Buy, hold, sell – CBA and Westpac

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Upgrades:

APA Group (APA) Upgraded from Neutral to Sell by Citi: B/H/S:  3/2/2

Citi is cautious about Australian utilities because of macro and competitive headwinds that create uncertainty. These include any remaining political intervention risk, interest rates, the entry of Alinta into the market as well as commodity markets. For the regulated utilities, given the outlook is relatively benign and Citi is not materially bearish on interest rates, value appears to have emerged and APA is upgraded to Neutral from Sell. Target is raised to $8.18 from $8.01.

AP Eagers Limited (APE) Upgraded to Add from Hold by Morgans B/H/S:  1/2/1

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