Morgans assesses the March trading statistics for the ASX were relatively soft with weaker volumes versus the previous corresponding period for Futures and IPO/Secondary. More positively, recent volatility has driven higher Cash Market volumes.
The broker marginally lowers its EPS forecasts and the target price edges up to $73.05 from $72.94 on adjustments to its forecasting model. The Reduce rating is attributed to the combination of a high multiple and relatively low growth profile.
Sector: Diversified Financials.
Target price is $73.05.Current Price is $81.81. Difference: ($8.76) – (brackets indicate current price is over target). If ASX meets the Morgans target it will return approximately -12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
