Shares drop; Insignia confirms Bain bid; Iress eyes dividends; ASIC investigates Steadfast; GPT buys Perron stake; Rio expands in lithium; DigiCo starts on the ASX. Follow updates here.
Morningstar has revealed its biggest fair value price upgrades and downgrades of the year, with Mirvac and Woodside among the worst hit. Mirvac was subject to the largest estimated price cut in 2024 at $2.50, a 19 per cent downgrade from its earlier estimate of $3.10.
Turning to upgrades, Brambles saw the biggest lift, a 60 per cent rise to Morningstar’s earlier fair value price. The supply chain solutions provider is worth $22 per share, it said. Goodman Group‘s price estimate rose to $27 in 2024, a 39 per cent increase. Morningstar market strategist Lochlan Halloway said the group’s development pipeline was ‘optimistic’ and on track for $20b in gains in the next few years. However, he questioned the ‘durability excess returns’ from data centres.
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