Citi lifts PT on Australia's Siteminder; asks investors to buy

SiteMinder

31/07/2024 23:08

** Analysts at Citi raise price target on Australia's
Siteminder  SDR.AX  to A$6.60 from A$6.15; maintains "buy"
rating
    ** Brokerage expects revenue growth for the open hotel
commerce platform to accelerate to 30% in 2HFY25
    ** Sees 25% revenue rise in fiscal 2025 and 30% in fiscal
2026
    ** Citi impressed with Siteminder's launch of Smart
Distribution service, which according to brokerage reduces
execution risks in the near term
    ** While softer macro represents a risk, we see this as
being offset by stronger contribution from the new products -
Citi 
    ** 12 out of 15 analysts rate the stock "buy" or higher, two
"hold" and one "sell"; their median PT is A$6.50 – LSEG data
    ** As of last close, stock at A$5.60 and has gained 9.2% YTD

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