Sector heavyweight WPL is ~10% below last months high which feels pretty rich to us, we can see a test of $28 in the coming months. Last month influential UBS downgraded the stock to a hold with a price target of $26 saying it was fully priced above $27, we have no major argument with this view and the market certainly appeared to embrace the research sending the stock lower but a forecasted yield of 3.5% fully franked over the next year should be very supportive in our opinion.
MM is bullish WPL looking for ~10-15% upside
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