The shares are overvalued as investors are overly excited about defence and gold exposure.

Our view on the potential for additional offers.

Shares have dropped 20% in the previous year due to concerns about tariffs.

Cyclical headwinds persist but loan book and industrial property prop up earnings.

Our capital allocation rating was also lowered due to balance sheet weakness.

Pandemic related tailwinds are a distant memory for Reece, which looks set to face more competition in Australia.

This undervalued miner is unappreciated by the market.

The change is a result of the controversial Azek acquisition.

Trump’s focus on US steel production may benefit this firm.

We raise our risk and uncertainty rating to reflect the impact of the ruling.