Australia's Monadelphous falls as Bell Potter downgrades on sector 'drought'
** Shares of Australia's Monadelphous Group MND.AX fall as much as 3% to A$12.67
** Stock set for biggest intraday drop since mid April
** Analysts at Bell Potter lower PT on the engineering group to A$14 from A$15.4; downgrade rating to "Hold" from "Buy"
** Brokerage adopts conservative short-to-medium term outlook for the engineering construction sector
** Conservative outlook reflects softening project development pipeline and limited visibility on near-term contract awards
** We observe that since late 2023, a drought has emerged for major engineering construction contract awards
** Stock has fallen 12% this year as of last close
Reporting by Rishav Chatterjee in Bengaluru
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