Australia's Elders at over 1-year high as Macquarie upgrades to 'outperform' on stable outlook

Elders

05/04/2024 01:23

** Shares of Elders  ELD.AX  rise as much as 2.6% to A$9.86,
their highest level since Feb 1, 2023
    ** Analysts at Macquarie raise price target for the
Australian agribusiness company to A$$10.45 from A$7.12 on
expectations of earnings benefit from improved seasonal
conditions
    ** Brokerage expects gross margin benefit over FY24 to
Elders due to more stable pricing environment
    ** Upgrades stock to "outperform" from "neutral"
    ** Three of 11 analysts rate the stock "buy" and eight
"hold"; their median PT is A$8.85 – LSEG data
    ** Elders stock up 30.1% so far this year, as of last close
        
  
  

 (Reporting by Megha  Rani)
 ((Megha.Rani2@thomsonreuters.com;))