Australian power retailer AGL falls as UBS cuts PT; downgrades to 'neutral'

AGL Energy

01/07/2024 03:38

** Shares of Australia's AGL Energy  AGL.AX  fall as much as
2% to A$10.62
        ** Stock set for biggest intraday drop since June 11 if
losses hold
  
    ** UBS lowers price target on the electricity retailer to
A$10.85 from A$11.25; downgrades stock rating to 'neutral' from
'buy'
    ** Brokerage wants AGL to show clearer path to replacing the
free cash flow it lost from the retirements of Bayswater and
Long Yang A power stations
    ** Brokerage downgrades stock rating as it looks for
stronger Low Tension electric pricing signals
    ** Six of 10 analysts rate the stock "buy" or higher, and
four "hold"; their median PT is A$10.96 – LSEG data
    ** Stock has risen 14.2% this year, as of last close 

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))