Analysts hike PT on Australia's Perenti on second guidance upgrade

Perenti

20/12/2022 24:16

** Analysts say Perenti Ltd's  PRN.AX  FY23 guidance upgrade
driven by improved operations and favourable foreign exchange
movements 
    ** The mining services provider on Monday hiked its FY23
revenue guidance for the second time in a month, shares jumped
10.6%
        ** Citi says securing improved rates across several
projects in Australia and Africa is the key driver for co's
second forecast upgrade
        ** Jefferies raises PT on stock to A$1.35 from A$1.20;
Citi hikes PT to A$1.43 from A$1.29
    ** "We now see PRN achieving every stated target by FY25" -
Citi
        ** Citi adds that in near-to-medium term, key catalyst
for the stock will be its progress on the de-risking strategy
and its continued negotiations on favourable pricing with
customers
    ** Analysts hike FY23 EBITA estimates on PRN by 8% (Citi)
and 9% (Jefferies)
    ** Five of six analysts rate the stock "buy" or higher, one
"hold"; their median PT is A$1.29– Refinitiv data      
    ** Stock has risen 29.7% this year as of last close 
($1 = 1.4923 Australian dollars)
 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))