FN Arena Broker Call Headlines - 4 Apr 2012

Reported by FN Arena
Wednesday, April 4, 2012

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- QBE INSURANCE GROUP LIMITED

UBS rates as Buy (1) - In UBS's view earnings drivers for are more supportive at present, so the outlook is for greater stability in earnings through the current year.

Post a review the broker makes modest changes to earnings estimates but price target is retained. UBS rates a Buy.

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- TRANSURBAN GROUP

UBS rates as Buy (1) - Transurban has appointed a new CEO but the broker notes there will be no change in group strategy as a result of the appointment.

On the news UBS reiterates its Buy rating on the stock.

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- ILUKA RESOURCES LIMITED

Deutsche Bank rates as Downgrade to Hold from Buy (3) - Changes to commodity price expectations have seen Deutsche Bank revise earnings estimates across the resource sector.

For ka the earnings revisions mean price target increases to $19.15 from $18.70. The broker downgrades to a Hold rating on valuation grounds.

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- OZ MINERALS LIMITED

Deutsche Bank rates as Upgrade to Buy from Hold (1) - Target $11.60 (was $11.96). Following revisions to commodity price expectations Deutsche Bank has adjusted earnings estimates across the sector.

The changes mean a trimming in price target for Oz Minerals. Despite this, the broker upgrades to a Buy rating on valuation grounds.

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- REX MINERALS LIMITED

JP Morgan rates as Initiation of Coverage: Overweight (1) - Rex Minerals is undertaking pre-feasibility at its large scale copper project in SA with a view to commencing production in 2015. The copper is of a low grade, the broker notes, but offsets come from gold and magnetite deposits also therein.

The usual development risks apply, but financing the project is the company's biggest hurdle, with the broker suggesting a combination of equity, debt and a sell-down will be required. But there's enough there for the broker to open with an Overweight.

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- QR NATIONAL

UBS rates as Neutral (3) - UBS has revised down its volume assumptions for QR National and this flows through to cuts in earnings forecasts through FY13. Price target is unchanged.

In the broker's view capital management is a possibility but the financial merits of such a move are less clear. At current levels UBS retains a Neutral rating.

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- PALADIN ENERGY LTD

Deutsche Bank rates as Downgrade to Hold from Buy (3) - Following changes to commodity price expectations Deutsche Bank has revised forecasts across the sector.

Changes to estimates for Paladin see the broker downgrade to a Hold rating.

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- RCR TOMLINSON LIMITED

RBS Australia rates as Buy (1) - Tomlinson's big Solomon contract has been delayed but by Fortescue's ((FMG)) hand and not by 's. This means  should be granted extensions so it just becomes a timing rather than earnings issue, the broker suggests.   's price has run hard but the broker still sees value given the company's services are in high demand. Target rises to $2.79 from $2.14.  

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24/04/2014 10:06Sydney, Australia. 24 April,2014
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