0352 GMT - Mining-technology company Imdex is unlikely to enjoy an improvement in market conditions in 2H FY 2025, according to Citi analyst William Park. Exploration activity remains subdued and the timing of meaningful recovery remains opaque, Park says. He reckons the market is edging closer to an upcycle and that Imdex has a proven track record of being more resilient compared with the broader industry. Still, "we think recovery is likely to have stretched out to at least 1H FY26, with risk of prolonged weakness still intact," Park says. Citi retains a sell rating and A$1.95 target on the stock. Imdex is down 0.6% at A$2.575. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
January 20, 2025 22:52 ET (03:52 GMT)
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