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Costa Group shares hit $5.59 after expectations of stronger citrus export pricing

The Costa Group Holdings share price has continued its strong run and is up 6.5% to an all-time high of $5.59 in late morning trade. This brings the horticulture company’s year-to-date return to in excess of 62%.

With no news out of Australia’s leading grower, packer, and marketer of fresh fruit and vegetables, today’s gain is likely to be related to a positive broker note out of Ord Minnett.

According to the note, Ord Minnett has upgraded Costa Group’s shares from lighten to a hold rating with an increased price target of $5.01.

The broker expects the company to benefit from higher citrus export pricing, offsetting any weakness from its berry exports.

Source: fool.com.au

Publication date: 9/29/2017


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