- REGIS RESOURCES LIMITED
Citi rates as Buy (1) - Target $5.30 (was $4.75). March quarter production was solid and was helped by higher grades and mill recoveries and post the report Citi has lifted estimates slightly. Price target has been increased in response to new commodity and forex forecasts and Citi retains a Buy rating. More
- AUSDRILL LIMITED
BA-Merrill Lynch rates as Neutral, High Risk (3) - Target $4.30 (was $4.20). Post a company visit BA-ML has made modest changes to earnings estimates to reflect expectations of a solid end to FY12 and further strength in FY13. The changes to forecasts and a rolling forward of its model mean an increase in BA-ML's price target for the stock. On valuation grounds the broker retains a Neutral rating. More
- SEVEN WEST MEDIA LIMITED
Macquarie rates as Outperform (1) - The broker is maintaining Outperform given Seven Media's sharp sell-off, but suggests the risks are to the downside with the ratings war about to get tougher and ad market commentary from Ten ((TEN)) seeming a lot less optimistic than that from Seven. Forecast earnings cut 20% and 17% in FY12-13 and target falls to $3.54 from $4.49. More
- G8 EDUCATION LIMITED
Citi rates as Buy (1) - Target $1.05 (was $0.97). G8 has acquired six childcare centres in Melbourne and Citi notes the deal will be fully debt funded. The deal will be earnings accretive and forecasts have been adjusted accordingly, but Citi cautions it may signal an equity raising in the next six months. The increase in earnings estimates and price target supports Citi's Buy rating. More
- ROC OIL COMPANY LIMITED
RBS Australia rates as Buy (1) - March quarter performance was solid in the broker's view, with production for the period being maintained above 7,000bopd equivalent. Earnings estimates are little changed post the report. With the stock continuing to trade well below the price target of RBS there is no change to the broker's Buy rating. More
- RIO TINTO LIMITED
UBS rates as Buy (1) - has formalised its JV with Chinalco to develop and operate the Simandou iron ore project in Guinea with a target of 2015. The JV de-risks the project to some extent but the broker highlights the risks involved in dealing with the Guinea government. More
- GINDALBIE METALS LTD
Credit Suisse rates as Outperform (1) - Changes in accounting for the Karara project see Credit Suisse adjust earnings forecasts, though the changes don't impact on price target. The stock is undervalued as production gets closer in the view of Credit Suisse, so there is no change to the broker's Outperform rating. More
- EVOLUTION MINING LIMITED
RBS Australia rates as Buy (1) - Target $2.15 (was $2.18). Quarterly production was solid overall in the view of RBS and has the company well placed to meet full year production guidance. Post the update there are only minor changes to earnings estimates and price target. Operationally Evolution continues to iron out issues and the stock offers value and the potential for some M&A activity according to RBS, so there is no change in Buy rating. More
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