MOC - Macquarie rates the stock as Underperform
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First half results were ahead of estimates, benefiting from a one-off reduction in commission being passed through to brokers.
Macquarie believes the outlook is constrained amid ongoing market share losses and reduction in broker numbers as well as lower system housing growth.
The broker maintains an Underperform rating and raises the target to $2.40 from $2.30.
Target price is $2.40.Current Price is $2.53. Difference: ($0.13) - (brackets indicate current price is over target). If MOC meets the Macquarie target it will return approximately -5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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