0043 GMT - Morgans reckons Dyno Nobel has done a good job on the transformation program to refocus on explosives, even if it did get "a poor price" for its fertilizer business. "As a pure-play global explosives business, DNL will become a much simpler story," the broker says. The company is making the most of industry tailwinds and could have upgraded its FY26 guidance had it not been for a stronger AUD, cost headwinds from the Middle East conflict and some "stranded costs" following the sale of Phosphate Hill, says Morgans. The broker views the stock as fairly valued. A buyback should continue to support the share price, it says. Morgans keeps a hold rating but raises its target to A$3.46 from A$3.33. Shares are down 0.6% at A$3.52, after gaining 6.6% Monday. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

May 11, 2026 20:43 ET (00:43 GMT)

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