0106 GMT - Select Harvests loses its bull at Wilsons following the almond farmer's disappointing trading update and new equity raise. The Australian broker's analysts tell clients in a note that the A$80 million equity raise derisks the company's balance sheet but is dilutive. Select Harvests' FY 2024 earnings guidance is at the lower end of analyst expectations despite higher almond prices, they add. There is little change to their earnings forecasts through FY 2025, but they lower their Ebit expectations for FY 2026 by 7%. Wilsons cuts its target price 17% to A$4.57 and lowers its recommendation to market weight, from overweight. Shares are down 16% at A$3.705 after emerging from a trading halt. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
September 22, 2024 21:06 ET (01:06 GMT)
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