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ARB - ARB News Story

A$35.4 0.3  1.0%

Last Trade - 7:10am

Consumer Cyclicals
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*: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)
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