Computershare downgraded to Hold

This share registry company has bounced 15% in a month, putting it well above our Buy price. We're downgrading to Hold.

When we reported on Computershare’s interim result last month, we explained that the investment case had changed somewhat: 'Instead of needing an increase in corporate activity and higher interest rates,' we wrote, 'we can get by with just hoping for them and exercising patience – something we have plenty of’.

Well we haven’t needed much of it so far, because the stock has added 15% in a month. That puts it well beyond our $12 Buy price, so we’re downgrading back to HOLD.

Note: Our model Growth and Income portfolios hold shares in Computershare.

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