0356 GMT - Insurance broker and underwriter Steadfast gets upgraded to buy from hold at Goldman Sachs, where analysts think that the Australian company looks cheap compared with global peers. They think that Steadfast will maintain its annual guidance despite moderation in commercial rates for small and medium enterprises. They see limited risk from strata reviews and reckon that Steadfast was tracking well through the first fiscal quarter, albeit performance looked to be acquisition led. Steadfast is trading at less than 18 times one-year forward earnings, which they write in a note is below mid-cycle multiples. GS keeps a A$6.50 target price on the stock. Shares are up 1.7% at A$5.795. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
February 04, 2025 22:56 ET (03:56 GMT)
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