BUZZ-Citi sets 'neutral' rating on Australia's Vicinity Centres, hikes PT

Reuters02-16

** Citi sets "neutral" rating on retail investment firm Vicinity Centres , hikes PT to A$2.10 from A$2.00

** Brokerage sees development activity delays rental growth in the short term with re-positioned growth in the medium term

** VCX ended 0.5% higher on Thursday

** More optimistic of a bottoming of discretionary spend in 2024 followed by a stronger than expected recovery in FY25 which should benefit underlying sales of VCX - Citi

** Vicinity Centres on Thursday posted net profit from ordinary activities after tax attributable of A$223.5 mln($145.59 mln), compared with A$176.3 mln

** However, the co said it has a cautious near-term outlook

** Two of 12 analysts rate the stock "buy" or higher, seven "hold" and three "sell" or lower; their median PT is A$2.01 – LSEG data

** Stock ended 2% higher in 2023

($1 = 1.5352 Australian dollars)

(Reporting by Neha Soni in Bengaluru)

((Neha.Soni@thomsonreuters.com))

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