Macquarie downgrades Australia's Nufarm as North America weighs

Nufarm

02/02/2024 03:06

** Macquarie downgrades rating on target for Australia's
Nufarm  NUF.AX  stock to "neutral," reduces PT to A$5.73 from
A$5.80 
    ** Lowers EPS estimate by 13%, 5% and 3% for FY24, FY25 and
FY26, respectively, on margin pressure in North America and
weaker base seeds business
    ** Brokerage says North America "remains challenged;" but
expects margin pressure to ease in 2H
    ** Shares of Nufarm rise as much as 2.5% to A$5.66, their
highest level since May 23
    ** NUF fell 1.1% on Thursday after saying earnings will be
less skewed towards 1H than previously indicated, citing
challenging crop protection conditions
    ** About 1.3 mln shares change hands, versus 30-day average
volume of 811,382
    **  Six of 12 analysts rate stock "buy" or higher, six
"hold;" their median PT is A$5.67 –– LSEG data
    ** Stock up 5.8%% in 2023, as of last close

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))