Morgan Stanley analyst Andrei Stadnik downgraded Computershare to Equal Weight from Overweight with a price target of A$26.50, down from A$31.60. Short-end cash rates in the U.S., Australia, U.K. and Canada have increased further since November and should continue to rise in the second half, which could enable Computershare to upgrade its FY23 margin income guidance again, but spot and forward rates indicate that margin yield may begin to cool in FY24 while several headwinds remain for the underlying business, the analyst tells investors.
Published first on TheFly
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