Worley (ASX:WOR) is set for low double-digit earnings growth in fiscal 2025 despite a decrease in customer investment momentum amid economic and geopolitical uncertainty, Goldman Sachs said, according to multiple media reports released Wednesday.
Worley's improved backlog momentum is expected to drive a stronger share price performance, Goldman Sachs analyst Niraj Shah reportedly said.
Goldman Sachs has a conviction buy rating on Worley and a price target of AU$18.
Meanwhile, Iluka Resources' (ASX:ILU) rare earths refinery under construction in Western Australia is a strategic asset, Goldman Sachs analyst Paul Young added.
Young expects that the critical minerals company's earnings before interest, taxes, depreciation, and amortization will double by 2028.
Young also sees Iluka's 30% zircon market share benefiting from the growing demand for zircon in ceramics and chemicals.
Goldman Sachs has a conviction buy rating on Iluka and a price target of AU$7.70, reports said.
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