Canaccord cuts PT on Australia's NextEd Group

Nexted

10/07/2023 21:05

** Canaccord Genuity cuts PT on Australia's NextEd Group
 NXD.AX  to A$1.80 from A$2.00
    ** The vocational training provider on Monday slumped most
in nearly three years as its FY23 revenue outlook missed
Refinitiv estimates
    ** Brokerages revises company's FY24 EBITDA forecast lower
by 3% and EBIT forecast by 13% on the back of higher
depreciation assumptions
    ** Canaccord however says the company is well positioned to
enter FY24 representing an improved operating leverage in the
second half of FY23
    ** NextEd shares up 8.3% this year, as of last close

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