Jefferies raises Appen's PT, earnings estimates on 'strict' cost management

** Jefferies hikes Appen Ltd's APX price target on the Australian AI firm's ability to keep losses under control with its cost management plan

** Brokerage raise PT to A$0.6 from A$0.45, retains "hold" rating

** "Underlying EBITDA (for April) is still negative, but with strict cost management underlying EBITDA losses have been kept under control" - Jefferies

** Analysts at Jefferies say, the overhang from loss of revenues from Google contract termination has now normalised on a run-rate basis

** Increases APX's FY25, FY26 earnings estimates by 4%, each

** APX stock down 6.4% YTD, as of last close