CL1 - Morgans rates as Add
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March quarter account growth was in line with expectations. The company remains on track to meet Morgans' forecasts for FY18.
Short-term regulatory and competitive pressures may have slowed the rate of growth but the company should still deliver sustainable double-digit earnings and free cash flow growth, in the broker's opinion. Add rating and $3.25 target maintained.
Sector: Software & Services.
Target price is $3.25.Current Price is $2.14. Difference: $1.11 - (brackets indicate current price is over target). If CL1 meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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