Australia's Reliance Worldwide falls as Citi downgrades to 'neutral' on copper costs

Reliance Worldwide

18/01/2026 23:48

Updates

** Shares of Reliance Worldwide Corporation RWC.AX fall as much as 8.2% to A$3.720, their lowest level since December 22

** Stock logs its biggest intraday pct loss since August 19

** Citi downgrades Australian plumbing services provider rating to "neutral" from "buy"

** Brokerage says rising copper costs could trigger up to A$8 million ($5.33 million) headwind to co's 2HFY26 earnings

** Estimate for RWC earnings shows about 4% decrease for FY26 and 10% for FY27

** "RWC is a well-managed business, however we're unsure this copper spike is within company controllables," says Citi

** Cuts target price from A$5 to A$4.25 apiece

** Eight of 15 analysts rate the stock "buy" or higher, others "hold"; their median PT is A$4.7, according to LSEG-compiled data

** Stock fell 23.1% in 2025

($1 = 1.4999 Australian dollars)

 (Reporting by Aamir Sheik Khalid & Rajasik Mukherjee in Bengaluru; Editing by Edmund Klamann)

 ((Aamir.SheikKhalid@thomsonreuters.com))