Australia's Bapcor sees best day in nearly 2 years; Morgan Stanley cautious on forecast

Bapcor

29/01/2024 01:20

(Updates with Morgan Stanley note)
    ** Shares of Bapcor  BAP.AX  rise as much as 6.6% to
A$5.620, their highest level since Jan. 15
    ** Stock currently up 5.7%; sees best day since Feb. 10,
2022, if current gains hold
    ** Vehicle parts provider sees 1H24 revenue of A$1.02
bln($670.75 mln), compared with A$1.00 bln in 1H23
    ** Analysts at Morgan Stanley say consolidated FY25 earnings
per share growth of 26% and a further 11% in FY26 "still too
optimistic"
    ** Brokerage maintains PT of A$5.30 and "underweight" rating
    ** Bapcor stock among top gainers on the benchmark S&P/ASX
200 index  .AXJO  
    ** Stock down 4.9% this year, as of last close
    
($1 = 1.5207 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))