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Nufarm Back In Clover But Europe Still Fragile
This story features NUFARM LIMITED. For more info SHARE ANALYSIS: NUF
Before the discount that Nufarm trades at relative to global peers is removed, brokers want greater proof that signs of a European recovery aren’t short-lived
-Nufarm s second half guidance could be too conservative
-Profit in second half to be materially lower than the first half
-Brokers say further evidence needed on sustained changes in product mix/cost reductions
-Greater earnings visibility would be a big plus
By Mark Story
Nufarm ((NUF)) is currently emerging from a tough set of agricultural and industry-related headwinds that have buffeted the company over the past three years. But with the cyclical factors undoubtedly more favourable now, the crop protection and seed technologies company appears to be considerably better positioned for future growth.
By Mark Woodruff
Guide:
The FNArena database tabulates the views of seven major Australian and international stock brokers: Citi, Credit Suisse, Macquarie, Morgan Stanley, Morgans, Ord Minnett and UBS.
For the purpose of broker rating correlation, Outperform and Overweight ratings are grouped as Buy, Neutral is grouped with Hold and Underperform and Underweight are grouped as Sell to provide a Buy/Hold/Sell (B/H/S) ratio.
Ratings, consensus target price and forecast earnings tables are published at the bottom of this report.
Summary
Total Upgrades: 11
Net Ratings Breakdown: Buy 54.91%; Hold 38.37%; Sell 6.73%
For the week ending Friday 21 May, there were eleven upgrades and nine downgrades to ASX-listed companies by brokers in the FNArena database.