who knows where its heading ..... not citi !!

BY BROKER NEWS - 18/05/2009Falling work in hand (WIH) not only signals the end of what Citi calls "the super boom", but also undermines the significance of the WIH that is left. Given WIH is the main thing that has been holding up the share price, this could be bad news for Leighton. On top of that, while the FY09 guidance downgrade did not surprise Citi, it thinks that now that Leighton has finally given up on the 10% revenue growth guidance for FY10, consensus will start to fall. Citi retains its Sell call, but nudges up its target price to $18 (from $16) due to a more generous multiple of 12x on FY11E EPS.

Sector: Capital Goods.

Target price is $18.00. Current Price is $22.80. Difference: ($4.80) - (brackets indicate current price is over target). If LEI meets the Citi target it will return approximately -27% (excluding dividends, fees and charges - negative figures indicate an expected loss).