Morgan Stanley rates NEW as Upgrade to Overweight from Equal-weight (1) -
2019 production was slightly below Morgan Stanley's estimates while earnings beat forecasts by 19%. The broker now estimates 109% cash coverage of an 8.1c distribution in 2020.
The broker assesses the stock is a rare pure renewables exposure with an undemanding valuation and upgrades to Overweight from Equal-weight. Industry view: Cautious. Target is raised to $1.41 from $1.38.
Target price is $1.41 Current Price is $1.23 Difference: $0.18
If NEW meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
NEW Price at posting:
$1.22 Sentiment: Hold Disclosure: Not Held
