BA-Merrill Lynch 05/02/2010 1 Reinstate Coverage: Buy, High Risk $3.30 29.4%
The broker has reinstated coverage of Bluescope after a six-month hiatus with a Buy rating and target of $3.30. The last rating, in August last, was a Buy rating with a $3.40 target.
BSL is the broker's preferred pick in the sector and earnings growth of 42% in FY10 and 184% in FY11 is expected as the steel market continues its recovery. There are nevertheless still headwinds at present, the broker concedes, but BSL's low 11.1x FY11 valuation offers a buffer.
The risk is that China continues to back off and steel prices double-dip. But in the meantime, Buy.
broker ratings, page-59
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Last
$21.23 |
Change
0.370(1.77%) |
Mkt cap ! $9.342B | |||
| Open | High | Low | Value | Volume |
| $21.00 | $21.60 | $20.98 | $40.51M | 1.901M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 34154 | $21.22 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.24 | 5556 | 2 |
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| BSL (ASX) Chart |