- BEADELL RESOURCES LIMITED
Citi rates as Upgrade to Buy, High Risk from Hold (1) - Target $0.80 (was $0.82). Admitting it's been a while since it's looked at its model, Citi has taken a new look cost and production estimates for the company's Tucano gold project in Brazil. The broker sees good value in the project and while it notes the commissioning of a project always presents some ramp up and share price risk, it still believes the company will transition into a producer later this year. In turn, the broker notes this will make Beadell a nice limited risk gold exposure for small cap funds. Upgrade to Buy from Hold. More
- SUNCORP GROUP LIMITED
Citi rates as Buy (1) - The broker has trimmed its FY12 EPS forecasts by around 2% to reflect trading losses in the 2H. But with the broker expecting a fully franked yield of around 10% and with negative value still ascribed to the group's banking operation, Citi maintains its Buy call. The broker otherwise thinks the valuation is attractive and the balance sheet looks great, making corp its number 1 pick in the sector. More
- WOOLWORTHS LIMITED
Credit Suisse rates as Underperform (5) - Post a site visit the broker notes Masters is trading to budget and some improvements are apparent at Big W. Earnings estimates are unchanged and Credit Suisse retains an Underperform rating. More
- REGIS RESOURCES LIMITED
BA-Merrill Lynch rates as Buy - Initiation of Coverage (1) - BA-ML initiates coverage on mid-tier West Australian gold producer Regis Resources with a Buy call and $5.25 price target .What the broker really likes is that this is a low cost, gold only gold only producer with decent mine lives and an experienced management team. The broker notes the company is already 100kozpa at its Moolart Well works and expects this will increase to 200-250kozpa via the Garden Well project that kicks off this quarter. More
- BOART LONGYEAR LIMITED
Macquarie rates as Outperform (1) - Macquarie has factored in lower price and volume assumptions and changes to forex assumptions and the result is cuts to earnings estimates for Boart Longyear. Price target falls to $3.65 from $4.87. Macro headwinds should weigh on the stock short-term according to Macquarie and there remains some risk to earnings heading into FY13. An Outperform rating is retained given potential upside to the broker's price target. More
- AWE LIMITED
UBS rates as Buy (1) - Target $1.80 (was $1.85). The BassGas budget has increased and there are some minor delays to first gas production and as a result UBS has adjusted earnings estimates and price target. With the Perth Frac program soon to start the broker sees scope for some positive news and so retains a Buy rating. More
- TELSTRA CORPORATION LIMITED
Deutsche Bank rates as Hold (3) - Target $3.30 (was $3.20). Deutsche has updated its model for Telstra to incorporate a more positive coalition policy with respect to the NBN. Valuation is stretched at current levels in the broker's view, so a Hold rating is retained. More
- MOUNT GIBSON IRON LIMITED
Credit Suisse rates as Outperform (1) - Target $1.35 (was $1.90). Changes to iron ore price forecasts see Credit Suisse adjust earnings estimates for the company. Price target falls on the back of the changes. With Mount Gibson expected to have net cash equal to its market capitalisation in two years the broker retains an Outperform rating, though the broker suggests there are few obvious short-term catalysts. More
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