Jefferies upgrades Australia's Monadelphous to "hold" on upbeat outlook; lifts PT

Monadelphous

Tue 19:23

** Jefferies upgrades Australia's Monadelphous MND.AX to "hold"; lifts PT to A$29.50 from A$25.60
** Brokerage says engineering firm's H127 trading update forecast 30% NPAT beat vs mid-point of consensus estimate
** MND sees H127 NPAT of A$80 million-A$85 million, up more than 25% of mid-point of prior corresponding period
** Jefferies adds co's forecast of H127 revenue of A$1.7 billion ($1.16 billion), up 11% pcp, is 13% above market forecast
** Lifts FY27-FY29 EPS forecast for MND by 10%-15% 
** Expects co's H2 earnings to be lower than H1
** Four of 12 analysts rate the stock "buy" or higher, seven "hold" and one "sell" or lower; their median PT is A$30.25 – LSEG data
** YTD, MND up 23.1% as of last close

 ($1 = 1.46 Australian dollars)

 (Reporting by Subhalakshmi Dey in Bengaluru)
 ((Subhalakshmi.Dey@thomsonreuters.com;))