0033 GMT - Takeover target SG Fleet loses its bulls at Morgan Stanley, where analysts say the stock price is related to the chances of deal completion rather than fundamentals. The MS analysts trim their target price 2.8% to A$3.50, in line with the offer it has accepted from Pacific Equity Partners. They tell clients in a note that the earnings multiple implied by the offer is at the higher end of the vehicle fleet manager's historical levels. This should support valuations elsewhere in the leasing space, they add. MS lowers its recommendation to equal-weight from overweight. Shares are down 0.15% at A$3.415. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
December 04, 2024 19:33 ET (00:33 GMT)
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