Preliminary 1H profit (NPBTFX) results exceeded PTB Group's guidance and was a 2% beat versus Morgans estimate. Management didn't amend guidance though pointed to strong trading conditions in the US and Asia-Pacific.

Morgans raises its target price to $1.27 from $1.21 and sees a potential 12-month total shareholder return of 11%, even before potential upside from acquistions. The Add rating is maintained.

Sector: Capital Goods.

Target price is $1.27.Current Price is $1.20. Difference: $0.07 - (brackets indicate current price is over target). If PTB meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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