Australia's ALS falls; Morningstar, Jefferies cut PT

Shares of ALS ALQ.AX fall as much as 9.3% to A$16, the lowest level since April 28

Stock marks biggest intraday pct loss since September 19, 2024

ALQ among top losers on ASX 200 benchmark

Laboratory testing services provider, on Tuesday, in its FY25 report announced A$350 mln ($225.54 mln ) equity raising to fund developments of its four key laboratories

*Jefferies downgrades stock to "hold" from "buy", trims PT to A$18.2 from A$18.8; finds equity raising a surprise and perhaps could have been internally funded to avoid share dilution

*Morningstar cuts PT to A$19.7 from A$20; adding that immediate repayment of high-interest variable debt should dampen EPS dilution in FY26

Stock up 8.1% YTD

($1 = 1.5518 Australian dollars)