Link Administration's update held no surprises for the broker. Virus headwinds remain the issue in the near term. Link's gearing is higher than the broker would like, in the wake of the PES acquisition, but not unmanageable given strong cash flows, hence the broker does not see an equity raising being needed.

The broker has cut earnings forecasts on said headwinds and dropped its target to $4.86 from $5.95, still well above the trading price. Add retained.

Sector: Software & Services.

Target price is $4.86.Current Price is $3.49. Difference: $1.37 - (brackets indicate current price is over target). If LNK meets the Morgans target it will return approximately 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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