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Agrana ratings downgraded

July 15, 2008
Analyst Martina Valenta of Erste Bank downgrades Agrana AG (AGB1) from "hold"to "reduce,"while reducing her estimates for the company. The target price has been reduced from €72.40 to €54.00.

In a research note published this morning, the analyst mentions that the company has posted its 1Q08/09 EBIT significantly short of the estimates on account of high margin pressure in the sugar and starch divisions and high corn and energy prices.
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AGRANA Stärke GmbH is the operating company of the starch division with a potato starch factory in Gmünd, a corn starch factory in Aschach and a bioethanol plant in Pischelsdorf.
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