Citi trims PT on Australia's IMDEX after weak drilling results

Imdex

07/05/2024 23:20

** Brokerage Citi cut its price target on global mining
technology company IMDEX Ltd  IMD.AX  to A$2.00 from A$2.20
    ** Maintains "neutral" rating 
    ** While 3Q drilling results has demonstrated resilience
compared to soft exploration, there is no sugar-coating when it
comes to volume deterioration  - Citi
    ** Brokerage sees current challenging conditions could flow
through to FY25
    ** Expects flat EBITDA across FY24-25 for co
    ** 5 of 9 analysts rate the stock "buy", 4 "hold"; their
median PT is A$2.20 – LSEG data
    ** Stock has risen 6.10% this year, as of last close

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))