PhillipCapital analyst Natalie Ong has upgraded Ascendas REIT to “buy” from “accumulate” with a lower target price of $3.61 from $3.63 previously.

The upgrade comes as Ong adjusts her forecasts to reflect the REIT’s acquisition of MQX4, while the lower target price is due to the REIT’s higher debt and perpetual securities.

“Recent pullback in share price presents better entry price and total returns of 31.5% to our target price (TP),” writes Ong in a report dated Nov 2.

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