Got my hands on a report that rates this stock as spec buy with...

Got my hands on a report that rates this stock as spec buy with a target of 30 cents in 12 months......
I bought a few so we will see how it goes....

The report is quite detailed and includes technical analysis that states the following !!!

"Since the break of the long term downtrend in mid 2003, stock has traded in a new bullish channel. Characterised by a series of continuation patterns, the stock appears to be shaping up for a test of the previous high made in December 2004 at 15.5c. There appears to be little resistance until the 45c level, although the period before 2003 represented highly illiquid trading. The main risk remains below the 8c level which would then bring the 4c support level in play. This would end the uptrend and signal the stock trading back at its all time lows again."


Customers Limited (CUS)
Recommendation Spec Buy

Strategy
First Recommended 31/07/2005
Share Price * $0.13
12 Month Price Target $0.30
Suggested Stop Loss $0.079


* at the time of writing the report


New management team have large equity positions and relevant experience in the payments systems sector.
Annual revenues of $25m expected moving forward with EBIT between $7.5m to $8.5m.
The purchase of 700 ATM's from St George Bank has fast tracked CUS's growth strategy.
Significant strategic investors in the last 12 months, including Hunter Hall (14.52%) and Drawbridge (5.81%).
New uptrend formed with stock preparing to test previous resistance at 15.5c.

Background

Customers Limited (CUS) is focused on becoming Australia leading listed systems payments business via its fast growing ATM network. This change of focus occurred on December 22, 2003, where CUS announced its acquisition of a 50% stake in the Automatic Teller Machine Network (ATM) operating under the ATM Express Brand. Previous to this, CUS was involved in the sales and development of its internet content management tool, 'Biziworks' and held interests in a few mining tenements.


Investment Summary

In the last 12 months CUS has seriously transformed itself from an internet based application company to a fast growing system payments business. Headed by the previous MD of Cashcard Australia, Greg Baker, CUS appear to have attracted the right management team to lead them into this new territory. A series of acquisitions, such as the purchase of the 700 ATM's from St George Bank places CUS in a unique position to capitalise on a consolidating and reforming sector. Strong cash flows are expected in the next 12 months that will enable CUS to deliver on its growth via acquisition strategy. CUS is an attractive 'growth' story and is recommended as a 'speculative buy' at current prices.