Australia's Fleetpartners falls; Macquarie cuts to 'neutral', but ups PT

FleetPartners

14/05/2024 04:35

** Shares of vehicle leasing firm Fleetpartners Group
 FPR.AX  fall as much as 4.4% to A$3.30
    ** Stock extends losses to second consecutive session, hits
lowest level since late-Feb
    ** Co on Monday posted 4% fall in H1 net profit after tax
excluding amortisation (NPATA) due to lower growth in net
operating income excluding end of lease income & provisions
    ** However, Macquarie says NPATA was 12.2% ahead of the
brokerage's forecasts
    ** Brokerage increases target price to A$3.60 from A$3.01;
increases FY24 EPS forecast by 18.9%
    ** Still, brokerage says lower margins were a drag on
earnings; downgrades rating to 'neutral" from 'outperform'
    ** Three analysts rate the stock "buy" or higher, one "hold"
and one "sell"; their median PT is A$3.60 - LSEG data
    ** Stock up 13.1% YTD as of last close  


($1 = 1.5154 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))