Australia's St. Barbara falls as brokerage downbeat after production outlook cut

St Barbara

28/05/2024 03:48

** Shares of St. Barbara  SBM.AX  fall as much as 4.3% to
A$0.225
    ** Analysts at Macquarie downbeat on the gold miner after co
downgraded its production forecast from its Simberi gold mine in
Papua New Guinea
    ** Macquarie cuts target price by 14% to A$0.25 per share
    ** Co on Monday cut its full-year production forecast to
52,000 to 56,000 ounces from 60,000-70,000 ounces
    ** The forecast cut was driven by equipment availability
issues, which saw higher grades that were scheduled for June
2024 pushed into FY25 
    ** "FY24 guidance downgrade sees our loss estimate widen by
79%," brokerage says 
    ** SBM stock up 11.9% YTD, as of last close

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))