SG Fleet has the opportunity to better monetise its base via additional products and services. Still, Morgan Stanley has difficulty reconciling longevity and materiality and suspects competitors may close the product gap.

Equal-weight rating maintained. Target is reduced to $2.00 from $2.45. Industry view: In Line.

Sector: Commercial & Professional Services.

Target price is $2.00.Current Price is $1.70. Difference: $0.30 - (brackets indicate current price is over target). If SGF meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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