Weekly Recommendation, Target Price, Earnings Forecast Changes

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)

This story features CHARTER HALL GROUP, and other companies.
For more info SHARE ANALYSIS: CHC
The company is included in ASX100, ASX200, ASX300 and ALL-ORDS

By Rudi Filapek-Vandyck, Editor FNArena

Guide:

The FNArena database tabulates the views of eight major Australian and international stock brokers: BA-Merrill Lynch, CIMB, Citi, Credit Suisse, Deutsche Bank, JP Morgan, Macquarie and UBS.

For the purpose of broker rating correlation, Outperform and Overweight ratings are grouped as Buy, Neutral is grouped with Hold and Underperform and Underweight are grouped as Sell to provide a Buy/Hold/Sell (B/H/S) ratio.

Ratings, consensus target price and forecast earnings tables are published at the bottom of this report.

Summary

Period: Monday February 24 to Monday February 28, 2013
Total Upgrades: 22
Total Downgrades: 27
Net Ratings Breakdown: Buy 39.04%; Hold 44.27%; Sell 16.69%

A lot of action, but not many themes. This is probably the best description to characterise the final week of the local February reporting season in terms of stockbrokers updating their views and calculations while corporate reports continued to hit their screens.

Adjustments consist of a mixture of misses and beats, but also comparisons of share prices with future projections and a seemingly declining risk profile for the Australian share market in general. Though it's not like everyone necessarily agrees with that latter view.

While the week past saw more rating downgrades than upgrades, for the second week in a row, there's decidedly more positive news in adjustments to valuations, price targets and earnings estimates where, apart from resources and related stocks contributing heavy cuts to the downside, the underlying current is clearly positive, which should provide support.

It will be a lot quieter in March.

Upgrades

Blackmores ((BKL)) upgraded to Overweight from Neutral by JP Morgan. B/H/S: 1/0/0

The first half profit was ahead of the broker's forecasts. Structural risks remain around the distribution channels for the Australian business but, with near-term headwinds abating and the company trading at a discount to the Small Industrials, JP Morgan has upgraded to Overweight from Neutral. The broker thinks the current share price provides a compelling entry for a high quality brand in an industry with favourable underlying demographic trends. The target is raised to $25.49 from $24.00.

Charter Hall ((CHC)) upgraded to Outperform from Neutral by Credit Suisse. B/H/S: 5/1/0

Charter Hall's result beat the broker by 2% and guidance was upgraded. CHC announced a $140m placement at a 3.6% discount to the closing price which the broker believes is an indication of confidence. It will be used to repay debt and then set aside for co-investments. Given excess investment capacity, 8% earnings growth and favourable position the broker has upgraded to Outperform. Target rises to $4.32 from $3.78.

Crown ((CWN)) upgraded to Neutral from Underperform by Credit Suisse. B/H/S: 6/2/0

The broker notes turnover in Melbourne fell 33% in the first half, the biggest single fall since the company began making disclosures. Perth was flat. Credit Suisse has upgraded the stock to Neutral from Underperform, supported by Macau's strong quarterly results and valuation. The price target is raised to $18.50 from $15.90.

Energy Developments ((ENE)) upgraded to Buy from Neutral by UBS. B/H/S: 4/0/0

Energy Developments' interim result was boosted by small price increases, modest asset expansion and currency gains and, on the downside, cash flow was soft. Net debt rose $500 million. UBS says Energy Developments has raised $50 million and bought 21 megawatts for $22 million and sees the potential to reach up to 400 megawatts over three-five years (up 50% on the existing asset base). The broker says the company's strong market share and growing scale position it well for government changes. UBS upgrades to Buy from Neutral. Target price rises to $6.50 from $5.77 to reflect a tax credit and reported maintenance capital expenditure.

Evolution Mining ((EVN)) upgraded to Add by CIMB Securities. B/H/S: 1/1/4

The first half was in line with the broker's expectations. Evolution may not be the cheapest gold miner but it is one of the most consistent performers, in CIMB's view. The broker upgrades the recommendation to Add and the price target to $1.16 from $1.07.

