CRN – UBS rates the stock as Buy

June quarter production was ahead of expectations. Sales volumes were slightly below UBS forecasts because of weaker sales from the US, offset by higher sales from Curragh.

Market conditions remain weak and UBS increases the forecast underlying loss for 2020 to -US$68m.

Buy rating retained. Target is reduced to $1.70 from $1.80.

Sector: Materials.

Target price is $1.70.Current Price is $0.91. Difference: $0.79 – (brackets indicate current price is over target). If CRN meets the UBS target it will return approximately 46% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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