Goldman Sachs upgraded Wharf Real Estate Investment to Buy from Neutral with a price target of HK$33.90, down from HK$45. After its underperformance over the last two to three years, the stock is no longer trading at a premium and the firm sees Wharf REIC as a more direct beneficiary of further recovery in inbound tourists on visa relaxation and interest rate cuts compared to other landlords, the analyst tells investors.
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