Australia's Austal slips as Macquarie lowers PT, earnings forecast

Austal

03/09/2024 03:08

** Shares of Australia's Austal  ASB.AX  fall as much as
0.9% to A$2.25 
    ** Analysts at Macquarie trim price target on the
shipbuilder's stock to A$2.50 from A$2.55, citing lower net cash
and earnings estimates
    ** Cuts earnings forecast for the next two fiscal years by
4% and 1%, respectively 
    ** Brokerage maintains "neutral" rating on stock
    ** Two of three analysts rate the stock "buy" or higher and
one "hold"; their median PT is A$2.75 – LSEG data
    ** Stock has risen 11.8% this year, as of last close

    

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