Morgan Stanley downgrades CAJ to Neutral from Outperform
Credit Suisse has analysed the impact of the MYEFO proposals regarding bulk billing, noting Capitol is largely a bulk-bill provider. Reductions in MRI subsidies lead the broker to calculate a potential 35-45% hit to Capitol revenues in FY17-18.
The proposals have yet to get through the Senate, but on the other hand the Medicare review underway is another issue entirely. It is difficult to now how the market will respond in terms of demand for MRIs, the broker concedes, so for the moment it's difficult to see "the light at the end of the tunnel".
In the meantime, Credit Suisse has cut its target to 25c from 55c and downgraded to Neutral.
Target price is $0.25 Current Price is $0.24 Difference: $0.01
If CAJ meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
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