Updates

** Shares of Australia's Downer EDI DOW.AX rise as much as 3.5% to A$8.39, their highest level since March 3

** Stock logs biggest intraday pct gain since March 6

** Morningstar says the urban infra services provider is well placed to benefit from structural drivers, including energy transition, national security, population growth, and government support

** Investment research firm hikes fair value estimate by 9.5% to A$8, citing reduced cost of capital in the near term

** Adds, Downer has turned itself around since 2023 accounting scandals, introducing risk-control measures and new project management framework

** Stock up 4.5% YTD, including day's moves