Imdex's FY24 results were largely as Morgans expected though management's outlook commentary was a disappointment as exploration activity has yet to increase despite positive macroeconomic trends.

Still, the broker's positive investment thesis incorporates a prolonged trough for junior miner raisings, and key lead indicators are trending in the right direction. It's felt the turning point in the exploration cycle is imminent.

Add rating. The target eases to $2.40 from $2.50.

Sector: Materials.

Target price is $2.40.Current Price is $2.10. Difference: $0.30 - (brackets indicate current price is over target). If IMD meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

© 2024 Acquisdata Pty Ltd., source FN Arena