ECX – Morgan Stanley rates the stock as Overweight

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Expectations have been downgraded but in businesses which Morgan Stanley suspects merger proponent, McMillan Shakespeare will consider non-core.

The company has announced a significant 40:60 skew in FY19 earnings because of increased equipment finance provisions along with the selling season for novated and fleet leasing being weighted to the second half.

Morgan Stanley maintains an Overweight rating.Target is $3.00. Industry view is In-Line.

Sector: Diversified Financials.

Target price is $3.00.Current Price is $2.24. Difference: $0.76 – (brackets indicate current price is over target). If ECX meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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