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Investing.com - Australian engineering company Monadelphous Group (ASX:MND) was upgraded by RBC Capital from Sector Perform to Outperform with a price target raised to AUD26.75 from AUD20.75.
The upgrade comes after Monadelphous provided updated revenue guidance for fiscal year 2026 ahead of its Annual General Meeting scheduled for November 25.
RBC Capital noted that the company’s guidance appears conservative, as it implies second-half FY26 underlying revenue growth of just 0.7% year-over-year, while first-half FY26 revenue is projected to grow by 43%.
The investment bank believes Monadelphous’ price-to-earnings trading multiple of 23.3x following earnings adjustments is not excessive by historical standards.
RBC Capital’s new price target represents a 9.9% total shareholder return potential, including a 2.9% dividend yield, with the firm anticipating further earnings upgrades beyond the current guidance.
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