Brokerage Citi cuts target price for Australia's Incitec Pivot

Dyno Nobel

12/12/2023 19:30

** Brokerage Citi cuts target price for fertiliser
manufacturer Incitec Pivot  IPL.AX  to A$2.80 from A$2.90, while
maintaining 'neutral' rating
    ** Citi incorporates the sale of co's Waggaman ammonia plant
to CF Industries on Dec. 1, with net cash proceeds expected to
be US$850 mln
    ** Offsetting the gain from sale, IPL expects to return A$1
bln ($655.40 mln) of Waggaman proceeds to shareholders and has
its AGM on Dec. 20
    ** Citi has cut its FY25 forecast for co's core net profit
after tax by 10% to A$321 million
    ** Five of 12 analysts rate the stock "buy" or higher, seven
"hold"; their median PT is A$3.18 – LSEG data
    ** IPL down 23.4% YTD, as of last close


($1 = 1.5258 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))