BUZZ-Bell Potter raises PT for Australia's TechnologyOne on tech sector rally

Reuters

2024-10-03

** Bell Potter hikes price target for TechnologyOne Ltd

on the general rally in the tech sector since early Aug

** Brokerage hikes PT by 8% to A$24.0 for the Australian software co, maintains "hold" recommendation

** TNE stock currently down 0.5% at A$24 after three straight sessions of gains

** Bell Potter continues to forecast TNE's profit before tax growth in FY24-26 of 17%, 19% and 19%, respectively

** Brokerage expects co's FY24 results to be announced on Nov. 19 to be supportive of share price rather than providing major catalyst

** Stock up ~57% YTD

(Reporting by Ayushman Ojha in Bengaluru)

((Ayushman.ojha@thomsonreuters.com;))

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