2352 GMT - Reece's sales volumes look a little less rosy to Citi analyst Samuel Seow following the Australian plumbing supplies company's latest update. He reckons that Reece's flat 1Q sales suggest that underlying volumes fell on-year by a percentage in the low-to-mid single digits. More positively, prices probably rose in the low single digits, he adds. He is cautious on U.S. volumes given adverse weather and lower activity. Seow lowers his EPS forecast for FY 2025 by 5% and for FY 2026 by 6%. Citi trims its target price 3.5% to A$23.21 and keeps a neutral rating on the stock, which is down 1.0% at A$22.98. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
October 29, 2024 19:52 ET (23:52 GMT)
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