Following solid 1H results, Morgans raises its rating for WH Soul Pattinson to Add from Hold given more than 10% upside for total shareholder returns to the new 12-month target of $30.60, reduced from $36.78.
Underlying group profit was $344m, up by 281% on the previous corresponding period.
The new target arises after allowing for the 1H result and further improvements to the broker’s near-term yield assumptions post the recent results of core portfolio holdings.
Sector: Energy.
Target price is $30.60.Current Price is $28.35. Difference: $2.25 – (brackets indicate current price is over target). If SOL meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
