Australia's Sims rises as UBS hikes PT on better volume outlook

Sims

24/03/2024 23:40

** Shares of Sims Ltd  SGM.AX   I8M.F  rise as much as 5.2%
to A$12.520, on track for their best day since Aug 15, if gains
hold
    ** Analysts at UBS hike PT for the metal recycling co to
A$14.50 from A$13.60, upgrades rating to "buy" from "neutral"
    ** UBS says scrap price and volume outlook are improving and
they see earnings recovery following a tough 1H24
    ** Brokerage sees tailwinds to emerge in 2Q CY24 for co as
they come into seasonally stronger period for U.S. steel demand
    ** UBS says cost control measures and recent non-ferrous
material pricing should provide support for co 
    ** In a separate statement on Monday, Sims said Geoff
Brunsdon is retiring as the chairman
    ** Three of 13 analysts rate the stock "buy" or higher, five
"hold" and five "sell" or lower; their median PT is A$13.75 -
LSEG Data
    ** Sims stock down 23.5% this year, as of last close 
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))