Australia's Seven Group drops as UBS lowers PT, earnings outlook

SGH

08/07/2024 02:55

** Seven Group  SVW.AX  drop 1.4% to A$35.67, its fourth
drop of over 1% in the six sessions this month
    ** UBS lowers PT to A$43 from A$45 on the Australian
conglomerate, which has interests in the media, mining and
construction industries
    ** Says group's FY24 EBIT growth outlook of 22% looks
conservative and cuts FY25 and FY26 earnings forecasts
    ** Still keeps "buy" rating, saying acquisition of building
materials maker Boral  BLD.AX  gives group greater flexibility
over capital allocation
    ** Stock is now down 3.4% so far this year after climbing
76% last year

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))