Australia's DGL Group slips after Bell Potter downgrades to 'hold'

DGL

02/07/2024 05:11

** Shares of speciality chemicals firm DGL Group  DGL.AX 
fall as much as 5.3% to A$0.540
    ** Analysts at Bell Potter downgrade stock to "hold" from
"buy", cut target price to A$0.65 from A$0.75
    ** Brokerage sees persistent earnings uncertainty for DGL,
warns of potential earnings slippage in 1H25 estimates
    ** Whilst noting that battery recycling is a relatively
opaque market, brokerage says raw material availability and cost
challenges have most likely continued into 2H24
    ** All four analysts covering the stock rate it "hold";
their median PT is A$0.65 - LSEG data
    ** Stock down 32.1% YTD, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))