Iress Hit by a Wave of Negative Screening
Shares in Iress slumped 20% at one stage yesterday hitting their lowest levels for more than 8 years after the company sprang a shock earnings downgrade on the market.
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Iress Limited
We are a global team of 1,950 people building software that helps the financial services industry perform at its best.
From the world’s most iconic financial services brands to advice firms of all sizes, challenger banks, insurers, investment managers, traders and brokers, more than 9,000 businesses and 500,000 people use our software to help them perform better and deliver more.
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News
Iress Flags Weaker Earnings
So is this an earnings downgrade you announce while not announcing one?
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Analyst Views
IRE – Morgans rates the stock as Hold
The target price falls to $11.75 from $13.75 and the Hold rating is maintained.
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IRE – Morgans rates the stock as Hold
The analyst makes no changes to forecasts. The target price lifts to $11.37 from $10.95 after a valuation roll forward.
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IRE – Morgans rates the stock as Hold
Iress has been successful in acquiring Onevue Holdings ((OVH)) for $115m - subject to court approval on October 28.
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IRE – Morgans rates the stock as Add
The company has won a contract with Emergency Services and State Super to provide a full back-office service. Morgans observes a shift from being a software supplier to a full service provider significantly expands the company's revenue opportunity.
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IRE – Credit Suisse rates the stock as Neutral
Credit Suisse remains broadly positive about the company's UK operations, highlighting supportive industry conditions for advice/wealth software amid likely consolidation in advice that is aligned to the company's focus.
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