Following Ramsay Health Care's AGM, Morgan Stanley again lowers its EPS forecasts due to greater-than-expected (ongoing) margin pressure in both France and the Nordic countries. High tax rates also impacted the broker's EPS forecasts.

While overall volumes are improving, inflation and currency movements are continuing to pressure earnings in these countries, explain the analysts.

The Equal-weight rating is maintained, with the broker noting multiples still look stretched. Target $51.60. Industry view: In-Line.

Sector: Health Care Equipment & Services.

Target price is $51.60.Current Price is $49.33. Difference: $2.27 - (brackets indicate current price is over target). If RHC 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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