Citi analysts point out the 2020/21 winter crop is set to beat expectations, with record collections during the current harvest.
In addition, above-average rainfall is expected to continue until autumn, creating favourable conditions for sales of rural products.
Long story short: Citi sees plenty of justification for its above-consensus forecasts, which are supporting the Buy rating and $13 price target.
Sector: Food, Beverage & Tobacco.
Target price is $13.00.Current Price is $10.71. Difference: $2.29 – (brackets indicate current price is over target). If ELD meets the Citi target it will return approximately 18% (excluding dividends, fees and charges – negative figures indicate an expected loss).