Stocks to watch at the open

GPT Group is set to announce third-quarter results, while Carsales investors are spooked by subdued conditions.

GPT Group

GPT Group will announce third-quarter results today as well as a five year strategy update.

GPT experienced weakening tenant demand across its core portfolio in the first six months of this year. The market will likely be averse to any further weakening across tenant demand – especially if the impact is going to impose on the target of 5 per cent growth in earnings per share.

Over the last twelve months, GPT is up close to 6 per cent but is lagging the Real Estate Investment Trust index, which has gained 7.4 per cent.

Carsales

Investors were fleeing the car online classified company on Friday after chief executive Greg Roebuck’s comments at the annual general meeting.

Roebuck’s comments were honest, explaining away lacklustre first quarter results for this financial year as due to a subdued advertising sector. As part of this, car makers have ceased advertising new cars online, highlighting the difficulties the car industry is facing in general.

Analysts were quick to update their views on Carsales, with updated target prices spanning from $10.00 to $11.37. Carsales closed at $10.45 on Friday.

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