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FN Arena Broker Call Headlines - 21 Nov 2012

Reported by FN Arena
Wednesday, November 21, 2012
Topics in this article:
Adelaide Brighton ,Envestra,Rio Tinto,Telecom Corporation Of New Zealand,Fletcher Building Limited,Graincorp Limited,Seven Group Holdings Limited
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- GRAINCORP LIMITED

JP Morgan rates as Overweight (1) - Receivals and post volumes for Graincorp are slightly behind last year but JP Morgan notes the quality of the crop and the geographic mix are of higher quality than in the previous corresponding period.

With no changes to forecasts JP Morgan retains an Overweight rating and $13.00 price target.

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- SEVEN GROUP HOLDINGS LIMITED

Deutsche Bank rates as Hold (3) - An earnings update from Seven Group was solid and sees Deutsche make modest changes to its numbers in coming years. Price target falls to $7.80 from $8.10.

With trading conditions for WesTrac China and domestic media still difficult the broker retains a Hold rating.

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- SEVEN WEST MEDIA LIMITED

CIMB Securities rates as Outperform (1) - Seven West's new focus on costs is enough for CIMB to lift earnings forecasts for the company. Price target increases to $1.90 from $1.80.

The stock remains inexpensive on the broker's numbers, so an Outperform rating is retained.

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- ADELAIDE BRIGHTON LIMITED

JP Morgan rates as Upgrade to Overweight from Neutral (1) - Adelaide Brighton has underperformed others in the sector in the past few months and given improved relative value on offer JP Morgan upgrades to an Overweight rating.

Price target and earnings estimates are unchanged.

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- RIO TINTO LIMITED

CIMB Securities rates as Overweight (1) - CIMB has adjusted commodity price forecasts and the result is downward adjustments to earnings estimates across the Australian resource sector.

There is no change to the broker's Overweight rating on Tinto.

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- ENVESTRA LIMITED

UBS rates as Buy (1) - The broker notes S&P has put estra on positive outlook, with current improvements likely to see the company upgraded within the next 12 months or so. The broker would have liked to have seen this move a bit earlier, but is happy to take what it gets.

UBS remains of the opinion the company will be able to lift distributions significantly over the next few years, although it thinks we probably wont see anything major until 1H14. The Buy call is maintained on valuation grounds.

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- FLETCHER BUILDING LIMITED

Deutsche Bank rates as Buy (1) - AGM commentary indicated cost reductions will be a focus for the new CEO and to account for the update the broker makes modest changes to earnings estimates.

Price target increases to N$8.65 from NZ$8.60. Deutsche retains a Buy rating.

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- TELECOM CORPORATION OF NEW ZEALAND LIMITED

Credit Suisse rates as Underperform (5) - Target NZ$2.25 (was NZ$2.27). Ahead of the new master plan to be released in early 2013, the broker has tweaked its numbers a bit to account for the key risks facing in the NZ broadband market.

This sees the price target slip a couple of cents, while FY14-15 EPS and DPS forecasts are trimmed by 2.6%  and  6.2%. Underperform call maintained  

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23/08/2014 23:23Sydney, Australia. 23 August,2014
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