Morningstar ups fair value estimate for Australia's Reece on optimistic ANZ outlook

** Morningstar raises its fair value estimate for Australia's Reece REH.AX by 10% to A$11.50 per share

** Investor research firm ups fair value estimate for the plumbing supplies distributor on more optimistic outlook for Australia and New Zealand (ANZ)

** Morningstar says ANZ revenue growth is likely to lead to EBITDA margin improvements in the future

** Investment research firm anticipates modest growth from REH's ANZ segment, largely from improved operating leverage on increased scale

** YTD, stock up 27.5% as of last close