Jarden raises Australia's Car Group revenue view; shares hit record high

CAR

12/02/2024 03:12

** Analysts at Jarden Shares expect Australia's Car Group
 CAR.AX  to upgrade dealer and media revenue forecast by 2% to
5%, while downgrade private revenue expectations by 2%-5% 
    ** Notes first-half revenue for the online automotive
classified business beat broker's estimate by 3.7% while EBITDA
for the period beat its estimates by 1.3% 
    ** Brokerage maintains price target of A$27.50 and
"Underweight" rating 
    ** Car group reports interim revenue from ordinary
activities A$531 mln, up 60% from 1HFY23 and net attributable
profit of A$117 mln, down 71.9% from the previous year
    ** Shares of CAR rise as much as 4.5% to a record high of
A$34.99 
    ** Stock set for best day since Aug. 15 - if gains hold
    **  Nine of 15 analysts rate the stock "Buy" or higher, five
"Hold" and one "Sell" or lower; their median PT is A$32.40 ––
LSEG data
    ** Stock has risen 7.5% this year as of last close

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))