SUPPLY NETWORK LIMITED ((SNL)) Upgrade to Buy from Accumulate by Ord Minnett .B/H/S: 1/0/0
Market demand is robust and the outlook for Supply Network remains positive with strong activity in all regions, highlights Ord Minnett, following a trading update and upgraded FY23 guidance. The rating is upgraded to Buy from Accumulate.
An exceptionally strong 2H performance is expected by management, and the broker sees strong demand from commercial vehicle customers for parts. It's thought demand partly derives from ageing vehicle fleets and the increasing complexity of those vehicles.
Management guided to FY23 sales of $250m, 7% above the analyst's forecast, and noted growth “will remain above the long-term trend for at least the next year”.
The target rises to $15.40 from $12.90.
Ann: Full year guidance update June 2023, page-19
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| No. | Vol. | Price($) |
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