Elders (ELD)
Guys, Can you advise your views on ELD? I can see some improvement in analysts sentiment (Bells/Shaws/Moelis) and a consensus upside verse close price of around 40%. Cheers
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Answer
Hi Luke,
A great question and it’s a stock that we have mentioned once or twice recently as a turnaround story, having been very critical of the companies messaging and subsequent performance in 2022 – you can read this on the Market Matters website here.
I’m a natural cynic, particularly in relation to broker target prices, and especially if there is the prospect of corporate activity, such as a capital raise. That may or may not be the case with ELD however it’s something worth keeping in ones mind!
At this juncture, we think many investors have capitulated, and the next 20-30% is more likely on the upside. We think it finally looks good here and is set for a better FY24.
