ANN – Macquarie rates the stock as Upgrade to Outperform from Neutral

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Macquarie finds macroeconomic data is broadly supportive of organic revenue growth, while further moderation in raw material prices offers the potential for gains in margin.

In view of the flexibility in the balance sheet and incremental benefits from the company’s transformation program, as well as undemanding valuations, Macquarie upgrades to Outperform from Neutral.

Target is reduced to $26.50 from $27.20 to reflect lower long-term growth assumptions.

Sector: Health Care Equipment & Services.

Target price is $26.50.Current Price is $22.58. Difference: $3.92 – (brackets indicate current price is over target). If ANN meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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