Macquarie reinitiates coverage on Australia's Abacus Group with 'outperform' rating

** Analysts at Macquarie reinitiate coverage on Australia's Abacus Group ABG with "outperform" rating and target price of A$1.31

** Brokerage reinitiates coverage on the REIT, after a consortium led by U.S.-based Public Storage PSA withdraws non-binding indicative proposal for Abacus Storage King ASK

** ABG is the manager of Abacus Storage King, a self-storage firm

** Brokerage says ABG intends to completely spin out ASK to a separate standalone entity and sell down its 19.8% stake

** Brokerage doesn't make changes to its earnings expectations for ABG

** ABG stock flat for the day at A$1.195, while ASK up 0.4% at A$1.39

** ABG up 8.9% YTD, while ASK has risen 23.6%