DJ MARKET TALK: Citi Cuts Leighton To Sell; Cuts Target, Estimate
0018 GMT [Dow Jones] STOCK CALL: Citi cuts Leighton (LEI.AU) to Sell from Hold and target to A$16.00 from A$18.00 to reflect lower earnings quality. Also cuts FY09 net profit forecast by 4% to A$640 million. "Despite revenue and work-in-hand momentum in recent halves, LEI's earnings quality has not been high," Citi says in a client note. "We remain cautious on Australian housing and nonresidential construction, and believe Dubai is an example of the credit bubble and may pop badly." Last trade down 3.3% to A$18.95. (ABH)
(END) Dow Jones Newswires
February 15, 2009 19:18 ET (00:18 GMT)
LEI Price at posting:
$18.61 Sentiment: None Disclosure: Not Held