Australia's Reece's start to year more challenging than expected, Morningstar says
** Analysts at Morningstar say the start to fiscal 2025 for Australia's Reece REH.AX was more difficult than they had expected
** Brokerage lowers FY adjusted-EBIT forecasts on the bathroom and plumbing supply provider by 5% to A$680 mln ($451.45 mln) on weaker U.S. revenue estimates
** Says near-term reduction in the cash rate in Australia is immaterial to its valuation and mid- and long-term forecasts remain unchanged
** Adds Reece's shares are "materially overvalued"
** "We remain cautious on US growth prospects over the short to medium term, with greater competition in a more fractionalized market and a different operating model" - Morningstar
** Brokerage, in the longer term, believes demand for residential plumbing products remain high in group's main geographies of the United States and Australia
** Stock has risen 9.2% this year, as of last close
($1 = 1.5063 Australian dollars)
Reporting by Rishav Chatterjee in Bengaluru
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