IRE – Macquarie rates the stock as Neutral

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The broker has reduced Iress forecast earnings to account for updated currency forecasts. Otherwise, Neutral and an $11.19 target retained.

The challenge for Iress is the successful migration of clients to XPLAN from Avelo, the broker suggests, which currently appears to be taking longer than expected. It is this migration that offers up/downside risk, hence Neutral.

Sector: Software & Services.

Target price is $11.19.Current Price is $10.98. Difference: $0.21 – (brackets indicate current price is over target). If IRE meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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