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.
Elders SharesFall After Ratings DowngradeDec. 4, 2022 at 7:08...
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