Is This a Growth Story, page-38

On 7 October 2015, JP Morgan upgraded their 30 June 2016 price target for AGI to $3.60 (previously $3.45).

These were their comments:

After a spike at the FY15 result, AGI has actually underperformed the market by ~3% since it reported. We believe that the offshore story (now 63% of revenue) continues to impress investors but the shares are suffering because of uncertainty in Australia where share peaked at ~35% but fell to ~15% in 2H15. In our view, an FY16 P/E of ~13x compensates us for this weakness in Australian ship share, which we believe has stabilized following the release of the new A600 box at AGEin August. The company will update the market at its AGM in November where we believe the risk is to the upside given low expectations.