ARB's Profit Prospects Boosted by Record Vehicle Sales -- Market Talk

Dow Jones04-05

2207 GMT - The strong increase in new vehicle sales in Australia in the three months through March should bode well for car parts retailer ARB's revenue growth in 2H, Ord Minnett says. New vehicle sales increased 12.7% in March, representing another record month for the industry. Sales rose 13.2% in the March quarter overall. "For ARB, the continued strength in new vehicle sales combined with ARB's strong order book should ensure a strong 2H profit result for its Australian Aftermarket operations," says analyst James Casey in a note. Ord Minnett retains its accumulate call on the stock, and lifts its price target by 3.7% to A$42.50/share. ARB's shares ended trading on Thursday up slightly at A$40.43. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

April 04, 2024 18:09 ET (22:09 GMT)

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