Morgan Stanley considers strategic interest the key to Link Administration's share price. Securities Software & Consulting withdrew its bid for Link while the PEP/Carlyle consortium has completed its due diligence but have given no further updates.

Fundamentals for Link ex-PEXA remain challenging in the broker's view.

Equal-weighted retained. Target reduces to $5.20 from $5.65. Industry view: In-Line.

Sector: Software & Services.

Target price is $5.20.Current Price is $4.87. Difference: $0.33 - (brackets indicate current price is over target). If LNK meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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