Analysts slash SkyCity's 12-month target price

SkyCity has dealt investors a tough hand. (Image: NZME)

Mon, 10 Jun 2024

Analysts slashed their 12-month target price on SkyCity Entertainment Group after it suspended dividends until 2026 and lowered its earnings guidance.The shares were trading up 2% at $1.50 late Friday in Wellington after shedding more than 15% the prior day. Jarden analysts now rate SkyCity at “overweight”, down from “buy”, and cut the 12-month target price by 40% from $2.90 to $1.75.Jarden’s Adrian Allbon and Nick Yeo “now believe the combination of declining economic conditions, delayed cash...

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