0040 GMT - A2 Milk is doing well in a challenged market, says Morgan Stanley, but its stock looks fairly valued right now. MS starts A2 Milk at equal-weight with a A$5.90/share price target, highlighting a record of gaining market share and improving the quality of its earnings. Still, significant risks remain, analyst Julia M. de Sterke says. They include challenging conditions in China's infant milk formula market and the stability of A2 Milk's supply chain. "A de-rating post FY 2024 results has reset valuation multiples to levels that we believe capture the risks we see as evident in the business," MS says. A2 Milk is down 0.5% at A$5.61 today. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
September 11, 2024 20:40 ET (00:40 GMT)
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