Reece's Share-Price Drop Lowers Risk on Stock -- Market Talk

Dow Jones10-25

0023 GMT - Reece's disappointing trading update is seen as a cleansing event by Macquarie analysts, who raise their recommendation on the stock to neutral from underperform. The analysts tell clients in a note that the near 8% share-price fall that followed the update lowers risk. They believe that investors' focus will likely shift to the timing of a cyclical recovery in housing developments, which should support valuation multiples for the plumbing supplies provider. Macquarie lifts its target price by 5.5% to A$24.10. Shares are down 0.35% at A$24.365. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

October 24, 2024 20:23 ET (00:23 GMT)

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