See also EVN downgrade

Fleetwood Corp ((FWD)) upgraded to Hold from Reduce by CIMB Securities. B/H/S: 0/4/1

The first half beat the broker at the revenue level but earnings missed, with the extent of the margin decline surprising. CIMB thinks FY14 is a re-building year. CIMB continues to expect a subdued share price, given the fact earnings certainty is clouded. Nevertheless, the payment of an interim dividend signals to the broker that the board is more positive about the FY15 outlook. The broker has raised the recommendation to Hold from Reduce because of significant share price weakness. The target falls to $2.66 from $2.96.

Graincorp ((GNC)) upgraded to Neutral form Underperform by Credit Suisse. B/H/S: 1/2/2

Following Graincorp's AGM the broker has upgraded to Neutral. Volume expectations going forward are in line with expectations although efficiency benefits are not as solid as hoped for and capex expectations have been increased. That said, the broker suggests GNC offers value on a medium term view. Target rises to $8.40 from $8.36.

Iluka Resources ((ILU)) upgraded to Buy from Neutral by UBS. B/H/S: 5/3/0

Iluka's full-year profit disappointed consensus (thanks largely to net debt) but the broker noted the net debt target was hit in January, 2014. Management guided to flat prices and UBS has lowered price forecasts, considering its estimates are now "conservative". Guidance for an increase in sales relative to production suggests a freeing of cash flow and the broker thinks this a positive for Iluka, given management says market conditions are the best in two years. UBS lifts the rating to Buy from Neutral, despite expecting a consensus downgrade. Target price rises to $11.50 from $11.30.

IRESS ((IRE)) upgraded to Buy from Hold by Deutsche Bank. B/H/S: 1/3/0

2013 earnings were in line with the broker's forecasts while profit was ahead. The raised dividend was the key positive surprise. Deutsche Bank observes solid growth prospects in Australia and UK wealth management, driven by regulatory change and product roll out. The broker upgrades to Buy from Hold with the stock offering 15% upside potential to the target of $11.00, revised up from $8.55.

Lend Lease ((LLC)) upgraded to Add from Hold by CIMB Securities. B/H/S: 5/3/0

The reported financials proved in line, but CIMB believes this company is poised to generate some serious growth in the three years ahead. On that basis the rating has been bumped up to Add from Hold. Price target jumps to $13.35 from $11.35. CIMB states consensus forecasts will prove too low for FY15/FY16 and, as the market will come to recognise this, investors will re-rate the stock. Prepare for higher PE multiple is the underlying message.

See also LLC downgrade

Macquarie Atlas ((MQA)) upgraded to Neutral from Underperform by BA-Merrill Lynch and to Hold from Reduce by CIMB Securities. B/H/S: 3/2/1

Result was in line with Merrills. Revenues increased on toll price lifts and increased traffic on the APRR. The broker has upgraded to Neutral on the back of greater clarity re APRR/Eiffarie distributions. MQA has guided to 5c in the first half 2014 and the broker believes as much as 8c could be available in the second. The broker thus lifts dividend forecasts. CIMB analysts talk about a solid FY13 report, triggering mild increases to forecasts. More importantly, they also see positive developments for just about every aspect of the company's operations, ranging from improving traffic trends at core operations, to new management contracts in France, new stimulus from the European Commission and pending refinancing of Eiffarie debt. Combine all of the above together and the price target jumps to $2.86 from $2.37 prior. The rating moves up to Hold from Reduce.

Mayne Pharma ((MYX)) upgraded to Outperform from Neutral by Credit Suisse. B/H/S: 1/0/0

Mayne Pharma's result featured strong revenue and earnings growth in the half and demonstrated the benefits of diversified product and service offerings, the broker suggests. There's plenty in the pipeline and Mayne is readying for the Lozanoc launch. A rollover of the broker's valuation model leads to a target price increase to $1.05 from 86c and that leads to an upgrade to Outperform.

Nib Holdings ((NHF)) upgraded to Neutral from Sell by Citi. B/H/S: 2/1/1

Nib has guided to below-industry policy holder growth in FY14. The broker is lowering forecasts for Australian resident health insurance but this is more than offset by increases for students and NZ, albeit the NZ increase is of lower quality. Net earnings forecasts rise and the broker has lifted its target to $2.60 from $2.30. This is sufficient for an upgrade to Neutral.

