Imdex Rallies Too Hard for Jefferies to Stay Bullish -- Market Talk

Dow Jones
05/07

2301 GMT [Dow Jones]--Imdex's 33% share price rise since late March costs it a bull. Jefferies downgrades Imdex to hold, from buy, even as its price target moves 13% higher to A$4.80. Imdex ended Wednesday at A$4.43. Analyst John Campbell says Imdex's 3Q metrics were broadly in line with expectations. Revenue for that quarter hit an all-time, pointing to a solid underlying run-rate. Jefferies says 2H consensus forecasts suggest 4Q could be challenging. Still, it highlights the upcoming summer drilling program in North America and says commodity prices are supportive for raisings. "Contributions from acquisitions will assist, offset to a degree by FX," Jefferies adds. (david.winning@wsj.com; @dwinningWSJ)

 

(END) Dow Jones Newswires

May 06, 2026 19:03 ET (23:03 GMT)

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