The AFR ghost writers are running out of fresh ideas to save face. How long will they keep that $17 target without completely damaging their credibility with their clients?
UBS rates APT as Sell (5) -
The company has released the executive summary of the independent auditor's report into anti-money laundering compliance. Historical non-compliance has been confirmed although, UBS notes, Afterpay Touch is now compliant.
The report is still subject to review by AUSTRAC which will determine if and what action may be taken. Some of the issues identified by the auditor highlight the regulatory uncertainty facing the company and UBS maintains a Sell rating and $17.60 target.
