Australia's DroneShield falls as Bell Potter cuts revenue view, downgrades rating

DroneShield

10/10/2024 01:00

** Shares of DroneShield  DRO.AX  fall as much as 3.5% to
A$1.26 after Bell Potter downgrades to "hold" from "buy" and
cuts revenue estimate on lower-than-expected contract value 
    ** Brokerage retains price target of A$1.35 for the
Australian drone maker
    ** Says total value of contracts announced YTD are A$31.3
mln ($21.02 mln), lower than its estimate of A$40 mln
    ** Reduces CY24 revenue estimate by 15% to A$82.4 mln
    ** "Whilst we have revised our forecasts, we remain
optimistic DroneShield will deliver a strong finish to the year"
- Bell Potter
    ** Stock has more than tripled in value this year 
 
($1 = 1.4888 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))