Citi lifts PT on Monadelphous Group, upgrades top-line estimates

Monadelphous

22/08/2023 23:21

** Analysts at Citi raise Price Target on Australia's
Monadelphous Group  MND.AX  to A$15.30/share from A$14.45/share
    ** Remains positive around business recovery around co's
engineering and construction operations (E&C)
    ** Raises FY24 revenue forecast by 2% to A$2.07 billion
($1.33 billion) primarily driven by higher contribution from E&C
    ** Sees co's FY24 E&C revenue to be around 90% of FY22
levels
    ** Brokerage flags sign of confidence and improving optimism
around the near-term outlook
    ** Stock has risen 0.9% this year, as of last close 


($1 = 1.5579 Australian dollars)

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