Bell Potter cuts PT, earnings forecast for Australia's Adrad Holdings; shares flat

Adrad Holdings

03/06/2024 04:17

** Shares of Adrad Holdings  AHL.AX  trading flat as at 0302
GMT
    ** Analysts at Bell Potter lower price target for the auto
parts manufacturer to A$1.15 from A$1.25 on weaker-than-expected
trading update
    ** Adrad flagged softening of demand across its businesses
while forecasting lower FY24 EBITDA compared to FY23
    ** Brokerage downgrades FY24 revenue and pro forma EBITDA
forecasts by 4% and 13%, respectively
    ** Lowers revenue forecasts for FY25 and FY26 by 4% and 7%;
pro forma EBITDA outlook for FY25 and FY26 by 3% and 4%,
respectively
    ** Stock has risen 1.2% this year, as of last close

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))