BUZZ-Australia's Propel Funeral's FY24 earnings to be supported by acquisitions, Macquarie says, raises PT

Reuters05-10

** Shares of Propel Funeral Partners rise as much as 1.5% to A$5.61

** Macquarie expects funeral services provider's FY24 earnings growth will be supported by strategic acquisitions, outweighing lower volumes

** PFP has reaffirmed its FY24 revenue and EBITDA forecast of A$200 mln-A$220 mln ($132.1 mln-$145.4 mln) and A$56 mln-A$60 mln, respectively

** Brokerage increases target price on death care services provider PFP to A$6.58 from A$6.38; maintains "outperform" rating on stock

** On average, analysts rate the stock "buy"; median PT is A$6.10 – LSEG data

** Stock had risen 7.2% YTD, as of last close

($1 = 1.5135 Australian dollars)

(Reporting by Megha Rani in Bengaluru)

((Megha.Rani2@thomsonreuters.com;))

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