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CSFB has lowered its recommendations for
Macquarie Airport (MAP) and Nylex (NLX), while its rating for Lipa Pharmaceuticals (LIP) went up a notch.
Macquarie Airport’s recommendation is now Neutral
with the broker now forecasting a return of 4.4% only
from the shares’ current price level over the coming 12 months.
Nylex shares are expected to generate a negative
return of 3.5% over the coming 12 months, therefore the broker’s recommendation has been cut to Underperform.
As far as Lipa is concerned, the broker initiated
coverage with a Neutral investment view in January this year but now believes Lipa’s current price adjustment gives investors a sufficient ‘ margin of safety’ to now buy the shares.
The broker believes there is a good probability that
de-stocking of customer inventory levels is a relatively transient issue and does not represent a permanent step change in the industry or the company’s sales growth rates.
Moreover, a variety of data sources suggests to the
analysts sales growth of complementary medicines has actually accelerated over the past 6 - 12 months.
Lipa is now rated Outperform with a twelve month
target of $2.00, suggesting a total return of 35.1%.