APX Dropping again!, page-4

Citi note from today... probably behind the drop. Amazing these things are always released just when the SP looks like it is breaking out.

The market is too optimistic on Appen ahead of the Australian data-annotation firm's 1H earnings, Citi analysts say. The average analyst forecast according to data compiled by FactSet is for 1H Ebitda of US$20.6 million, which Citi analysts think is too high given that Appen has guided for a material drop from the prior year's US$27.6 million. They say in a note that they expect 1H Ebitda of US$19 million and see risk to Appen's guidance for improved 2H revenue due to weakness in digital advertising and its largest customer--Facebook--transitioning to a new AI engine. Citi has a neutral rating and A$6.60 target price on the stock, which is down 15% at A$5.63