macquarie upgrades target price to $ 3.60, page-3

Not from Mac Bank but....



DJ MARKET TALK: CS Reiterates Outperform On Incitec


Dec 14th 2155 GMT ¦Dow Jones¨ Credit Suisse reiterates Outperform, A$3.90 target on Incitec (IPL.AU). "We believe IPL offers a late soft commodity leveraged play," CS says in a client note. "Adverse exposure to a rising AUD/USD seems largely implicit in its share price, as are relatively low diammonium phosphate prices. We suspect over the next 12 months fertilizer prices should firm on rising soft commodity prices, with North American explosive volumes likely to recover." Cost-cutting program should further help, it says. Last trade A$3.12. (ABH)