0024 GMT - Peter Warren Automotive's weaker-than-expected profit guidance illustrates the demand-driven pressure being felt by all Australian vehicle dealers, Jefferies analysts say. The ASX-listed guidance for a first-half pre-tax profit of A$6 million-A$8 million compares with Jefferies's prior forecast of A$14 million, with oversupply and weak demand weighing on margins. The near-term future for Australia's vehicle dealers looks wholly dependent on when the country's central bank cuts interest rates, they say. The only positive thought among the Jefferies crew is that tough conditions could lead to acquisition opportunities. Jefferies has a last-published buy rating and A$1.95 target price on the stock, which is down 12% at A$1.48. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
December 11, 2024 19:25 ET (00:25 GMT)
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