Australia's Johns Lyng Group hits near 4-month high as brokerages hike earnings forecasts

Johns Lyng

11/01/2024 03:31

(Updates with share moves and note from E&P Capital)
    ** Shares of Australia's Johns Lyng Group  JLG.AX  rise as
much as 3.05% to A$6.750, their highest since Sept 20, 2023
    ** Jefferies raises FY24 EPS ests for building services firm
by 5% and for FY25 by 3%, citing upside from tropical cyclone
Jasper and other weather events post-November on East Coast
    ** Expects rural Victoria flooding events to contribute
additional A$95 mln ($63.66 mln) in revenue and A$11 mln in
EBITDA across 2H24 and 1H25 
    ** Raises price target to A$7.00 from A$6.50; retains "hold"
    ** Analysts at E&P Capital downgrade revenue forecasts for
FY24 and FY26 by 2.1% and 0.1%, respectively, and upgrade by
1.9% for FY25
    ** E&P Capital upgrades earnings forecast by 7.2%, 16.2% and
9.8% for FY24, FY25 and FY26, respectively
    ** Nine of 12 analysts rate the stock "buy" or higher and
three "hold"; their median price target is A$7.25 – LSEG data
    ** Stock slipped 1.1% in 2023

($1 = 1.4923 Australian dollars)

   

 (Reporting by Megha Rani in Bengaluru)
 ((Megha.Rani2@thomsonreuters.com;))