Street View: Analysts trim PT on Australia's Coronado Global Resources

Coronado Global Resources

06/09/2024 04:15

(Adds share moves, details and analyst comments)
    ** Shares of Australian metallurgical coal producer Coronado
Global Resources  CRN.AX  fall as much as 3.8% to A$0.885 
    ** Co lowered on Thursday its FY24 saleable production
outlook to 15.4 mln–16 mln metric ton (MMt) from 16.4–17.2 MMt
    ** Co plans to temporarily idle additional fleet at Curragh
Complex to reduce costs, mitigate La Niña's impact to
production, in Oct 2024    
        ** CRN stock on track for a fifth straight day of
losses, if trend holds

        BROKERAGES LOWER PT, EARNINGS VIEW
    
    ** Brokerage Macquarie cuts PT by 14% to A$1.80, lowers EPS
estimates for CY24 & CY25 by 28% and 6%, respectively
    ** "We expect CRN to be loss making in 2HCY24 & not declare
final dividend based on our price forecasts," Macquarie adds  
    ** Brokerage lowers CY25 production forecasts for co by ~2
mtpa to 17.5mt
    ** Bell Potter cuts PT to A$1.70 per share from A$1.85,
trims CY24 underlying NPAT to $42 mln from $68 mln
    ** Jefferies says metallurgical coal price performance since
Aug been worst in over a decade, says "disappointed" with CRN's
update
    ** Eight of 11 analysts rate stock "buy" or higher and three
"hold"; their median PT is A$1.70 – LSEG data

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