The analysts say the grains marketer and exporter must now focus on reducing debt to allow it to take growth opportunities in grain markets.
To expand the business, AWB moved into handling other commodities such as barley and maize as well as bolstering the service to its existing wheat growers and improving the performance of its Landmark Rural Services Unit.
The federal government cancelled AWB's monopoly on wheat exporting in 2006 following revelations of bribes paid to Saddam Hussein's regime in Iraq.
UBS analyst Lachlan Parker on Thursday said 2008 was a transformational year for AWB.
In a note to clients, Parker said "operational reform is already starting to show dividends" following progress on lawsuits related to the food-for-oil scandal in Iraq and a strong annual earnings result.
However, Parker maintained a "neutral" rating on the stock.
AWB on Wednesday said it more than doubled net profit to $64.3 million for the year to September 30 from $27.1 million the year before.
The Landmark unit, which provides services to farms such as fertiliser sales, was a standout performer during the year.
It benefited from increased agricultural activity across the country, according to chief executive Gordon Davis.
A Citi analysts raised AWB's rating to "hold" from "sell" because of Landmark's result.
JPMorgan, led by Stuart Jackson, said it was pleasantly surprised by the stronger net profit but the level of gearing remained a concern.
"The high level of gearing could restrict AWB's strategic options in the current period of deregulation of Australian grain markets," they wrote.
JPMorgan maintained AWB's "neutral" rating.
