Morgan Stanley Reaffirms Their Buy Rating on Aussie Broadband Ltd. (ABB)

Morgan Stanley reiterated a Buy rating on Aussie Broadband Ltd. (ABB), setting a price target of A$6.00. The note, released today, was issued by Andrew McLeod, who covers the Communication Services sector and follows companies including REA Group Ltd, TPG Telecom Limited, and CAR Group. According to TipRanks, McLeod’s average return on recommended stocks is -2.0%, with a 42.96% success rate. Analysts’ consensus for ABB is a Strong Buy, with an average target of A$6.19. Based on ABB’s latest earnings release for the quarter ended December 31, the company reported quarterly revenue of A$637.83 million and net profit of A$5.07 million, compared with A$588.49 million revenue and A$12.16 million net profit in the prior year period. The report also notes negative insider sentiment, with nine insiders and an increase in selling over the past quarter relative to earlier in the year.