Goldman Sachs revises target price for 3rd time since results to $0.51 now

In their "first take" on the morning of the annual results Goldman Sachs revised their target price for AYS to $0.78. A more thorough report on the next day lowered the target price to $0.59 and in a wrap up of the FY19 ANZ Telco reporting season released today they have further reduced the target price to $0.51 citing "Lower Energy GM. Valuation rolled to FY21. Mobile/ Energy/M&A mutliple now 4.5X/4X/5.5X was 6X/5X/7X)."