Weekly Recommendation, Target Price, Earnings Forecast Changes

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            [7] => LLC
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            [24] => AWE
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            [28] => OZL
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            [30] => PRU
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            [47] => ILU
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            [50] => MGR
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            [54] => RIO
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            [57] => WFD
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            [59] => MGR
            [60] => LLC
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            [62] => STO
            [63] => TCL
            [64] => VCX
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            [68] => LLC
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This story features AMP LIMITED, and other companies.
For more info SHARE ANALYSIS: AMP
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: Citi, Credit Suisse, Deutsche Bank, JP Morgan, Macquarie, Morgan Stanley, Morgans 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 January 18 to Friday January 22, 2016
Total Upgrades: 22
Total Downgrades: 17
Net Ratings Breakdown: Buy 43.45%; Hold 44.08%; Sell 12.47%

The week ending Friday, 22nd January 2016, saw no less than 22 upgrades in broker recommendations for individually listed stocks on the ASX, but also 17 downgrades. Weaker share prices usually means valuations become more attractive and stockbroking analysts have not hesitated to respond in swift fashion. But where do all these downgrades come from?

It turns out some of the local yield stocks might have risen a tad too far, while ongoing reductions to commodity prices forecasts continue to impact. Plus some sectors/companies are experiencing various forms of negative news, ranging from healthcare reforms in Australia to soft commodities and the weather, to a reshuffling of major bank preferences by Macquarie.

In comparison to the flood in rating upgrades and downgrades, changes to valuations and price targets remained rather benign. Treasury Wine Estates enjoyed a nice boost post its well-received market update, while JB Hi-Fi is enjoying the benefits from the Dick Smith failure. A re-adjustment of FX and gold price forecasts saw Regis Resources on third largest positive review for the week.

The negative side is heavily weighted towards resources stocks (of course, updates with reduced product price forecasts still ongoing) and financials. The latter are being impacted by weakness in global financial assets which impacts when analysts mark-to-market. Ramsay Health Care is among the negative revisions too as analysts grow more cautious with risks rising due to the government's review of healthcare services.

Both tables for revisions to earnings estimates are yet again heavily populated by resources stocks. Notable exceptions are, on the positive side, Sydney Airport, Air New Zealand, Transurban, Woolworths and JB Hi-Fi. Woolworths has now officially abandoned its failed expansion into the home improvement sector.

With the exception of NextDC (still impacted by capital raising last year), all companies on the negative side are either miners or energy companies. The changes in forecasts are huge, but that's merely showing the operational leverage to product prices. One notable inclusion on the negative side is BHP Billiton, with a 40% decline in estimates climbing to the number three spot for the week. Numerous energy producers follow next.

Thus far, early company reports and updates have been fairly positive. In particular against the background of retreating share prices and risk appetite worldwide. Later this week and the opening week of February will bring the first industrial company reports, though investors won't be able to get a genuine finger on the pulse of what is happening inside corporate Australia until at least the middle of February.

Upgrade

AMP LIMITED ((AMP)) Upgrade to Add from Hold by Morgans .B/H/S: 5/3/0

Morgans updates its outlook on the insurance and diversified financials sector, moving AMP to Add from a Hold rating. Target is lowered to $6.33 from $6.43.

The broker downgrades FY16 cash earnings estimates by 1.0% but lifts FY17 by 2.0%, reflecting a marking to market with equity improvements in the December quarter offset by a rise in 10-year bond yields.

AUSTRALIA & NEW ZEALAND BANKING GROUP ((ANZ)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 5/2/1

Macquarie acknowledges ANZ faces more risks than its peers because of the exposure to slowing Asian markets and an overweight position in the resources sector.

Still, its valuation discount to peers appears increasingly difficult to ignore and the broker upgrades to Outperform from Neutral. Target is lowered to $28.00 from $31.43.

Over the medium term Macquarie believes the bank has the capacity to optimise its business mix and the risk/reward profile is attractive.

ASX LIMITED ((ASX)) Upgrade to Neutral from Sell by Citi .B/H/S: 0/5/3

Citi is anticipating rather benign growth at the interim report as price discounts negate double digit growth in derivatives. FY16 cost guidance should be maintained, even though the analysts see a longer term benefit developing.

