Jarden cuts FY25 earnings forecast for Bendigo and Adelaide Bank, lowers PT

Bendigo and Adelaide Bank

20/02/2024 24:47

(Updates with Jarden notes)
    ** Citi says HY results of Bendigo and Adelaide Bank
 BEN.AX  was a "difficult" one, while also flagging concerns
over co's forecast
    ** Co's cash earnings beat consensus, but "excluding lower
quality HomeSafe and asset quality beats, were an underlying
core earnings miss of about 2.5%" - Citi
    ** Citi says, "it is difficult combination in 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– LSEG data
    ** Jarden says it is tough half for co, cuts FY25 earnings
forecast
    ** Maintains "Neutral" rating and lowers price target to
A$9.40
    ** As of 00:33 GMT, stock rose as much as 3.9% to A$10.100,
set for its best day since Dec. 10, 2022 - if current trends
hold 
    ** Stock fell 1.7% on Monday after announcing its earnings
    

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