Macquarie cuts PT on Australia's Elders, sees adverse seasonal conditions key risk to earnings

Elders

06/11/2023 23:50

** Analysts at Macquarie cut target price on Australia's
Elders Ltd  ELD.AX  to A$6.72 from A$6.88, give "neutral" rating
    ** Shares of ELD down 0.2% at A$6.20, as of 1134 GMT
    ** Analysts at Macquarie see adverse seasonal conditions as
key risk to agribusiness co's earnings
    ** Macquarie says livestock prices have been under pressure
as farmers reduce herd sizes ahead of drier conditions and El
Nino weather patterns
    ** Brokerage sees EBIT of A$166.5 mln ($108.06 mln) for
FY23; FY22 underlying EBIT was A$232.1 mln 
    ** ELD has forecast FY underlying EBIT between A$165 mln and
A$175 mln
    ** Four of 11 analysts rate the stock "buy" or higher, six
"hold" and one "strong sell"; their median PT is A$7.10 - LSEG
data
    ** ELD down 38.8% YTD, as of last close 
   
($1 = 1.5408 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))