Adbri Limited downgraded to Underperform from Hold at Jefferies

Jefferies analyst Simon Thackray downgraded Adbri Limited to Underperform from Hold with a A$1.40 price target. There is "nothing in management commentary or guidance to underpin any kind of confidence for us in the earnings outlook" with the company facing higher development capex and possibly higher SIB capex in FY23 in a fading construction market, the analyst tells investors.