Ann: December Quarterly Report , page-13

Here is a more comprehensive and updated rating review;

RBS Australia 29/01/2010 1 Buy $41.49 29.1%
Target $41.49 (was $41.28). In the broker's view the company continues to make good progress in reaching production targets at Telfer and Cadia Valley, while it is also achieving goals with respect to lowering operating costs.

Following the December quarter result the broker makes some minor changes to its forecasts and price target but retains its Buy rating.

Macquarie 29/01/2010 1 Outperform $38.50 19.8%
Gold production for the December quarter met the broker's expectations, while it notes copper outlook meant cash costs fell in the period.

With full year production guidance maintained the broker makes only minor changes to its earnings forecasts and with no adjustment in price target it retains its Outperform rating.

Citi 29/01/2010 1 Buy, Medium Risk $37.70 17.3%
Citi notes gold and copper production rebounded strongly in the December quarter and while group gold fell a tad short of the broker's estimates, it is still comfortable with its FY10 forecasts.

The highlight of the result, notes Citi, was the outstanding performance on costs, which was aided by strong copper by-product credits.

The production outcome combined with gold and copper prices see the broker raise its FY10 underlying earnings estimate by 12%, noting that at current spot gold, copper and AUD, the upside to its new base case forecasts is around 20-50%.

The stock remains Citi's preferred pick of the gold stocks and the Buy call is unsurprisingly maintained.

UBS 29/01/2010 3 Neutral $37.00 15.2%
A solid Dec quarter, UBS says, driven by copper output and prices, while gold production costs were also below expectations.

FY10 earnings forecasts have been lifted by 10% due to the lower costs, and the broker expects PNG to provide further upside.

Target falls $1.00 to $37.00.

Credit Suisse 29/01/2010 3 Neutral $42.00 30.7%
Cost control was the highlight of the December quarter production report in the broker's view, while it is also positive on the fact full year production and cost guidance has been either maintained or improved.

Post the result the broker has lifted its earnings forecasts but it retains both its Neutral rating and $42 price target.

Deutsche Bank 29/01/2010 1 Buy $43.50 35.4%
December quarter production was 3% below the broker, who is still happy to call is a "solid" result. The most interesting part, says the broker, was the 29% drop in net cash costs.

The broker also notes progress in most projects is on track, although Hidden Valley did experience a minor delay in its full ramp-up.

FY10 EPS rises 9% on the lower costs and at 0.7x the broker's $43.50 target price, it is happy to retain its Buy recommendation.