Bell Potter ups PT for Australia's GrainCorp; shares track benchmark lower
** Analysts at Bell Potter raise PT for Australia's GrainCorp GNC.AX to A$10.2 from A$9.9 reflecting a modest upgrade in EBITDA multiples, consistent with peer group moves
** Changes NPAT estimates by -2%, +7% and -1% for FY24, FY25 and FY26 respectively, based on upgraded crop estimate, grain price movements, current forward curves in crush margins movements in cash rates
** Shares of the firm engaged in grain and edible oils business fall as much as 1.6% in line with declines in the broader ASX 200 benchmark .AXJO which lost 2%
** Seven of nine analysts rate the stock "buy" or higher and two "hold"; their median PT is A$9.65 –– LSEG data
** Stock has risen 23.8% this year, as of last close
Reporting by Sneha Kumar in Bengaluru
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