Citi upgrades stock rating on Australia's Adbri

Adbri

21/11/2023 20:20

** Analysts at Citi see balance sheet concerns and softer
residential volumes for construction materials firm Adbri
 ABC.AX 
    ** Brokerage upgrades stock rating to "neutral" from "sell"
and retains PT of A$2.25/shr
    ** Incrementally industry pricing appears more positive for
Adbri, Citi says, adding that "shares have now already
materially unperformed"
    ** Brokerage also sees risk factors such as exchange rate
fluctuations to the stock achieving the target price
    ** One of the 12 analysts rates stock "buy", 6 "hold", 5
"sell" or lower; median PT is A$2.26 - LSEG data
    ** Stock up 24.5% YTD, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))