J.P. Morgan sees further cost-out opportunity for Australia's Iress
** Analysts at J.P. Morgan see Iress' IRE.AX further potential non-core asset divestments to help reduce co's net debt and drive earnings per share (EPS) growth
** Brokerage increases price target to A$10.20/shr from A$8.80/shr; maintains "overweight" recommendation
** Shares of financial technology co up as much as 4.3% to A$10.270; highest since June 17
** In our view, we see further opportunity for cost-out in FY24 - brokerage
** J.P. Morgan says restarting dividend payments, improving top-line growth following contract resets see IRE as 'catalyst-rich' into FY24
** IRE provided 1H24 guidance for adjusted EBITDA between A$65 mln to A$67 mln($44.49 mln), beating J.P. Morgan's HY EBITDA estimates of A$64 mln for co
** IRE up 20.9% YTD as of last close
($1 = 1.5060 Australian dollars)
Reporting by Shivangi Lahiri in Bengaluru
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