Australia's Ainsworth Game extends sell-off, Macquarie downgrades to 'neutral'

Ainsworth Game Technology

10/05/2024 04:53

** Shares of Ainsworth Game Technology  AGI.AX  fall as much
as 1% to A$0.95, extending a sell-off from Thursday
    ** Stock fell 17.6% on Thursday on bleak HY profit outlook
    ** Analysts at Macquarie downgrade stock to "neutral" from
"outperform" and cut price target to A$1.10 from A$1.45 
    ** Cut profit before tax estimates by 25% and 7% for CY24
and CY25, respectively
    ** Say estimate cuts due to delays in product approvals and
reduced revenues in Latin America 
    ** Brokerage notes co's resolve to focus on core business
and expectations of potential growth in coming periods, but is
cautious on it
    ** Shares of AGI down 18.1% so far this week, heading for
their worst week since March 20, 2020 
    ** Stock had fallen 26.7% this year, as of last close

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