0028 GMT - A mixed winter-crop outlook across Australia's states keep Jefferies analysts neutral on GrainCorp despite an overall positive picture. They tell clients in a note that 2024-25 crop volumes are forecast to rise 17% on year, which would make them the fifth highest on record. However, they point out that prospects aren't great in South Australia and Victoria states due to unfavorably dry conditions. Things look brighter in NSW and Queensland, with volumes forecast to hit near-record levels. Jefferies lifts its target price on the grain handler and marketer by 4.5% to A$9.30 and keeps a hold rating on the stock, which is up 1.7% at A$9.16. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
September 29, 2024 20:28 ET (00:28 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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