Computershare is under Algo Engine sell conditions and has been forming a lower high pattern since topping at $20.50, September last year.
We continue to view the market’s assessment of the future earnings growth picture, as miss-guided. The factors that have lead to the recovery in earnings are transitory and the 20X PE and 2.5% yield, makes CPU too rich for our liking.
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Our downside price forecast over the next 12 – 18 months is $15.00.
