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Buy, Hold, Sell: Commonwealth Bank and Xero

In the good books

COMMONWEALTH BANK OF AUSTRALIA (CBA) Upgrade to Neutral from Sell by Citi .B/H/S: 0/7/1

The Q1 update was better than expected and Citi has pushed up its rating to Neutral from Sell. Target is raised to $76.75 from $76.50. The analysts are now of the view Australia's number one bank looks to be in good shape, with enough capital momentum to absorb any likely penalty. See downgrade below.