** AGL Energy AGL.AX rises as much as 3.9% to A$9.225
** Jefferies, Morningstar align on improved operational results in FY26
** Morningstar maintains fair-value estimate at A$12; expects FY@6 margins to improve
** Says market reaction to soft FY26 EBITDA outlook of ~A$1.92 bln ($1.26 bln)-A$2.22 bln overdone
** Expects investments in new batteries, future increases in electricity prices to offset drag from rising gas costs
** Jefferies cuts PT to A$11.43 from A$12.82 on uncertainties around depreciation charges
** Says there's value in AGL above share price, but it will take co longer to close gap between current PT and fair value
** YTD, AGL down 18.6%
($1 = A$1.5288)
($1 = 1.5242 Australian dollars)
(Reporting by Shruti Agarwal in Bengaluru)
((Shruti.Agarwal@thomsonreuters.com))
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