Prime Media ((PRT)) upgraded to Outperform from Neutral. B/H/S: 2/1/0

Prime Media's earnings lift took all by surprise when a decline was expected, with costs contained and TV gaining market share. Full-year guidance was maintained but the broker now thinks this is conservative given the second half skew. With an 8% yield, the broker suggests PRT is compelling value on a 10 times multiple. Moreover, the abolition of media rules would see PRT as the obvious takeover choice for Seven West ((SWM)), the broker notes.

QBE Insurance ((QBE)) upgraded to Overweight from Neutral by JP Morgan. B/H/S: 5/2/1

The 2013 result was slightly better than the broker expected. JP Morgan is moving to Overweight from Neutral. The broker is not completely confident that all reserving issues are laid to rest but thinks any remaining will be smaller. Also, if QBE achieves just some of the initiatives to improve margins there will be value there. The target is raised to $12.80 from $11.94.

Ramsay Health Care ((RHC)) upgraded to Add from Neutral by CIMB Securities. B/H/S: 2/5/1

The interim result was as expected, but its features were strong enough to convince analysts at CIMB that a cautious stance is no longer appropriate. Upgrade to Add from Neutral. CIMB likes the broad divisional performance, the show of operating leverage within the international group and -not to be dismissed- the group's strong generation of cash flow. The latter implies management can remain on the lookout for profitable acquisitions. Earnings consistency has become a hallmark of the company and CIMB suggests this will continue to support share price momentum. Earnings estimates have been increased. Price target makes a jump to $52.52 from… wait for it… $38.44 prior. The latter brings the multiple in line with Asian peers, point out the analysts.

Telecom NZ ((TEL)) upgraded to Hold from Reduce by CIMB Securities. B/H/S: 0/6/1

First half results were below the broker's expectations. CIMB makes small changes to FY14 and FY15 operating forecasts to reflect weaker operating trends but greater cost cutting. The valuation is lifted and the target moves to NZ$2.31 from NZ$2.20. The rating is raised to Hold from Reduce.

Tox Free ((TOX)) upgraded to Outperform from Neutral by Macquarie. B/H/S: 1/3/0

The result was in line with forecasts. Macquarie notes the stock is on track for FY14 and likes the fact the company's strategy avoids difficult industry sub-sectors and provides high levels of revenue certainty. The rating is upgraded to Outperform from Neutral after a period of flat share price performance. The broker sees upside from medium-term organic growth and acquisition options. The price target is raised to $3.58 from $3.11.

Virtus Health ((VRT)) upgraded to Buy from Neutral by UBS. B/H/S: 1/0/0

Virtus Health turned in a mixed first-half result that met UBS' revenue estimates but fell short of net profit after tax estimates. Management said Queensland and site expansions and refurbishments dragged on the first half and guides for a pro-forma second half.  UBS tinkers with earnings estimates (up a tad), the broker noting employee costs grew in step with revenue, suggesting the core business structure was firm. UBS expects stronger cycle growth in the second half and no nasty surprises. UBS lifts the target price to $8.65 from $8.50 using a price-earnings/net asset value mid point in line with peers and believes the recent share price pounding was overdone. The broker upgrades to Buy from Neutral.

Whitehaven Coal ((WHC)) upgraded to Add from Hold by CIMB Securities and to Overweight from Neutral by JP Morgan. B/H/S: 7/1/0

Never mind the financial numbers, this story is all about total capital expenditure on Maules Creek remaining within budget and this increases the valuation on offer, point out analysts at CIMB. To prove their point, they've upgraded the rating to Add from Hold. Price target has moved up to $2.40 from $1.90 as a lower discount applies. The moves are all about "confidence", the analysts explain. Whitehaven is generating a lot of cashflow and if capex remains inside budget, the risk for negative surprises diminishes. This year's forecast has now been pushed into the negative (loss) but future years have been lifted, modestly. The interim results were better than JP Morgan forecast. Maules Creek is on track for first production in 2015. Despite no obvious near-term catalysts, the broker takes a longer view and upgrades to Overweight form Neutral, given the stock is trading at a sizeable discount to the risk-weighted valuation.

Downgrades

AGL Energy ((AGK)) downgraded to Underperform from Neutral by Credit Suisse. B/H/S: 3/4/1

AGL posted a big miss with retail the major disappointment, blamed on mild weather, weak demand, discounting and higher operating expense. Management has retained full-year guidance which the broker finds very optimistic and thus anticipates a downgrade later down the track. The MacGen decision is still pending and would prompt a capital raising. Target falls to $15.50 from $15.80. Downgrade to Underperform.

