Canaccord raises PT on Johns Lyng Group

Johns Lyng

11/07/2023 22:24

** Canaccord Genuity raises PT on Australia's Johns Lyng
Group  JLG.AX  to A$9.45/shr from A$9.25/shr
    ** Building and restoration services provider earlier this
month signed deals to acquire Smoke Alarms Australia and 70% of
Link Fire for a combined A$61.8 mln
    ** Brokerage says JLG's expansion into essential home
services represents a complementary move to include two strongly
growing businesses into its portfolio
    ** Brokerage adds acquisition will leverage company's
broader capabilities, keeps rating at "buy"
    ** 8 of 11 analysts rate stock "buy" or higher, 2 "hold" and
1 "sell"; median PT A$7.23 – Refinitiv 
    ** Stock down 15% this year, as of last close

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com))