credit sussie $6.40, page-12

Going back to @Quechee's original post on the Credit Suisse update, it's worth pointing out that, rather than being a downgrade, the revised target price actually is an increase, after allowing for the dilution of the recent issue.

The previous target, of $7.45, was based on the then 264m issued shares. The revised CS price, of $6.80, (not $6.40, as stated, by the way) is based on 296.4m shares, post equity raise. Reducing the target by this ratio yields a 12-month target of $6.63, so the revised target price represents an increase of about 2.6%.

Nobody would suggest that this is a significant change, but at least it is up, not down. The important thing is that the CS rating remains as "OUTPERFORM". I hope (and expect) that they are right.

Cheers