2241 GMT - The recovery in Monadelphous's stock in recent months has cost it a bull in Macquarie. Monadelphous's share price is up around 1/4 since hitting a low in August when a rout in the lithium sector raised concerns around its pipeline of work. Macquarie says investors have recognized Monadelphous's resilience and diverse business model, and its balance sheet is strong. It moves to neutral, from outperform, with its revised A$14.80/share target price only slightly above Monadelphous's closing price of A$14.44 on Wednesday. "We factor low double-digit EPS growth in next three years," says Macquarie. "This is reflected in (the) share price in our view." (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
January 15, 2025 17:41 ET (22:41 GMT)
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