Citi upbeat on Australia's Johns Lyng work volumes, raises FY24 revenue forecast

Johns Lyng

30/08/2023 01:57

** Analysts at Citi forecast an earnings upside for building
services provider Johns Lyng Group  JLG.AX  in fiscal 2024 over
secured work volumes across its geographical footprint 
    ** JLG shares up as much as 7.9% to A$6.530, their highest
since June 7 
    ** Citi says JLG is on track to deliver another record
results in fiscal 2024 
    ** Citi raises JLG's revenue forecast for fiscal 2024 and
2025 by 2% each 
    ** Margin improvement is more impressive when we factor in
average claim cost for JLG being up mere 1.6% yoy in FY23 - Citi
    ** Brokerage raises JLG's price target to A$7.00 from
A$6.50, retains "buy" rating  
    ** Stock down 2.3% this year, as of last close, vs a 2.44%
increase in the benchmark S&P/ASX 200 index  .AXJO  


 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))