Appen’s 2018 financial performance seems to have beaten expectations, but Citi, in firm reference to the 75% share price rally year-to-date, downgrades to Neutral from Buy. The analysts have added 18%-20% to forecasts.
The combination Appen-Leapforce has potential to become the ultimate “winner” in the global race for analytics, state the analysts. Target price lifts to $23.29 from $17.31. Citi analysts add the suggestion that management’s guidance for 2019 might yet prove conservative.
DPS estimates have been lowered.
Sector: Software & Services.
Target price is $23.29.Current Price is $23.04. Difference: $0.25 – (brackets indicate current price is over target). If APX meets the Citi target it will return approximately 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
