Morgans rates ALQ as Add

While Morgans detected few surprises within ALS Ltd's FY24 results, outlook commentary suggests benefits will flow from a margin recovery in Life Sciences, as well as a cyclical volume recovery in Commodities.

Other supporting factors include gold and copper prices trading at around all-time highs, up by more than 20% compared to average prices in 2023.

Management is aiming for mid-single digit organic growth for the group in FY25 which is consistent with the broker's forecasts.

The Add rating is maintained and the target rises to $15.50 from $15.00.

Sector: Commercial & Professional Services.

Target price is $15.50.Current Price is $14.11. Difference: $1.39 - (brackets indicate current price is over target). If ALQ meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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