Australia's Imdex falls as Bell Potter cuts PT, rating on lower instrument demand

Imdex

05/02/2024 02:29

** Shares of Australia's Imdex  IMD.AX  fall as much as 8.5%
to A$1.51, set for their worst day since Aug 28, if losses hold 
    ** Analysts at Bell Potter trim IMD price target to A$1.50
from A$1.60 and downgrade to "sell" rating 
    ** Brokerage reduces EPS estimates for FY24, FY25 and FY26
by 10%, 7% and 7%, respectively, following an outlook downgrade
in revenue growth and earnings margin for the mining technology
firm
    ** Expects lower instrument demand in the near-term from
weakening exploration activity in nickel and lithium industry
due to declining prices
    ** Stock hits lowest level since Oct 25     
    ** About 785,399 shares change hands, compared with the
30-day average volume of 712,246
    ** Six of eight analysts rate the stock "buy" or higher, one
"hold" and one "sell" or lower; their median PT is A$2.06 – LSEG
data
    ** Stock has fallen 12.5% this year, as of last close
    

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))