It was a 'difficult' result for Bendigo and Adelaide Bank; forecast doesn't necessarily get easier - Citi

Bendigo and Adelaide Bank

19/02/2024 20:40

** Citi analysts say that half-yearly results of Bendigo and
Adelaide Bank  BEN.AX  was a "difficult" one, while also
flagging concerns over co's forecast
    ** Firm says co's cash earnings beat consensus, however adds
that "excluding lower quality HomeSafe and asset quality beats,
were an underlying core earnings miss of about 2.5%"
    ** Brokerage says, "it is a difficult combination in the
next 12 months" for co
    ** Citi forecasts bank's core earnings to decline by 10% in
FY24 and 4% in FY25
    ** Maintains "sell" on difficult revenue outlook, stubborn
costs and deteriorating bad debts, lowers price target to A$8.60
    ** 1 of 12 analysts rate the stock "buy" or higher, 7 "hold"
and 4 "sell" or lower; their median PT is A$9.45– Refinitiv data
    

 (Reporting by Rajasik Mukherjee in Bengaluru; Editing by Sandra
Maler)
 ((Rajasik.Mukherjee@thomsonreuters.com;))