Citi trims PT, earnings view on Australian auto accessories firm ARB

ARB

09/05/2024 24:33

** Citi cuts price target on auto accessories firm ARB Corp
 ARB.AX  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
    ** Citi says slower-than-expected 3Q24 sales drives minor
downgrade to its FY24-26 EPS ests by up to 3%
    ** Brokerage expects conditions to be stronger for longer in
Australia driven by strong order book, supply normalisation,
among others
    ** Cuts FY24 core net profit view by 2.7% to A$104.5 mln
($68.74 mln), and for FY25 by 2.3% to A$116.3 mln
    ** Three of 11 analysts rate the stock "buy" or higher, five
"hold" and three "sell" or lower; their median PT is A$35.50 –
LSEG data
    ** ARB has risen 8.2% YTD, as of last close


($1 = 1.5202 Australian dollars)

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