2302 GMT - Jefferies lists what it needs to see before turning more positive on Mirvac. The obvious catalysts are signs of an improved housing cycle, easing construction cost inflation, upward trending auction clearance rates and lower borrowing costs, analyst Andrew Dodds says. Jefferies starts coverage of Mirvac at hold with a A$1.82/share price target. Mirvac ended last week at A$1.69. Jefferies says its analysis seeks to answer a key question: can Mirvac improve its return on invested capital and generate a higher return on equity to sustain EPS growth over FY26-28 and drive a re-rate? "We believe the answer is yes, but want to see a more constructive macro outlook first," Jefferies says. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

May 31, 2026 19:02 ET (23:02 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.