Jefferies trims PT on Australia's Coronado Global on 'weak' Q3 results

Coronado Global Resources

29/10/2023 20:59

** Analysts at Jefferies cut price target on Australian coal
miner Coronado Global  CRN.AX  to A$2.30 on weaker near-term
earnings 
    ** The broker sees Sept. quarter operating profit of A$24
million ($15.20 million), vs Jefferies estimate of A$81 mln as
higher costs more than offset higher revenues 
     ** Says adjusted forecasts to go slightly below FY23
production guidance & above cost guidance
    ** Adds costs expected to lower in Dec. quarter on
accelerated stripping ceases but rapid improvement required to
deliver FY24 cost guidance 
    ** Brokerages give "buy rating" on CRN
    ** The coal producer reported group revenue of $2.2 bln YTD
    ** Stock down 11.3% YTD, as of last close
   


($1 = 1.5788 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru, editing by Deepa
Babington)
 ((Roshan.Thomas@thomsonreuters.com;))