In the good books
BANK OF QUEENSLAND (BOQ) was upgraded to Neutral from Sell by UBS
Bank of Queensland will undertake a capital raising of $275m. The book build will be priced between $7.69 and $7.78 per share, representing a -10-11% discount to the last close and a 6% premium to net tangible assets. The bank will outline a new strategy in February and UBS expects this will focus on niche areas where Bank of Queensland has an advantage. The broker does not envisage a rapid turnaround, given the current environment, and upgrades to Neutral from Sell. Target is $8.25.