Australian pubs and hotels operator Endeavour drops after Jarden's PT, outlook cut

Endeavour

08/05/2024 03:41

(Updates)
    ** Shares of Australia's Endeavour Group  EDV.AX  fall as
much as 0.8% to A$5.2, their biggest intraday drop since May 2
    ** Analysts at Jarden cut target price on the pubs and
hotels operator to A$6.30 from A$6.40
        ** Brokerage lowers Endeavour's FY24 net profit after
tax forecast, reflecting a subdued market
    ** Says firm's 3Q sales were in line with estimates, but
adds that "market backdrop remains subdued"
    ** Jarden sees some improvement in the market into FY25
    ** Analysts at another brokerage Goldman Sachs believe EDV's
hotel business is undervalued
    ** Ten of 14 analysts rate the stock "buy" or higher, three
"hold" and one "sell" or lower; their median PT is A$5.96 – LSEG
data
    ** Stock has risen over 0.5% this year, as of last close
    

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com;))