They suggest the solid balance sheet and dividend yield should provide support. In response to a weaker share price, Citi analysts have upgraded to Neutral from Sell. Target price gained 50c to $39.00. Minor changes made to estimates.

BEADELL RESOURCES LIMITED ((BDR)) Upgrade to Neutral from Sell by Citi .B/H/S: 1/1/1

Commodity analysts at Citi are in full catch up mode, further cutting forecasts as January 2016 has been much worse than anticipated. Call it a mark-to-market exercise. The main beneficiary has been gold with Citi neutralising its prior negative outlook.

Beadell Resources has been upgraded to Neutral/High Risk from Sell/High Risk. Price target moves to 19c from 9c. Earnings estimates went up.

CHARTER HALL RETAIL REIT ((CQR)) Upgrade to Neutral from Underweight by JP Morgan .B/H/S: 0/4/2

In a general sector update, JP Morgan analysts laud the virtues of owning A-REITs with the sector in general seen starting 2016 in a strong position. Characteristics cited include assured balance sheets, robust earnings still in upgrade mode, and exceptionally strong transaction markets.

All of this, suggest the analysts should be supportive of further share price upside, in particular with high volatility dominating equity markets in January. On JP Morgan's calculations the sector offers an investment return outlook of 5-10% for the year ahead.

Most preferred exposures are Westfield, Stockland ((SGP)), Mirvac ((MGR)) and Lend Lease ((LLC)). Charter Hall Retail has been upgraded to Neutral from Underweight. Target moves to $4.10 from $4.03.

DEXUS PROPERTY GROUP ((DXS)) Upgrade to Neutral from Underweight by JP Morgan .B/H/S: 1/3/1

In a general sector update, JP Morgan analysts laud the virtues of owning A-REITs with the sector in general seen starting 2016 in a strong position. Characteristics cited include assured balance sheets, robust earnings still in upgrade mode, and exceptionally strong transaction markets.

All of this, suggest the analysts should be supportive of further share price upside, in particular with high volatility dominating equity markets in January. On JP Morgan's calculations the sector offers an investment return outlook of 5-10% for the year ahead.

Most preferred exposures are Westfield ((WFD)), Stockland ((SGP)), Mirvac ((MGR)) and Lend Lease ((LLC)). Dexus received an upgrade to Neutral from Underweight. Target falls 2c to $7.55.

FLETCHER BUILDING LIMITED ((FBU)) Upgrade to Neutral from Underperform by Macquarie .B/H/S: 3/2/0

Macquarie notes manufactured product prices in Australasia are generally falling and are around 15% above sustainable levels. The broker lauds the company's plans to diversify away from manufacturing and/or potentially sell underperforming business.

The broker upgrades to Neutral from Underperform as the stock is approaching the target, steady at NZ$7. While there are downside risks the broker believes any traction the company gains will be embraced by the market.

GRAINCORP LIMITED ((GNC)) Upgrade to Neutral from Underperform by Macquarie .B/H/S: 1/3/1

Macquarie has reviewed the winter cropping outlook and finds, despite the El Nino, a strong harvest is expected as adequate rain has fallen across key regions.

Despite the continuing structural headwinds the broker suspects a surprisingly strong 2015/16 winter harvest will ensure the stock trades above fundamentals. Rating is upgraded to Neutral from Underperform. Target lifts to $7.50 from $7.04.

INSURANCE AUSTRALIA GROUP LIMITED ((IAG)) Upgrade to Overweight from Equal-weight by Morgan Stanley .B/H/S: 2/6/0

Insurers continue to negotiate tough markets and IAG remains Morgan Stanley's preferred domestic exposure, given franchise strength and capacity to sustain margins.

As valuation is not overly demanding the broker upgrades to Overweight from Equal-weight. Target is steady at $5.80. In-Line industry view.

JB HI-FI LIMITED ((JBH)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 3/5/0

Trading conditions were very favourable in December, Macquarie observes, with feedback suggesting double digit sales growth across the consumer electronics industry.

The company is considered well placed to capitalise on the positive trading conditions and the broker upgrades to Outperform from Neutral. Earnings forecasts are raised by 12.8% for FY16 and 9.7% for FY17. Target is raised to $24.00 from $18.70.

