1022 [Dow Jones] STOCK CALL: Computershare (CPU.AU) upgraded to Outperform from Neutral by Credit Suisse. Ups target to A$12.25 from A$10.85. Cites prospect of M&A in 2011, continued focus on cost controls and potential earnings accretive acquisitions. "Although the 1H11 result is likely to be subdued (cycling off a strong 1H10), we anticipate a pick-up in revenues in 2H11 flowing through into FY12 and FY13," says broker. "CPU is currently trading on 16x 12-month forward earnings, slightly below its longer-term average of 16.5x, which we see as undemanding at this early stage of the M&A cycle." CPU down 1% at A$9.83. ([email protected])
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