BUZZ-Australia's Audinate down after Jefferies downgrades to 'hold'

Reuters
2024-10-23

** Shares of Australia's Audinate Group fall as much as 4.9% to A$8.52

** Analysts at Jefferies lower price target on IT hardware provider to A$9 from A$12

** Brokerage downgrades stock rating to "hold" from "buy"

** Says Audinate currently sees a lot of supply and inventory in the channel, which is leading to the weaker near-term outlook

** Jefferies lowers FY25-27 revenue estimates on co by 23-30%

** Stock has fallen 44.6% YTD, as of last close

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com))

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