CTX - Citi rates the stock as Neutral
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Full year results were broadly in line with December's guidance and a little above Citi.
The company has announced plans to more than double own-operated stores by transitioning the 496 owned but franchised sites to Caltex operation stores by mid 2020. Management aims to deliver 10-15% EPS growth within 5 years.
Citi downgrades to Neutral from Buy and increases the target price to $39.71 from $37.66.
Target price is $39.71.Current Price is $35.77. Difference: $3.94 - (brackets indicate current price is over target). If CTX meets the Citi target it will return approximately 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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