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FN Arena Broker Call Headlines - 17 Jan 2013

Reported by FN Arena
Thursday, January 17, 2013
Companies forced to change their nameConflict in Iraq and Syria is causing serious headaches for companies who happen to share the ISIS moniker

- BT INVESTMENT MANAGEMENT LIMITED

UBS rates as Buy (1) - Target $2.70 (was $2.30). The broker has revised its numbers to incorporate pretty good performance fees and funds under management growth in the UK business. The price target and forecasts lift as a result and the broker feels even more confident about its $2bn net flow forecast across the businesses for FY13 .

Despite a recent run in the share price, the broker has retained its Buy call given continued UK growth, a reasonable looking valuation and a yield of 6-7%.

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- AURORA OIL AND GAS LIMITED

Deutsche Bank rates as Buy (1) - Deutsche Bank has revised its oil price forecasts for the years ahead and it would appear that a flat outlook has become the new norm. Earnings forecasts across the sector have been adjusted accordingly.

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- BOART LONGYEAR LIMITED

JP Morgan rates as Downgrade to Underweight from Neutral (5) - JP Morgan is still concerned macro economic uncertainty will weigh on Boart Longyear as miners remain conservative in their exploration capex. The broker believes these risks are not being fully factored into the share price. As a result the rating has been downgraded to Underweight from Neutral and the price target remains at $1.58.

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- ORIGIN ENERGY LIMITED

Deutsche Bank rates as Hold (3) - Deutsche Bank has revised its oil price forecasts for the years ahead and it would appear that a flat outlook has become the new norm. Earnings forecasts across the sector have been adjusted accordingly.

Price target has fallen 5c to $15.70 as a result.

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- MCMILLAN SHAKESPEARE LIMITED

Citi rates as Buy (1) - Citi believes the underlying fundamentals of McMillan Shakespeare are not reflected in the share price. The broker sees risk related to material changes in the Fringe Benefits Tax as more perceived than real. The ongoing Buy recommendation is based on the fact the company is a market leader in remuneration services.

The target price has been raised to $15.57 from $14.14 based on improved earnings forecasts (up 1% for FY13 and 3% for FY14-FY15 estimates).

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- SANTOS LIMITED

Deutsche Bank rates as Buy (1) - Deutsche Bank has revised its oil price forecasts for the years ahead and it would appear that a flat outlook has become the new norm. Earnings forecasts across the sector have been adjusted accordingly.

Price target has risen to $15.10 from $14.90 as a result.

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- CALTEX AUSTRALIA LIMITED

Deutsche Bank rates as Hold (3) - Deutsche Bank has revised its oil price forecasts for the years ahead and it would appear that a flat outlook has become the new norm. Earnings forecasts across the sector have been adjusted accordingly.

Price target has risen to $16.50 from $41.05. Caltex's earnings estimates have risen, as well as DPS estimates.

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- COMMONWEALTH BANK OF AUSTRALIA

Deutsche Bank rates as Hold (3) - Analysts at Deutsche Bank have re-examined their methodology for setting valuations and price targets for Australian banks following last year's re-rating by investors.

Bottom line: most targets have been set below current share prices with exception of ANZ Bank ((ANZ)) and National Australia Bank ((NAB)).

Note: the analysts have made no changes to earnings forecasts. Price target has improved to $59.20 from $56.50 prior, but still below today's share price.

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01/11/2014 20:39Sydney, Australia. 1 November,2014
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