314 GMT [Dow Jones] STOCK CALL: JPMorgan upgrades Paladin (PDN.AU) to Overweight from Neutral, with a price target of A$3.25 vs A$2.55 previously, while downgrading ERA (ERA.AU) to Neutral from Overweight, with a target of A$2.70 from A$2.60 previously. That follows delays to uranium project developments following the Fukushima accident, which have led JPMorgan to upgrade its
uranium price forecasts by
5% to US$63 in 2012,
17% to US$70 in 2013,
21% to US$85 in 2014
25% to US$70 in 2015.
The broker has upgraded PDN due to its leverage to commodity prices, open share register and improving operations. ERA has been downgraded due to a preference for Paladin and a lack of positive catalysts for ERA. PDN is up 4% at A$1.44, ERA is up 2.2% at A$1.175. ([email protected])
jpmorgan rates pdn overweight 11/1/2012
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