Citi analysts have lowered the Price Target on Australia’s Whitehaven Coal (ASX:WHC) to A$7.60/share, down from A$7.80/share.

Last Thursday, Whitehaven forecast a weaker-than-anticipated annual managed coal output for FY24, simultaneously suspending its share buy-back program.

Citi has accordingly reduced their FY24 and FY25 EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) estimates for the nation’s biggest independent coal miner by 23% and 15%, respectively.

This revision in earnings comes in light of lower production and increased costs.

According to Refinitiv data, out of 12 analysts, five rate the stock ‘buy’ or higher, another five rate it ‘hold’ and two analysts rate it ‘sell’; their median Price Target is A$7.60.

As of the last close, Whitehaven’s stock has seen a substantial drop of 26.5% this year.

Whitehaven Coal (ASX:WHC) is Australia’s largest independent coal miner.