From 'The Australian' online:Citi upgrades Reliance Worldwide to Buy from Neutral and boosts its target price 40 per cent to $5.45 after raising its EBITDA expectations 2-3 per cent through FY24-FY26 on the back of a improving US outlook, offset by a more cautious EMEA.
"Looking forward, we’re optimistic on the US following a strong result," says Citi analyst Samuel Seow.
"Margins were solid and, theoretically with structural changes within the business, these could be higher than prior periods on a like-for-like.
"EMEA still carries risks, however these are reduced with the bar now set at double-digit declines in a falling mortgage rate environment.
"Consequently, with the trough in earnings now in and what we see as potential margin upside, we upgrade to Buy."
From 'The Australian' online:Citi upgrades Reliance Worldwide to...
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$5.61 |
Change
0.010(0.18%) |
Mkt cap ! $4.417B | |||
| Open | High | Low | Value | Volume |
| $5.60 | $5.63 | $5.58 | $2.640M | 470.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 12 | 6627 | $5.61 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $5.62 | 18210 | 41 |
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| RWC (ASX) Chart |