Australia's Austal hits near 4-year high after Bell Potter raises PT

Austal

18/09/2024 05:29

** Australian shipbuilder Austal  ASB.AX  jumps as much as
5.4% to A$2.855, its highest level since Dec 15, 2020
    ** Bell Potter raises its price target for co to A$3.15 from
A$2.75, maintains "buy" rating 
    ** Says co's recent contract with General Dynamics Electric
Boat is a "significant development" for co 
    ** Adds contract will diversify co's shipbuilding
operations, drive long-term revenue growth and reinforce its
position as a key contributor to the U.S. naval industrial base
    ** About 2.2 mln shares exchange hands vs the 30-day average
of 772,926 shares 
    ** Stock up 39.2% YTD at 0424 GMT 
    

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