Appen has not released a trading update of late and Citi analysts believe this could mean good news for the former highflyer on the ASX. The broker suggests market consensus might be too low, implying upside risk.
Citi has opened a “positive catalyst watch” on the company. Buy rating retained. Target $14.80, down from $17.10, as earnings estimates have been reduced regardless.
Sector: Software & Services.
Target price is $14.80.Current Price is $9.82. Difference: $4.98 – (brackets indicate current price is over target). If APX meets the Citi target it will return approximately 34% (excluding dividends, fees and charges – negative figures indicate an expected loss).
