Thoughts on BAL's movement this week, page-15

Downgrade on what basis? Nothing has changed in the last few weeks from an analysis point of view other than the price? If anything it would be upgraded...

If BAL grows NPAT to $68mill FY17, will be on a PE of 15.3 (@$10.88) and if it paid out 75% of earnings a div yield of 4.9%...

I think the downside is limited as investors will step in at a certain point, given the huge upside potential. At some point it becomes worth the risk, IMO that price is around $10.50...