[Dow Jones] STOCK CALL: Macquarie raises Computershare (CPU.AU) to Outperform from Neutral, saying the company's cost reduction strategy helped put adjusted EBITDA 2% beyond the broker's expectations. Revenue fell due to lower M&A and IPO activity. Acquisitions boosted the result. "The resilient outcome illustrates the diversity of the business and decisive action on the cost base," analyst Deana Mitchell says in note. Mitchell says the guidance - for flat management EPS on year - is conservative. The Hong Kong IPO pipeline exceeds US$50 billion, she says, which is likely to be a "big swing factor" in FY10 considering that's a higher-margin business. CPU up 2.9% at A$10.29. (CLK)
CPU Price at posting:
$10.30 Sentiment: Buy Disclosure: Held
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