Australia's Perenti hits near 2-yr high on raising FY23 rev outlook

Perenti

19/12/2022 24:18

** Shares of Perenti  PRN.AX  gain as much as 8.8% to
A$1.18, highest since Feb. 2021
    ** Mining services provider raised its FY23 revenue guidance
to be in the range of A$2.7 bln ($1.81 bln)and A$2.9 bln from
its previous forecast of between  A$2.6 bln to A$2.7 bln
 urn:newsml:reuters.com:*:nFWN33808E
    ** PRN hiked its EBIT(A) forecast to be in the range of
A$230 mln - A$250 mln compared to its previous estimates of
A$215 mln -A$230 mln 
    ** Citi says co's upgraded revenue guidance is above its
forecast of A$2,645.1 mln
    ** We like the fact that operational improvement is the key
driver behind the upgrade and expect the market likely to
respond positively - Citi 
    ** Stock marks its best day since June 7
    ** Five of six analysts rate the stock "buy" or higher, one
"hold"; their median PT is A$1.25– Refinitiv Eikon data 
    ** Stock has gained 17.3% this year as of last close 
($1 = 1.4954 Australian dollars)
 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))