First half results were broadly in line with guidance. Macquarie notes two construction jobs underperformed but were contained within guidance, highlighting the benefits of scale and diversity.
The broker believes the stock continues to provide leverage to a favourable services, infrastructure & mining environment. Outperform rating maintained. Target is raised to $8.13 from $8.01.
Sector: Commercial & Professional Services.
Target price is $8.13.Current Price is $7.17. Difference: $0.96 – (brackets indicate current price is over target). If DOW meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).