Inghams eyes best day in 27 mths as Macquarie upgrades to outperform, lifts PT

Inghams

20/02/2023 04:47

** Analysts at Macquarie raise PT on Australia's Inghams
Group  ING.AX  to A$2.97 from A$2.62 after a 'strong' first-half
result which lifts brokerage's confidence in the company
    ** Upgrades co to 'outperform' from 'neutral'
    ** Shares of Inghams rise as much as 11.3% to A$3.05; set to
gain most since Nov. 5, 2020 if gains hold
    ** The poultry producer on Friday posted underlying net
profit after tax pre-AASB 16 that beat both brokerage and market
estimates
    ** Macquarie says co shifting from operational disruptions
it faced in fiscal 2022 faster than expected
    ** Brokerage upgrades preferred metric of pre AASB-16 EBITDA
to A$169 mln for FY23 and NPAT of A$77 mln; forecasts A$201 mln
EBITDA in FY24
    ** Raises FY23, FY24, and FY25 EPS estimates by 9.3%, 3.7%
and 0.9%, reflecting quicker-than-expected recovery in earnings
from a challenging FY22
    ** Brokerage adds co gave generally positive outlook
commentary as it expects positive momentum to continue into the
second half
    ** Stock has fallen 4.2% this year, as of last close 
($1 = 1.4499 Australian dollars)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))