price target slightly to A$6.30 from A$6.40. More broadly, the company reported a A$48 million statutory net profit in 1H, compared to the A$136 million loss in the prior period. Lendlease ended Monday at A$6.77. (mike.cherney@wsj.com; @Mike_Cherney)
(END) Dow Jones Newswires
February 17, 2025 16:55 ET (21:55 GMT)
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