Australia's Metcash rises; brokerages upbeat after HY results

Metcash

03/12/2024 24:25

(Updates share moves, milestones)
    ** Shares of Metcash  MTS.AX  rise as much as 6.9% to
A$3.410, their biggest intraday gain since June 26, 2023
        ** Stock hits its highest level since Oct. 22
  
    ** Analysts see upside for Aussie retailer after its
half-year results
    ** Citi upgrades stock to "Buy" from "Neutral", raises PT to
A$3.70 from A$3.40
    ** MTS on Monday reported underlying net profit after tax
(NPAT) of A$134.6 mln ($87.19 mln)
    ** Citi says while NPAT was in line with guidance, Food
business earnings were more resilient than expected
    ** "Food margin very strong despite disinflation and
increasing competitive intensity," Jefferies says
    ** Stock top gainer on the benchmark index  .AXJO 
    ** Six of 12 analysts rate stock "buy" or higher, five
"hold" and one "sell"; their median PT is A$3.60 – LSEG data
    ** Stock down 8.6% YTD as of last close
    
    
    

($1 = 1.5437 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))