Australia's Incitec Pivot gains; Citi resumes coverage with 'neutral'

Dyno Nobel

12/07/2024 03:11

** Shares of Australia's Incitec Pivot  IPL.AX  rise as much
as 1.8% to A$2.91
    ** Stock posts best intraday pct rise since June 24
    ** Analysts at Citi resume coverage on the chemicals
manufacturer with "neutral" rating and price target of A$3 
    ** IPL earlier this week said its fertilisers business sale
process had ceased and it would now recommence its earlier
announced buyback of up to A$900 mln ($608.13 mln)
    ** Brokerage forecasts FY24 EBIT at A$516 mln, expects it to
rise to A$624 mln in FY26
    ** Six of 11 analysts rate the stock "buy" or higher and
five "hold"; their median PT is A$3.20 – LSEG data
    ** Stock had risen 16.7% this year, as of last close

($1 = 1.4799 Australian dollars)

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