Champion Iron Facing Tough 4Q -- Market Talk

Dow Jones04-05

2316 GMT - Champion Iron is facing a tough 4Q, says Citi, which cuts its price target on the miner by 10%, to A$8.60/share. "Winter effects, increased maintenance downtime and constrained rail capacity will be evident in 4Q," analyst Paul McTaggart says in a note. Citi forecasts quarterly production of 3.7 million tons of iron ore, and sales of 3.1 million tons. In addition, Champion Iron is grappling with higher sea freight and cash costs, prompting Citi to cut its FY 2024 and FY 2025 Ebitda forecasts by 25% and 14%, respectively. Champion Iron is down 3.6%, at A$6.88, early on Friday. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

April 04, 2024 19:16 ET (23:16 GMT)

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In addition, Champion Iron is grappling with higher sea freight and cash costs, prompting Citi to cut its FY 2024 and FY 2025 Ebitda forecasts by 25% and 14%, respectively. Champion Iron is down 3.6%, at A$6.88, early on Friday. 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