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(Sharecast News) - Analysts at Canaccord Genuity raised their target price on palm oil business MP Evans from 1,350.0p to 1,400.0p on Tuesday, stating the group was "continuing on the right path".
Canaccord Genuity said MP Evans's recent trading update highlighted a strong operational and financial performance in 2024 despite moderately challenging weather conditions in certain Indonesian regions due to dry weather.
The Canadian bank said MP Evans' total processed crop remained broadly stable compared to 2023, reaching approximately 1.61m tonnes, driven by increased production of own crops and smallholder scheme crops.
However, purchases from independent suppliers were lower than expectations due to robust internal production.
"We continue to view the company as well-positioned to deliver strong results. With consistent performance and unchanged conditions," said Canaccord Genuity.
Reporting by Iain Gilbert at Sharecast.com
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