UOB Kay Hian has upgraded Ascott Residence Trust (ART) to “buy” with a target price of $1.16, representing an 18.4% upside to the counter’s last-closed price of 98 cents. 

Analyst Jonathan Koh says ART’s Europe portfolio, which accounts for 20.4% of its total assets, benefits from the recovery in intra-regional travel due to the launch of digital vaccination certificates as well as the reopening of international borders. 

See also: Ascott Residence Trust’s private placement 2 times covered, issue price fixed at 98.3 cents

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