FYI | Aug 29 2011
Daily update on share prices and consensus price targets.
By Rudi Filapek-Vandyck
Market intelligence? Shares in local funds manager Perpetual ((PPT)) soared by more than 10% after the company released its FY11 financials on Friday, but stockbrokers have remained unperturbed in the aftermath of the event. The actual results are considered weak, though the dividend and share buyback seem to have taken many by surprise. However, as the outlook is seen as challenging, still, and with price targets tumbling post the event, how does this compare with the market's sudden burst of enthusiasm?
Well, Icarus tells us the shares are now firmly above stockbroker price targets so it'll be interesting to observe how long the newfound attractiveness for Perpetual shares might last, to say the least.
Perpetual was the sole stock that freshly joined the group of stocks trading above target on Friday. This group covers the likes of Cochlear ((COH)), Monadelphous ((MND)), Alacer Gold ((AQG)) and Matrix Composites and Engineering ((MCE)), plus fourteen others (19 in total). There are now 13 stocks trading close but still below target, but churn in this group is high because of fresh take-over action, falling targets and rapidly moving share prices.
The Bottom 50 now welcomes Alesco ((ALS)) which had to lower expectations only one month after releasing FY11 financials, usually not a sign of strength (euphemism). Stockbrokers have responded by downgrading their ratings and targets. BlueScope Steel ((BSL)) and Photon Group ((PGA)) are in this group of stocks as well.
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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