JP Morgan rates as Neutral (3) - Management has revealed earnings details, such as $82m of management expenses which, in JP Morgan's view, allows investors to measure profitability better going forward. Management earnings growth estimates adds 2% to 2013, made up of $8m cost reductions and $6m from revenue growth. If the targets are met, there is more than 1% upside in earnings growth to JP Morgan's forecasts. Nevertheless, the acquisition of pieces of Australand ((ALZ)) have a material bearing on the analysis and there remains uncertainty over 's fund roll out. JP Morgan retains a Neutral rating and the price target is raised to $4.03 from $3.98. More
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