MARKET TALK: SB Upgrades Newcrest To Hold 05/16/05 11:52:00
0152 GMT [Dow Jones] STOCK CALL: Smith Barney upgrades Newcrest (NCM.AU) to Hold from Sell, despite warning that group's Telfer gold mine "could remain the source of disappointments" in next 6 months. Market hasn't fully appreciated extent of underground problems, while a further capital cost blowout may be on the cards. Nevertheless, changes to net present value and gold price outlook prompt upgrade to Hold, with target price of A$15.00/share, from previous A$14.70. Newcrest shares down 2.3% at A$13.95. (SPB)
