UBS has upgraded to buy...but reduced target to $1.32.
2312 GMT [Dow Jones] STOCK CALL: ConnectEast (CEU.AU) upgraded to Buy from Neutral by UBS despite cutting 12-month target price to A$1.32 from A$1.54 following more cautious revaluation of EastLink tollroad, due to open June 29. Reduces average toll forecasts to A$2.29 per trip from A$2.60 due to concerns over tunnel traffic forecasts, expecting 90% of CEU forecasts during 12-month ramp-up. CEU last A$1.125. (WEL)
CEU Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Not Held
