Elders SharesFall After Ratings Downgrade
Dec. 4, 2022 at 7:08 p.m. ET
By Alice Uribe
SYDNEY--Elders Ltd. shares fell inearly Monday trading after it was slapped with a ratings downgrade by a keyinvestment bank.
The agricultural-services company'sshares slid 6.4% to 9.74 Australian dollars (US$6.62) after hitting a low ofA$9.73. It is currently the worst performer on the S&P/ASX 200.
Analysts at UBS on Monday issued aresearch note outlining reasons for downgrading Elders to neutral from buy andcutting its target price by 25% to A$11.30 a share.
UBS analyst Evan Karatzas said thepotential for Elders's share price to outperform could be challenged in thenear term. He attributed this view to the company having a more subduedearnings growth outlook, combined with management uncertainty due to theannounced retirement of Chief Executive Mark Allison.
"To return to a positive stance,we look for a greater level of earnings growth visibility as well as futuremanagement clarity," said Mr. Karatzas.
Elders shares are down 21% so farthis calendar year.
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Last
$9.24 |
Change
0.010(0.11%) |
Mkt cap ! $1.460B | |||
| Open | High | Low | Value | Volume |
| $9.26 | $9.29 | $9.17 | $2.372M | 257.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1227 | $9.22 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $9.27 | 1388 | 1 |
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| Last trade - 16.10pm 26/07/2024 (20 minute delay) ? |
| ELD (ASX) Chart |