Credit Suisse 21/10/2009 3 Neutral $1.78 13.0% Target $1.78 (was $1.40). The broker has increased its DF valuation and this flows through to an increase in price target, the change coming despite some cuts to its earnings estimates in coming years.
While the company has a high quality and tough to copy range of assets the speed of the recent re-rating has surprised the broker and it now suggests the stock is no longer very cheap.
Neutral rating is retained.
TPI Price at posting:
$1.41 Sentiment: None Disclosure: Held