a2 Milk's Recent Share-Price Rally Lures Bear -- Market Talk

Dow Jones10-15

0125 GMT - The a2 Milk Company's recent share-price rally lures a new bear. Bell Potter analyst Jonathan Snape cuts his recommendation on the milk and dairy-product supplier to sell from hold, telling clients in a note that its rally was in line with that enjoyed by China's consumer discretionary stocks. He sees no fundamental changes supporting a valuation of 17.5 times Ebitda, which he tells clients in a note represents a significant premium to global infant-formula and dairy plays. With input costs still rising and Australia-China trade flows looking soft, Bell Potter trims its target price on the stock by 1.6% to A$6.10. Shares are down 0.9% at A$6.365. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

October 14, 2024 21:25 ET (01:25 GMT)

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With input costs still rising and Australia-China trade flows looking soft, Bell Potter trims its target price on the stock by 1.6% to A$6.10. Shares are down 0.9% at A$6.365. 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