0515 GMT - Brambles's bull at RBC Capital Markets can see reasons for optimism despite the global pallet giant's softer-than-expected 1Q sales growth. Analyst Owen Birrell tells clients in a note that the miss was due to factors outside of the company's control. It was instead related to broader market weakness and he thinks the owner of the CHEP pallet brand maintained the anticipated level of control where it could. Birrell can't draw much from the update beyond the company's reiterated guidance, and remains comfortable with its operational performance. RBC has a last-published outperform rating and A$20.75 target price on the stock, which closed 1.5% lower at A$18.29. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
October 24, 2024 01:15 ET (05:15 GMT)
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