BAL - Morgans rates the stock as Add
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The company has provided a strong trading update and, with the benefits of cost management, has materially upgraded FY18 earnings guidance for the second time.
Morgans sets forecasts at the top end of guidance ranges, upgrading EBITDA forecasts for FY18 and FY19 by 29.9% and 44.5% respectively, and has greater conviction in the company's growth outlook.
Rating is upgraded to Add from Hold. Providing CFDA registration is approved the broker expects FY19 and FY20 should be strong years for the company. Target is raised to $14.70 from $9.95.
Sector: Food, Beverage & Tobacco.
Target price is $14.70.Current Price is $13.68. Difference: $1.02 - (brackets indicate current price is over target). If BAL meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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