Alliance Grain stock falls 7 percent on price target cuts
WINNIPEG, Manitoba (Reuters) - Shares of Alliance Grain Traders Inc (AGT.TO: Quote) fell 7 percent in early trading on Monday after several analysts cut their share-price targets for the Canadian processor of pulse crops such as lentils.
Alliance delivered lower than expected first-quarter results on Thursday as it struggles to maintain sales to buyers in India and Turkey under tighter credit conditions.
Analysts from Macquarie, Raymond James, CIBC, Canaccord Genuity and National Bank Financial have all cut their price targets for the Regina, Saskatchewan based company since Thursday.
Shares of Alliance Grain were down 7.2 percent, or 85 Canadian cents, at C$11.03 in Toronto.
(Reporting by Rod Nickel in Winnipeg; Editing by Peter Galloway)
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