ECX – Citi rates the stock as Upgrade to Buy

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Given recent share price weakness Citi is upgrading to Buy from Neutral. The forecasts are unchanged but the target is raised to $3.38 from $3.35.

Citi expects acquisitions can be made to create further economies of scale and the company can capitalise on funding, procurement and logistics.

Vehicle operating leases are at the core of the business but the broker believes consumer and equipment finance are growth opportunities.

Sector: Diversified Financials.

Target price is $3.38.Current Price is $2.96. Difference: $0.42 – (brackets indicate current price is over target). If ECX meets the Citi target it will return approximately 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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