APT – Morgan Stanley rates the stock as Overweight

Underlying sales in November were ahead of Morgan Stanley’s forecasts by 15%. The broker forecasts $9.6bn in first half sales, or growth of 102%.

The beat to estimates in November was partly helped by the favourable timing of Cyber Monday.

The broker also notes the company’s move into the US is demonstrating consistent growth, with 1m active customers added since the end of the September quarter.

Overweight rating. Target is $120. Industry view: In-line.

Sector: Software & Services.

Target price is $120.00.Current Price is $98.79. Difference: $21.21 – (brackets indicate current price is over target). If APT meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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