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

Capital Com is an execution-only service provider. The present material must be regarded as marketing communication and should not be interpreted as investment research or investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page, then you do so entirely at your own risk