API - Morgan Stanley rates the stock as Underweight
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Morgan Stanley observes challenging conditions in Australian retail have detracted from an otherwise reasonable first half result. Retail network sales were up 2% with comparable store retail sales up 0.4%. Gross profit grew 4.5%.
While acknowledging the strong performance the broker deems the share price is a hurdle to becoming more constructive on the stock. Underweight rating and In-Line industry view retained. Target drops to $1.86 from $1.88.
Sector: Health Care Equipment & Services.
Target price is $1.86.Current Price is $2.05. Difference: ($0.19) - (brackets indicate current price is over target). If API meets the Morgan Stanley target it will return approximately -10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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