0331 GMT - Select Harvests' improved balance sheet makes the Australia-listed almond farmer even more appetizing to its bull at Bell Potter. Analyst Jonathan Snape tells clients in a note that the company's fiscal year-end net debt would have been lower than its A$230 million-A$245 million guidance even without the proceeds of its recent capital raise. He points out that almond prices are heading toward levels not seen for at least four years, and flags management's positive outlook commentary heading into fiscal 2025. He raises his net profit forecasts by 4% for fiscal 2025 and 9% for fiscal 2026. Bell Potter lifts its target price 8.7% to A$5.00 and maintains a buy rating. Shares are up 9.8% at A$4.05. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
December 01, 2024 22:32 ET (03:32 GMT)
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