PAC Partners lifts Ridley Corp's PT on 'more dependable growth', shares rise

Ridley

05/01/2022 24:49

** Shares of Ridley Corp Ltd  RIC.AX  rise as much as 3.3%
to A$1.550, their highest since Oct 11, 2018
    ** PAC Partners lifts RIC's 12-month price target by 19% to
A$1.85 per share due to co's "more dependable growth" with wide
product and geographic bases
    ** Also raises the animal feed producer's rating to "buy"
from "hold" 
    ** Says opportunities from RIC's rapidly growing pet food
sales, aquaculture and late-stage nutrition R&D could sustain
higher levels of growth
    ** RIC's earnings are becoming more dependable with
increased sales into differentiated feed for fish and pets - PAC
Partners
    ** However, PAC cites risks such as contraction in dairy
and/or poultry volumes, volatile raw material prices and
customers taking feed in house
    ** Stock posts its biggest intraday pct gain since Dec 23,
2021; marks fifth straight session of gains
    ** Ridley Corp stock up ~63.4% in 2021


 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))