Morningstar says shares of Australia's Telix Pharmaceuticals undervalued
BUZZ-Morningstar says shares of Australia's Telix Pharmaceuticals undervalued ** Morningstar maintains its fair value estimate of A$18 on Australia's Telix Pharmaceuticals TLX.AX, adding that the shares are undervalued and do not reflect co's growing market share in its core imaging products
** Investment research firm says the product pipeline accounts for 10% of its fair value, with Pixclara and Zircaix targeting smaller markets than Illuccix, while ascribing a 25% approval probability for TLX591
** Sees group revenue to grow at a five-year compound annual growth rate of 12%, driven by increased U.S. utilization of its core prostate imaging agents, and the rollout of new cancer imaging agents such as Pixclara and Zircaix
** Sees TLX improving its gross margins, which is currently pressured by recent acquisition of RLS, by selling more higher-margin products over time
** All 14 analysts rate the stock "buy" or higher with a median price target of A$21.90, as per data compiled by LSEG
** Up ~21% YTD, as of last close
(Reporting by Anjali Singh in Bengaluru)
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