JAMES HARDIE INDUSTRIES N.V. ((JHX)) Upgrade to Neutral from Sell by UBS .B/H/S: 4/3/0

The recent decline in the Australian dollar relative to the US is a positive for Australian investors in the stock, UBS notes. The broker upgrades to Neutral from Sell, given the share price has fallen to the target.

The broker suspects the Texas housing market will underperform the broader US market and this will be something investors will have to bear with James Hardie. Target is lowered to $14.97 from $15.06.

NATIONAL AUSTRALIA BANK LIMITED ((NAB)) Upgrade to Buy from Neutral by Citi .B/H/S: 2/5/0

Citi analysts note how investors have started to price Australian banks differently with CommBank leading the pack in terms of relative valuation. The analysts argue this sector bifurcation doesn't appear justified. In their view, current circumstances are making operational performances more uniform across the sector.

Negative capital generation is driving CET1 ratios lower for all banks with little or no buffer, point out the analysts. They believe share price falls add to valuation support for the sector in general.

The stockbroker has upgraded NAB to Buy and this impacts on its sector preferences. Citi's updated Major Bank order of preference has ANZ Bank (Buy) first, then National Australia Bank (Buy), then Westpac (Neutral) and finally CBA (Neutral); in complete opposite order of current market pricing.

ORORA LIMITED ((ORA)) Upgrade to Add from Hold by Morgans .B/H/S: 7/1/0

Despite subdued underlying conditions Morgans expects solid earnings growth from Orora at its first half result. With the recent pull back in the share price the broker believes the stock offers good value given its defensive characteristics.

Rating is upgraded to Add from Hold. Target is raised to $2.34 from $2.21.

OIL SEARCH LIMITED ((OSH)) Upgrade to Buy from Neutral by Citi .B/H/S: 5/3/0

Citi analysts have once again cut their crude oil price forecasts, now anticipating a 2Q16 low in prices before a recovery to US$52/bbl by 4QCY16. This has a negative impact on forecasts for oil producers under coverage, with many now moving into negative profits for the year, but little impact on valuations overall given no change to the long term price forecast.

Oil Search is the only stock under coverage in Australia to receive a rating upgrade. Recommendation moves to Buy from Neutral. Citi's preference order remains unchanged with the order for Big Caps – Santos ((STO)), Origin Energy ((ORG)), InterOil Corp (IOC) (not listed in Australia), Woodside Petroleum ((WPL)) and (least preferred) Oil Search, and in Small Caps: AWE Ltd ((AWE)), Beach Petroleum ((BPT)), Senex ((SXY)) and Karoon Gas ((KAR)).

OZ MINERALS LIMITED ((OZL)) Upgrade to Neutral from Underperform by Macquarie .B/H/S: 5/3/0

December quarter production was strong, with copper beating Macquarie's estimates by 10% and gold by 30%. Recent share price declines and the strong quarter combine to trigger an upgrade to Neutral from Underperform. Target is raised to $4.30 from $4.00.

The broker remains concerned over the economics of the Carrapateena development and OZ Mineral's ability to fund Prominent Hill expansion, particularly if copper prices remain around current levels for an extended period.

PACT GROUP HOLDINGS LTD ((PGH)) Upgrade to Buy from Hold by Deutsche Bank .B/H/S: 2/3/0

Deutsche Bank has reviewed earnings estimates following changes to FX assumptions. Forecasts for Pact Group are upgraded by 2.0% and the broker upgrades to Buy from Hold.

Pact is exposed to movements in the New Zealand dollar in particular, and in the US dollar. Target is raised to $5.05 from $4.95.

PERSEUS MINING LIMITED ((PRU)) Upgrade to Neutral from Sell by Citi .B/H/S: 2/4/0

Commodity analysts at Citi are in full catch up mode, further cutting forecasts as January 2016 has been much worse than anticipated. Call it a mark-to-market exercise. The main beneficiary has been gold with Citi neutralising its prior negative outlook.

Perseus Mining received an upgrade to Neutral from Sell. Price target rises to 36c from 32c prior. Earnings estimates have been lifted.

RIO TINTO LIMITED ((RIO)) Upgrade to Add from Hold by Morgans .B/H/S: 6/2/0

The December quarter production numbers were strong in operational terms although iron ore was slightly disappointing to Morgans. The broker has upgraded to Add from Hold following recent share price weakness.

