In a trading update at the AGM, management said it expects expects a stronger second half in the absence of further significant lockdowns. First quarter revenue was flat versus the previous corresponding period and FY22 guidance was confirmed.
Macquarie lifts its FY22 and FY23 EPS forecasts by 3% and raises its target price by the same percentage to $8.80 from $8.55.The Outperform rating is unchanged.
Target price is $8.80.Current Price is $7.68. Difference: $1.12 – (brackets indicate current price is over target). If BAP meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).