0031 GMT - GrainCorp loses a bull in UBS despite official forecasts pointing to another strong crop in FY 2026. Analyst Apoorv Sehgal says elevated global supply of grain and canola could keep a lid on GrainCorp's profit margins. UBS also thinks GrainCorp's valuation is fair when taking into account A$160 million-A$160 million of new capex. "On the flip side, the stock should be supported by capital management," UBS says. That includes a A$75 million share buyback. UBS downgrades GrainCorp to neutral from buy and lowers its price target by 7.6% to A$7.95/share. GrainCorp is up 1.7% at A$7.70. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
June 03, 2025 20:31 ET (00:31 GMT)
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