Alumina ((AWC)) downgraded to Neutral from Buy by UBS. B/H/S: 3/3/2

Alumina's result fell well short of consensus and the broker after reporting a $16.5 million charge relating to the Alba litigation. After accounting for the one-off loss, profit was in line. Management failed to reinstate the dividend as expected, citing tough market conditions and cash-flow uncertainty. After accounting for UBS' revised commodities assumptions and a strong share price performance, the stock is downgraded to Neutral from Buy.

Beach Energy ((BPT)) downgraded to Sell from Neutral by Citi and to Neutral from Outperform by Macquarie. B/H/S: 0/4/2

Beach's result beat the broker by 14% on lower operating costs, although management did indicate opex would normalise again in the second half. The broker remains cautious over the pending test results of BPT's unconventional wells, believing hopes may be a bit optimistic, and remains cautious over shale valuation in general given the long lead time involved. Target rises to $1.62 from $1.57 but rating downgraded to Sell. Beach Energy romped in with its interim report, outpacing Macquarie by 20% as costs fell, production rose and an R&D tax credit softened the tax rate. Macquarie notes operating cash flow was strong and the stock boasts a strong balance sheet. The broker downgrades to Neutral from Outperform, noting the stock is trading at a 26% premium to net asset value, making it hard to justify further increases.

Billabong ((BBG)) downgraded to Sell from Hold by Deutsche Bank. B/H/S: 0/4/2

A better performance in Australasia offsetting weakness elsewhere led to a beat for Billabong, but really its all about the turnaround strategy. Here the broker thinks management is on the right track, helped by no longer facing recapitalisation issues. More progress should be made in the second half but even the CEO admits it's no easy task. The broker does not believe the price reflects the risks. Downgrade to Sell. Target rises to 45c from 30c.

BlueScope Steel ((BSL)) downgraded to Underperform from Outperform by Credit Suisse. B/H/S: 5/0/2

The first half result pleased the broker, exceeding the guidance at the AGM. Credit Suisse notes all segments improved and the company appears to be moving in the right direction. The broker has downgraded the rating to Underperform from Outperform, reflecting the share price strength. The price target is raised to $6.40 from $5.70.

Boart Longyear ((BLY)) downgraded to Underperform from Neutral by Macquarie. B/H/S: 0/3/5

Boart Longyear's FY13 result missed the broker on most marks and Macquarie notes cash flow is under pressure and debt is high. The main news was the securing of amended debt covenants to gain a temporary suspension of interest cover. The group has said its capacity to meet its financial obligations is uncertain and has initiated a strategic review. Macquarie notes the market outlook remains tough, pricing is a key risk, and with the balance sheet under so much pressure the broker downgrades to Underperform from Neutral. The broker has quadrupled FY14 loss projections and sets the target price at 20c – a 50% discount to FY14 projected net tangible asset backing to reflect the continuing deterioration of the asset base.

Caltex Australia ((CTX)) downgraded to Neutral from Buy by UBS. B/H/S: 1/2/3

Caltex's 2013 result beat consensus by 1.5% and met the broker. The dividend generally exceeded expectations. UBS' growth forecasts fall short of the company's, and suspects the difference will come from the premium fuel business. UBS downgrades to Neutral from Buy to reflect recent share price strength (up 8% in three months). Target price is steady at $21.60.

DUET ((DUE)) downgraded to Neutral from Outperform by Credit Suisse. B/H/S: 2/5/1

The first half result was slightly below the broker's forecasts. The surprise was in the Damper-Bunbury pipeline, with revenue down from the settlement of a contract dispute. The broker has reduced earnings forecasts by 2-3% on the back of this, offset by slightly higher earnings within United Energy. The rating is downgraded to Neutral from Outperform, given the recent share price performance, and the price target is reduced to $2.25 from $2.30.

Evolution Mining ((EVN)) downgraded to Sell from Hold by Deutsche Bank. B/H/S: 1/1/4

Evolution's result was in line on an earnings level. Asset diversification means EVN's risk is spread and the stock has performed well on the gold price bounce but the broker is bearish gold, and on that basis EVN is overvalued. The miner's performance is consistent and costs are falling but the broker's gold view means a downgrade to Sell.

