Australia's IMDEX gains, Citi highlights resilience amid headwinds

Imdex

24/06/2025 05:50

** Shares of mining tech provider IMDEX Ltd IMD.AX rise 1.5% to A$2.75

    ** Citi trims IMD's PT to A$2.8/shr, which is still an upside of ~3.3% to stock's last close; keeps 'Neutral' rating

** PT cut attributed to higher capex forecasts; Citi expects gradual capex rise from 1H run-rate, with R&D costs staying high

** Brokerage says elevated mine development costs, other factors could offset potential near-term exploration surge signals

** However says, co's comprehensive offerings, other factors should support resilience amid such challenges expected for at least another 12 months

** Three of nine analysts rate the stock "buy" while the rest rate it as "hold"; their mean PT is A$2.85 – LSEG data

** Stock up 18.5% YTD

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))