Citi positive on Aussie software firm Altium on strong demand

Altium

10/01/2024 02:58

** Analysts at Citi says demand and supply for Australian
circuit-board design software firm Altium Ltd's  ALU.AX 
products is improving
    ** ALU shares gain as much as 2.20% at A$45.120; mark their
second straight day of gains
    ** Citi maintains its "neutral" rating and price target of
A$46.65
    ** Brokerage says ALU's cloud platform software Octopart to
log 1H24 revenue in line with Citi's expectations of 11% growth
    ** Octopart contributed $56.2 mln to ALU's total FY23
revenue of $263.3 mln
    ** Citi says increasing parts supply positive for Octopart's
circular plastic connectors
    ** Six of 15 analysts rate the stock "buy" or higher, seven
"hold" and two "sell" or lower; their median PT is A$45.33 –
LSEG data
    ** ALU gained 33.6% in 2023, as of last close

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))