In the good books
MONASH IVF GROUP LIMITED (MVF) Upgrade to Add from Hold by Morgans B/H/S: 2/0/0
Morgans observes the share price has been punished after the company downgraded first half expectations. Transition to a new CEO, the loss of a key doctor and competitive pressures are the main issues. However, underlying IVF cycle numbers are returning to long-term growth rates, and despite downgrading FY18 net profit forecasts by -7.2%, the broker is encouraged by broader market developments. Morgans upgrades to Add from Hold. Target is reduced to $1.52 from $1.58.