First half results were ahead of Credit Suisse estimates, although the top line disappointed as global markets weakened. This situation is expected to continue, despite the company targeting 3-4% organic sales growth in FY19.
The broker maintains a Neutral rating and raises the target to $24.00 from $23.50.
While the broker is cautious, the strong balance sheet and potential for additional M&A are expected to support the share price in the medium term.
Sector: Health Care Equipment & Services.
Target price is $24.00.Current Price is $24.88. Difference: ($0.88) – (brackets indicate current price is over target). If ANN meets the Credit Suisse target it will return approximately -4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
