Australia's Audinate down after Jefferies downgrades to 'hold'

Audinate

23/10/2024 24:54

** Shares of Australia's Audinate Group  AD8.AX  fall as
much as 4.9% to A$8.52
    ** Analysts at Jefferies lower price target on IT hardware
provider to A$9 from A$12
    ** Brokerage downgrades stock rating to "hold" from "buy"
    ** Says Audinate currently sees a lot of supply and
inventory in the channel, which is leading to the weaker
near-term outlook
    ** Jefferies lowers FY25-27 revenue estimates on co by
23-30%
    ** Stock has fallen 44.6% YTD, as of last close

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com))