Australia's Orora eyes worst day in over 5 months; Citi maintains upbeat outlook

Orora

19/02/2024 02:41

(Updates with Citi note)
    ** Shares of Orora  ORA.AX  fall as much as 7.6% to A$2.680,
biggest intraday loss since Sept. 6, 2023
    ** Stock at its lowest since Jan. 25
    ** Packaging co posts HY net profit for the period, after
significant items, attributable A$68.2 mln ($44.62 mln), down
36.9% from a year ago
    ** Co adds HY revenue from ordinary activities A$2,139.1
mln, down 5.5% from the corresponding period
    ** Brokerage Citi says HY results largely in line with
forecasts; says guidance being maintained in a tough environment
is a positive
    ** Brokerage retains price target of A$3.28/shr and "Buy"
rating
    ** Stock up 11.5% YTD


($1 = 1.5284 Australian dollars)

 (Reporting by Neha Soni and Shivangi Lahiri in Bengaluru)
 ((Neha.Soni@thomsonreuters.com))