Should media speculation prove correct, Morgan Stanley points out any merger between and Bank of Queensland may benefit Tyro Payments.

Tyro has a payments/terminals joint venture with Bendigo and Adelaide Bank, which could potentially be extended to merchants that use Bank of Queensland.

On the flipside, any merged business may end the Tyro joint venture, cautions the broker.

The Equal-weight rating and $1.60 target are unchanged. Industry view: Attractive.

Sector: Software & Services.

Target price is $1.60.Current Price is $1.62. Difference: ($0.02) - (brackets indicate current price is over target). If TYR meets the Morgan Stanley target it will return approximately -1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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