Australia's GrainCorp gains as brokerages support in-line annual results

** Shares of GrainCorp GNC.AX rise as much as 4.9% to A$7.34 in early trade, their highest since January 16

** Grain handler on Thursday logged FY underlying NPAT of A$ 31 million ($21.10 million), 15% ahead of VA consensus, as per Jefferies

** Jefferies said although the result was "solid," the stock's 0.6% loss following results likely reflected limited evidence of grain supply turnaround

** However, Jefferies hikes FY27-28 earnings expectations by 5% and 3%, respectively, after FY26 revenue beat expectations

** Brokerage also raises price target to A$7.85 from A$7.5

** Morningstar says GNC results were "broadly in line," but lowest FY27 margin forecasts on a slower recovery as growers remain reluctant to sell grain

** Investment research firm cuts fair value estimate by 6% to A$7.4

** GNC shares remain undervalued, with market likely focusing on short-term weakness in grain volumes — Morningstar

** Stock flat YTD, including the day's moves

($1 = 1.4691 Australian dollars)