0133 GMT - Worries over the durability of Steadfast's domestic growth are overdone, according to the Australian insurance broker and underwriter's new bulls at Morgan Stanley. Analysts Andrei Stadnik and Richard E. Wiles raise their recommendation to overweight from equal-weight, telling clients in a note that the stock offers compelling value. They anticipate a 17% on-year underlying EPS growth in fiscal 2025, ahead of the ASX-listed company's 12%-16% guidance. The stock is cheaper than many insurers and financial companies with more limited growth profiles, they say. MS lifts its target price by 5.1% to A$6.98. Shares are up 4.0% at A$6.105. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
December 02, 2024 20:33 ET (01:33 GMT)
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