BUZZ-Australian auto accessories firm ARB slumps after Q3 sales miss

Reuters05-09

(Updates)

** Shares of auto accessories firm ARB Corp fall as much as 3.5% to A$37.550, set for worst day since April 19, if trend holds

** Stock hits lowest since May 2

** Citi says co's slower-than-expected 3Q24 sales drive minor downgrade to its FY24-26 EPS ests by up to 3%

** Cuts price target on to A$44.20 from A$44.90, retains "buy" rating

** ARB said on Wednesday outlook was trending positively with trading conditions expected to continue into 1H25

** Posted sales growth of 2.1% in 3Q24 and said export order book trending positively

** Brokerage expects conditions to be stronger for longer in Australia driven by strong order book, supply normalisation, among others

** ARB stock has risen 8.2% YTD, as of last close

($1 = 1.5202 Australian dollars)

(Reporting by Sameer Manekar and Poonam Behura in Bengaluru)

((Sameer.Manekar@thomsonreuters.com; Twitter: ))

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