broker presentation, page-5

There is an audio version of the latest presentation on brr at: http://www.brr.com.au/asx/WTP

Nothing significantly new, except statement that they expect profits to rise again in 2008-09.

ABN Amro have taken the opportunity to downgrade their price target for WTP from 4.25 to 3.30. They stated that they view the current margins as unsustainable. Regardless they maintain a BUY rating.
Looks to me like they are playing catch-up with the price correction. Up to 7 Feb they still had a price target of 5.96

I still regard this as an extremely high quality company which has been caught up in the negative sentiment to the real estate industry.