ASX - Credit Suisse rates the stock as Underperform
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First half activity trends are tracking broadly in line with Credit Suisse expectations. The trends in the first four months of the first half demonstrate the diversity of the business, suggest the analysts.
While this diversity presents significant upside, or downside, to earnings it also has the benefit of stability, the broker asserts.
Despite this, Credit Suisse only expects 2-3% growth in earnings in FY18-20, similar to the growth in FY17. As a result an Underperform rating is retained. Target is raised to $51 from $50.
Sector: Diversified Financials.
Target price is $51.00.Current Price is $54.44. Difference: ($3.44) - (brackets indicate current price is over target). If ASX meets the Credit Suisse target it will return approximately -7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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