Citi analysts have increased their price target for Australian firm Monadelphous Group (ASX:MND) to A$15.30 per share, up from A$15.45 per share.

They maintain an optimistic view of the company’s business recovery, particularly in terms of its engineering and construction operations.

The analysts have also boosted their FY24 revenue forecast by 2% to A$2.07 billion, which is mainly attributed to increased input from engineering and construction.

The FY24 engineering and construction revenue is projected to be approximately 90% of FY22 levels.

These changes indicate growing confidence and optimism concerning the near-term outlook.

The stock of Monadelphous Group (ASX:MND) has seen a rise of 0.9% this year, as of the last reported closure.

Monadelphous Group is an Australian company primarily engaged in the provision of construction, maintenance, and industrial services to the resources sector.