ABC - Morgan Stanley rates as Underweight
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Morgan Stanley observes management is constructive regarding demand from both Australian residential and infrastructure activity. Lime volumes are expected to be stable in FY18.
Import competition continues which is likely to keep a cap on the market, in the broker's view. Morgan Stanley considers Adelaide Brighton a quality business but the premium hard to justify.
Underweight maintained. Target is $6.00. Industry view: Cautious.
Target price is $6.00.Current Price is $6.75. Difference: ($0.75) - (brackets indicate current price is over target). If ABC meets the Morgan Stanley target it will return approximately -12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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