ASX price guide raised

ASX has been bobbing along a little above our trigger for a downgrade to Hold for over a month now, and our procrastination betrays a reluctance to downgrade this high-quality company just as some positive sentiment returns to its markets. So instead we’re going to bite the bullet and raise our price guides to Buy up to $40 (from $35) and Sell above $60 (from $55). The move reflects the improved sentiment, particularly in the float market, although with few secondary capital raisings, it hasn’t made a big difference to forecasts for 2014 earnings per share, for which the...

ASX has been bobbing along a little above our trigger for a downgrade to Hold for over a month now, and our procrastination betrays a reluctance to downgrade this high-quality company just as some positive sentiment returns to its markets.

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