Australia's IPH's cyber breach to impact stock in near term - MS

IPH

16/03/2023 22:54

** Morgan Stanley sees cyber breach at intellectual property
services provider IPH Ltd  IPH.AX  weighing on the stock in the
near term, until the brokerage gets further clarity on the
breach 
    ** Company detected unauthorised access to document
management systems, which include administrative documents, and
some client documents and correspondence, at its head office and
two other firms
    ** Brokerage says higher reinvestment would be required to
protect co's IT network
    ** In the long term, we expect scaled players like IPH to
invest more in cyber security relative to sub-scaled peers,
improving their competitive position - Morgan Stanley
    ** Five of nine analysts rate the stock "buy" or higher,
three "hold" and one "sell"; their median PT is A$10.43 –
Refinitiv data
    ** Stock down 14.1% this year, as of last close

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))