2321 GMT - PWR Holdings's decision to cut 5% of its workforce surprises Citi, given the provider of cooling systems to motorsports has been investing early for future programs. Analyst Jack Dunn notes that management has attributed some of the layoffs to performance. "But we are growing cautious that some of the programs the headcount was hired for have either been discontinued or delayed materially," Citi says. It retains a buy call on PWR Holdings, but drops its price target by 7.4% to A$8.75/share following its 1H result that pointed to a 5-10% decline in revenue across FY 2025 as a whole. PWR Holdings is up 1.9% early on Monday. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 23, 2025 18:21 ET (23:21 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.