2355 GMT - AGL Energy gets a new bear in Macquarie as power prices hover at five-year lows. Macquarie downgrades AGL to underperform from neutral, stating that Australia's electricity market is structurally oversupplied. "AGL downgrade cycle is not fully reflected in consensus," Macquarie says. "At best earnings will correct in FY29, and risk is the oversupply price event extends to FY31 with delayed coal retirements." AGL's base earnings are structurally lower, Macquarie contends. Its price target falls by 12% to 7.75 Australian dollars a share. AGL ended last week at A$8.44. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
July 12, 2026 19:55 ET (23:55 GMT)
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