SINGAPORE (Feb 5): Even as uncertainty over the novel coronavirus outbreak has battered investor confidence in Singapore real estate investment trusts, analysts are staying positive on Ascott Residence Trust (ART).

Phillip Securities Research is upgrading its recommendation for ART to “buy”, from “accumulate” previously, and raising its target price by 12.5% to $1.53.

“The recent collapse in the share price due to the uncertainty caused by the Novel Coronavirus presents a good entry price, in our opinion,” says research analyst Natalie Ong in a Feb 5 report.

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