The company has indicated its operating performance has improved significantly over May and June. All 20 centres are open.
While expecting volatility over the short term, Morgans continues to believe the portfolio is positioned for the longer term because of low vacancy rates, sustainable rents, low expenditure requirements and the ability to re-mix tenants.
The broker suggests, once the pandemic has passed, demand for large format retail will be even stronger. Add rating maintained. Target slips to $2.53 from $2.54.
Sector: Real Estate.
Target price is $2.53.Current Price is $2.21. Difference: $0.32 – (brackets indicate current price is over target). If AVN meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
