Jefferies cuts FY23 profit view, PT for Australia's Coronado Global Resources

Coronado Global Resources

23/07/2023 21:31

** Jefferies trims FY23 profit estimates and price target
for Australian metallurgical coal producer Coronado Global
Resources  CRN.AX  
    ** Says overall FY23 NPAT forecast lowered 14% to $357 mln 
    ** Brokerage cuts price target to A$2.05 from A$2.15
reflecting weaker cash position, retains "buy" rating
    ** Says qtrly revenue of $728 mln and June 30 closing cash
of $434 mln fell short of brokerage's estimate $863 mln and $598
mln, respectively
    ** Forecasts FY23 average mining costs per tonne sold of
$94/tonne and expects guidance to be revised upward in due
course, possibly offset by a modest increase in production
guidance
    ** "CRN is well set up for a strong H2, although cost
guidance looks a stretch"- Jefferies
    ** Nine of 11 analysts rate the stock "buy" or higher, two
"hold" and none "sell" or lower; their median PT is A$2.05 –
Refinitiv data
    ** CRN stock down 17.1% YTD, as of last close 

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))