0037 GMT - Perenti is expected to post another solid half, underpinned by contract mining and potentially some improvement in drilling services margins, says Citi analyst William Park. Perenti "is at a crossroads now, with a high likelihood of guidance upgrade in the near-term," Park says. Citi raises its target on the stock to A$1.60 from A$1.15 previously. It keeps a buy rating. "Sentiment has started to turn following [more than] A$180 million of free cash generated in FY24, and we think this momentum could continue especially with PRN well placed to deliver another solid year of free cash," Park says. Shares in Perenti rose by 40% in the second half of 2024. The stock is down 1.0% at A$1.425. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
January 06, 2025 19:37 ET (00:37 GMT)
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