Cedar Woods Properties falls; Bell Potter cuts price target, flags weak volumes

** Shares of Cedar Woods Properties CWP.AX fall as much as 1.1% to A$6.06

** Bell Potter lowers price target to A$9.45 from A$9.60; sees lower settlement volumes for the real estate developer on weak residential sector conditions

** Brokerage forecasts gross margin will lower to 30% in FY28 and 27% in FY29 as the product mix shifts toward apartments from land

** However, Bell Potter expects CWP to deliver 15% NPAT growth guidance and sees limited downside risk as most sales were locked in during FY26's stronger conditions

** Due to the sales and settlement lag, current residential market weakness will largely impact FY28 and further settlements - Bell Potter

** Stock is down 29% YTD