$8.80 Target on this one! Everything looking good for a steady rise!
1033 [Dow Jones] STOCK CALL: GrainCorp (GNC.AU) up 5 cents at A$8.05. JPMorgan raises target price to A$8.80 from A$8.00. Fueling change, GNC upgraded profit guidance for FY09 to a range A$53 million-A$63 million from previous A$37 million-A$42 million, reflecting increased grain receivals, higher export tonnages. Of Australian grain companies, GNC most highly leveraged to size of crop, JPMorgan says; adds becoming more positive on GNC, due to higher earnings from bigger grain volumes, prospects for another good winter crop driving earnings in FY10, strength of balance sheet after capital raising. (RCB)
GNC Price at posting:
$6.91 Sentiment: Buy Disclosure: Held
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