Australia's Develop Global slides after Bell Potter cuts PT

Develop Global

10/04/2024 03:01

** Shares of Australia's Develop Global  DVP.AX  fall as
much as 1.4% to A$2.15
    ** Analysts at Bell Potter cut price target on the critical
minerals explorer to A$3.30 from A$4.10; maintains "buy" rating
    ** Brokerage predicts a slower-than-expected ramp-up of co's
Woodlawn project in New South Wales
    ** The slower ramp-up may be due to a longer time to
complete plant modifications, says Bell Potter
    ** Reduces EPS estimates by 37% and 52% for FY25 and FY26
    ** Stock has fallen 23% this year, as of last close

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))