Citi sees tailwinds for Australia's PWR Holdings, starts coverage

PWR Holdings

12/04/2023 24:05

** Citi initiates coverage on Australia's PWR Holdings
 PWH.AX , says it is attracted to the company's dominance
towards providing cooling solutions for sports like Formula One 
    ** The broker says the cooling solutions provider has scope
to grow outside of motorsports, particularly the auto original
equipment manufacturers (OEM) segment, as part of their
transition to electric vehicles 
    ** Citi sees upside to PWH as it invests in automation to
expand further into auto OEM and aerospace and defense
industries over the medium-to-long term
    ** Brokerage gives a "Buy" rating to the stock, sets a price
target of A$11.60 per share 
    ** Two of six analysts rate the stock "buy" or higher, four
"hold" and none "sell" or lower; their median PT is A$10.78
–Refinitiv data
    ** Stock has fallen 5.3% this year, as of last close

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))