why a drop of 15 cents

Does anyone have an alternative theory to the one that centres on manipulation? The brokers cited on FNArena who updated their "views" on Friday are slamming this baby, but with fairly feeble reasoning that I've pasted below.

I'm starting to get that sinking, Centro feeling. Anyone care to reassure me...

Macquarie 21/11/2008 5 Underperform $0.93 1.6%
The broker notes a 3Q trading update indicates the company's BNB JV is fast approaching "bank discussions" about LVR tests not being met. The broker also notes that while gearing has been reduced, the risk is not eliminated.

While the share price will get some support from valuation and Stockland conjecture, the JV risks and other risks from likely dilutive asset sales and continued uncertainty regarding management, future strategy and business model will weigh on the share price performance. Underperform maintained.

Merrill Lynch 21/11/2008 5 Underperform $0.75 - 18.0%
The broker thinks yo can do better elsewhere, there is just too much risk for the reward and better dividends to be had. The GPT thing is likley to go nowhere (for now) and the BNB JV needs to be dumped, Says the broker. Although this would see a write off $1.8bn, which would put the company on the brink of triggering debt covenants. Just so you know.

UBS 21/11/2008 5 Sell $1.00 9.3%
UBS's Sell rating and target $1 target price for GPT Group remains unchanged after the company's quarterly update, believing outperformance at this level will be a challenge.


JP Morgan 13/11/2008 1 Overweight $1.39 51.9%
Target $1.39 (was $1.18). In the broker's view the move by Stockland ((SGP)) to take a stake in the company means it is comfortable with the leverage issues, and while it doesn't expect an offer in the shorter-term the stake has caused the broker to adjust its price target.

On the news there is no change to the broker's Overweight rating.