@ 14c a steal! ABN Amro 25/11/2008 1 Upgrade to Buy from Hold $0.50 257.1% Target $0.50 (was $0.68). Lend Lease ((LLC)) has changed the terms of its deal for the company but this removes the concern of the deal not going through. As this had been weighing on the share price in the broker's view the news prompts the upgrade in rating.
Macquarie 25/11/2008 1 Outperform $0.34 142.9% Lend Lease ((LLC)) has reduced the share price it will pay fro BNB Communities from 58c to 29c. The broker maintains Outperform, suggesting with LLC on board BBC's future is more certain, although dividends have been cut by 40% in the expectation of a lower payout from LLC. The broker also suggests while some uncertainty remains around LLC's intentions the share price will continue to feel pressure.
Target price falls from 69c to 34c.
JP Morgan 02/10/2008 1 Overweight $1.00 614.3% The broker notes the move by Lend Lease ((LLC)) to take control of the company at 68c per share would inject fresh capital and bring value-adding development skills to the table. Sounds good, but the broker wants to see the detail of the independent expert report. Overweight and target maintained.
BBC Price at posting:
14.0¢ Sentiment: LT Buy Disclosure: Held
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