ARF – Macquarie rates the stock as Downgrade to Neutral from Outperform

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First half results were in line with Macquarie’s estimates. FY19 distribution guidance has been reaffirmed.

The broker notes management has executed on its strategy, while underlying conditions for the child care segment are benefiting from a change in the regulatory funding model.

However, given limited returns, the broker downgrades to Neutral from Outperform. Target is reduced to $2.69 from $2.75.

Sector: Real Estate.

Target price is $2.69.Current Price is $2.64. Difference: $0.05 – (brackets indicate current price is over target). If ARF meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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