Regardless of a negative medium-term view on iron ore and aluminium prices, Morgans believes the company retains flexibility and earnings power and remains in a position to execute on growth plans. Target is lowered to $51.20 from $55.50.

See also RIO downgrade.

REGIS RESOURCES LIMITED ((RRL)) Upgrade to Neutral from Sell by Citi .B/H/S: 1/3/4

Commodity analysts at Citi are in full catch up mode, further cutting forecasts as January 2016 has been much worse than anticipated. Call it a mark-to-market exercise. The main beneficiary has been gold with Citi neutralising its prior negative outlook.

Regis Resources' rating moves to Neutral from Sell. The price target rises to $2.36 from $1.90. Earnings estimates have lifted.

SUNCORP GROUP LIMITED ((SUN)) Upgrade to Buy from Hold by Deutsche Bank .B/H/S: 4/3/1

Deutsche Bank adjusts earnings forecasts for insurers and wealth managers to allow for investment markets, FX and catastrophe claims. Headwinds appear set to persist in 2016, leading the broker to reduce the outlook for asset yields to June 2016.

Compelling value still exists within the sector, Deutsche Bank maintains. The broker upgrades Suncorp to Buy from Hold given improved value head room, an attractive yield and re-based earnings expectations.

Reserve releases are expected to be higher, increasing the internal rate of return. Target is raised to $13.10 from $12.95.

TREASURY WINE ESTATES LIMITED ((TWE)) Upgrade to Overweight from Equal-weight by Morgan Stanley .B/H/S: 2/5/0

Morgan Stanley believes the company has performed well and, amid significant external tailwinds, has paved the way for a strong first half.

A weak Australian dollar, growing Chinese consumption and improving US business drive an upgrade to the broker's rating to Overweight from Equal-weight.

The broker considers FY16 earnings guidance of $270-290m is now very conservative. Target is raised to $9.00 from $6.70. In-Line industry view maintained.

WESTFIELD CORPORATION ((WFD)) Upgrade to Overweight from Neutral by JP Morgan .B/H/S: 4/1/1

In a general sector update, JP Morgan analysts laud the virtues of owning A-REITs with the sector in general seen starting 2016 in a strong position. Characteristics cited include assured balance sheets, robust earnings still in upgrade mode, and exceptionally strong transaction markets.

All of this, suggest the analysts should be supportive of further share price upside, in particular with high volatility dominating equity markets in January. On JP Morgan's calculations the sector offers an investment return outlook of 5-10% for the year ahead.

Most preferred exposures are Westfield, Stockland ((SGP)), Mirvac ((MGR)) and Lend Lease ((LLC)). Westfield has received an upgrade in recommendation to Overweight from Neutral. Target lifts to $10.53 (was $10.26).

Downgrade

AVEO GROUP ((AOG)) Downgrade to Neutral from Overweight by JP Morgan .B/H/S: 2/1/0

In a general sector update, JP Morgan analysts laud the virtues of owning A-REITs with the sector in general seen starting 2016 in a strong position. Characteristics cited include assured balance sheets, robust earnings still in upgrade mode, and exceptionally strong transaction markets.

All of this, suggest the analysts should be supportive of further share price upside, in particular with high volatility dominating equity markets in January. On JP Morgan's calculations the sector offers an investment return outlook of 5-10% for the year ahead.

Most preferred exposures are Westfield, Stockland ((SGP)), Mirvac ((MGR)) and Lend Lease ((LLC)). Aveo Group has been downgraded to Neutral from Overweight.

COMMONWEALTH BANK OF AUSTRALIA ((CBA)) Downgrade to Neutral from Outperform by Macquarie .B/H/S: 2/6/0

While the bank's high return on equity justifies a premium valuation Macquarie believes its outperformance relative to peers limits further upside.

The broker suspects mortgage re-pricing has been overstated by the market. Rating is downgraded to Neutral from Outperform. Target is lowered to $82.00 from $93.76.

CHALLENGER LIMITED ((CGF)) Downgrade to Underweight from Neutral by JP Morgan .B/H/S: 3/4/1

Weak financial markets and a tougher credit environment make JP Morgan analysts feel uncomfortable with a share price that looks far from cheap. The stockbroker has decided to downgrade to Underweight from Neutral to take into account rising risk.

