GrainCorp stuns market with drastic earnings guidance cut
GrainCorp (ASX:GNC) sent shockwaves through the market on Wednesday as its shares plummeted by a staggering 16%.
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News
GrainCorp’s 2022-23 revenue up, earnings down, similar trends expected in 2023-24
GrainCorp (ASX:GNC), Eastern Australia's major grain and oilseeds group, has disclosed higher revenue but significantly lower earnings for the fiscal year ending in September. The company indicated that the upcoming 2023-24 financial year is likely to follow a similar pattern.
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GrainCorp Converting Bushels into Big Bucks
The boom conditions in rural Australia continued for GrainCorp, with an upgrade to full year earnings yesterday alongside a solid interim performance.
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Market Murmurs: NUF, GNC, KMD
Three pretty upbeat stories from companies reporting to the market on Wednesday, with Nufarm, Graincorp and the erstwhile Kathmandu all seemingly in good shape.
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All Wheat and No Chaff for GrainCorp
Shares in GrainCorp jumped yesterday after the company again upgraded earnings guidance by nearly 10% for its year to September 2022 results and painted a very rosy picture indeed.
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Analyst Views
GNC – Macquarie rates the stock as Outperform
Outperform rating and $11.10 target maintained.
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GNC – Morgans rates the stock as Hold
The target price increases to $10.40 from $9.36. Hold.
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GNC – Credit Suisse rates the stock as Neutral
The Neutral rating is retained and the target price increases to $7.17 from $6.78.
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GNC – Credit Suisse rates the stock as Neutral
Target is increased to $6.35 from $6.16. A Neutral rating is maintained on valuation although the broker acknowledges the upside risk.
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GNC – Macquarie rates the stock as Outperform
Macquarie retains an Outperform rating and raises the target to $7.32 from $7.27.
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