huntley says suspended co worth $10.30, page-8

here is selection of price targets from a range of other analysts and so called professionals
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ABN Amro 10/11/2008 3 Downgrade to Hold from Buy $4.70 34.3%
The company announced a CEO transition process now that long-serving MD/CEO Peter Watson is set to leave in April 2009. However, the transition announcement isn't going to help investor sentiment related to both capital management and US/NZ earnings volatility, the broker thinks.
Revised FX forecasts see the broker cut its EPS forecasts by 7% in FY10 and 8% in FY11. Given the broker continues to see short to medium term earnings downside risk it downgrades to Hold from Buy and lowers its target to $4.70 (from $5.75).


UBS 10/11/2008 3 Downgrade to Neutral from Buy $4.50 28.6%
Target $4.50 (was $6.00). The MD has resigned and there is speculation of a capital raising, and to reflect this uncertainty the broker has applied a larger discount in setting its price target.
With its target down to $4.50 from $6.00 the broker has downgraded to a Neutral rating.


JP Morgan 07/11/2008 3 Neutral $6.51 86.0%
The management instability resulting from the CEO's decision to leave next April couldn't come at a worse time in the broker's view, while it continues to see downside risk to earnings as well.
Given this the broker retains its Neutral rating on the stock at current levels.


Macquarie 07/11/2008 3 Neutral $3.47 - 0.9%
CEO since listing, Peter Watson, will retire at the end of April 2009 and the search is on for a new one. While the broker likes the fact that the earnings stream is the most defensive of the larger services companies, it thinks gearing is too high in the current environment. Neutral maintained.

Deutsche Bank 14/10/2008 3 Hold $6.15 75.7%
Target $6.15 (was $7.95). In the broker's view the company faces increasing earnings hurdles in FY09 before something of a recovery in FY10.
To factor this in the broker has trimmed its earnings estimates in coming periods and this brings down its price target, though on valuation grounds the broker retains its Hold rating.


Citi 03/10/2008 1 Buy, High Risk $8.50 142.9%
The broker suggests it is nervous going into the Transfield AGM, given the timing of this year's earnings. If the AGM reveals a greater than usual weighting of revenues to the second half, thus implying a weaker than expected first half, the market will likely punish the stock.
On that basis the broker has downgraded to Hold. Target falls from $10.55 to $8.50.


Aspect Huntley 16/05/2008 1 Upgrade to Buy from Accumulate - -
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