2348 GMT - CAR Group's bull at Citi is concerned by the quality of the Australian vehicle advertiser's first-half result. Analyst Siraj Ahmed highlights A$16 million in below-the-line costs and higher-than-expected capital expenditure in a note to clients. The latter was 17% higher than Ahmed had anticipated, and now accounts for 11% of revenue. Overall, however, Ahmed sees the result as quite resilient given tough industry conditions in the U.S. and private buying normalizing in Australia. Citi has a last-published buy rating and A$42.40 target price on the stock, which is down 6.8% at A$38.23. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
February 09, 2025 18:48 ET (23:48 GMT)
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