aegis value bnb @ $21.67, page-7

0928 [Dow Jones] STOCK CALL: UBS upgrades Babcock & Brown (BNB.AU) to buy from neutral following 1H result, ups target to A$20.46 from A$14.50, vs latest A$17.20. "We see significant further upside to forecasts if BNB keeps delivering. But, in our view, it is a higher risk investment at 20.2x (FY06e diluted), broker says. "We believe this warrants caution for risk-adverse investors," it says. (IGP)