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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly