Ord Minnett sees favourable long-term prospects for Australia's ARB Corp

ARB

06/06/2023 05:14

** Brokerage Ord Minnett says it expects longer-term
prospects to remain favourable for car accessories maker ARB
Corporation Ltd  ARB.AX  as vehicle supply and availability
stabilise
    ** The Federal Chamber of Automotive Industries reported
that new vehicle sales increased 12% in May, the strongest
monthly result this year, with 105,694 vehicles delivered
    ** Says volatility in the supply of new vehicles in
Australia over the year due to global and domestic supply chain
challenges combined with persisting labour shortages has
resulted in near-term challenges for ARB
    ** Brokerage maintains price target of A$34.00 and "buy"
rating
    ** Three of nine analysts rate the stock "buy" or higher,
six "hold" and none "sell" or lower; their median PT is A$32.04
– Refinitiv
        ** ARB shares down as much as 2.8%
    ** ARB stock up 13.8% YTD, as of last close 

    

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))