Australia's Elders top loser on ASX 200 on Citi's 'sell' rating

Elders

14/08/2023 05:07

(Updates with share moves)
    ** Australia's Elders Ltd  ELD.AX  drop as much as nearly 7%
to A$7.4; among top losers on ASX 200  .AXJO 
    ** Citi starts with "sell" and A$6.85 price target
    ** Citi says ELD is "high-quality agricultural play with
solid track record of backward integration and growth through
the cycle"
    ** But Citi sees potential headwinds like adverse weather,
lower commod prices, gradual growth in livestock exports ahead
    ** Says sharp moderation in commod prices a key industry
concern
    ** Expects ELD's core net profit to drop ~32% in FY 23 and
nearly 5% in FY24
    ** Four analysts rate ELD "buy" or higher, and six "hold";
their median PT is A$8.57 – Refinitiv data

 (Reporting by Navya Mittal and Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))