Australian Agricultural gains as Bell Potter positive on co's 1H24 results

Australian Agricultural

17/11/2023 03:47

** Shares of Australian Agricultural  AAC.AX   rise as much
as 4.80% to A$1.420, their highest level since Sept. 4
    ** Analysts at Bell Potter raise co's price target to A$1.90
from A$1.85; maintain "buy" rating
    ** Co reported 1H24 results on Thursday with operating
EBITDA of $30.1 mln, ahead of brokerage's expectations
    ** Bell Potter raises operating EBITDA forecasts for AAC by
38% for FY24, 89% for FY25 and 76% for FY26 
    ** Says raise in forecast for AAC reflect higher meat
volumes, higher live pricing assumptions and lower production
costs
    ** Stock down 22.57% this year, as of last close

($1 = 1.5473 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))