Australia's Bapcor extends losses after disappointing trading update

Bapcor

03/05/2024 02:05

(Updates)
    ** Shares of automotive retailer Bapcor  BAP.AX  fall as
much as 5.7%, extending declines after a disappointing trading
update on Thursday
    ** Stock slumps 23.9% in the week so far, set for its worst
weekly performance since March 30, 2020, if losses hold
    ** Bapcor said its second-half FY24 pro-forma NPAT results
will be below first half FY24
    ** Co said it sees pro-forma NPAT for FY24 to be between
A$93 million ($60.70 million) and A$97 million
    ** Citi slashes Bapcor's earnings outlook for FY24 to FY26
by 21% to 8%, respectively, owing to weaker-than-expected
trading update
        ** Brokerage cuts target price to A$4.70 from A$6.34
    ** Macquarie also cuts EPS forecast between 17% and 27% for
FY24 to FY26 period
    ** Stock down 20.6% this year, as of last close

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))