ORI - Citi rates as Sell
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First half results are expected to be affected by operating problems and a further delay to the start up of Burrup as well as ongoing performance issues with the Minova business.
Citi believes consensus downgrades are likely and, while demand conditions are improving, explosives grade AN markets are in significant oversupply.
Target is reduced to $16.50 from $17.00. Sell maintained.
Target price is $16.50.Current Price is $17.87. Difference: ($1.37) - (brackets indicate current price is over target). If ORI meets the Citi target it will return approximately -8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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