2357 GMT - Slowing new car sales in Australia costs ARB Corp its bull at Citi. Analyst Sam Teeger cuts his recommendation on the vehicle-accessory maker and retailer to neutral from buy, citing increased near-term caution from accelerating decline in Australian motor sales. New vehicle sales fell 8% in February, compared with January's 2% decline. Teeger tells clients in a note that the trend is negative for ARB's June-half aftermarket sales. He sees the weakness persisting through the rest of the calendar year, although there is upside risk given Citi's expectation that the Reserve Bank of Australia cuts the cash rate twice more in 2025. Target price falls by 23% to A$39.54. Shares are down 3.4% at A$34.01. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
March 05, 2025 18:57 ET (23:57 GMT)
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