2357 GMT - Slowing new car sales in Australia costs ARB Corp its bull at Citi. Analyst Sam Teeger cuts his recommendation on the vehicle-accessory maker and retailer to neutral from buy, citing increased near-term caution from accelerating decline in Australian motor sales. New vehicle sales fell 8% in February, compared with January's 2% decline. Teeger tells clients in a note that the trend is negative for ARB's June-half aftermarket sales. He sees the weakness persisting through the rest of the calendar year, although there is upside risk given Citi's expectation that the Reserve Bank of Australia cuts the cash rate twice more in 2025. Target price falls by 23% to A$39.54. Shares are down 3.4% at A$34.01. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
March 05, 2025 18:57 ET (23:57 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。