0304 GMT - Brickworks' bull at Citi is looking beyond near-term demand challenges to what they say is an improving outlook, thanks to interest rate cuts. Analyst Suraj Nebhani acknowledges that the prevalence of long-duration mortgages in the U.S. could limit building activity there but is more positive about Australian building-products demand and Brickworks' real-estate portfolio. In a note, he writes that lower rates will benefit property asset values and that he also sees medium-term upside from rent increases. Washington H. Soul Pattinson's strong investment track record is also positive for Brickworks' stake in the business, Nebhani adds. Citi cuts its target price by 2.8% to A$31.60 and maintains a buy rating. Shares are down 0.75% at A$23.75. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
March 23, 2025 23:04 ET (03:04 GMT)
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