** Citi reiterates 'buy' on Ingenia Communities Group INA.AX and says the operating environment could improve going forward with rate cuts
** "INA is our top pick in the land lease space, and we see upside potential heading into results as we expect INA to beat FY25 EPS guidance of 29-30c" - Citi
** The brokerage trims the property developer's earnings estimates but remains 2-2.5% ahead of the consensus for 2025-2027
** Adds stock lost about 3% in past three months and is underperforming the REIT sector and residential peers
** Five of eight analysts rate the stock "buy" or higher, two "hold", and one "strong sell"; their median price target is A$6.11, as per data compiled by LSEG
** Stock is up 14.6% YTD, as of last close
(Reporting by Anjali Singh in Bengaluru)
((anjali.singh2@thomsonreuters.com;))