Bell Potter raises PT for Australia's TechnologyOne on tech sector rally

TECHNOLOGY ONE

03/10/2024 01:34

** Bell Potter hikes price target for TechnologyOne Ltd
 TNE.AX  on the general rally in the tech sector since early Aug
    ** Brokerage hikes PT by 8% to A$24.0 for the Australian
software co, maintains "hold" recommendation 
    ** TNE stock currently down 0.5% at A$24 after three
straight sessions of gains    
    ** Bell Potter continues to forecast TNE's profit before tax
growth in FY24-26 of 17%, 19% and 19%, respectively
    ** Brokerage expects co's FY24 results to be announced on
Nov. 19 to be supportive of share price rather than providing
major catalyst
    ** Stock up ~57% YTD

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))