Tiger Brokers

BUZZ-Australia's DroneShield falls as Bell Potter cuts revenue view, downgrades rating

Reuters
Oct 10, 2024

** Shares of DroneShield fall as much as 3.5% to A$1.26 after Bell Potter downgrades to "hold" from "buy" and cuts revenue estimate on lower-than-expected contract value

** Brokerage retains price target of A$1.35 for the Australian drone maker

** Says total value of contracts announced YTD are A$31.3 mln ($21.02 mln), lower than its estimate of A$40 mln

** Reduces CY24 revenue estimate by 15% to A$82.4 mln

** "Whilst we have revised our forecasts, we remain optimistic DroneShield will deliver a strong finish to the year" - Bell Potter

** Stock has more than tripled in value this year

($1 = 1.4888 Australian dollars)

(Reporting by Ayushman Ojha in Bengaluru)

((Ayushman.ojha@thomsonreuters.com;))

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