0031 GMT - Jefferies analyst Wei Sim admits that he was too quick to drop his bearish stance on Australia's IDP Education. Sim cuts his recommendation on the student-placement provider to underperform from hold, reversing his December upgrade, following a weaker-than-expected December-half performance. English-language testing volumes were lower than anticipated and Wim sees downside risk to both pricing and volumes over the next six months. He thinks that IDP faces a stiff challenge to generate sufficient second-half Ebit to hit its A$76 million-A$93 million guidance range. Jefferies cuts its target price 19% to A$19.50. Shares are down 3.6% at A$10.51. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
February 27, 2025 19:31 ET (00:31 GMT)
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