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BUZZ Jefferies says key lead indicators for Australias Worley flashing green – Reuters

** Brokerage Jefferies (PT: A$12.20; “buy”) says key lead indicators are all “flashing green” for Australia’s Worley Ltd (WOR.AX) and the forecast risk should become progressively more positive

** Worley stock jumps as much as 6.3% to A$10.1, heading for its best trading session since Oct. 20

** The engineering group’s forecasts have a high margin for error, Jefferies says, but co’s order book continues to rise

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** Says Worley is past the “low point” in its earnings cycle

** Brokerage also cut its net profit after tax forecast for FY22-24 by 1%

** Brokerage Morgan Stanley hikes PT to A$12 from A$11, raises rating to “overweight” from “equal-weight”

** “With a number of significant mergers underway across Australian Energy, it is likely Worley will see increasing investor appetite as an energy proxy with a ‘cleaner’ future” – MS

** Eight of 11 analysts rate the stock “buy” or higher, two “hold” and one “sell”; their median PT is A$12.10 – Refinitiv Eikon data

** Worley stock down 17.3% this year as of last close

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Reporting by Harshita Swaminathan and Navya Mittal in Bengaluru

Our Standards: The Thomson Reuters Trust Principles.