Read below..Citi have reduced their target to $1.17....
0331 GMT [Dow Jones] STOCK CALL: ConnectEast (CEU.AU) downgraded to Sell from Hold by Citi as part of review of infrastructure sector, cutting target price to A$1.17 from A$1.36 vs CEU last down 1 cent at A$1.345, noting with Eastlink due to open in June, "most toll roads have disappointed with opening traffic figures in the past," and forecasts average daily transactions around 8% below prospectus forecasts. Says while distributions steady at 10.5 cents/year until 2010, if CEU aligns them with free cash flows post 2010, distributions could fall to 5.5 cents in 2011. (WEL)
CEU Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
