Audinate Loses Bull Following Surprise Profit Warning -- Market Talk

Dow Jones

2024-10-23

2157 GMT - Audio-visual tech provider Audinate's second earnings downgrade in less than three months costs it a bull. Jefferies downgrades the stock to hold, from buy, and slashes its price target by 25% to A$9.00/share. Analyst Wei Sim says the first profit warning was expected, but the latest came as a surprise. "Though management have called out a stronger 2H, given the limited near-term visibility, we have erred on the side of caution," Jefferies says. It doesn't see gross profit growth happening before FY 2026 and lowers its revenue forecasts for FY 2025-2027 by 23%-30%. Audinate ended Tuesday at A$8.96. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

October 22, 2024 17:57 ET (21:57 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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