Bell Potter ups PT on Australia's Integrated Research on upbeat HY forecast

Integrated Research

15/01/2024 23:10

** Analysts at Bell Potter raise price target for Integrated
Research Ltd  IRI.AX  by 10% to A$0.66/shr on better than
expected 1HFY24 result
    ** Shares of co are up 1.5% at A$0.345  
    ** The payment solutions provider sees statutory EBITDA in
HY24 in range of A$10 mln ($6.66 mln) to A$12 mln  
    ** Brokerage says co's H1 trading update was ahead of their
expectations
    ** Bell Potter upgrades FY24, FY25 and FY26 EPS forecasts by
24%, 12% and 5% respectively on the back of better-than-expected
1HFY24 result 
    ** However, brokerage says despite the sizeable upgrade in
FY24, we assume a much weaker 2HFY24 result relative to 1HFY24 
    ** Only one analyst is covering the stock and rates it
"buy"; their median PT is A$0.60 - LSEG Data
    ** Shares of co are down 5.6% YTD as of last close 
   


($1 = 1.5017 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))