BUZZ-Australia's Propel Funeral Partners rises; Bell Potter ups PT on NZ buyout

Reuters02-13

** Shares of Propel Funeral Partners rise as much as 2.3% to A$5.370, on track for their best day since Feb 2, if gains hold

** Co completed A$80 mln ($52.13 mln) placement, and also acquires Southern Funeral Home business in New Zealand for A$4.6 mln

** Bell Potter says acquisition is ~1% incremental to its FY24 revenues estimates, sees increase in merger & acquisitions premium

** Bell Potter raises price target by 5% to A$6.20/share, maintains "buy" rating

** Brokerage cuts FY24 EPS estimates by 0.7% but raises FY25 and FY26 estimates by 2.4% and 2.8%, respectively

** All six analysts rate the stock "buy" or higher; their median PT is A$5.98 - LSEG Data

** Stock up 1.7% YTD, as of last close

($1 = 1.5342 Australian dollars)

(Reporting by John Biju in Bengaluru)

((John.Biju@thomsonreuters.com;))

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