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DJ MARKET TALK: Citi Cuts Leighton To Sell; Cuts Target, Estimate


0018 GMT [Dow Jones] STOCK CALL: Citi cuts Leighton (LEI.AU) to Sell from Hold and target to A$16.00 from A$18.00 to reflect lower earnings quality. Also cuts FY09 net profit forecast by 4% to A$640 million. "Despite revenue and work-in-hand momentum in recent halves, LEI's earnings quality has not been high," Citi says in a client note. "We remain cautious on Australian housing and nonresidential construction, and believe Dubai is an example of the credit bubble and may pop badly." Last trade down 3.3% to A$18.95. (ABH)


(END) Dow Jones Newswires

February 15, 2009 19:18 ET (00:18 GMT)