Citi cuts TP, estimates for Australia's Coronado Global Resources

Coronado Global Resources

06/09/2024 01:00

** Macquarie cuts target price for Coronado Global Resources
 CRN.AX  by 14% to A$1.80
    ** Brokerage lowers its CY25 production forecasts for the
metallurgical coal producer by ~2 mtpa to 17.5mt due to La
Niña's potential impact to flow into next year, implying YoY
growth of 8%
    ** Brokerage downgrades CY24 and CY25 EPS estimates by 28%
and 6%, respectively
    ** "We expect the CRN to be loss making in 2HCY24 and will
not declare a final dividend based on our price forecasts." -
Macquarie 
    ** Co on Thursday downgraded its FY24 guidance
    ** 8 of 11 analysts rate the stock "Buy" or higher and 3
"hold"; their median PT is A$1.75 – LSEG data
    ** Stock has fallen 47.7% this year as of last close

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