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Investing.com - JPMorgan has assumed coverage on EVT Ltd (ASX:EVT) with a Neutral rating and raised the price target to AUD14.30 from AUD13.50, representing a 6% increase.
The firm notes that EVT is expecting earnings growth across all divisions in fiscal year 2026 as headwinds ease. Second-half cinema admissions trends have stabilized, though JPMorgan points out this is compared against a very weak prior corresponding period.
EVT shares fell 15% against the Small Ordinaries Index’s 1.75% gain on the day of the announcement, which JPMorgan indicates has significantly moderated the company’s residual valuation excluding property.
Despite the price target increase, JPMorgan maintains a Neutral stance as it believes a large portion of EVT’s expected sales and earnings recovery has already been factored into consensus expectations.
Coverage of EVT has been transferred to JPMorgan analyst Michael James with this research note.
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