Another downgrade today (Deutsche also a week ago), from...

Another downgrade today (Deutsche also a week ago), from Maquarie:

"Silver Lake's FY13 numbers were in line with forecasts. Macquarie has downgraded the recommendation to Underperform from Neutral. While the cost focus of the business is going a long way to improving the cash flow of the company, the broker thinks, on a conservative gold forecast of US$1,250/oz, there is minimal room for error.

The price target is reduced to 70c from 80c"

Seems they are being very conservative with gold/forex rates.