See also EVN upgrade

Independence Group ((IGO)) downgraded to Hold from Buy by Deutsche Bank. B/H/S: 3/2/0

Independence's result was in line with the broker but the 3c dividend beat by 1c. Tropicana capex is all but expended, the broker notes, which means debt can be repaid and the dividend lifted while pursuing further exploration. The broker believes Tropicana production guidance looks conservative. Target rises to $4.00 from $3.90 but on a solid share price run the broker has pulled back to Hold.

IOOF ((IFL)) downgraded to Hold from Buy by Deutsche Bank. B/H/S: 1/5/1

The first half earnings missed the broker's forecast. The result highlighted relatively stable gross margins and cost discipline despite an increasing regulatory burden. Deutsche Bank believes the company is well placed to benefit from industry consolidation, supported by a solid balance sheet. The rating is downgraded to Hold from Buy on valuation. The stock is trading close to the broker's $9.15 target, revised down from $9.30.

Lend Lease ((LLC)) downgraded to Neutral from Buy by BA-Merrill Lynch. B/H/S: 5/3/0

Lend Lease's profit marginally outpaced the broker. BA-Merrill Lynch says a rise in gearing reflected the investment in the production phase of a hefty development pipeline, which is already starting to yield solid revenue by way of residential pre-sales. The broker notes corporate costs are on target but says the lack of a widely expected Barangaroo update was a negative, as was the lack of management clarity on the near-term earnings outlook. Rating downgraded to Neutral from Buy to reflect margin softness, forecast weak cash-flow generation and opaque earnings visibility. The target price is steady at $12.

See also LLC upgrade

McAleese ((MCS)) downgraded to Neutral from Outperform by Credit Suisse. B/H/S: 2/2/0

After the company's revised guidance and update on the Cootes contract losses, Credit Suisse has downgraded FY14 profit forecasts by 31.6% and FY15 by 31%, believing the Cootes business is likely to be exited over the next 18-24 months. The broker had thought the Cootes issues would be contained but, with ongoing defects being found in recent weeks, this is expected to have further impact on the brand. The broker sees material upside for the stock but thinks the risk profile has changed and confidence needs to be restored. The rating is downgraded to Neutral from Outperform. The price target is set at 71c, down from $1.75.

McMillan Shakespeare ((MMS)) downgraded to Underperform from Neutral by BA-Merrill Lynch. B/H/S: 2/1/1

The broker has decided to downgrade to Underperform from Neutral, lowering the price target to $10.50 from $12.30. In Merrills' view regulatory risks have increased now that car manufacturers have decided to quit Australia. The broker does not rule out a risk that the government uses the Productivity Commission recommendations as a platform to review current policy. Removal of import tariffs, or modification of restrictions on importation of used vehicles, has the potential to impact the company's returns further out, in the broker's view. Any reduction in tax receipts has the potential to be offset and that's where the broker thinks there is the risk of novated lease rules changing with a second term of government.

Mermaid Marine ((MRM)) downgraded to Neutral from Outperform by Macquarie. B/H/S: 3/3/0

First half earnings were in line with the broker's forecasts. Mermaid Marine expects FY14 earnings will be flat, mostly because of hold ups at the supply base. The company has acquired Singapore vessel business, Jaya, for an enterprise value of $449m, funded by an equity issue at $2.40. Macquarie thinks the deal looks marginal but the value will ultimately come down to the management of the assets over the longer term. The rating is lowered to Neutral from Outperform, because of slower underlying growth in FY15 and the acquisition risks. The price target is reduced to $2.96 from $3.72.

Mesoblast ((MSB)) downgraded to Neutral form Outperform by Credit Suisse. B/H/S: 0/2/1

The broker has reviewed assumptions post Mesoblast's result, increasing expenses and pushing out the timing of commercialisation. A ramp-up in activities is going to test cash reserves, the broker suggests. Target falls to $6.75 from $7.95 which prompts a downgrade to Neutral.

National Australia Bank ((NAB)) downgraded to Hold from Add by CIMB Securities. B/H/S: 3/5/0

Cash earnings for the first quarter were roughly in line. CIMB has downgraded the stock to Hold from Add on reduced scope for earnings outperformance. The broker thinks the tail risk from UK asset quality has been removed while the earnings threat from life insurance losses and UK claims have likely peaked. It's ongoing revenue pressure in the flagship business banking unit and compensation risks from UK fixed-rate lending that worries the broker. A clean result is needed to support a re-rating and that is unlikely in the first half, in CIMB's opinion. The price target falls to $36.58 from $36.67.

