PWR Holdings Gets New Bull After Share-Price Slump -- Market Talk

Dow Jones2024-11-21

2148 GMT - PWR Holdings, a provider of cooling systems to motorsports including Formula One, gets a new bull in Citi despite hitting a recent speed bump. Analyst Jack Dunn thinks it's understandable that investor optimism has been dented given the loss of three niche EV programs and a softer aftermarket, among other issues. PWR's stock fell as much as 1/3 in value after Wednesday's update, closing at A$6.85. "We view the share price reaction as overdone," Citi says. It highlights Aerospace and Defence as the key driver of long-term growth for the company. PWR expects revenue from that business to be up 67% in 1H of FY 2025. Citi moves to buy, from neutral, but lowers its price target by 13% to A$9.45/share. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

November 20, 2024 16:48 ET (21:48 GMT)

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