Australia's Integrated Research rises; Bell Potter ups PT, estimates on FY outlook

Integrated Research

17/07/2024 06:16

** Shares of Integrated Research  IRI.AX  rise as much as
4.4% to A$0.94
    ** Bell Potter raises price target for IRI by 11% to A$1.05,
maintains "buy" rating
    ** Brokerage upgrades FY24 revenue and EBITDA forecasts by
5% and 23% to be within the updated forecast range provided by
co
    ** "There is very little change in our FY25 and FY26
forecasts and we wait for further clarity on the outlook to be
provided at the release of the FY24 result next month", says
brokerage
    ** The software co expects FY statutory operating profit of
between A$23 mln ($15.54 mln) and A$25 mln, an increase of
90%-107% from prior corresponding period, due to higher revenue
and cost control
    ** Stock has more than doubled this year, as of last close
    

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