FNP - Morgans rates as Hold
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First earnings were in line with forecasts. Sales guidance for FY18 is upgraded on strong demand and margins are expected to improve.
Morgans believes the company has strong prospects for organic growth over the next few years as it derives leverage from the dairy, allergen-free food and beverage industry.
Hold rating maintained and target raised to $5.05 from $4.55.
Sector: Food, Beverage & Tobacco.
Target price is $5.05.Current Price is $4.98. Difference: $0.07 - (brackets indicate current price is over target). If FNP meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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