Aussie poultry producer Inghams tops benchmark index on Bell Potter's PT hike

Inghams

06/02/2024 02:35

** Shares of Australia's Inghams  ING.AX  rise as much as
4.4% to A$4.51, their highest since May 24, 2019 
    ** ING stock is top gainer in the AXJO index 
    ** Analysts at Bell Potter raise price target on the poultry
producer to A$4.90 from A$3.95 and upgrade stock to "buy" from
"hold"
    ** Increases estimates for underlying net profit after tax
by 4% in FY25 and by 5% in FY26
    ** Expects decline in domestic wheat and soybean meal
pricing to benefit FY25 estimates through feed cost deflation
    ** Brokerage sees improved prospects for winter 2023-24 crop
    ** Stock posts its biggest intraday pct gain since Oct 31
    ** Six of nine analysts rate the stock "buy" or higher, two
"hold" and one "sell" or lower; their median PT is A$4.45 - LSEG
data
    ** Stock has risen 9.1% this year, as of last close

    

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