Jefferies, Citi cut PT for Worley as Middle East uncertainty continues to weigh
BUZZ-Jefferies, Citi cut PT for Worley as Middle East uncertainty continues to weigh ** Citi cuts price target for engineering firm Worley WOR.AX to A$12.50 from A$13.60, retains 'buy'
** Jefferies cuts PT to A$10.61 from A$11.48, 'hold' rated
** On Thursday, co nearly doubled its projected full-year earnings hit from the Middle East conflict due to lingering project delays, and flagged impact from a stronger Aussie dollar; shares plunged 9.7%
** Jefferies more conservative on Worley, with FY27 EPS forecasts 20% below consensus, says risks outweigh rewards
** Citi, on the other hand, sees no change to underlying business with backlog intact and structural energy demand supportive of medium-term outlook; flags sell-off appears overdone
** Jefferies, meanwhile, sees better opportunities in other industrial stocks
** Jefferies PT nearly 20.8% lower than median PT of A$13.40 among nine analysts with average 'buy' rating - LSEG-compiled data
** YTD, WOR shares down 11.9%, last closed at A$12.27
(Reporting by Nichiket Sunil in Bengaluru)
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