Analysts at the investment firm Ord Minnett have cut the price target of Australia’s NextEd Group (ASX:NXD) to A$1.15 per share, down from A$1.65.

The adjustment in estimates comes after the educational tech services provider’s recent trading update underperformed market expectations, particularly in terms of its fiscal year 2024 outlook.

Ord Minnett lowered its FY24 revenue estimates for the company by 14%, and by 15% for FY25.

Additionally, the firm cuts its EBITDA forecasts for FY24 by 33%.

With these changes, by the last reported close, NextEd Group’s (ASX:NXD) stock had fallen by 25.4% for the year.

NextED Group is an Australian company that provides educational technology services.