0112 GMT - Select Harvests has scored another own goal with the elevated debt level that has forced the almond farmer into an emergency capital raise, Ord Minnett analyst John Lawlor tells clients in a note. Lowering his recommendation on the stock to hold from buy, Lawlor tells clients that the company had A$75 million more debt than it had guided for due to what it said were freight delays. He is especially frustrated with the weakness of Select Harvests' trading update given that it comes at a time when volumes, quality and prices are all shifting in the company's favor. Ord Minnett cuts its target price 16% to A$4.35 as it waits for evidence of improved execution. Shares are down 16.5% at A$3.70. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
September 22, 2024 21:12 ET (01:12 GMT)
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