Citi trims TP, earnings estimate for Australia's Imdex

Imdex

24/09/2024 05:45

** Citi cuts target price for Imdex  IMD.AX  to A$1.95/share
on lower forecasts; retains "Sell" rating
    ** Citi trims FY25 EBITDA estimate for the mining technology
co by 4% to A$126 mln ($86.28 mln)
    ** Brokerage says trimmed earnings estimate reflect co's
muted exploration levels in 1Q FY25 to date, stepping down from
its 4Q FY24 levels
    ** However, shares of Imdex up 4.5% to A$2.215, on track for
their best day since Aug. 16
    ** Stock tracks gains from mining sub-index  .AXMM , which
is up 2.6%
    ** Stock has risen 12.5% this year, as of last close

($1 = 1.4603 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))