Australian auto accessories firm ARB slumps after Q3 sales miss

ARB

09/05/2024 02:31

(Updates)
    ** Shares of auto accessories firm ARB Corp  ARB.AX  fall as
much as 3.5% to A$37.550, set for worst day since April 19, if
trend holds
        ** Stock hits lowest since May 2 
    ** Citi says co's slower-than-expected 3Q24 sales drive
minor downgrade to its FY24-26 EPS ests by up to 3% 
    ** Cuts price target on to A$44.20 from A$44.90, retains
"buy" rating
    ** ARB said on Wednesday outlook was trending positively
with trading conditions expected to continue into 1H25
    ** Posted sales growth of 2.1% in 3Q24 and said export order
book trending positively
    ** Brokerage expects conditions to be stronger for longer in
Australia driven by strong order book, supply normalisation,
among others
    ** ARB stock has risen 8.2% YTD, as of last close

   ($1 = 1.5202 Australian dollars)

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