Australia's Reece slips as Morningstar cuts fair value estimate on bleak outlook

Shares of plumbing materials supplier Reece Ltd REH.AX slips 0.7% to A$14.02

Morningstar lowers fair value estimate by 4% to A$12.50/shr following downgraded housing forecasts in Australia and U.S.

Also, downgrades FY25 EBIT by 8% to A$552 mln, at the midpoint of co's guidance

Investment research firm sees slower recovery in residential sector than earlier forecasts, hurt by lower consumer confidence

REH on Friday projected lower FY25 operating earnings than last year, citing soft volumes in Australia and New Zealand, and increased competition in U.S.; Shares fell around 19%

REH down 9.8% so far this month, set for weakest monthly performance since Feb