Australia's GrainCorp rises as Macquarie raises FY24 earnings estimates

Graincorp

06/12/2023 24:13

** Shares of agribusiness firm GrainCorp  GNC.AX  rise as
much as 0.5% to A$7.520
    ** Macquarie increases FY24 earnings estimates by 2%, sees
an increase in winter production
    ** Says co is well prepared for "rainy days", adds benign
weather forecast for December will help with completion of
harvest for crops  
    ** Brokerage keeps target price at A$9.70, rates the stock
"Outperform"
    ** Five of eight analysts rate the stock "Buy" or higher,
two "Hold" and one "Sell"; their median PT is A$9 – LSEG data
    ** Stock has risen 4.2% this year as of last close

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))