Australia's Imdex's first-half results were not so surprising- analysts

Imdex

13/02/2023 22:59

** Analysts at Citi and Jefferies say Australia's Imdex Ltd
 IMD.AX  first-half results contained limited surprise, say
growth in APRU is encouraging underpinned by the current tool
replacement cycle
    ** Citi says co's slowdown in volume growth in sensors on
hire was more than offset by price escalation underpinning
double-digit growth across all regions
    ** Citi believes that near-to-medium upside catalyst for co
remain intact with evidence of increasing take-up from customers
    ** Jefferies says initial confusion about the 2H outlook for
co was explained by demand patterns returning to more normal 
    ** Jefferies says slowdown due to Christmas and weather
delays to Canada's drill season should not have any implications
for 2H forecast for co     
    ** Citi raises PT to A$2.98, maintains "buy"; while
Jefferies retains "buy" rating with a PT of A$2.80 
    ** Seven of nine analysts rate the stock "buy" or higher,
one "hold" and one "sell" ; their median PT is A$2.76 –
Refinitiv data  
    ** Stock has risen 14% this year, as of last close
 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))