IRE +14.87%: the market data platform upgraded guidance today which saw the stock hit 3-month highs. After a poor 1H result in August on slowing revenue growth and higher costs, the company went back to the drawing board with strategies to improve performance. Early signs show a vast improvement in the business as a result with Revenue expected to grow 2.6% in the 2H, costs falling on lower headcount and customer sentiment improving. Given the early success of the turnaround, IRESS upgraded FY23 EBITDA guidance by 4.5% to $123-158m, ~15% above consensus, and FY24 guidance was upgraded by 8.5% to $135-145m.
MM is neutral to bullish IRE
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