Monadelphous's share price fall overdone: MPW
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Monadelpous's share price tumble over the past few months is too steep despite the likelihood that its revenue will fall in 2013-14, according to Macquarie Private Wealth.
The broker says Monadelphous's 44.7% plunge to $15.41 since its highs in February is excessive relative to its reduced earnings expectations, even though the lack of new contracts over the past few months makes it unlikely that the engineering group will sustain its 2012-13 revenues.
However, Macquarie maintains a "neutral" rating on Monadelphous. It says the stock is weighed down by a tough outlook for the engineering services sector and its 36% premium to its peers.
Monadelphous flagged in February that "achievement of any revenue growth will be challenging" for the 2014 financial year following two years with revenue growth at more than 30%.
The broker has kept its $17 target price on the stock, in line with market consensus.
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