0339 GMT - Australian engineering services provider Civmec keeps its bull at Bell Potter despite what analyst Daniel Laing says is a challenging outlook for iron-ore prices. Laing points out that the federal government's annual review of major resources and energy projects indicates that investment in major iron-ore projects remains relatively stable. He reminds clients in a note that Civmec said in November that tendering activities were at historically high levels across all its business segments. Laing adds that there are 31 publicly announced iron-ore projects with an estimated value of A$39.7 billion, with further upside likely. Bell Potter trims its target price 2.9% to A$1.70 and maintains a buy rating on the stock, which is up 0.4% at A$1.335. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 23, 2025 22:39 ET (03:39 GMT)
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