Price target lifts to $7.50 from $7.34 and the analysts acknowledge the potential for positive catalysts, but they nevertheless find the share price is too expensive. Note DPS estimates have been cut.

HEALTHSCOPE LIMITED ((HSO)) Downgrade to Neutral from Outperform by Macquarie .B/H/S: 2/5/1

Macquarie observes the uncertainty that exists surrounding the impact of the MBS review on the hospital industry. The broker suspects it could be material and there is little appreciation of the risk.

Hence, a cautious outlook on the sector is warranted until the impact is clearer. The broker prefers Healthscope to Ramsay Health Care ((RHC)) because of a larger brownfield pipeline and less exposure to France. Rating is downgraded to Neutral from Outperform. Target lowered to $2.75 from $3.15.

ILUKA RESOURCES LIMITED ((ILU)) Downgrade to Underweight from Neutral by JP Morgan .B/H/S: 3/3/1

Iluka's December quarter production performance was in line with revised guidance, note the analysts. They see multiple negatives, including the fact the zircon sales mix is going to include a higher proportion of lower-priced product and the fact that mineral sands prices continue to weaken.

Market consensus projections are too high, argues the stockbroker. Rating downgraded to Underweight from Neutral. Price target cut to $4.90 from $6.30.

ALE PROPERTY GROUP ((LEP)) Downgrade to Underweight from Neutral by JP Morgan .B/H/S: 0/1/1

In a general sector update, JP Morgan analysts laud the virtues of owning A-REITs with the sector in general seen starting 2016 in a strong position. Characteristics cited include assured balance sheets, robust earnings still in upgrade mode, and exceptionally strong transaction markets.

All of this, suggest the analysts should be supportive of further share price upside, in particular with high volatility dominating equity markets in January. On JP Morgan's calculations the sector offers an investment return outlook of 5-10% for the year ahead.

Most preferred exposures are Westfield, Stockland ((SGP)), Mirvac ((MGR)) and Lend Lease ((LLC)). Ale Property has received a downgrade to Underweight from Neutral. Target moves to $3.20 from $3.06.

PALADIN ENERGY LTD ((PDN)) Downgrade to Equal-weight from Overweight by Morgan Stanley .B/H/S: 1/4/0

With a weaker outlook for uranium prices Morgan Stanley downgrades to Equal-weight from Overweight. Second quarter production was below expectations, driven by below-forecast recoveries. Guidance has been narrowed to the lower end of 5.0-5.2m pounds.

The broker considers upside exists if the company can address the substantial shortfall that is expected when the next bond is due. Industry view In-Line. Target is lowered to 26c from 27c.

RAMSAY HEALTH CARE LIMITED ((RHC)) Downgrade to Underperform from Outperform by Macquarie .B/H/S: 2/3/3

Macquarie observes the uncertainty that exists surrounding the impact of the MBS review on the hospital industry. The broker suspects it could be material and there is little appreciation of the risk.

Hence, a cautious outlook on the sector is warranted until the impact is clearer. Macquarie downgrades Ramsay to Underperform from Outperform and lowers the target to $66 from $77.

RIO TINTO LIMITED ((RIO)) Downgrade to Neutral from Overweight by JP Morgan .B/H/S: 6/2/0

Yet another round of significant cuts to commodity prices forecasts have an important impact on JP Morgan's projections for Rio Tinto in the years ahead. Lowered estimates pull back the broker's price target to $37 from $60.

The new forecast is for iron ore to average US$40 a tonne in 2016 while the long term price forecast has now settled at US$50/tonne. Price forecasts for coal have been reduced as well.

The result is that Rio Tinto shares are no longer seen as representing compelling value from a long term perspective. Downgrade to Neutral from Overweight.

See also RIO upgrade.

SOUTH32 LIMITED ((S32)) Downgrade to Underweight from Equal-weight by Morgan Stanley .B/H/S: 2/4/1

Morgan Stanley downgrades to Underweight from Equal-weight, acknowledging that, with hindsight, it should have been more decisive about the commodity price risk last year.

That said, the broker highlights the move is made as a relative preference for other mining exposures at this point in time. Further downside risk is envisaged if prices do not recover. Target is lowered to 90c from $1.50. Sector view is In-Line.

