2359 GMT - Technology One's solid annual result shows the Australian software developer well placed as companies globally upgrade enterprise resource planning tools, Morgan Stanley analysts say. They tell clients in a note that more than 50% of chief information officers anticipate upgrading within the next two years. Technology One's early success in the U.K. and stronger-than-expected fiscal 2025 outlook suggests that the Australian company can benefit from companies' shift to cloud computing, they say. MS lifts its target price 68% to A$25.50 and stays equal-weight on the stock. Shares are down 2.6% at A$28.69. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
November 19, 2024 18:59 ET (23:59 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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