0007 GMT - Brambles' already attractive valuation looks even more appetizing especially if the pallet giant continues to buy back shares and the macro environment helps accelerate growth, Macquarie analyst Peter Steyn says. He reiterates an outperform rating on the stock, telling clients in a note that a stabilizing macro environment should provide a good backdrop to the Australia-listed company's aim to lift new business growth by 1%-2% annually in revenue terms. Steyn says that capital absorption from lumber-price volatility and supply chain disruption is now unwinding, and that returns on capex look likely to be sustained and extended. Macquarie lifts its target price by 19% to A$21.20. Shares are down 0.15% at A$19.79. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 30, 2025 19:07 ET (00:07 GMT)
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