Jefferies downgrades Australia's Ampol to 'hold' after over 37% surge this year

Ampol

01/09/2026 19:32

** Jefferies downgrades Australia's top fuel retailer Ampol ALD.AX to 'hold' from 'buy'; keeps A$45.00 price target
** Jefferies says after sharp share performance, stock is at 16.5x mid-cycle price-to earnings, thereby 'making it hard to chase'
** Stock is up 37.2% year-to-date
** However, brokerage says shares still look cheap due to elevated earnings from refining business
** Four of eight analysts rate stock at 'buy', while the other half recommend 'hold'; median PT A$44.00, as per LSEG-compiled data
** Shares last closed up 1.7% at A$43.06

 (Reporting by Nichiket Sunil in Bengaluru)
 ((Nichiket.Sunil@thomsonreuters.com))