** Citi says Australian engineering firm Monadelphous Group MND.AX is experiencing an "abundance of tailwinds" although extent of potential for upside is "adequately captured" for now
** Brokerage downgrades rating to "neutral" from "buy", raises PT to A$16.30 from A$16.20; MND last traded at A$15.81 apiece
** Says MND's 1H25 will likely demonstrate continuation of a "favourable backdrop" for contractors
** Citi predicts FY25 to-date secured work balance of ~A$1.7 bln ($1.05 bln), around ~91% of work awarded to MND in FY24
** 1H result is likely to set the tone for remainder of year with "high single-digit" topline growth - Citi
** Four of 12 analysts rate MND "buy" or higher, seven "hold" and one "sell"; their median PT is A$14.00 – LSEG data
** MND up ~13% this year, as of last close
($1 = 1.6247 Australian dollars)
(Reporting by Sameer Manekar in Bengaluru; editing by Diane Craft)
((Sameer.Manekar@thomsonreuters.com;))
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