Bell Potter cuts PT, earnings for Nickel Industries on weak price outlook

Nickel Industries

01/02/2024 03:12

** Analysts at Bell Potter reduce price target for
Australia's Nickel Industries  NIC.AX  to A$1.53 from A$1.80 and
maintains "Buy" rating 
    ** Trims earnings estimate by 17%, 30% and 26% for CY23,
CY24 and CY25 respectively on reductions to nickel price
forecast
    ** Broker reduces nickel price forecast by 5%, 11% and 11%
for CY23, CY24 and CY25, respectively
    ** Shares of co fall as much as 4.4% to A$0.76, set for
their worst day since Jan. 23 - if current losses hold 
    **  All six analysts rate the stock "Buy" or higher; their
median PT is A$0.95 –– LSEG data
    ** Stock has risen 14.4% this year as of last close

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))