2346 GMT - Lendlease's bull at Macquarie thinks the Australian real-estate developer could be inching closer to a buyback of up to A$500 million. An analyst note from the investment bank highlights Lendlease's successful execution of its capital recycling strategy, pointing out that the company is just A$300 million short of its A$2.8 billion target. Macquarie's analyst would have preferred Lendlease to completely exit the U.K. assets that it has contributed to a joint venture with The Crown Estate, but is positive on valuation and the flexibility it has with regard to capital allocation. Macquarie raises its target price 7.6% to A$7.79 and keeps an outperform rating on the stock, which is at A$5.51 ahead of the open. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
May 19, 2025 19:46 ET (23:46 GMT)
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