dow jones...upgraded..target 10.60

0849 [Dow Jones] STOCK CALL: Merrill Lynch upgrades Computershare (CPU.AU) to Buy from Neutral, raises price objective to A$10.60 from A$10.00, with Computershare a beneficiary of a weaker AUD. "In our view, the key to the FY09 profit outlook for 10% growth is cost efficiency gains and delivery of earnings from FY08 acquisitions - areas where Computershare has a strong track record," analyst says. "Macro revenue conditions remain challenging, with M&A deals down 18% globally over three months to August 2008 and interest rate futures suggesting 25 basis points of rate cuts across Computershare's key markets by December." However, analyst notes Computershare's M&A market share has been strong. Last trade A$9.34. (SVM)