Australia's Orica falls after Macquarie cuts PT, earnings view

ORICA

20/09/2024 04:11

** Shares of Orica  ORI.AX  fall as much as 1.7% to A$17.55,
their biggest intraday pct loss since Sept 3
    ** Analysts at Macquarie reduce price target for Orica to
A$19.76 from A$20.05 and maintain "outperform" rating for stock
    ** Macquarie lowers earnings per share estimate for the
mining and infrastructure solutions provider for FY24, FY25 and
FY26 by 1.6%, 0.7% and 1.9%, respectively    
    ** Brokerage notes some headwinds in co's North American
operations due to softness in mining and quarry and construction
(Q&C) volumes and lower activity in coal
    ** Eleven of 13 analysts rate the stock "buy" or higher and
two "hold"; their median PT is A$20.70 – LSEG data    
    ** YTD, stock has risen 10.8%, as of 0302 GMT, outperforming
the broader ASX 200 benchmark  .AXJO , which rose 8.1%

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