Analysts lift PT on Australia's Nufarm on solid FY results

Nufarm

15/11/2023 21:43

** Analysts at Jefferies raise PT on Australia's Nufarm
 NUF.AX  by 10% to A$5.30; Citi also upgrades PT to A$5.60 from
A$4.65 
    ** Crop protection and seed technology co posted FY
statutory net profit after tax of A$111 mln ($72.25 mln), up 3%
    ** Citi raises FY24 EBITDA by 3%, driven by higher margin
assumptions for Crop Protection division across North America
and Europe 
    ** Jefferies says co is on track to achieve its FY26 revenue
targets of A$3.8 bln to A$3.9 bln
    ** Brokerage, however, trims its FY24 and FY25 EBIT
forecasts by 6% and 2%, respectively, citing difficult trading
conditions for the company    
    ** Five of 11 analysts rate the stock "buy" or higher and
six "hold"; their median PT is A$5.50 – LSEG data
    ** Stock down 21.53% this year, as of last close
    

($1 = 1.5363 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))