Domain Holdings (DHG) was upgraded to Hold from Sell by Deutsche Bank and to Buy from Sell by UBS Buy/Hold/Sell: 2/3/2. Deutsche Bank had initiated with a Sell in November last year, but after share price weakness following the sudden departure of the CEO, the broker thinks it is time for an upgrade to Hold. CEO Antony Catalano unexpectedly resigned, citing family commitments and difficulties with relocating to Sydney. The price target has remained $3.35. Deutsche Bank analysts acknowledge the immediate outlook is now clouded with uncertainty, but they also believe this is now well and truly reflected in the share price. Even if the risk to forward growth has increased UBS also believes the uncertainty is more than priced in and upgrades to Buy from Sell. Target is $3.20.
Lend Lease (LLC) was upgraded to Outperform from Neutral by Macquarie Buy/Hold/Sell: 3/3/0. Macquarie believes the pending construction issues are now, at least partly, factored into the share price. The broker also retains more confidence in the sources of other profits. Target is $17.63.
Nine Entertainment Company Holdings (NEC) was upgraded to Buy from Hold by Deutsche Bank Buy/Hold/Sell: 3/2/1. Deutsche Bank now forecasts marginal growth in the metro TV market in FY18. Some of the momentum seen in the first half should continue into the second half, driven by advertising revenue linked to the Commonwealth Games and greater monetisation by Nine Entertainment of some of its better-performing 2017 programs. Target is raised $1.80 from $1.50.