Previous market favourite CTD has been the sector standout underperformer in 2024, with this month’s poor result compounding the decline. August’s result was a miss to FY24 and FY25 guidance, which was not a good combination. We saw nothing in the result to encourage us that a turnaround is in the offing, simply putting the stock in the “too hard basket” for now. Citi however, see’s value, and this morning and upgraded to buy and $13.50 price target.
- We’ve been fans of CTD at times in recent years, but having taken a loss on the stock in May around ~14% higher, we’re in no hurry to re-enter the fray.
MM is neutral to negative towards CTD
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