Citi cuts target price on Australia's Nufarm on crop protection outlook

Nufarm

09/11/2023 21:59

** Analysts at Citi cut target price for crop protection
products maker Nufarm Ltd  NUF.AX  to A$4.65/shr and downgrades
co to "neutral" rating 
    ** Brokerage says NUF's global peers recently downgraded
their outlook based on lower crop protection volumes due to
elevated channel inventories
    ** Citi adds subdued active ingredient prices likely to
ensure distributors continue to adhere to just-in-time inventory
management system 
    ** Brokerage forecasts FY23 EBITDA of A$432 mln ($275.10
mln) reflecting subdued crop protection volume 
    ** Co has forecasted underlying EBITDA in range of A$430 mln
to A$440 mln in FY23 
    ** Six of 11 analysts rate the stock "buy" or higher and
five "hold"; their median PT is A$6.25 - LSEG Data
    ** Stock down 26.9% YTD, as of last close 
   


($1 = 1.5704 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))