New Hope Corp ((NHC)) downgraded to Underperform from Neutral by Credit Suisse. B/H/S: 0/1/1

First half profit guidance is $21-23m, well below the broker's expectations and, as a result, forecasts have been lowered by 45% for FY14 and 28% for FY15. Credit Suisse thinks the stock is a safe coal mining play from a balance sheet perspective but acknowledges there's not much cash being generated. The rating is downgraded to Underperform from Neutral and the price target is reduced to $3.50 from $3.70.

Oil Search ((OSH)) downgraded to Sell from Neutral by Citi. B/H/S: 5/0/2

Oil Search announced an equity raising to buy a stake in Elk/Antelope. OSH is issuing $149 million shares to the Papua New Guinean Government at $8.20 a share. Meanwhile, the CY13 result slightly outpaced consensus and the broker, thanks to lower interest expense. Citi downgrades to Sell, noting the discounted cash-flow valuation of the base business is $5.98 a share. It sees upside to $9.50 a share but believes that much of the potential is already incorporated in the share price and cuts the target price to $8.08 from $8.52 to account for this view and the raising.

Qantas ((QAN)) downgraded to Underperform from Neutral by Credit Suisse. B/H/S: 2/4/2

First half loss was better than the broker expected. Second half operating conditions are about to deteriorate, further, with Credit Suisse noting January looks to have had the weakest domestic load factor in the history of the broker's data. The company needs asset sales to fund its way through the second half to avoid an equity raising, in the broker's opinion, although some kind of government liquidity back stop is considered an equally likely outcome.The rating is lowered to Underperform from Neutral and the price target to 97c from $1.21.

Regis Resources ((RRL)) downgraded to Underperform from Neutral by Credit Suisse. B/H/S: 1/3/3

Rain has affected mining at Garden Well with normal operations not expected to be re-established until July. Credit Suisse has reduced the rating to Underperform from Neutral. The price target is lowered to $2.60 from $2.90.

Silver Chef ((SIV)) downgraded to Neutral from Outperform by Macquarie. B/H/S: 0/1/0

Silver Chef's result was in line with previously downgraded guidance. The broker expects it will take some time for the GoGetta business to regain momentum and, while the Canadian opportunity is promising, the benefits will be some time off. Meanwhile, the broker has elected to take a more conservative view with forecasts. Target falls to $5.75 from $7.05. Downgrade to Neutral.

Spark Infrastructure ((SKI)) downgraded to Neutral from Outperform by Credit Suisse. B/H/S: 3/5/0

The 2013 result was below the broker's expectations, affected by low demand, particularly from South Australia, and now further news on the tax issues. The 5.5c final distribution was in line with guidance and FY14 distribution guidance is 11.5c, up 4.5%. The broker's target is raised to $1.81 from $1.78 and, in line with the recent share price performance, the rating is reduced to Neutral from Outperform.

Transfield Services ((TSE)) downgraded to Neutral from Outperform by Credit Suisse. B/H/S: 0/4/2

The first half results were well below the broker's forecasts. Credit Suisse wants more proof for the turnaround story. The margin decline is a concern for the broker, despite the benefits from cost savings. Balance sheet repair has been pushed out further. The rating is downgraded to Neutral from Outperform and the target to 92c from $1.20.

Treasury Wine Estate ((TWE)) downgraded to Underweight from Neutral by JP Morgan. B/H/S: 1/2/5

The broker has downgraded the rating to Underweight from Neutral because of reduced valuation support as well as the possibility of more disappointing earnings in the second half and FY15. JP Morgan thinks the bull case emanating from the potential to liberate value through asset divestment is either priced in or flimsy. The price target is steady at $3.50.

UXC ((UXC)) downgraded to Neutral from Outperform by Credit Suisse. B/H/S: 1/1/0

The first half was in line with the December update. Credit Suisse suggests that as UXC moves into larger and more complex contracts, the execution risk mounts. This, as the broker notes from the first half, can materially impact profitability. The broker's confidence has been lowered, at least for the short term. The rating is downgraded to Neutral from Outperform and the price target to $1.02 from $1.20.
 

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Broker Recommendation Breakup

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