The UK an "exciting opportunity" for Iress: MPW

The acquisition of Avelo provides Iress with entry into the underdeveloped UK market, but conditions in Australia and New Zealand prevent more ambitious estimates in the short term.

Iress's(IRE) $360 million acquisition of Avelo provides the market technology company with immediate scale in the UK and long-term growth potential, according to Macquarie Private Wealth.

The broker lifted its recommendation on the stock to "neutral" from "underperform" and lifted the target price by $1.08 to $7.89. Iress last traded at $8.27.

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