0052 GMT - Morgan Stanley analyst Chenny Wang says there's lots to like about Redox--except its valuation. MS downgrades Redox to equal-weight, from overweight, despite lifting its price target by 14% to 4.00 Australian dollars a share. MS says the stock rose some 32% in the six months through June, compared with a 1% rise in the benchmark S&P/ASX 200 index. That pushed its price-to-earnings multiple to around 20x. "We think this is broadly fair, with earnings trajectory (and upside risks) adequately captured by Street," says MS. "Ultimately we feel the risk-reward at these levels is balanced, in the absence of optionality playing out (currently more bull case drivers)." Redox is down 4.3% at A$3.80.(david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

June 30, 2026 20:52 ET (00:52 GMT)

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