Jefferies Starts Amira Nature Foods Ltd. (ANFI) at Buy
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Jefferies initiates coverage on Amira Nature Foods Ltd. (NYSE: ANFI) with a Buy rating and a price target of $13.00.
Analyst Akshay Jagdale commented, "ANFI is a basmati/specialty rice company that is poised to benefit from doubling of the Asian middle class & corresponding trade-up to premium basmati rice. A discredited short campaign combined with a temporary oversupply of basmati rice hurt ANFI’s FY16 results. In recent months, export demand has accelerated & basmati prices have stabilized, creating an especially attractive entry point for LT investors. We are initiating coverage with a Buy rating & $13 PT."
Shares of Amira Nature Foods Ltd. closed at $7.09 yesterday.
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