Inghams, the Australia-based poultry company, surged by roughly 6.3% to reach A$3.39, which marks their highest point since February 8th.

This increase came about after fair value evaluation by Morningstar for the poultry producer was upgraded by 6% to reach A$3.70.

Inghams recently experienced a record increase in their shares after a substantial final dividend was declared, thanks to the surge of poultry prices.

The FY23 EBITDA for Inghams, according to Morningstar, was 2% higher than projected, coming in at A$434 million.

The brokerage maintains a positive outlook on the long-term dynamics of the industry, anticipating an upward trend in profitability for the 2024 fiscal year.

Continued margin recovery, a growing population, and a subtle per-capita increase in chicken consumption are all factors expected to benefit Inghams.

Before the close, the company’s stock had already risen 11.5% for this year.

Inghams (ASX:ING) is an Australian poultry producer delivering a diverse range of products.