0049 GMT - Macquarie turns bullish on fuel refiner and marketer Ampol, concluding that its earnings have now passed a cyclical low. Ampol's earnings "are set to benefit from what should be an improving refining outlook (potentially this year, but particularly in 2026-27," Macquarie says. It also thinks growth opportunities in its convenience retail network are underappreciated by investors. Macquarie moves to outperform, from neutral, even as it lowers the EPS outlook for 2025 by 9%. Its pared earnings forecast mainly reflects expectations of lower 1H refinery margins at Ampol's Lytton facility in eastern Australia. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 25, 2025 19:49 ET (00:49 GMT)
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