SCENTRE GROUP ((SCG)) Downgrade to Underweight from Neutral by JP Morgan .B/H/S: 1/2/3

In a general sector update, JP Morgan analysts laud the virtues of owning A-REITs with the sector in general seen starting 2016 in a strong position. Characteristics cited include assured balance sheets, robust earnings still in upgrade mode, and exceptionally strong transaction markets.

All of this, suggest the analysts should be supportive of further share price upside, in particular with high volatility dominating equity markets in January. On JP Morgan's calculations the sector offers an investment return outlook of 5-10% for the year ahead.

Most preferred exposures are Westfield ((WFD)), Stockland ((SGP)), Mirvac ((MGR)) and Lend Lease ((LLC)). Scentre Group has been downgraded to Underweight.

SELECT HARVESTS LIMITED ((SHV)) Downgrade to Hold from Add by Morgans .B/H/S: 1/1/0

The company has announced that spot almond prices are down 10-15% from the FY15 average of $11.45/kg. Morgans reduces its FY16 profit forecasts by 29%, given the high sensitivity to the almond price.

As almond prices have peaked the earnings upgrade story is considered to be over and the broker remains concerned that prices could fall further. Hence, Morgans downgrades to Hold from Add and lowers the target to $7.50 from $12.00.

SANTOS LIMITED ((STO)) Downgrade to Hold from Add by Morgans .B/H/S: 5/2/1

Morgans has downgraded oil price forecasts, lowering earnings estimates for Santos by 17% and 12% for FY16 and FY17 respectively. The broker has lost confidence in the robustness of the company's strategy as it slips into negative free cash flow territory.

With a shortage of potential positive catalysts continued weakness in oil could trigger large impairments, the broker fears. Morgans was also disappointed in the November equity raising, believing it was the least attractive option.

Rating is downgraded to Hold from Add. Target is reduced to $3.10 from $6.65.

TRANSURBAN GROUP ((TCL)) Downgrade to Neutral from Buy by Citi .B/H/S: 3/3/0

Released traffic number for December were comfortably above Citi's expectations with particularly strong results from Melbourne, Sydney and Virginia, note the analysts.

Their price target has increased to $11.15 from $10.56, but the rating moves to Neutral from Buy (despite an estimated total investment return projected at nearly 13%). Estimates have been raised.

VICINITY CENTRES ((VCX)) Downgrade to Neutral from Overweight by JP Morgan .B/H/S: 3/2/1

In a general sector update, JP Morgan analysts laud the virtues of owning A-REITs with the sector in general seen starting 2016 in a strong position. Characteristics cited include assured balance sheets, robust earnings still in upgrade mode, and exceptionally strong transaction markets.

All of this, suggest the analysts should be supportive of further share price upside, in particular with high volatility dominating equity markets in January. On JP Morgan's calculations the sector offers an investment return outlook of 5-10% for the year ahead.

Most preferred exposures are Westfield ((WFD)), Stockland ((SGP)), Mirvac ((MGR)) and Lend Lease ((LLC)). Vicinity Centres received a downgrade to Neutral from Overweight. Target gains 5c to $2.95.

WESTPAC BANKING CORPORATION ((WBC)) Downgrade to Neutral from Outperform by Macquarie .B/H/S: 5/3/0

Macquarie notes the bank's sector leading performance is likely to continue for FY16, underpinned by its margin outlook. The broker expects Westpac will compete more aggressively for deposits and margin offsets are incorporated into estimates, such that only modest improvement is expected in margins in FY16.

Hence, there is a potential risk to market expectations and the broker downgrades to Neutral from Outperform, envisaging further upside is limited. Target falls to $32.00 from $36.47.

WESTERN AREAS NL ((WSA)) Downgrade to Neutral from Buy by Citi .B/H/S: 4/2/1

Commodity analysts at Citi are in full catch up mode, further cutting forecasts as January 2016 has been much worse than anticipated. Call it a mark-to-market exercise. The main beneficiary has been gold with Citi neutralising its prior negative outlook.

Western Areas has been downgraded as a result, to Neutral from Buy. Price target drops to $2.10 from $2.68. Earnings estimates have shrunk considerably, implying losses for the present year.

Total Recommendations	Recommendation Changes
Broker Recommendation Breakup

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