The first quarter saw core poultry volumes up 6.3%, beating Morgan Stanley's forecast by 2%. Further, Inghams Group noted a decrease in inventory levels in the first 17 weeks of FY21.

Morgan Stanley notes there was no update on the group's channel mix and margins. Even so, the broker expects the positive update will be well received by the market.

Equal-weight rating with a target of $3.50. Industry view: Cautious.

Sector: Food, Beverage & Tobacco.

Target price is $3.50.Current Price is $3.31. Difference: $0.19 - (brackets indicate current price is over target). If ING meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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