Jefferies ups price target as Imdex HY results beat expectations

Imdex

19/02/2024 20:01

** Jefferies says Imdex Ltd's  IMD.AX  half-yearly results
"was stronger than expected"
    ** The mining tech co posted an 18% rise in its revenue from
ordinary activities to A$235.3 million ($153.86 million)
    ** Also declared an interim fully franked dividend of 1.5 AU
cents per share
    ** Brokerage firm says, "business now looks right-sized &
ready for a turn in the cycle"
    ** Firm raises EBITDA forecast by 9%-11% in FY24-FY26
    ** Adds, "upgrades at NPAT (net profit after tax) are 8%-10%
over the same period (FY24-FY26)"
    ** Maintains "hold" rating and hikes price target to A$2.10
    ** Six of eight analysts rate the stock "buy" or higher, two
"hold"; their median PT is A$2.10 – Refinitiv data

($1 = 1.5293 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru; Editing by Lisa
Shumaker)
 ((Rajasik.Mukherjee@thomsonreuters.com;))