0121 GMT - Reliance Worldwide loses its bull at Macquarie, with Brookfield's binding offer for the plumbing supplies maker locking in value. Lowering their recommendation to neutral from outperform, one of the investment bank's analysts tells clients that most of the deal value is captured by the stock at current levels. The analyst writes in a note that there is still scope for a superior proposal from a rival suitor. That would most likely be a strategic buyer interested in synergies, they add. Macquarie has an unchanged target price of 4.75 Australian dollars on the stock. Shares are up 1.0% at A$4.525.
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