Australia's Nufarm HY results miss estimates; brokerages differ on outlook

Nufarm

23/05/2024 22:51

(Adds Citi's comments)
    ** Analysts at Jefferies raise PT for Nufarm  NUF.AX  by 12%
to A$5.30 
    ** Crop protection and seed technology company reported
first-half underlying EBITDA of A$217 mln ($143.31 mln) on
Thursday, below a Visible Alpha consensus est. of A$246 mln,
according to Citi
    ** Jefferies says NUF's target of crop protection revenue 
of at least A$3.8 bln by FY26, 25% higher than FY24 forecast
will require a lift particularly from new product pipeline
    ** Citi, however, downgrades NUF to "neutral" from "buy",
trims PT to A$4.80 from A$5.80
    ** "For us to turn more positive... we would like to see
more concrete evidence of price uplift in active ingredients
which should then flow through to Crop Protection products." -
Citi
    ** Morningstar maintains PT of A$7.70, citing NUF's
reiterating of its FY26 revenue forecast
    ** Four of 12 analysts rate the stock "buy" or higher and
eight "hold"; their median PT is A$5.45 – LSEG
    ** Stock down 9.4% YTD, as of last close

($1 = 1.5142 Australian dollars)

 (Reporting by Sneha Kumar and Aaditya Govind Rao in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))