Perenti Poised for Near-Term Guidance Upgrade, Citi Says

MT Newswires Live

Jan 07, 2025

Perenti (ASX:PRN) is set to exceed its initial guidance, with a "high likelihood" of a fiscal 2025 guidance upgrade due to improved drill rig utilization and rate adjustments in contract mining, Citi said, according to multiple media reports released Tuesday.

The mining services provider shows strong signs of sustainable cash generation and balance sheet improvement, Citi analyst William Park reportedly said.

The company's shares surged over 40% post-fiscal 2024 results, driven by anticipated strong free cash generation.

Citi maintained its buy rating on Perenti but raised its price target to AU$1.60 from AU$1.15.

Shares of Perenti fell nearly 3% in recent Tuesday trade.

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