GNC - Macquarie rates the stock as Neutral
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Macquarie reduces FY18 and FY19 forecasts for earnings per share by -22% and -14% respectively to account for a weaker-than-expected harvest and exports outlook.
The broker expects the stock to be range bound heading into a probable soft update at the AGM, as the market absorbs the earnings impact from a low crop year and an uncompetitive Australian grains scenario.
Neutral retained. Target is reduced to $7.88 from $8.36.
Sector: Food, Beverage & Tobacco.
Target price is $7.88.Current Price is $7.58. Difference: $0.30 - (brackets indicate current price is over target). If GNC meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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