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Citi lifts Austal price target on stronger Australasian earnings outlook

By Reuters News

** Citi raises target price for Austal ASB.AX to A$6.35 from A$5.75 and retains a "buy" rating

** Says Austal's FY27 Australasian EBIT forecast of about A$57 million ($40 million) is 14% above its forecast and 28% above Visible Alpha consensus, adjusted for corporate overhead

** Brokerage raises FY27, FY28 and FY29 NPAT forecasts by 7%, 9% and 5%, respectively, on the back of ASB's Australasian EBIT forecast

** Adds, most investors are likely to focus on the valuation discount implied for the Australasian business should the sale of US operations proceed

** Investors will also pay attention to the potential for Australasian earnings to ramp materially beyond FY27 as major defence programs move toward full production, says Citi

** AGM comments that negotiations with Hanwha have advanced into transaction documentation and are moving closer to a binding proposal is also a point of focus for investors — Citi

** YTD, stock down 35.4%, as of last close


($1 = 1.4251 Australian dollars)

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