Sorry, my mistake...I had IPL rating in my "copy/paste" command....

Sorry, my mistake...I had IPL rating in my "copy/paste" command. Here it is;


RBS Australia 25/01/2010 1 Buy $3.70 21.3%
Target $3.70 (was $3.78). Production for 2009 was within guidance and in the broker's view represents a good outcome given the company's track record.

Higher costs and lower production are expected in 2010 but even allowing for this the broker sees the stock looking cheap on valuation grounds and so it retains its Buy rating.

Macquarie 25/01/2010 1 Outperform $4.00 31.1%
Production for the quarter was strong in the broker's view and costs were largely in line with its expectations.

Factoring in new guidance for 2010 sees the broker trim earnings from that year but it retains its Outperform rating and $4.00 price target, though Newcrest ((NCM)) is its preference among the large cap Australian gold plays.

Citi 25/01/2010 3 Hold, High Risk $3.40 11.5%
The broker saw no surprises in the 4Q numbers, with 2009 group gold production pretty much in-line with the early pre-release that accompanied the recent CEO resignation announcement.

And while the result isn't good enough to shift Citi from its Hold call, the broker does admit the stock is beginning to look more appealing, despite a gold price that is losing some of its lustre.

JP Morgan 25/01/2010 1 Overweight $4.62 51.5%
Target $4.62 (was $4.68). Quarterly production was 10% better than the broker had expected given higher levels of milled ore at Lihir Island, which more than offset a lower head grade.

Costs were slightly higher than expected and the broker has adjusted its forecasts to reflect this and the actual production guidance for 2010, the end result being a slight cut in price target.

With the stock trading on a reasonable multiple, in its view, the broker retains its Overweight rating.

UBS 25/01/2010 1 Buy $4.00 31.1%
While the quarterly result was in line, costs were higher than the broker had been expecting.

These higher costs see the broker lowering its FY09 profit forecasts by 3% and FY10 by 6%.

LGL is now seen as comparatively cheap compared to Newcrest ((NCM)), UBS says.

Credit Suisse 25/01/2010 5 Underperform $3.00 - 1.6%
Production across all assets in the December quarter either exceeded or wre at the top end of guidance according to the broker, though it was somewhat disappointed with the guidance given for 2010.

Post the production report the broker's earnings estimates for 2010 have been reduced to reflect the guidance given, and increases to operating cost expectations, it retains its Underperform rating.

Deutsche Bank 25/01/2010 1 Buy $4.05 32.8%
4Q production was up 19% on 3Q, with all mines meeting the broker's expectations and leaving the company on-track to hit FY09 targets.

However, the broker notes cost pressures are continuing and so it cuts its 2010 EPS by 16% to bring production and costs within Lihir's guidance.

But with expansions under way and a low-cost, unhedged profile, Deutsch retains its positive view. The Buy call is maintained.