Select Harvests is Australia’s second-largest almond producer with over 9,000 hectares of orchards producing around 28,000t of almonds a year. The almond market is largely controlled by Californian producers which make up more than 80% of the global market. We have started to see signs that almond prices are bouncing off lows with a significant drought in California impacting crop yields and demand growing on the back of India and China consumption. We highlighted SHV in a report late last week – Click Here – and shares have started to move, bouncing off ~$5 support, shaping up for a rally to our initial target.
MM is bullish SHV, initially targeting $9/sh
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