0811 [Dow Jones] STOCK CALL: CSFB upgrades Macquarie Bank...

0811 [Dow Jones] STOCK CALL: CSFB upgrades Macquarie Bank (MBL.AU) to
Outperform from Neutral, raises price target to A$70 from A$53, elevates MBL to
its top stock pick in banks sector. MBL offers re-rating story on back of
ongoing globalization of infrastructure financing business leading to structural
shift in revenue toward higher multiple annuity-type revenue. Notes MBL enjoys
first mover advantage in fast emerging asset class of infrastructure. Stock
closed yesterday up 41 cents at A$55.21. (WES)

0808 [Dow Jones] STOCK CALL: Appointment of Solomon Trujillo as Telstra
(TLS.AU) CEO means company can now put leadership distraction behind it, turn
focus to significant operational, regulatory challenges, says CSFB. TLS's
fixed-line business has reached major inflection point, with access revenue to
provide minimal offset for declining fixed-line voice business; regulatory
issues also center stage, with operational separation of wholesale, retail
divisions key negative risk. Has Neutral rating, A$4.85 price target; stock
closed yesterday down 1 cent at A$5.07. (WES)

0927 [Dow Jones] STOCK CALL: Jubilee Mines (JBM.AU) downgraded to short-term
Marketperform by Goldman Sachs JBWere, says shares outperformed S&P/ASX 200 by
over 20% over last 3 months, placing FY05 and FY06 forecast earnings on PE
around 11x. "Similar to BHP and Rio Tinto which are clearly lower risk
investments." Notes JBM, last at A$6.60, remains a positive story with
"excellent cash generation and a healthy yield," but sees most of exploration
upside factored into price. (WEL)

0917 [Dow Jones] STOCK CALL: UBS downgrades McPherson's (MCP.AU) to neutral
from buy following 22% gain in share price off 2 year low of A$2.70 on April 29.
Price target unchanged at A$3.52. Stock closed yesterday at A$3.30. (WES)

0902 [Dow Jones] Futures market tips just 1 point gain for S&P/ASX 200, last
at 4214, after Wall Street comforted by Greenspan testimony, declaring the
economy was on a "reasonably firm footing." The DJIA rose 0.3%, Nasdaq added
0.8% and S&P 500 gained 0.5% despite 3.3% jump in crude oil futures on concerns
storms may disrupt Gulf of Mexico production. Outlook for energy sector strong
after solid gains yesterday, and despite oil exposure and stronger base metal
prices BHP (BHP.AU) looks at risk of falling after 0.9% drop in London, where
Rio Tinto (RIO.AU) fell 0.8%, also hurt by 0.3% rise in AUD against greenback.
(WEL)

0840 [Dow Jones] STOCK CALL: CSFB downgrades Australian Worldwide Exploration
(AWE.AU) to neutral from outperform as share price has risen 21.1% since May 16
while S&P/ASX 200 has risen 6.3%. Stock closed yesterday at A$1.92. (WES)

0838 [Dow Jones] STOCK CALL: UBS raises Transurban (TCL.AU) target to A$7.61
from A$6.96 after formally including Hills Motorway in forecasts; maintains
neutral rating. Expects TCL's dividends over next 10 years to include re-gearing
component but given rate at which coverage ratios should continue to improve,
supports TCL's strategy of re-gearing, front-ending cashflows to maximize group
valuation. "Despite strong absolute share price performance, in the current
climate, we expect infrastructure...stocks will provide lower risk equity
exposure, attractive yield and yield growth. TCL remains an attractive longer
term exposure." Stock latest A$7.35. (WES)

0831 [Dow Jones] STOCK CALL: Bluescope's (BSL.AU) NZ steel business has huge
strategic potential with significant untapped production capability that offers
low capital growth, group production flexibility, says CSFB; but as only 10% of
BSL, this business doesn't drive valuation, outlook. Negative news on global HRC
steel prices, demand could see BSL trend back toward A$7 but medium term sees
value of A$10.55/share, potentially more if BSL continues to successfully
reinvest 5% of free cash-flow above its cost of capital. Has Neutral rating, A$9
price target; stock closed yesterday down 6 cents at A$7.82. (WES)

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(END) Dow Jones Newswires
09-06-05 2327GMT(AP-DJ-06-09-05 2327GMT)