JP Morgan (from FNArena)-- rates as Overweight (1) - Bradken's...

JP Morgan (from FNArena)
-- rates as Overweight (1) - Bradken's result and dividend beat the broker. Lower equipment demand from miners reduced revenue but cost controls increased margins, the broker notes. benefits from a lower cost global platform and the demand for mining consumables is holding up. A strong balance sheet underpins the broker's Overweight rating. Target rises to $6.88 from $6.62.

Morningstar (summary)
NPAT was 4% above their expectations. Noted lower operating revenue and operating NPAT. Morningstar increased its previous FY14 NPAT by 6% to AUD 92m, but this is still 4% below company's FY13 numbers. FY15 NPAT estimate is $96.3m. Fair value is $5.00. No moat, highly volatile and cyclical resources sector.