Bell Potter ups PT, maintains CY forecasts for Australia's Electro Optic Systems

Electro Optic Systems Holdings

17/07/2024 06:51

** Bell Potter raises price target for Electro Optic Systems
 EOS.AX , maintains "buy" recommendation
    ** Shares of the defense and space technology developer rise
as much as 11.63% to A$1.92, their highest level since March 20
    ** Brokerage maintains CY24 revenue forecast of A$241.1 mln
($162.36 mln) and sees a softer 2H due to certain revenues being
recognised earlier in the year
    ** Brokerage says CY24 EBITDA forecast remains unchanged at
A$12.1 mln and continue to forecast a return to profitability in
CY25
    ** The co posted a 92% growth in H1 revenue to A$142.6 mln
on Tuesday
    ** About 2.3 mln shares change hands as of 0536 GMT, 3 times
the 30-day average volume of shares
    ** Stock has risen 65.38% this year, as of last close

($1 = 1.4850 Australian dollars)

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