In the good books
Fairfax (FXJ) was upgraded to Outperform from Neutral by Macquarie and to Buy from Neutral by Citi. B/H/S 4/3/0. Macquarie says the medium-term outlook is bolstered by proposed cooperation with rival News Corp (NWS) for printing and distribution, and an advertising partnership with Google. While Domain's earlier result indicates it is well-placed for growth. Macquarie raised its target to 79c from 71c. Citi analysts have been biding their time, waiting for that trigger that would allow for the gap between share price and valuation to close. It appears they now think the interim report release might be that trigger. Target price rises by 14% to $2.14.