Broking house Morgans has released new research reports on two companies, which it says will increase in value by almost a third over the next 12 months.
The broker said world food prices rose for a third straight month in August, heading close to a four-year high, but still 17% below the March 2022 peak.
Morgans said Nufarm was their top pick in the agricultural sector.
Morgans has a $4.15 price target on Nufarm shares compared to $3.16.
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The downgrade has come about as a result of SGH's 30% shareholding in Beach Energy Ltd and negative earnings revisions from Beach in a report in early August.
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The article, shortened and in plain language
Broking house Morgans has released new research reports on two companies, which it says will increase in value by almost a third over the next 12 months.
Morgans writes in its research note on the food sector that conditions are ripening for soft commodities to perform well, with two "genuine supply shocks" hitting the sector.
The broker said world food prices rose for a third straight month in August, heading close to a four-year high, but still 17% below the March 2022 peak.
Part of the reason includes Russia and Ukraine attacking each other's Black Sea ports, with Russian exports at their lowest since 2016, and Ukraine's at a 16-year low, Morgans said.
Morgans said Nufarm was their top pick in the agricultural sector.
Investor Days on 28-29 September are the next catalyst.
Morgans has a $4.15 price target on Nufarm shares compared to $3.16.
The downgrade has come about as a result of SGH's 30% shareholding in Beach Energy Ltd and negative earnings revisions from Beach in a report in early August.
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