Market needs comfort: UBS on EML Payment's CEO change

EML Payments

12/07/2022 02:23

** Analysts at UBS 'recognise uncertainty' at Australia's
EML payment ltd  EML.AX  following the resignation of CEO and
Managing Director Tom Cregan after over 10 years
    ** Says the unexpected departure of Cregan adds another
layer of uncertainty to EML 
    ** Brokerage says the market needs comfort as mediation
progresses with Central Bank of Ireland (CBI) 
    ** EML payment's Irish unit received correspondence from CBI
in 2021 regarding regulatory concerns and mediation is underway
 urn:newsml:reuters.com:*:nASX7X4LjY
    ** "Market needs comfort over the revised direction (if any)
of the company, given the change in leadership" - UBS
    ** Brokerage did not change its forecasts; maintained 'buy'
rating with a price target of A$2.10
    ** Five of nine analysts rate the stock "Buy" or higher, two
"Hold" and two "Sell"; their median PT is A$2.00 – Refinitiv
data
    ** EML has fallen about 70% this year as of last close

 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))