Morgan Stanley observes 2018 is turning out to be messy. Earnings are clouded by accounting issues, refurbishments, and M&A. The broker reduces forecasts following the October downgrade, given an accelerated decline in the number of deaths in June-August.
A soft finish to 2018 will mean easier comparables will be cycled in 2019. Morgan Stanley reduces the target to $12.00 from $12.60. Rating is Equal-weight. In-Line industry view.
Sector: Consumer Services.
Target price is $12.00.Current Price is $11.78. Difference: $0.22 – (brackets indicate current price is over target). If IVC meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).