Imdex's sensors-on-hire business volumes to grow on exploration ramp up - Citi

Imdex

21/06/2023 05:18

** Analysts at Citi expect improvement in mining exploration
activities will translate to resumption of solid volume growth
for mining technology co Imdex Ltd's  IMD.AX  sensors-on-hire
business 
    ** Brokerage says better mining exploration will help grow
co's average revenue per user backed by the current tool
replacement cycle
    ** There could be a clear upside to our numbers and share
price if we see meaningful ramp-up in exploration in 1QFY24 -
Citi
    ** Brokerage rates Imdex "buy" and gives PT of A$3.00
    ** Imdex shares are up 1.8%
    ** Seven of 9 analysts rate the stock "buy" or higher, 2
"hold"; their median PT is A$2.67 – Refinitiv data
    ** Stock down 17.3% this year, as of last close

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