The company reported a “reasonable” March quarter, UBS suggests, with 2,000 net Class Super accounts added. The rate of net additions was above the December quarter but well below prior periods. The company continues to highlight regulatory and political uncertainty.
Andrew Russell, the new CEO, will commence the job on May 14. UBS maintains a Buy rating and continues to believe there is structural growth and valuation support. Target is $2.15.
Sector: Software & Services.
Target price is $2.15.Current Price is $1.69. Difference: $0.46 – (brackets indicate current price is over target). If CL1 meets the UBS target it will return approximately 21% (excluding dividends, fees and charges – negative figures indicate an expected loss).
