Just found this article: http://www.fnarena.com/index2.cfm?type=dsp_newsitem&n=B426C98E-C045-A09F-A2EB1818DF7DAABF
Top Ten Weekly Recommendation, Target Price, Earnings Forecast Changes FNArena News - November 21 2011 By Chris Shaw
In another week where downgrades have dominated, brokers in the FNArena database have lowered ratings on 12 stocks while upgrading just four. This brings total Buy ratings to just a touch under last week's 57.7%.
Among the upgrades was BlueScope Steel ((BSL)), Macquarie moving to an Outperform rating from Neutral on expectations the “new” BlueScope will be a closer play on the domestic economic cycle. This reflects a reduction in some loss making export operations as part of an operational restructuring.
Macquarie expects the market's confidence in BlueScope will lift as the proposed cost out story and earnings improve, which should be enough to drive a re-rating of the stock in time. Earnings and price target have been adjusted not only by Macquarie but also by the likes of JP Morgan.
A strategic review by Goodman Fielder ((GFF)) has also prompted an upgrade by Macquarie to Neutral from Underperform, the broker taking a slightly more optimistic approach to new management's proposed cost out story. Improved valuation also supports the upgrade in rating, as do increases to earnings estimates. At the same time Macquarie has trimmed its price target for the stock.
Good time to accumulate I think
BSL Price at posting:
52.7¢ Sentiment: LT Buy Disclosure: Held
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