Most recent price target is 1.65 (april) reduced from 2.50 The...

Most recent price target is 1.65 (april) reduced from 2.50

The reason for the reduction in April was they where concerned of the 6% drop in eanrings in the domstic earnings, and whether whether ABC had the ability in the Aust and NZ market to raise fees. I think with last night budget this will not be an issue.

I don't subcribe to the view that it will back at 4$ any time soon however I think a move to the 1.70-1.80 range is possible over the next couple of months as the recent changes increase the value of the Australian operations substantially.