Jefferies raises Graincorp's PT on strong winter crop production outlook
30/09/2024 01:22
** Analysts at Jefferies are upbeat on Australia's Graincorp
GNC.AX , citing favourable outlook for winter crop production
** Brokerage cites Australian crop report, saying that
winter crop production is forecast to rise to near-record levels
in NSW & Queensland
** Jefferies hikes co's FY25 and FY26 EBITDA outlook by 40%
and 4%, respectively
** Says upgraded outlook is driven by higher East Coast
Australia (ECA) volumes
** Hikes PT to A$9.30 from A$8.90, retains "Hold" rating
** Six of nine analysts rate the stock "Buy" or higher,
three "Hold"; their median PT is A$9.65 – LSEG data
** Stock is up 25% YTD as of 0017 GMT
(Reporting by Rajasik Mukherjee in Bengaluru)
((Rajasik.Mukherjee@thomsonreuters.com;))