Australia's Elders falls, Bell Potter cuts PT on livestock headwinds

Elders

11/04/2024 01:58

** Shares of fishing and farming co Elders  ELD.AX  fall as
much as 1.8% to A$8.020 in early trade
    ** Analysts at Bell Potter reduce target price to A$9.10
from A$9.50, maintain "buy" rating 
    ** Analysts see net effect of livestock activity conditions
resulting in net profit after tax (NPAT) downgrades of 16% for
FY24 estimates 
    ** Brokerage says ELD's FY24 EBIT guidance of A$120
mln-A$140 mln ($78.07 mln-$91.08 mln) below consensus of A$169
mln
    ** Says it sees recent buyback as reasonable buying, with
ELD remaining one of few ASX exposure to El Nino/La Nina
transition
    ** Six of 12 analysts rate stock "buy" or higher and six
"hold"; their median PT is A$9.00 - LSEG data
    ** Stock up 8.5% YTD, as of last close

($1 = 1.5370 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))