latest ratings

RBS Australia 27/08/2009 3 Hold $4.60 11.5%
Target $4.60 (was $5.30). The broker viewed the company's full year result as a good one thanks to cost cutting and toll increases.

While it sees the stock as cheap at current levels the broker expects it will continue to trade on yield in the short-term and so it retains its Hold rating.

Macquarie 27/08/2009 1 Outperform $5.30 23.2%
Target $5.30 (was $5.10). Post what it viewed as a solid result the broker has made minor increases to its earnings forecasts.

Looking forawrd it sees the group as well placed to capitalise on growth options and given this it retains its Outperform rating on the stock.

Citi 27/08/2009 1 Buy, Medium Risk $4.50 9.6%
Citi says earnings resilience was a feature of Transurban's full-year report - up 11.5% for the year.

Toll revenue grew 7.5%, thanks primarily to higher toll charges, although volumes improved a tad.

The broker maintains its Buy rating (expecting inflation to normalise to 2.5%) and $4.50 target price, stressing it views the stock as a trade rather than a long-term hold.

Citi has lifted its earnings forecasts to reflect Transurban's AASB112 alignment of its accounts.

BA-Merrill Lynch 27/08/2009 1 Buy, Medium Risk $5.75 29.2%
The FY09 result was a little bit ahead of the broker, with higher "other" revenue and better cost control to blame.

Merrills says the result indicates that even in a weak operating environment, Transurban can still generate growth.

With traffic performance that is the best in sector, cost cutting that is beating forecasts and little in the way of refinancing risk, the broker maintains its Buy call.

JP Morgan 27/08/2009 3 Neutral $5.30 23.2%
Target $5.30 (was $5.40). Full year earnings were solid in the broker's view and it continues to see the stock as a safe haven in the sector.

But with the stock at a premium to its peers there is no change to the broker's Neutral rating.

UBS 27/08/2009 1 Buy $4.65 12.5%
The result was more or less in line with what UBS had been expecting, with higher cost efficiencies the highlight.

There is no interest in CEU, “for now” UBS says, with the cost of equity seen as too high.

Target falls 45c to $4.65.

Credit Suisse 27/08/2009 1 Outperform $5.25 22.5%
The group's full year result was a little below the broker's forecast but it continues to see the stock as well placed to benefit from a recovery in traffic volumes as the broader economy improves.

Post the result the broker makes no change to either its price target or Outperform rating.

Deutsche Bank 27/08/2009 1 Buy $5.45 25.3%
Transurban remains the broker's preferred toll road expsoure post the result and there is no change to forecasts.

Local toll roads are expected to exhibit traffic resilience, the broker suggests, and while deemed a defensive stock TCL also has value as a hedge against inflation, the broker points out.

Aspect Huntley 26/03/2009 3 Hold - -
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