Brokerages mixed on valuation for Australia's GrainCorp after weak annual results

** Brokerages remain mixed on their estimated valuation for GrainCorp GNC.AX after the grain handler swung to an annual loss

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

** Adds management flagged lower FY27 revenue and only modest margin improvement

** However, Jefferies hikes FY27-28 earnings expectations by 5% and 3%, respectively, as 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

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

** Stock down 2.5% YTD, as of last close