APE – Morgan Stanley rates the stock as Equal-weight

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The company has updated pre-tax profit guidance for the first half, expecting this to be between -7% and -10% lower than the comparable half.

Morgan Stanley believes this is broadly in line with what the market expects. No new information was provided regarding the Automotive Holdings ((AHG)) acquisition.

Equal-weight. Target $7. Industry view: In-Line.

Sector: Retailing.

Target price is $7.00.Current Price is $8.71. Difference: ($1.71) – (brackets indicate current price is over target). If APE meets the Morgan Stanley target it will return approximately -24% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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