Australia's Nufarm eyes best week since Feb 2022 on strong interim results

Nufarm

19/05/2023 06:08

(Adds share moves, weekly milestones)
    ** Shares of Nufarm Ltd  NUF.AX  have risen 7.8% this week,
set for their sharpest weekly gain since early February, 2022
        ** Stock down 3.64% to A$5.83 on Friday
  
    ** Agricultural chemicals co reports 7% jump in HY
underlying net profit after tax to A$142 mln ($96.32 mln)
    ** Jefferies says NUF's better-than-expected first-half
result despite challenging markets has boosted confidence in the
resilience of the business    
    ** Brokerage sees co's FY26 "aspirational" revenue targets
as "increasingly achievable"
    ** Jefferies raises PT by 2% to A$6.20, keeps "hold" rating 
    ** Citi raises NUF's earnings estimates for H2; maintains PT
of A$6.90 and "buy" rating
    ** Six of 11 analysts rate stock "buy" or higher, five
"hold"; median PT is A$6.90 – Refinitiv data
    ** As of last close, stock down 13.5% this year

 (Reporting by Harish Sridharan and Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))