Citi cuts Australia's Worley PT as Middle East risks weigh

Worley

15/05/2026 24:57

** Analysts at Citi lower price target for Australia's Worley WOR.AX by 3% to A$13.60, but retain "buy" rating

** Citi says key concerns for the engineering firm include sustainability of cost-out initiatives, project deferrals linked to Middle East disruptions and lingering concerns around management trust

** Brokerage cuts FY26 and FY27 EBITDA forecast for Worley by 1% and 8%, respectively

** However, the current competitive landscape is increasingly favourable for Worley and should support contract rates, payment terms, and balance risk-sharing structure - Citi

** Five analysts rate the stock "hold" and four "buy" or higher; set median PT at A$13.10, per data compiled by LSEG

** WOR stock down 2.6% YTD, as of last close

 (Reporting by Keshav Singh Chundawat in Bengaluru)

 ((Keshav.singhchundawat@thomsonreuters.com))