UBS rates as Neutral (3) - Full year earnings were a little short of UBS's forecast but the result was solid enough in the broker's view. Revisions to its model see minor increases to UBS's estimates but price target is unchanged.

Exploration remains the key driver medium-term and at current levels UBS retains a Neutral rating.

- ENDEAVOUR MINING CORPORATION (EVR)

UBS rates as Buy (1) - Interim results from Endeavour were solid in the view of UBS and updated guidance sees increases in earnings forecasts for the full year. The acquisition of Avion Gold will boost production and increase reserves and resources and this is a positive in the broker's view.

Price target falls to $2.90 from $3.10. UBS retains a Buy rating given the view Endeavour is a solid business with growth potential.

- AMP LIMITED

Deutsche Bank rates as Buy (1) - One good half does not suggest a change in trend, but a solid result from has the broker thinking the tide may just have turned. The backdrop was still challenging in the 2H but sensible derivative protection, cost controls, AXA synergies and repricing initiatives all provided for a solid result and a better than expected capital position.

Target rises to $4.80 from $4.75. 's foward PE is reasonable and a 6% yield is attractive so the broker retains Buy.

- TRANSFIELD SERVICES LIMITED

Macquarie rates as Neutral (3) - Leading into Transfield's profit result this month Macquarie has cut earnings forecasts and the result is price target falls to $2.10 from $2.45.

The stock remains supported by an attractive dividend yield and valuation appears reasonable, so Macquarie retains a Neutral rating.

- INVOCARE LIMITED

UBS rates as Neutral (3) - Interim earnings fell a little short of the forecasts of UBS due to weaker revenues and the result is changes to earnings estimates in coming years. Improved medium to longer-term estimates mean price target increases to $8.40 from $8.25.

With the stock trading broadly in line with UBS's revised price target there is no change in Neutral rating.

- REA GROUP LIMITED

Deutsche Bank rates as Hold (3) - 's result met expectations and the business performed well in a tough backdrop of a troughing property market, the broker suggests. Earnings growth was strong and the broker expects more of the same in FY13 but on a 20x multiple is well priced, the broker suggests.

Target rises to $15.50 from $14.10 but Hold retained.

- OROTONGROUP LIMITED

RBS Australia rates as Hold (3) - Oroton has announced its exclusive licence agreement with Ralph Lauren in Australia and New Zealand will not be renewed beyond next year's expiry and RBS sees this as a negative given compensation is lower than expected and there will be an impact on medium-term earnings.

Cuts to forecasts through FY14 see price target reduced to $6.00 from $8.57. While a Hold rating is retained RBS suggests buyign the stock is the share price falls below $5.50.

- ALUMINA LIMITED

Citi rates as Sell (5) - The broker notes the 1H loss came in better than expected, although AWAC earnings fell short and there was a bit of help from lower tax expenses. The real problem was anemic cash flow generation, which saw debt push higher. The broker expects this trend to continue through the rest of this year and into the next.

With the lack of earnings not compelling and balance sheet concerns increasing, the Sell call is maintained.

Keep reading - next article

Aust stocks lower at noon

26/05/2013 00:59Sydney, Australia. 26 May,2013

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