AZJ - Macquarie rates the stock as Outperform
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First half results were slightly weaker than Macquarie expected. The broker notes a strong performance in above and below rail while the removal of Intermodal was a positive.
The company is objecting to the QCA draft decision but is yet to gain support from the miners. Macquarie suggests this is a high risk strategy, and could invoke some type of legislative response and create further uncertainty.
Target is reduced to $4.91 from $5.09. Outperform maintained.
Target price is $4.91.Current Price is $4.68. Difference: $0.23 - (brackets indicate current price is over target). If AZJ meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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