The company has reported solid business momentum with strong initial traction in the US and positive trends in Australasia. Morgans found no large surprises in the disclosure but conservatively alters international forecasts for the near term.
The broker believes a recent pull back in the shares is unwarranted because of the impressive underlying growth trends. Longer term upside is envisaged and the broker maintains an Add rating. Target is reduced to $19.15 from $21.65.
Sector: Software & Services.
Target price is $19.15.Current Price is $14.45. Difference: $4.70 – (brackets indicate current price is over target). If APT meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges – negative figures indicate an expected loss).