0359 GMT - Catapult's stock merits further re-rating despite its strong price gains over recent months, according to its new bulls at Morgan Stanley. MS analysts initiate coverage of the sports-tech developer with an overweight recommendation, writing in a note that markets typically underestimate share-price performance for four quarters after companies pass the inflection point of positive Ebitda and free cashflow. Catapult recently achieved this. They think that Catapult can sustain its revenue growth trajectory and improved profitability, driving further share-price outperformance. MS puts a A$4.45 target price on the stock, which is up 2.0% at A$3.54. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
December 16, 2024 22:59 ET (03:59 GMT)
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