Aussie Iluka Resources posts biggest jump in 6 mnths after Macquarie upgrade

Iluka Resources

08/05/2023 04:49

** Shares of Iluka Resources  ILU.AX  rise as much as 5.4%
to A$11.57, recording their biggest intraday pct gain since Nov.
14 
    ** Macquarie upgrades ILU to "outperform" from "neutral,"
citing improved clarity on short-term outlook
    ** Hikes PT by 3% to A$12.30 on improved near-term earnings
outlook
    ** ILU at a recent conference held by Macquarie said it
expects production of zircon, rutile and synthetic rutile to
average 600 thousands tonnes (kt) over next three years
    ** Macquarie raises ILU's EPS forecasts for 2024 by 14%, but
lowers profit estimates by 2-4% through 2027
    ** Stock hits highest level since April 20
    ** Stock up over 15% YTD, as of last close
    

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))