0036 GMT - Brambles loses its bull at Macquarie on the share-price surge that followed the pallet provider's annual profit announcement. The investment bank lowers its recommendation to neutral from outperform, with analysts telling clients that the company is executing well on strategy but that the stock looks fully valued. Writing in a note, they say that an uncertain macroeconomic backdrop highlights Brambles' defensive qualities but point out that their target price implies an enterprise value of 15.2 times fiscal 2027 EBIT. This is above the stock's 10-year average of 14.3 times EBIT. Target price rises 2.4% to A$25.20. Shares are down 0.9% at A$26.06. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
August 21, 2025 20:36 ET (00:36 GMT)
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