Morgan Stanley finds InvoCare's 2021 financial performance broadly in-line with a strong cash conversion one of the stand-out features.

The broker does note the absence of any guidance for the year ahead. Management has called out the normalisation of the death rate towards the long-term average.

Equal-weight rating retained. Target rises to $12.40. Industry view: In-Line.

Sector: Consumer Services.

Target price is $12.40.Current Price is $12.93. Difference: ($0.53) - (brackets indicate current price is over target). If IVC meets the Morgan Stanley target it will return approximately -4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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