Worley shares fall; Jefferies, Citi cut PT as Middle East uncertainty continues to weigh
BUZZ-Worley shares fall; Jefferies, Citi cut PT as Middle East uncertainty continues to weigh Updates with moves
** Shares of engineering firm Worley WOR.AX down 2.9% at A$10.76, their lowest level since March 25
** Citi cuts price target for Worley to A$12.50 from A$13.60, retains "buy"
** Jefferies cuts PT to A$10.61 from A$11.48, rates "hold" rated
** On Thursday, company 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 down 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
** YTD, WOR shares down 14.1%, including day's moves
(Reporting by Nichiket Sunil in Bengaluru)
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