Australia's Redox logs worst day in nearly five months after Morgan Stanley rating downgrade
01/07/2026 06:48
BUZZ-Australia's Redox logs worst day in nearly five months after Morgan Stanley rating downgrade ** Redox Ltd RDX.AX shares fall as much as 9.1% to A$3.610, their biggest drop since February 12
** Morgan Stanley cuts RDX rating to 'equal-weight' from 'overweight'; raises PT to A$4.00 from A$3.50
** Brokerage says global chemical and raw material firm's stock price is much higher and traded past previous PT
** Adds, at nearly 20x P/E ratio forecast for FY27, against low-teens EPS growth, the current price fully captures both the earnings outlook and any potential upside
** Chemical price inflation a tailwind for RDX's FY27 earnings outlook - Morgan Stanley
** RDX up 21.1% YTD
(Reporting by Keshav Singh Chundawat in Bengaluru)
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