Australia's Downer hits over 3-month high after Morningstar sees boost from structural tailwinds
BUZZ-Australia's Downer hits over 3-month high after Morningstar sees boost from structural tailwinds Updates
** Shares of Australia's Downer EDI DOW.AX rise as much as 3.5% to A$8.39, their highest level since March 3
** Stock logs biggest intraday pct gain since March 6
** Morningstar says the urban infra services provider is well placed to benefit from structural drivers, including energy transition, national security, population growth, and government support
** Investment research firm hikes fair value estimate by 9.5% to A$8, citing reduced cost of capital in the near term
** Adds, Downer has turned itself around since 2023 accounting scandals, introducing risk-control measures and new project management framework
** Stock up 4.5% YTD, including day's moves
(Reporting by Nichiket Sunil and Aamir Sheik Khalid in Bengaluru)
((Nichiket.Sunil@thomsonreuters.com;Aamir.SheikKhalid@thomsonreuters.com))
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