IPH – Morgans rates as Add

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FY18 results were ahead of forecasts. Morgans believes this should restore investor confidence in the outlook. The company’s 23.8% share of Australian patents filing was in line with analysis.

Morgans raises earnings forecasts for FY19-21 by 3.1%. Add rating maintained. Target rises to $5.92 from $5.13.

Sector: Commercial & Professional Services.

Target price is $5.92.Current Price is $5.56. Difference: $0.36 – (brackets indicate current price is over target). If IPH meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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