Citi 16/10/2009 1 Reinitiation of coverage - Buy $9.20 26.7%
Citi has re-initiated coverage on Graincorp with a Buy call and $9.20 price target (was $10.71 in August).
The broker believes the company's acquisition of United Malt Holdings offers both strategic and financial rewards, while also being complementary to the company’s Australian grain supply chain.
With the company currently trading at a 30% discount to the ASX200 and at 11x FY10 earnings, the broker sees plenty of upside given the stock traditionally trades at parity with the benchmark.
opportunity, page-5
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Last
$8.73 |
Change
0.020(0.23%) |
Mkt cap ! $1.958B | |||
| Open | High | Low | Value | Volume |
| $8.69 | $8.76 | $8.61 | $4.059M | 465.0K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1840 | $8.72 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $8.77 | 18375 | 2 |
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