Elders' (ASX:ELD) revenue forecast was lifted by 1% due to favorable seasonal outlook across Australia and strong agricultural prices, especially livestock, Jefferies said in a note on Monday.

The agribusiness reported Monday fiscal 2025 underlying earnings of AU$0.465 per share, up from AU$0.407 a year earlier.

The brokerage, which notched up its guidance for the company margins, cut fiscal 2026 and fiscal 2027 earnings per share forecasts by 4% and 2%, respectively, to account for the higher share count from the acquisition of Delta.

With the company's Transform Program nearing completion, Jefferies expects lower spending on capital and transitional costs and benefits from the program to boost profits from fiscal 2027.

Jefferies maintained its Hold rating and kept its price target unchanged at A$7.80.