1046 [Dow Jones] STOCK CALL: Suncorp (SUN.AU) upgraded to Buy from Hold by Citi. Price target A$10.00 from A$8.99. Follows mark-to-market review of investment portfolio. Sees potential cost reduction program in general insurance and strong 1H result. Also says while one of Suncorp's largest exposures likely became impaired in 4Q 2009, outcome me be better than Suncorp's worst-case scenario and there are signs that commercial property may be close to bottoming. "This provides some cause for optimism that our bad debt charge estimates may ultimately prove to be more conservative than aggressive," says broker. SUN last up 0.8% at A$9.06. (DWR)
SUN Price at posting:
$9.08 Sentiment: Buy Disclosure: Held
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