Business
Why Morgans just upgraded the Orica (ASX:ORI) share price to “buy”
The Orica Ltd (ASX: ORI) share price is outperforming on Monday after a leading broker upgraded the stock.
The Orica share price jumped 1.4% to $16.50 when the S&P/ASX 200 Index (Index:^AXJO) gained 0.5%.
Optimism about a COVID‐19 vaccine is fuelling the market rally and the good times are likely to roll into early 2021.
Why Orica scored a broker upgrade
There’s also good upside for the ORI share price, according to Morgans which lifted its recommendation on the stock to “add” from “hold”.
The decision came after Orica posted its FY20 results with second half earnings looking particularly weak.
The explosives maker’s operating net profit crashed 20% to $299.3 million, which was 9% below Morgan’s forecasts and 7%…
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