Australia's Bapcor drops; Morgan Stanley sees new CEO as 'all positives'

Bapcor

02/02/2024 24:59

** Shares of Bapcor Ltd  BAP.AX  down 0.3% at A$5.695 
    ** Morgan Stanley sees Bapcor's newly appointed CEO as "all
positives"
    ** BAP on Thursday appointed Paul Dumbrell as the CEO,
replacing Noel Meehan
    ** "We feel Paul's knowledge of BAP's business, the wider
industry, and deep understanding of the customer are all
positives," says Morgan Stanely
    ** Says there has been significant turnover from the team at
BAP that announced the transformation targets of A$100 mln
incremental EBIT by FY25
    ** Adds that turnover creates further doubt about the
earnings outcomes and timeframes that are achievable
    ** Brokerage has price target of A$5.2, remains
"underweight"
    ** Stock up 3.1% YTD, as of last close 
 

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))