Citi sees headwinds for Australia's 29Metals

29Metals

30/04/2023 23:03

** Citi says it is hard to be positive for Australia's
29Metals  29M.AX  as its Capricorn Copper and Golden Grove sites
in Western Australia face operational headwinds 
    ** The company had recently said that recovery at its
Capricorn Copper project will take place in two phases
 urn:newsml:reuters.com:*:nFWN36M2MX
    ** The broker further trims the company's FY23 earnings
before interest, tax, depreciation and amortisation estimate by
A$4.8 million ($3.17 million) and for FY24 by 16%
    ** The brokerage cuts target price to A$1.20 per share from
A$1.40 per share; remains "neutral" rated on the stock 
    ** One of 11 analysts rate the stock "buy" or higher, six
"hold" and four "sell" or lower; their median PT is A$1.25 –
Refinitiv data
    ** Stock has fallen 38% this year, as of last close


($1 = 1.5133 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru; Editing by Richard
Chang)
 ((Archishma.Iyer@thomsonreuters.com;))