0349 GMT - The simplified corporate structure created by the merger of Washington H. Soul Pattinson and Brickworks is seen as a net positive at Australian brokerage Morgans. Analyst Steven Sassine highlights the benefits of unpicking the companies' longstanding cross-holdings in each other. The melding of the investment manager and building-products maker further diversifies Soul Patts' portfolio and is likely to increase liquidity and the proportion of shares held by public investors. The latter is important for indexed and institutional funds, he reminds clients in a note. Morgans lifts its target price on Soul Patts by 15% to A$43.15 and keeps a hold rating on the stock, which is down 3.5% at A$39.95. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
June 04, 2025 23:49 ET (03:49 GMT)
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