Citi trims PT for Australia's Bapcor on weaker-than-expected update

Bapcor

29/01/2024 18:47

** Analysts at Citi cut target price for Bapcor  BAP.AX  to
A$6.08 from A$6.40; maintains "neutral" rating    
    ** Citi cuts FY24 net profit after tax (NPAT) forecast by 8%
reflecting weaker-than-expected 1H24 NPAT 
    ** ** Citi says the vehicle parts provider delivered a
weaker-than-expected 1H24 trading update with underlying NPAT
11% below Visible Alpha Consensus
    ** Brokerage also cuts FY25 and FY26 NPAT forecasts by 10%,
driven by higher interest costs
    ** Three of eight analysts rate the stock "buy" or higher,
four "hold" and one "sell"; their median PT is A$6.70 – LSEG
data
    ** Stock fell 14.2% in 2023

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))