0219 GMT - ARB Corp.'s positive 3Q trading update and an improving outlook for the automotive-accessory market leave Ord Minnett analyst James Casey even more bullish on the stock. Casey lifts his recommendation to buy from accumulate, pointing to an improvement in sales momentum since the end of ARB's fiscal 1H and a first increase in quarterly export sales in 18 months amid improvement in the U.K. and the Americas. With supply of new vehicles to Australia having improved, he anticipates favorable trading conditions persisting through to fiscal 2025. Ord Minnett lifts the stock's target price 3.5% to A$44.00. Shares are down 5.7% at A$36.69. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
May 08, 2024 22:19 ET (02:19 GMT)
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