Stanmore Resources shares climb as Q3 results impress analysts
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The news: Stanmore Resources led gains across the ASX 200 after its third-quarter results impressed analysts.
The numbers: Stanmore shares were up 4.2% to 3.14% by 1:20pm AEDT, having last closed 3.8% higher.
Citi kept its 'buy' rating on Stanmore and lifted its target price from $3.35 to $3.40. Morgans retained its 'add' rating but lowered its target price from $4.10 to $4.05.
The context: Both Morgans and Citi analysts expect Stanmore to meet or exceed the top end of its guidance range for the calendar year.
Citi said Stanmore's result was "very strong" and "easily" exceeded Citi's production and sales expectations, by 17% and 19% respectively.
Morgans called Stanmore's third-quarter production "pleasingly solid", with scope to beat CY24 guidance by 3% to 5%.
However, Morgans cut its target price on Stanmore due to lower near-term hard coking coal pricing and adjusted realisations and costs.
The sources: Citi research, Morgans research
