Citi cuts PT on Australia's Bapcor after co's gloomy trading update

Bapcor

02/05/2024 21:53

** Brokerage Citi cuts target price on automotive retailer
Bapcor  BAP.AX  to A$4.70 from A$6.34
    ** Also slashes earnings outlook for FY24 to FY26 by 21% to
8%, respectively owing to weaker-than-expected trading update
    ** Bapcor said on Thursday 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
    ** At this stage, our FY25 EBIT forecast is A$31 million
above FY24 forecast as we still assume some business-to-business
benefits to flow through - Citi
    ** Citi maintains a 'neutral' rating on stock 
    ** 5 of 10 analysts rate the stock "buy" or higher, 5
"hold"; their median PT is A$6.22 – LSEG data
    ** Stock down 20.6% this year, as of last close

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