0039 GMT - GrainCorp's bull at Macquarie sees potential for the stock to re-rate if the company confirms a positive earnings trajectory at its annual general meeting. An analyst note from the investment bank outlines an expectation that the strong start to the current winter harvest will help GrainCorp increase its export program. Export volumes are key for delivery on earnings and the Macquarie note points to industry data suggesting that farmer selling has accelerated in January. Macquarie trims EPS forecasts by less than 1% but keeps an outperform rating on the stock. The target price remains A$9.85. Shares are down 0.1% at A$7.305. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 22, 2025 19:39 ET (00:39 GMT)
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