First half results were slightly weaker than Morgan Stanley expected. The Americas earnings (EBIT) were ahead of estimates, benefiting from efficiency initiatives, better pricing and lower costs.

The broker considers the stock a "good place to hide" in the current environment with the risk/reward finely balanced.

Equal-weight. Target is $12.80. Industry view is In-Line.

Sector: Commercial & Professional Services.

Target price is $12.80.Current Price is $13.14. Difference: ($0.34) - (brackets indicate current price is over target). If BXB meets the Morgan Stanley target it will return approximately -3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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