0400 GMT - Pallet giant Brambles looks fully valued despite a reasonably solid growth outlook, Morgans analyst Alexander Lu says. He writes in a note that the Australia-listed company's structural improvements in asset efficiency will drive further operating leverage and free-cash-flow generation even against the backdrop of subdued macroeconomic conditions. Its strong market positions and ability to offset inflation through pricing make it a solid defensive pick, but that's not enough to make Lu more positive. Morgans lifts its target price by 14% to A$20.50 but keeps a hold rating on the stock. Shares are up 0.3% at A$19.89. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
February 23, 2025 23:00 ET (04:00 GMT)
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