- JAMES HARDIE INDUSTRIES N.V.
Deutsche Bank rates as Buy (1) - Adjustments to Deutsche's currency forecasts see the broker revise earnings estimates for James Hardie. The changes see price target fall to $8.10 from $8.20. Given potential upside to consensus expectations with respect to capital returns the broker retains a Buy rating on the stock. More
- MACQUARIE GROUP LIMITED
JP Morgan rates as Downgrade to Underweight from Neutral (5) - The recent European-based rally is good news for everyone but not necessarily for Macquarie shareholders, the broker warns. Business conditions remain volatile and unsupportive and recent share price appreciation only serves to halt the buyback at this stage. The broker thus believes there is scope for share price underperformance in the near term and hence has downgraded to Underweight. Target retained. More
- HASTINGS DIVERSIFIED UTILITIES FUND
UBS rates as Neutral (3) - A decision on the APA ((APA)) bid for Hastings has again been deferred by the ACCC, while UBS suggests there remains scope for APA to lift its bid to match a proposal from Pipeline Partners Australia. Internalisation of management at is an option in the broker's view but the ongoing uncertainty means no change in Neutral rating on the stock. More
- ECHO ENTERTAINMENT GROUP LIMITED
Deutsche Bank rates as Hold (3) - Crown ((CWN)) has amended its application to increase its shareholding in Echo and Deutsche sees this as a minor negative as it may delay the completion of any takeover offer if one were to be forthcoming. With forecasts unchanged on the news the broker retains a Hold rating. More
- WOODSIDE PETROLEUM LIMITED
Citi rates as Buy (1) - The broker has been restricted while advising on the Browse sell-down but is now back to reinstate a Buy rating on discount to valuation. That valuation has been adjusted for LNG and oil price revisions, delays and cost increases. The broker is close to consensus on its new 2012 profit forecast but falls away from consensus in latter years due to lower oil price expectations. Target nevertheless rises to $41.78 from $41.51. More
- ASX LIMITED
JP Morgan rates as Overweight (1) - It was a familiar tune for June trading stats -- low cash equity volumes and IPO business offset by decent derivatives trading. The broker suggests FY13 could be another challenging year and has dropped its target to $32.82 from $33.96. Overweight retained nevertheless on minimum risk to 's business model and potential to diversify revenues. More
- ASCIANO GROUP
BA-Merrill Lynch rates as Neutral, Medium Risk (3) - In BA-ML's view it remains a possibility Asciano divests the Patrick assets over time given there appears limited scope to materially improve returns on capital in coming years. A Neutral rating is retained on valuation grounds, though BA-ML expects a solid FY12 earnings result next month. More
- TATTS GROUP LIMITED
Deutsche Bank rates as Downgrade to Hold from Buy (3) - Target $2.60 (was $2.55). Core businesses at Ta continue to perform well and to reflect this the broker makes minor increases to earnings estimates. Price target also increases. On the back of recent share price outperformance Deutsche downgrades to a Neutral Hold rating on valuation grounds. More
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