Australia's Orica to see strong earnings growth over next 3 yrs, Morgan Stanley says

ORICA

13/05/2024 05:58

** Shares of mining solutions provider Orica  ORI.AX 
fall 0.7% to A$18.17
  
        ** Morgan Stanley sees further strong earnings growth
for co over next three years after heavy maintenance shut down
period and positive 1H24 results
  
        ** Co posted 1H EBIT of A$353.7 mln ($233.4 mln), up 10%
from last year
        ** MS says EBIT was 9% ahead of its estimate
  
    ** Brokerage raises PT to A$21.50 from A$19, retains
'overweight'
    ** Forecasts ORI's FY25 EBIT increasing 18% and NPAT by 5%
    ** Avg analyst rating on stock is "buy", median PT A$20.26 -
LSEG data
    ** Stock up 14.8% YTD, as of last close 
   


($1 = 1.5154 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))