FN Arena Broker Call Headlines - 8 Jan 2013

Reported by FN Arena
Tuesday, January 8, 2013
Topics in this article:
Amp,Asx,Challenger Financial Services,Fkp Property,Incitec Pivot,Lend Lease Corporation,Macquarie,Growthpoint Properties Australia

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- MACQUARIE GROUP LIMITED

BA-Merrill Lynch rates as Downgrade to Neutral from Buy (3) - The broker thinks the share price has now run ahead of earnings and valuation metrics, seeing a downgrade to Neutral from Buy. Price target and forecasts maintained.

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- GROWTHPOINT PROPERTIES AUSTRALIA

UBS rates as Neutral (3) - The broker notes the company has acquired 3 adjoining properties at Erskine Park, NSW for $104.7m, with an estimated initial yield of 8.07%. The move sees FY13 earnings trimmed by 2%, although DPS guidance has been maintained.

Neutral call and price target maintained.

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- AMP LIMITED

Deutsche Bank rates as Buy (1) - A marking-to-market for investment market movements and assumed catastrophe activity over the six months to Dec-12 sees the broker upgrade earnings forecasts across the sector.

For , this sees minor decreases to EPS forecasts on a lower yield outlook for underlying investment income, although the price target is lifted to $5.15 (was $4.80).

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- INCITEC PIVOT LIMITED

Deutsche Bank rates as Hold (3) - The broker feels Mosaic's above consensus 2Q result is actually a slight negative for Incitec Pivot given Mosaic is now guiding to lower phosphate sales volumes and average selling prices.

Still, the broker feels the global phosphates market remains in balance and US producer inventories are in-line with historical averages. This continues to support the broker's Hold call. Price target and earnings forecasts are also maintained.

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- ASX LIMITED

Deutsche Bank rates as Hold (3) - Target $32.50 (was $31.00). December turnover stats were soft and Chi-X continued to grow market share, although the broker notes the new rebate structure should at least help stem the flow. Derivatives continued to provide support, with volumes up strongly in the month, while secondary capital raisings also provided some support.

The broker continues to see downside risk to earnings from weak trading activity, while the upside from capital raisings could also easily dry up. However, this is already in the broker's forecasts, so the Hold call is maintained, with the price target higher on a change in the valuation model.

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- FKP PROPERTY GROUP

BA-Merrill Lynch rates as Upgrade to Neutral from Underperform (5) - A new year sector wrap see the broker upgrade its recommendation  to Neutral from Underperform, with shares down hard in 2012. The price target is trimmed to $1.20 form $1.52.

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- CHALLENGER LIMITED

Deutsche Bank rates as Buy (1) - A marking-to-market for investment market movements and assumed catastrophe activity over the six months to Dec-12 sees the broker upgrade earnings forecasts across the sector.

For , the FY13-15 EPS forecasts are lifted by 1%, 1% and 2%, while the price target is lowered 20c to $4.65.

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- LEND LEASE CORPORATION LIMITED

BA-Merrill Lynch rates as Upgrade to Buy from Underperform (1) - A new year sector wrap see the broker upgrade its recommendation  to Buy from Underperform, citing relative underperformance in 2012 and an improving macro environment. Price target is lifted to $10.40 from $8.14.

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01/08/2014 17:46Sydney, Australia. 1 August,2014
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