Australia's GrainCorp tumbles as Jefferies cuts PT after HY profit slump
15/05/2026 02:34
Updates ** Shares of Australia's GrainCorp GNC.AX fall as much as 4.3% to A$5.150, hitting their lowest level since August, 2021 ** Analysts at Jefferies lower price target on GNC to A$7.50 from A$7.80, but retain "buy" rating ** The agribusiness firm posted a 92.1% fall in half-yearly net profit after tax to A$4.6 million ($3.32 million) on Thursday ** Jefferies cuts FY26, FY27 and FY28 EPS estimates for GrainCorp by 9%, 18% and 16%, respectively ** "GNC margins remain muted, with FY27 outlook worsening as a big East Coast crop is required to turn earnings, and therefore we take a conservative approach to FY28" - brokerage ** Four out of nine analysts rate the stock "buy" or higher, three "hold" and two "sell"; median PT at A$6.75 - data compiled by LSEG ** Shares down 27% YTD ($1 = 1.3850 Australian dollars) (Reporting by Keshav Singh Chundawat & Rajasik Mukherjee in Bengaluru) ((Keshav.singhchundawat@thomsonreuters.com))