- INCITEC PIVOT LIMITED
Macquarie rates as Outperform (1) - Lower forecast urea prices see Macquarie trim earnings estimates for Incitec Pivot. The changes mean price target falls to $3.40 from $3.45. With FY12 expected to be the trough for earnings, Macquarie continues to see upside and so retains an Outperform rating. More
- MYER HOLDINGS LIMITED
Deutsche Bank rates as Upgrade to Buy from Hold (1) - For Deutsche Bank the highlight of the FY12 result for Myer was an improvement in gross margin, while the broker also suggests the price harmonisation process appears to be progressing without any deflationary impact. To factor in conservative assumptions the broker has cut forecasts in coming years but there is no change in $2.10 price target. While meaningful top-line growth is not expected the yield should be attractive. Deutsche upgrades to a Buy rating. More
- SP AUSNET
Macquarie rates as Outperform (1) - The group's AER draft decision with respect to gas distribution was a tough one and on the back of the decision, Macquarie adjusts its earnings estimates. The price target is unchanged at $1.16. The stock remains undervalued in Macquarie's view, so an Outperform rating is retained. More
- PANORAMIC RESOURCES LIMITED
Macquarie rates as Outperform - Reinstatement of Coverage (1) - Macquarie is no longer restricted on oramic and reinstates coverage with an Outperform rating and $0.90 price target. Recent acquisitions have added ounces relatively cheaply in the broker's view, but Macquarie suggests oramic remains a margin-leveraged nickel rebound play. Short-term risk to the nickel price is to the upside in Macquarie's view, which supports its positive rating. More
- SIGMA PHARMACEUTICALS LTD
Citi rates as Neutral (3) - Target $0.67 (was $0.61). The 1H result fell a little short of the broker, although most of the miss was due to a $2m one-off cost associated with the industrial dispute in Victoria and also some extra spend on personnel and systems. Thus, while a little weaker than hoped for, Citi still saw the effort as "credible" given what are fairly challenging operating conditions. The Neutral call is maintained, with Citi noting that while the stock does trade at a bit of a deserved premium, it struggles to see any catalysts over the year ahead given the tough marketplace and plans for continued investment in the business. More
- ARDENT LEISURE GROUP
JP Morgan rates as Neutral (3) - Ardent has acquired Fenix Fitness Clubs and JP Morgan regards the quality of the assets being acquired as high, the deal strengthening Ardent's leading market share position in Victoria. Modest changes to estimates see price target increase to $1.40 from $1.29. With the stock trading around its target JP Morgan retains a Neutral rating. More
- NEWCREST MINING LIMITED
BA-Merrill Lynch rates as Buy, Medium Risk (1) - The broker notes mining at Ridgeway has been halted, probably for around 2 weeks, after an underground conveyor belt was damaged. The company plans to feed the mill with some lower grade stockpiles until repairs are made. Newcrest estimates the hit to production will be around 5-10koz of gold and 100-200t of copper. The broker thinks the financial impact will be minimal and leaves its forecasts, price target and Buy call in place. More
- FORTESCUE METALS GROUP LTD
BA-Merrill Lynch rates as Buy (1) - The broker has taken a closer look at the books and has come to the same conclusion as management: there is sufficient debt headroom at current iron ore prices. Buy call, price target and forecasts maintained. More
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