In anticipation of 1H results on February 23, Morgan Stanley will be looking for confirmation of Qube Holdings' capital structure
strategy, after completion of the off-market buyback, along with details on upcoming growth opportunities.

The Equal-weight rating is maintained and a $2.88 target is set. Industry view: Cautious.

Sector: Transportation.

Target price is $2.88.Current Price is $3.09. Difference: ($0.21) - (brackets indicate current price is over target). If QUB meets the Morgan Stanley target it will return approximately -7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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