Citi raises PT on Australia's Orica as core profit beats view

ORICA

09/05/2024 22:21

** Brokerage Citi raises price target for Orica Ltd  ORI.AX 
to A$19.50 from A$19.00
    ** Maintains "neutral" rating 
    ** The mining solutions provider posted HY statutory NPAT of
A$337.5 mln ($221.94 mln) vs A$122.6 mln reported last year
   ** Recorded EBIT of A$353.7 mln, up 10% on prior
corresponding period and 7% ahead of Visible Alpha consensus
estimate
    ** Citi increases FY24/25/26 EBIT forecasts by 5%, 2% and
5%, respectively 
    ** 10 of 12 analysts rate the stock "buy" or higher, 2
"hold"; their median PT is A$19.75 – LSEG data
    ** Stock has risen 15.43% YTD, as of last close

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))