Serko forecasts FY revenue above Citi's expectations

Serko

23/01/2023 18:54

** Citi says Serko's  SKO.NZ  FY trading update was stronger
than analysts expected 
    ** The business travel software maker upgraded its FY23
total income forecast to between NZ$42 mln ($27.20 mln) and
NZ$47 mln; co earlier expected revenue to double from FY22's
NZ$18.9 million  
    ** Citi raises PT for co's ASX-listed shares  SKO.AX  to
A$4.00 from A$3.65, maintains a "buy" rating
    ** Brokerage sees the trading update as a sign that "things
are tracking in the direction", hikes its FY23 revenue guidance
for co by 13% to NZ$44.3 mln
    ** Citi also expects strong operating leverage to come
through 
    ** Three of six analysts rate the stock "buy" or higher,
three "hold"; their median PT is A$3.65 – Refinitiv Eikon data 
    ** In 2022, ASX-listed shares of SKO tumbled 64.5% 
($1 = 1.5444 New Zealand dollars)
 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))