The company reported 3Q numbers last week and the reception was mixed, with BA-Merrill Lynch downgrading to Hold and JP Morgan upgrading to Hold. Merrills noted Boral had been cutting headcount costs, but still failed to stem the fall in earnings. The Australian market has quite simply disappointed against the broker's expectations hence the downgrade. An Underperform rating might have been on the cards but for the obvious housing recovery in the US and growth opportunities in Asian plasterboard, the broker said.
8659064