Buy, hold, sell – Macquarie Group and Fairfax

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In the good books

CSR Limited (CSR) Upgraded to Outperform from Neutral by Macquarie. B/H/S: 1/4/1

First half results were above Macquarie's expectations. The most positive aspect was building products, and the broker suggests it could have been even better if it weren't for the expensing of capital investment and the impact of sharply rising electricity costs. Macquarie upgrades to Outperform from Neutral as the sell-off following the solid result was a surprise and presents an opportunity. Target is raised to $5.15 from $4.40.

Macquarie Group Limited (MQG) Upgraded to Outperform from Neutral by Credit Suisse: B/H/S: 2/4/1

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