Australia's TechnologyOne gets PT hikes after strong results

TECHNOLOGY ONE

23/11/2022 02:47

** TechnologyOne's shares  TNE.AX  down 3% at A$12.585,
after closing up 5% on Tuesday post FY 22 results  urn:newsml:reuters.com:*:nL4N32H3XY
    ** Morgan Stanley says the enterprise software maker's
results beat its expectations
    ** MS hikes PT to A$12.50 from A$11.50, one of six analysts
to do so after the results, per Refinitiv data
    ** Says TNE's transition to SaaS revenue model increases its
near-term competitive edge among peers and expects domestic
business to continue to deliver customer and revenue growth
    ** We look for continued momentum in cash flow generation to
re-rate higher, says MS, keeps 'equal-weight' rating
    ** The avg rating of 11 analysts is "hold"; their median PT
has risen to A$13.3, from A$11.08 pre-results – Refinitiv data
    ** Stock is up 1.3% so far this year, as of last close
 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))