Another Overhang for Amira Nature Foods Ltd (ANFI) Shares? Oppenheimer Says Yes
Amira Nature Foods Ltd (NYSE:ANFI) shares fell more than 25% yesterday, after the Indian specialty rice company filed a notice that its annual 20-F filing for the year ended March 31, 2015 will be delayed due to the company requiring additional time to work with internal staff and external auditors to finalize the report.
Oppenheimer analyst Rupesh Parikh commented: “Management expects to file the report no later than the fifteenth calendar day following the prescribed filing date. With this additional overhang along with existing uncertainty towards plans to finance growth and open a new processing center, we continue to maintain our prior cautious N-T stance until these issues get resolved. We expect the market to award ANFI shares a higher multiple over time as these outstanding concerns are resolved, and investors become more familiar with the story and gain comfort with the management team.”
The analyst rates Amira Nature Foods shares an Outperform with a $17 price target, which represents more than 100% upside in the next 12 to 18 months.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Rupesh Parikh has a total average return of 11.1% and a 63.8% success rate. Parikh has a 11.3% average return when recommending ANFI, and is ranked #385 out of 3724 analysts.
Out of the 3 analysts polled by TipRanks, 2 rate Amira Nature Foods stock a Hold, while 1 rates the stock a Buy. With a return potential of 88.3%, the stock’s consensus target price stands at $16.67.