FYI | Aug 02 2011
Daily update on share prices and consensus price targets.
By Rudi Filapek-Vandyck
Property trusts have been the theme du jour among A-REITs this year and one of the beneficiaries has been Commonwealth Property Office Fund ((CPA)). No surprise thus, CPA has featured on FNArena's Icarus Signal as we all know what happens with popular stocks; they get too expensive.
In simple terms: we've been here before. CPA securities rose to similar price levels as today's a little over one month ago, and they were firmly rejected. At the time, the securities were trading above consensus target, which explains why it caught the attention of Icarus at the time. This time around we're not yet above target, as consensus target has lifted closer to the $1 mark, but we're getting close. I think I hear alarm bells ringing in the distant background.
CPA joined four others while re-joining the list of stocks closing in on target, and one of these is doing so on the back of a persistently weakening trend in targets; Specialty Fashion ((SFH)). The retailer is clearly facing a tough outlook and both stockbrokers and investors have taken note. Note that another stock that recently joined this group, consultant Coffey International ((COF)), continues to struggle.
Other stocks that joined CPA are DWS Business Solutions ((DWS)), Regis Resources ((RRL) and ConnectEast ((CEU)). The latter trades on corporate appeal, the two former stocks are clearly struggling with valuation limits.
There are now 11 stocks trading below, but close to target. 27 stocks are trading above target, including newcomers Reckon ((RKN)), Tabcorp ((TAH)) and SingTel ((SGT)). In the Bottom 50, iron ore minor Northern Iron ((NFE)) disappeared via the most inelegant route possible: Macquarie dropped its price target.
Investors should consider the information and data are provided for research purposes only.
Stocks <3% Below Consensus
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Stocks Above Consensus
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Top 50 Stocks Furthest from Consensus
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To see the full Icarus Signal, please go to this link
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