dow jones reports

1156 [Dow Jones] STOCK CALL: Credit Suisse boosts Bradken (BKN.AU) target to A$4.00 from A$3.40 to reflect comparable PE valuation and 35% discount to Orica (ORI.AU). Also cuts FY09-FY11 net profit earnings forecast by about 2% to A$65 million, by 10% to A$62.2 million and by 9.8% to A$79 million, respectively, to reflect lower rail and Americast activity. Keeps Outperform. "While BKN is not immune to commodity market volatilities, we believe the business model remains relatively well placed to counter the downturn," CS says in a client note. "Demonstrating earnings resilience in the current mining environment and improving its balance sheet remains fundamentally critical. At seven times FY10 PE, we believe the stock remains inexpensive." Last trade down 1.7% to A$3.38. (ABH)