Citi neutral on Australia's ARB following founders' share purchase

Shares of motor vehicle accessories manufacturer ARB Corporation ARB.AX rise as much as 1.1% to A$33.640

ARB founders Roger and Andrew Brown have increased their stake by ~1% through related entities, buying approximately A$1 mln ($628,500) of ARB shares - Citi

Brokerage recently downgraded ARB due to issues with its Australian aftermarket division and potential market share losses from the BYD Shark, a Chinese vehicle accounting for 12% of 4x4 sales in its debut month

Citi also anticipates challenges for co from Ford's upcoming plug-in hybrid Ranger and GWM's similarly priced hybrid Cannon in Australia

Brokerage maintains "neutral" rating at target price of A$39.54

Five of 14 analysts rate the stock "buy" or higher, eight as "hold" and one as "sell"; their mean PT is A$40.17 – LSEG data

Stock down 17.7% this year, including current session

($1 = 1.5911 Australian dollars)