Computershare reaffirmed FY25 EPS guidance of circa 135c, with earnings (EBIT) excluding margin income  expected to grow 30% year-on-year.

However, Morgan Stanley notes FY25 margin income was revised down to US$750m from US$760m due to weaker average client balances. 

Despite the margin income downgrade, underlying revenue ex-margin income remains in line with expectations, driven by continued strength in employee share plans and steady corporate actions activity, explain the analysts.

No change to Equal-weight rating or $34.70 target.. Industry View: In-Line.

Sector: Software & Services.

Target price is $34.70.Current Price is $37.98. Difference: ($3.28) - (brackets indicate current price is over target). If CPU meets the Morgan Stanley target it will return approximately -9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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