Australia's ARB Corp loses on 'softer than expected' trading update

ARB

03/05/2023 03:33

** Shares of Australia's ARB Corp  ARB.AX  fall as much as
4.4% to A$30.94, set to lose most since Feb. 7
    ** Analysts at Citi say co's nine-month trading update was
softer than expected 
    ** Brokerage says the weakness appears to be primarily in
co's export segment with third quarter revenue declining 15%
    ** Citi says co's FY23 capex outlook of A$76.6 million
($51.08 million) is materially higher than A$44 mln consensus. 
    ** Brokerage remains "neutral" rated on co and needs to see
more evidence that co's new U.S. market strategy is working
before it recommends investors to buy the stock
    ** Three of eight analysts rate the stock "buy" or higher
and five "hold"; their median PT is A$32.65 – Refinitiv data
    ** Stock has risen 26.1% this year, as of last close 

($1 = 1.4997 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))