** Shares of Goodman Group GMG.AX fall as much as 1.8% to A$30.66, vs a 0.3% gain in the broader real estate sub-index .AXRE

** Stock hits its lowest level since May 14

** The data centre landlord said on Wednesday that it expects 9% operating EPS growth for FY26 vs 9.8% growth logged in FY25

** Adds industrial project commencements remain subdued as core logistics business continues to face headwinds

** UBS says Goodman's update was below elevated investor expectations, with the market disappointed by the perceived lack of data centre progress over the quarter

** Trims price target to A$36.41 from A$36.63

** Brokerage, however, upgrades rating to "buy" from "neutral" following recent stock underperformance

** Stock down 13.8% YTD, including the day's moves

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))