- MORTGAGE CHOICE LIMITED
UBS rates as Downgrade to Sell from Neutral (5) - Mortgage Choice has issued a pre-result profit warning based on increased costs for its non-core ventures and marketing, the broker notes. FY12 profits are likely to be down 10-15% on a 35% increase in those costs. The broker has cut its forecast earnings by 13% and 12% in FY12-13 and dropped its target to $1.15 from $1.30. With little clarity on when non-core ventures might reach the break-even point, the broker has downgraded to Sell ahead of the Feb 22 result. More
- INVESTA OFFICE FUND
UBS rates as Buy (1) - Investa has completed its US exit with the sale of 900 Third Ave NY at an 8.7% to June book value, the broker notes. Attention now turns to how the Investa model can best be applied to local acquisitions and core assets, the broker suggests. More
- NATIONAL AUSTRALIA BANK LIMITED
JP Morgan rates as Overweight (1) - JP Morgan expects will engage in a core/non-core portfolio split with its UK assets, which means the share price falls in news of a review of the assets appears excessive in the broker's view. Given this expectation the broker retains an Overweight rating on the stock. More
- DAVID JONES LIMITED
Credit Suisse rates as Downgrade to Underperform from Neutral (5) - Target $2.40 (was $2.55). Along with operating headwinds from current tough retail conditions, Credit Suisse sees the loss of Stephen Goddard as CFO as significant and one that increases nearer-term risks. Poor 2H sales means downside risks to earnings at present and the broker has trimmed price target to reflect this. Rating downgraded to Underperform. More
- ORICA LIMITED
JP Morgan rates as Neutral (3) - JP Morgan notes the ammonia plant re-start has been delayed further, which increases the risk of a one-off maintenance catch-up. To reflect this earnings estimates have been trimmed. Price target is unchanged and JP Morgan retains a Neutral rating. More
- CARSALES.COM LIMITED
Macquarie rates as Outperform (1) - The broker notes Carsales' competitor Carsguide, backed by News ((NWS)), increased its inventory count by 40% in December to a level half that of . However has not lost market share as a result given its comprehensive data set being a benefit to dealers, such that listings are appearing on both sites. The war is on and the broker thus sees a risk to but underlying this is increasing used car sales on line. Ahead of the result the broker retains Outperform. More
- SUNCORP GROUP LIMITED
RBS Australia rates as Buy (1) - In the view of RBS recent falls in bond yields mean corp will struggle to meet its underlying margin target, meaning FY12 will be a test of the gains made by the building blocks program. While the operating environment remains tough the stock is still expected to re-rate in coming months in the view of RBS as bank performance normalises. Buy rating retained to reflect this view. More
- SINGAPORE TELECOMMUNICATIONS LIMITED
Macquarie rates as Outperform (1) - SingTel's result was 6% below consensus but the broker is not concerned. Optus had a resilient quarter and the short term outlook is improving for Singapore, India and Africa. The broker considers to be trading on an inexpensive multiple compared to peers. More
Keep reading - next article
Rate your placeRate and review suburbs, discuss, and find out more about where you live. How does your place stack up?
Social experimentGetting more business from Facebook 
School of rockBusiness lessons from a life of rock 'n roll 
Presenting wellMaster the mic at your next public presentation
Rich musiciansThe world's highest-paid rock stars and pop divas