BUZZ-Citi trims PT, earnings view on Australian auto accessories firm ARB

Reuters05-09

** Citi cuts price target on auto accessories firm ARB Corp

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

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

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

** Cuts FY24 core net profit view by 2.7% to A$104.5 mln ($68.74 mln), and for FY25 by 2.3% to A$116.3 mln

** Three of 11 analysts rate the stock "buy" or higher, five "hold" and three "sell" or lower; their median PT is A$35.50 – LSEG data

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

($1 = 1.5202 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru)

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

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment