Jefferies, Citi cut PT on Australia's Worley amid Mideast risks, shares decline
BUZZ-Jefferies, Citi cut PT on Australia's Worley amid Mideast risks, shares decline Updates
** Worley WOR.AX falls as much as 4.9% to A$10.54, marking its lowest level since March 24
** Engineering firm's stock sinks 11.8% for the week, on track for its steepest weekly drop in four months
** Citi cuts PT to A$12.50 from A$13.60, retains "buy"; Jefferies cuts PT to A$10.61 from A$11.48, maintains "hold"
** 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 says co's FY27 EPS forecast is 20% below its consensus
** Citi, on the other hand, says WOR poised to benefit from structural energy demand in the medium term; adds recent sell-off appears to be overdone
** YTD, WOR down 10.7%
(Reporting by Nichiket Sunil and Kumar Tanishk in Bengaluru)
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