Goodman Group's (ASX:GMG) fiscal first-half operating profit of AU$0.585 per security beat expectations of AU$0.562 per security, Jarden Research said in a Thursday note.

However, prolonged delay in the start and completion of the company's data center projects represents a key downside risk, as investors remain focused on the company's progress in data centre leasing, Jarden said.

Signs of a broader slowdown in development activity would likely weigh on earnings across all of the company's, Jarden added.

The company retained its fiscal 2026 operating earnings per share growth target of 9%, the firm noted.

Jarden reaffirmed a buy rating and a AU$40.10 price target on the company.

Shares of Goodman Group fell nearly 4% in recent Thursday trade.