Jefferies cuts Imdex's PT on softer earnings forecast

Imdex

08/06/2023 21:12

** Jefferies cuts price target on Australia's Imdex Ltd
 IMD.AX  to A$2.40 from A$2.80 on weak earnings forecast
    ** Analysts say mining technology's trading update revealed
that  earnings need to come down in FY23 and even more so for
FY24 on rising costs and weather events
    ** Previous indications that 2H would be inline with 1H now
look out of reach as Q4 will no longer be well above Q3 -
Jefferies 
    ** Brokerage lowers FY23 and FY24 EBITDA forecast by 5% and
12% respectively
    ** Seven of 9 analysts rate IMD "buy" or higher, two "hold",
their median PT is A$2.80 - Refinitiv data
    ** Stock down ~14% YTD, as of last close
 

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))