BBN – Morgan Stanley rates the stock as Overweight

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First half results were better than Morgan Stanley expected. The company has also made a strong start to the second half.

Earnings guidance has been maintained and includes operating earnings (EBITDA) of $34-37m and net profit of $20-22m.

Overweight reiterated. Target is $3.50. Industry view is In-line.

Sector: Retailing.

Target price is $3.50.Current Price is $3.60. Difference: ($0.10) – (brackets indicate current price is over target). If BBN meets the Morgan Stanley target it will return approximately -3% (excluding dividends, fees and charges – negative figures indicate an expected loss).


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