Forsyth Barr initiates full coverage of Turners at outperform

Lower interest rates will be a tailwind. (Image: Turners)

Fri, 26 Jul 2024

Forsyth Barr kicked off full coverage of Turners Automotive Group at outperform with a 12-month target price of $5.30.The stock closed on Thursday at $4.36. “We think a premium valuation is now warranted given its improved business quality, track record of execution through the cycle and leverage to interest rate falls, and earnings growth outlook,” analysts James Lindsay, Will Twiss and Kylie Mills said.“We see a clear pathway to further earnings growth driven by footprint expansion from new branches, margin recover...

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