2322 GMT - The market's positive reaction to Bank of Queensland's 1H FY 2024 results likely came from an expectation that earnings are close to their lows, rather than anything overly positive, say Citi analysts Brendan Sproules and Thomas Strong in a note. They say they agree that FY 2024 is likely to be the bottom for the current earnings contraction cycle, and that looking forward, it will be the medium term outlook that will drive the share price. But, Citi sees that there is where uncertainty for investors has increased. "Management conceded that there is no discernible path to their FY 2026 targets, says Citi, adding that with these targets likely to be relinquished in 2H FY 2024, future returns are uncertain for BOQ. (alice.uribe@wsj.com)
(END) Dow Jones Newswires
April 17, 2024 19:22 ET (23:22 GMT)
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