DJ MARKET TALK: Analysts Up Bendigo Bk Targets, Caution Remains...

DJ MARKET TALK: Analysts Up Bendigo Bk Targets, Caution Remains

2352 GMT [Dow Jones] STOCK CALL: Several analysts raise target prices on Bendigo &
Adelaide Bank (BEN.AU) after group gives specific guidance for FY09 result. Merrill Lynch
says while the bank's guidance was cut, it does provide clarity on what to expect.
Merrill Lynch raises its target on stock to A$9.20 from A$8.40, keeps Buy rating. Morgan
Stanley bumps up its target to A$6.10 from A$5.70, but keeps Underweight rating and still
sees downside risk to earnings. RBS downgrades stock to Sell from Hold, but bumps up
target to A$7.18 from A$6.66. "While a step in the right direction, we see further
downside earnings risks, particularly given the binary nature of litigation and the size
of the (Great Southern) exposure (A$556 million)," analyst says. BEN last at A$8.35.
(LMF)