** Morningstar lifts its fair‑value estimate for urban services group Downer DOW.AX by 4% to A$7 per share, citing strong run of contract wins last year

** Highlights DOW ended HY ending December with two major contract wins, bringing the total announced wins to A$5.1 billion

** Says given that individually announced deals typically make up only a third of the eventual total, DOW could still surpass its 5-year average for contract awards by ~50% in FY26 -- even if no further wins were announced

** However, it cautions that recognising such gains now may be premature, given the inherently lumpy timing and scale of contract awards -- and that drawing longer‑term conclusions for the same reasons could also prove risky

** Four of 9 analysts rate the stock "buy" while the remainder rate it as "hold"; their mean PT is A$8.22 – LSEG data

** Stock up 0.75% YTD as of last close

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))