0051 GMT - Car parts retailer ARB's prospects have moved up a gear due to its expansion in the U.S., signals Morgan Stanley. The bank upgrades ARB to overweight, from equal-weight, as it recognizes "the fruits of ARB's strategic investments (in Australia but particularly in the U.S.) will become more obvious in earnings into FY 2025-2026." Illustrating its ambitions, ARB in recent days said its U.S. associate ORW has agreed to buy 4x4 accessory retailer 4 Wheel Parts. MS views that deal positively. "We do appreciate ARB is not necessarily cheap at circa 28x FY 2026 P/E for 8% FY 2024-2027 EPS growth," analyst Chenny Wang says. Still, this is where has traded on average for the past five years, MS says. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
September 10, 2024 20:51 ET (00:51 GMT)
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