InvoCare delivered a pre-guided FY20 result with sales of $476m versus Morgan Stanley's expected $465m. Operating income fell short of the broker's expected $106m while the net profit beat the broker's forecast.

No guidance was provided but management pointed to continuing recovery. Morgan Stanley expects a change in management as the biggest potential catalyst.

Equal-weight rating and $10.30 target. Industry view: In-Line.

Sector: Consumer Services.

Target price is $10.30.Current Price is $11.28. Difference: ($0.98) - (brackets indicate current price is over target). If IVC meets the Morgan Stanley target it will return approximately -10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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