ARB logo

ARB - ARB News Story

A$35.4 0.3  1.0%

Last Trade - 7:10am

Sector
Consumer Cyclicals
Size
Mid Cap
Market Cap £1.58bn
Enterprise Value £1.56bn
Revenue £286.8m
Position in Universe 159th / 1896

BUZZ-Australia's ARB: Citi hikes PT, upgrades to 'neutral' on better than expected sales

Thu 8th October, 2020 9:09pm
** Citi raises its FY21 earnings forecast for vehicle
accessories maker ARB Corp  ARB.AX  due to better than expected
sales and earnings in Q1 
    ** Co on Wednesday reported unaudited sales revenue growth
of 17.7% for Q1 to Sept 30, driven by growth in export markets,
pent up demand created during the lockdown period and increased
local touring in several countries  urn:newsml:reuters.com:*:nL4N2GX3WJ
    ** Brokerage lifts its target price on the stock to A$30.30
from A$23.45, upgrades its rating to 'neutral' from 'sell'
    ** Citi sees a more favourable outlook for ARB following the
federal government's FY21 budget, as well as an improvement in
U.S. pickup truck sales momentum, which accounts for a large
chunk of co's sales 
    ** Citi however sees ARB's earnings momentum hard to sustain
as benefits from the government's 'JobKeeper' cease from Oct and
also forecasts sales to marginally slow in Q2 
    ** Among the 7 analysts that cover ARB, current average
rating on the shares is "hold"; their median PT is A$28.20–
Refinitiv data
    ** As of last close, stock up 61.4% this year 

 (Reporting by Shriya Ramakrishnan in Bengaluru)
 ((Shriya.Ramakrishnan@thomsonreuters.com;))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.