CWY - Morgans rates as Add
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The company has indicated the China Sword policy restricting the import of contaminated recycling waste has impacted FY18 operating earnings (EBITDA) by -$3-6m. The Queensland government's landfill levy is not expected to have a material impact.
While Morgans remains attracted to the stock, the rating is downgraded to Hold from Add because of strength in the share price. Target is raised to $1.78 from $1.68.
Sector: Commercial & Professional Services.
Target price is $1.78.Current Price is $1.70. Difference: $0.08 - (brackets indicate current price is over target). If CWY meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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