Financial analysts at Citi have revised their price target for Australia’s diversified miner, South32 (ASX:S32), lowering it to A$3.80 from A$4.05 following the announcement of the company’s FY23 results.

South32 reported a net debt of US$483 million - a sum higher than the initially projected estimates.

South32 (ASX:S32) is speculated to face significant impacts more than its contemporaries owing to escalating operational expenditures and rapidly fluctuating cost curves for its foundational commodities.

The financial brokerage maintains a ‘neutral’ rating for the stock.

In addition to the amended price target, Citi also revises the FY24 and FY25 EBITDA guidance by reducing it 24% and 10%, respectively.

The underlying net profit after tax estimates have also been downgraded by 51% and 18% for FY24 and FY25.

As per data from Refinitiv, out of 15 analysts, 11 rate the stock as a ‘buy’ or higher, whereas four hold a ‘neutral’ stance; their median price target is set at A$4.20.

The stock value of South32 (ASX:S32) has witnessed an 8.5% decline this year, through the last closing.

South32 (ASX:S32) is a diversified miner based in Australia.