- JAMES HARDIE INDUSTRIES N.V.
Citi rates as Neutral (3) - The broker expects to see an in-line result next week, driven by lower interest and tax expenses, which will be somewhat offset by ongoing margin erosion in the US and Asia Pacific. Neutral call maintained. More
- NEWS CORPORATION
BA-Merrill Lynch rates as Buy (1) - Earnings for News were mixed in the broker's view and result in a modest cut to forecasts for both FY13 and FY14. Valuation remains attractive and the proposed business split should highlight the strength of core operations in the broker's view. A Buy rating is retained. More
- DAVID JONES LIMITED
UBS rates as Neutral (3) - Target $2.45 (was $2.50). In UBS's view David Jones has a number of opportunities to create further value from its property holdings, though the upside is offset by risks associated with potential moves. Minor changes to forecasts see the broker trim its price target. UBS retains a Neutral rating. More
- STOCKLAND
Deutsche Bank rates as Buy (1) - Full year earnings met expectations but Deutsche viewed guidance for FY13 as disappointing. Some changes to forecasts post the result see price target cut to $3.50 from $3.60. Earnings should improve from FY14 and the stock is trading on a reasonable multiple, so Deutsche retains a Buy rating. More
- BWP TRUST
BA-Merrill Lynch rates as Neutral, Low Risk (3) - delivered good growth in FY12 helped by acquisitions and BA-ML expects the growth rate will moderate in coming years. This implies few catalysts for a re-rating. Without any catalysts the dividend yield on offer is not compelling in the broker's view, so a Neutral rating is retained. More
- FLEXIGROUP LIMITED
Credit Suisse rates as Outperform (1) - Target $3.45 (was $2.95). The broker though it was a strong FY result of excellent quality driven by strong receivables growth and the organic operating leverage inherent in the business. Minor increases are made to EPS forecasts, although the broker admits it might be being too conservative given FY13 guidance is for 11%-16% cash net profit growth. The Outperform call is maintained with a higher price target. More
- RAMSAY HEALTH CARE LIMITED
Deutsche Bank rates as Hold (3) - Bupa has reported a fall in UK private health members over the past six months and in Deutsche's view this conforms tough UK market conditions for Ramsay. Forecasts and price target are unchanged on the news and Deutsche retains a Hold rating on Ramsay. More
- TABCORP HOLDINGS LIMITED
BA-Merrill Lynch rates as Downgrade to Underperform from Neutral, Medium Risk (5) - Target $3.00 (was $2.89). Full year earnings met expectations but given increased competitive pressures and a revised assessment of performance for the new Victorian licence BA-ML lower earnings estimates. Valuation appears full based on the broker's new earnings forecasts, so rating is downgraded to Underperform. More
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