First half results were slightly ahead of estimates. Over the short term Morgan Stanley assesses the full impact of the cost reductions should deliver greater profits. Subsequently, growth will depend on how the energy, chemical and resources industries recover.

Worley has highlighted continue challenges in the refining sector. Morgan Stanley retains an Equal-weight rating and raises the target to $11.30 from $10.50. Industry view is In-Line.

Sector: Energy.

Target price is $11.30.Current Price is $10.89. Difference: $0.41 - (brackets indicate current price is over target). If WOR meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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