Bell Potter raises Bubs Australia PT after new cost-cutting plan

Bubs Australia

07/07/2023 05:32

(Updates with share moves, milestones)
    ** Analysts at Bell Potter lift price target on Bubs
Australia  BUB.AX  to A$0.225 per share from A$0.2 per share
earlier
    ** The infant formula maker on Thursday laid down outcomes
of a strategic review and a new five-point plan to reduce
expenses and cash burn 
        ** BUB shares rise as much 11.4% to A$0.245, their
highest level since March 27 
  
    ** Bell Potter says co's progress in the U.S. remains
encouraging against distressed operations in China, keeps risk
rating as 'speculative' 
        ** Bubs among the top gainers in ASX all ordinaries
index  .AORD  
  
    ** Brokerage adds that the challenge for co will be to
manage excess inventory positions levels of products held by
partners in China     
    ** As of last close, stock down 26.7% this year 

 (Reporting by Rishav Chatterjee and John Biju in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;
john.biju@thomsonreuters.com))