Will it retest $2.60 again?, page-186

From the MS report:
"This is a shortnote, for good order … updating our TLS earnings/value estimates to reflect changes made to our Mobile forecasts, bottom line, we cut EPS 3-5% for FY18-20E, incorporating higher competition, our PT reduces to A$3/share."

Bear case has PT of $2 and Bull case has PT of $5.
10x base case FY19E EPS A$0.31
14x bull case FY19E EPS A$0.36
8x bear case FY19E EPS A$0.25

I have not found Morgan Stanley to be that good at their published forecasts (MS reviewed their 2017 forecasts and came to the same conclusion) so as always Do Your Own Research.