Australia's Graincorp extends fall; Bell Potter, Jefferies cut PT

Graincorp

07/05/2024 05:11

(Updates)
    ** Shares of diversified agribusiness firm Graincorp
 GNC.AX  fall as much as 3.6%
    ** Stock extends declines to a second session, following its
FY24 trading update on Monday
    ** Jefferies cuts PT to A$9.10 from A$9.65, downgrades stock
to "hold"
    ** Brings down FY24 EPS estimate by 30% on continued
softness in grain handling margins driven by stronger global
supply of grains and oilseed, among others
    ** Bell Potter lowers PT to A$9.20 from A$9.30; sees
softer-than-expected 2H24, reduces PAT estimates by 18%, 13% and
12% for FY24, FY25 and FY26, respectively
    ** About 800,528 shares change hands, compared with 30-day
average volume of 623,208
    ** Five of eight analysts rate the stock "buy" or higher,
two "hold" and one "sell" or lower; median PT is A$9.01 –– LSEG
data
    ** Stock has risen 11.3% YTD

 (Reporting by Rajasik Mukherjee and Sneha Kumar in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com;))