The brokerage firm Citi has cut its price target for Regis (ASX:RRL) after the Australian mining company posted an annual loss.

The firm lowered the price target to A$1.20 from A$1.30 while maintaining its ‘sell’ rating.

Regis reported an annual loss attributable of A$24.3 million, a sharp contrast to the profit of A$13.8 million it made last year.

However, the company’s FY revenue from ordinary activities rose to A$1.13 billion from A$1.02 billion a year ago.

The company did not pay a dividend, citing upcoming capital commitments for the McPhillamys gold project and Citi does not expect a dividend payout until CY25.

According to data from Refinitiv, out of 11 analysts, 7 rate the stock as ‘buy’ or higher, 2 as ‘hold’ and 2 as ‘sell’ or lower, with a median price target of A$2.00.

So far this year, the company’s stock has dropped 26% at the last close.

Regis (ASX:RRL) is a gold mining company with operations primarily in Australia.