Morgans reveals that its analysts have downgraded this plumbing parts company’s shares to a
reduce rating with a price target of $11.45. According to the note, the broker made the move after reducing its earnings estimates to reflect a stronger Australian dollar. In addition to this, the broker thought that its valuation was getting stretched after a strong gain over the last few months. The Reece share price was trading at $16.01 at Friday’s close.
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