Ansell (ANN) | Hard to ignore growth after pullback | We changed our ANN rating to Quant BUY with Quant Target Price (QTP) of $21.50 on 29th Oct 2013 from...

Ansell (ANN) | Hard to ignore growth after pullback | We changed our ANN rating to Quant BUY with Quant Target Price (QTP) of $21.50 on 29th Oct 2013 from Quant SELL and QTP $19. ANN was trading at fair value after the downgrades post AGM commentary. European and emerging markets slow down were not overcome by US recovery and new product launches. Despite the earnings skew to the second half, the market was pricing in 2014 expectations at the bottom of the unchanged guidance at the AGM. We expected ANN to benefit from the growing demand for better global healthcare services and the expansionary nature of the industrial sector with global recovery. (VIEW LINK)