IN THE GOOD BOOKS
1. A2 MILK (A2M) was upgraded to Buy from Neutral by UBS
UBS believes a2 Milk is in a unique position, with a differentiated premium brand that is well regarded yet under-penetrated in the largest and most profitable infant milk formula market globally. The main risk is further regulation and greater disruption from changes in Chinese e-commerce laws. Still, A2 Milk is considered well positioned to mitigate the risks. The broker upgrades to Buy from Neutral. Target is raised to NZ$17.50 from NZ$14.00.