In the good books
1. BORAL (BLD) was upgraded to Neutral from Underperform by Credit Suisse and to Buy from Neutral by UBS
FY19 results were broadly in line. Credit Suisse observes the North American business, combined with Headwaters, has underperformed market growth by around -25% since Boral made the acquisition. The broker suggests this could prompt questions of a write-down to the US$3.2bn carrying value. In Australia, FY20 concrete volume forecasts are better than the declines envisaged in NSW by peers. Credit Suisse upgrades to Neutral from Underperform and does not anticipate a re-rating until the North American earnings issue is resolved and the volume outlook for Australia improves. Target is reduced to $4.10 from $4.40.