Australia's Graincorp hits 2-month high after Macquarie hikes price target
18/07/2023 05:26
** Shares of Australia's Graincorp Ltd GNC.AX rise as much
as 3.9% to A$8.02, hitting highest level since May 16
** Macquarie hikes price target to A$10.13 from A$9.08,
maintains "outperform" rating
** Brokerage says a number of recent transactions in
Australia and globally supportive of asset replacement values
** However, Macquarie lowers FY24/25/26 EPS estimates by
about 9%/6%/5% respectively, on less favourable margins; keeps
FY23 earnings expectations unchanged
** Says El Niño formation for the rest of 2023 and drier
conditions over July-September a headwind for winter crop
production in 2023/24
** Four of eight analysts rate the stock "buy" or higher,
three "hold" and one "sell"; their median PT is A$9.45 –
Refinitiv data
** Stock had risen 5.4% this year, as of last close
(Reporting by Jaskiran Singh in Bengaluru)
((Jaskiran.Singh@thomsonreuters.com;))