RBS Australia 29/01/2010 1 Upgrade to Buy from Hold $60.00 17.5%
Target $60.00 (was $50.00). The broker has lifted its earnings forecasts for the group to reflect lower bad debt assumptions and expectations of higher IPO and M&A revenues.
THe changes mean an increase in price target and this supports the broker's upgrade to a Buy rating.
BA-Merrill Lynch 29/01/2010 1 Upgrade to Buy from Neutral $70.00 37.0%
The broker notes that after a Following a significant reshaping of the business, the stock still trades as if a return to high-teen return on equity is unlikely.
However, Merills is of the opinion that a combination of market conditions, payoffs from recent investments and improving revenue productivity from staff will carry the group back toward the high-teens.
In fact, the broker notes that Macquarie posted three straight years of outperformance after bottoming in the last down-cycle.
FY10-11 EPS is lifted by 8% and 12%, which equates to around 30% per year EPS growth from 2010-12. The improved view sees the broker upgrade its recommendation to Buy from Neutral, with the target price lifting to $70.00 (from $60.60).
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Open | High | Low | Value | Volume |
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Buyers (Bids)
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1 | 11926 | $217.12 |
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1 | 600 | 217.030 |
1 | 100 | 216.700 |
1 | 449 | 216.640 |
2 | 1707 | 216.460 |
Price($) | Vol. | No. |
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217.140 | 100 | 1 |
217.170 | 737 | 1 |
217.230 | 881 | 1 |
217.280 | 1 | 1 |
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