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Brokerages trim earnings forecast for NZ's SkyCity Entertainment

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** Morningstar and Macquarie cut their earnings forecast for New Zealand's tourism and entertainment firm SkyCity Entertainment SKC.NZ

** Morningstar lowersFY24 EBITDA forecast by 8% to NZ$289 mln ($176.32 mln), below the co's updated guidance of NZ$290 mln-NZ$310 mln

** Says brokerage's updated EBITDA forecast includes a 10-day closure of co's New Zealand (NZ) properties which is not included in co's guidance

** Macquarie cuts FY24 and FY25 EBITDA forecasts for SKC by 7% and 8%, respectively, considering softer trading across properties, among others

** Macquarie also cuts price target to NZ$2.75 from NZ$3.05

** "Fiscal 2024 is shaping up to be more challenged than we and the company initially anticipated" - Morningstar

** Four of six analysts rate the stock "Buy" or higher, one "Hold" and one "Sell"; their median PT is NZ$3.08 – LSEG data

** Shares of SKC up as much as 0.6% to NZ$1.800

** SKC stock down 24.5% YTD as of last close

($1 = 1.6391 New Zealand dollars)

Reporting by Echha Jain in Bengaluru; Editing by Susan Fenton


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