Thanks for posting. I was wondering why the SP got whacked. As I always say, I prefer to hold stocks where brokers have a negative rating on them. When I really like a company at a certain SP and I see a lot of brokers have it as a buy, it makes me very uncomfortable so this is great to see.
Australia is becoming a smaller and smaller percentage of the overall business. I don't know why they make such a big deal of it. Regarding promotional activity, I'll wait for the company update rather than relying on this nonsense.
Also I must say, changing the price target from 35 to 22 really goes to show what a joke these price targets are. Nothing material about the company has changed... just a slightly weaker economic outlook. I'm sure the interest rates were already on the up when they set the 35 PT. It makes no sense to drop the PT by this extent over nothing.
Macquarie Price Downgrade, page-6
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