Deutsche Bank gives $4.30 target

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0	For those that missed this nice bit of info. The stock is clearly great value at the moment. Furthermore with a wet spring on the way our farmers will be upping their fertiliser requirements.	DJ Forex, Fertilizer Prices Weigh on Incitec Pivot Earnings: DB -- Market Talk	Column 1 0 IPL		$2.98-$0.03 (-1.0%)	$2.98$2.99

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0		05 Jul 2016 11:59:44

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0159 GMT [Dow Jones] Deutsche Bank says its earnings outlook for explosives and fertilizer maker Incitec Pivot (IPL.AU) has been jolted by 9%-20% following a raft of changes to its assumptions, including prices of diammonium phosphate, urea and ammonia. But it thinks investors shouldn't despair. "We believe the challenging external factors are nearing the bottom and there is upside risk with the pending commissioning of the Louisiana ammonia plant in 3Q," among other factors, Deutsche says. Positive catalysts may also include stronger demand for its North American quarry and construction products, and a drive to strip A$80 million in costs from the business, it says. "We retain our buy rating with the stock trading at a 30% discount to our revised discounted cash flow valuation of A$4.30 per share and at 12.0 times FY17 earnings," Deutsche says. IPL last traded at A$2.98. ([email protected]; @dwinningWSJ)

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