2346 GMT - ARB Corp investors should look past the vehicle-accessory supplier's 1Q trading update and focus on its pursuit of long-term sustainable growth in the U.S., Citi analyst Sam Teeger says in a note. He tells clients that ARB is significantly improving its U.S. distribution by helping fund its associate's acquisition of the 4WP chain, deepening its relationship with Toyota's U.S. unit, and investing in both distribution and manufacturing. Teeger trims his net profit forecasts for the next three fiscal years, but raises his target price 4.2% to A$50,00 on higher valuation multiples and maintains a buy rating. The stock is down 1.5% at A$42.49. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
October 17, 2024 19:46 ET (23:46 GMT)
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