Jefferies analyst Akshay Jagdale maintained a Buy rating on Amira Nature (ANFI) today and set a price target of $6. The company’s shares closed yesterday at $1.65.
Jagdale observed:
“ANFI announced a debt-for-equity swap that legally separates its Indian subsidiary from the public company, thereby eliminating tail risk associated with the liquidity concerns tied to the Indian sub. Additionally, the international business raised EUR25M in debt and will likely appoint new management. We value the international business at $2-$4/ share, which we think is conservative.”
According to TipRanks.com, Jagdale is a 4-star analyst with an average return of 3.1% and a 51.4% success rate. Jagdale covers the Consumer Goods sector, focusing on stocks such as Lamb Weston Holdings, McCormick & Company, and J & J Snack Foods.
Currently, the analyst consensus on Amira Nature is a Moderate Buy with an average price target of $6.
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Based on Amira Nature’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $96.58 million. In comparison, last year the company had a net profit of $9.11 million.
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Amira Nature Foods Ltd. engages in the manufacture, marketing, and distribution of packaged Indian specialty rice, primarily basmati rice, and other food products. It also offers edible oils and organics, wheat, barley, legumes and other produce. The company was founded in 1915 and is headquartered in Dubai, the United Arab Emirates.
