Graincorp Receives Buy Rating from ING (GNC)
Graincorp (ASX:GNC)‘s stock had its “buy” rating restated by ING in a research note issued on Sunday. They currently have a $9.40 price objective on the stock. The analysts noted that the move was a valuation call.
Graincorp (ASX:GNC) remained flat at A$9.000 during trading on Friday. The stock had a trading volume of 1,115,928 shares. Graincorp has a 1-year low of A$7.500 and a 1-year high of A$12.800. The stock has a 50-day moving average of A$8.73 and a 200-day moving average of A$9.05. The company has a market cap of A$2.055 billion and a price-to-earnings ratio of 20.04.
Other equities research analysts have also recently issued reports about the stock. Analysts at JPMorgan Chase & Co. downgraded shares of Graincorp to an “underweight” rating in a research note on Tuesday, April 15th.
GrainCorp Limited is engaged in provision of services along the grain supply chain including receival, handling and storage of grain and other bulk commodities for growers and end users; and as an agent for marketing organizations; road and rail transport services for bulk commodities; handling of export grains and other bulk commodities through ports; marketing of grain and other bulk commodities and the operation of grain pools; production of malt and provision of products and services to the brewing and distilling industries, and flour milling and mixing services (ASX:GNC).
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