FYI - Broker Update Nv 17th 2009 Via Macquarie Prime
DJ MARKET TALK: JPM Cuts OneSteel Target, GSJBW Cuts Forecasts
2339 GMT [Dow Jones] STOCK CALL: JPMorgan cuts OneSteel (OST.AU) target to A$3.36 from A$3.37, keeps Neutral, on long-term iron ore prices. "Margins, volumes and earnings appear set to remain under pressure for most of FY10 driven by the high AUD, pockets of weakness in the domestic economy and import competition," JPM says in a client note. "We see its value proposition as less appealing than either BlueScope (BSL.AU) or Sims (SGM.AU)." UBS stays Buy, A$3.70 target. Goldman Sachs JBWere cuts FY10-FY11 net profit estimates on revised output, steel pricing and currency assumptions by 6.1% to A$228.3 million and by 3.2% to A$394.9 million, respectively; retains Buy, A$3.90 target. "The near term is going to remain tough, but we still like the longer term story and the iron ore growth option is starting to deliver," GSJBW says in a client note. OST trade up 1% to A$3.17. (ABH)
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FYI - Broker Update Nv 17th 2009 Via Macquarie PrimeDJ MARKET...
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