AGL Energy drops 5.10% to A$8.01 after Macquarie downgrades stock and cuts target to A$7.75
AI Market Summary
AGL Energy's shares fell ~5% after Macquarie downgraded the stock to "underperform" and cut its target price, citing persistent oversupply in Australia's National Electricity Market and wholesale power prices near five-year lows. The broker pushed out its power price recovery timeline to FY31 and materially reduced FY28–FY29 earnings estimates, reinforcing near-term downside pressure on Australian energy equities sentiment.
Impact level
● Medium
Affected assets
NCSIGER2USD/USDT+0.30%
AI Insight · NCSIGER2USD/USDTAI Insight
▼ Bearish
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AGL Energy (ASX: AGL) fell 5.10% to A$8.01 after Macquarie downgraded the stock from “neutral” to “underperform” and cut its price target to A$7.75. The broker cited an oversupplied National Electricity Market and wholesale power prices near five-year lows. Macquarie now expects a recovery in wholesale prices to be pushed back to FY31 and sharply reduced its FY28 and FY29 earnings forecasts, according to The Australian.
