1. CLEANAWAY WASTE MANAGEMENT (CWY) was upgraded to Neutral from Underperform by Credit Suisse
Citi lowers FY20 estimates for earnings per share by -12-13% over FY20-22 after the AGM trading update. The broker estimates that around 90% of the company's commodity income is linked to old corrugated cardboard and prices have halved since the first half of FY19. However there are options from cost reductions, price increases and a stabilisation of commodity markets that could flow through from the second half. Buy rating maintained. Target is reduced to $2.25 from $2.40.
2. FREELANCER (FLN) was upgraded to Neutral from Sell by UBS