Jefferies cuts Ampol price target after Q3 trading update

By Reuters News

** Jefferies cuts its price target on Ampol Limited ALD.AX to A$44.00 from A$45.50 and maintains a "hold" rating following the company's Q3 trading update

** Brokerage cuts FY26 EBIT forecasts by 6.8%, citing weaker-than-expected refining earnings and delays to key refinery projects

** Says Ampol was unable to fully benefit from stronger regional refining margins due to extended maintenance and higher crude premiums

** Says the co's FCCU unit restart has been delayed to mid-November, which will cut Q4 output of gasoline, diesel and jet fuel by 150 mln litres from the previous forecast.

** On the other hand, Jefferies says convenience retail continues to perform strongly, supported by double-digit shop sales growth and progress on synergy delivery from recent acquisitions

** YTD, stock up 31.3%, as of last close

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