Computershare cut to Hold

Computershare has gained 6% since Computershare: Interim result 2013 (Buy – $11.57), putting the stock on a current year price-earnings multiple of 21 and taking it past our $12 Buy price. We’re therefore downgrading to Hold, and taking some profits in our model Growth and Income portfolios, paring those holdings back below our recommended 8% limit. As we wrote at the time of the interim result we’re still very comfortable with Computershare, particularly as market sentiment appears to be picking up (note today’s upgrade from Macquarie Group based on ‘improved market conditions’). However, we’re also aware of the need...

Computershare has gained 6% since Computershare: Interim result 2013 (Buy – $11.57), putting the stock on a current year price-earnings multiple of 21 and taking it past our $12 Buy price. We’re therefore downgrading to Hold, and taking some profits in our model Growth and Income portfolios, paring those holdings back below our recommended 8% limit.

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