In the good books
BANK OF QUEENSLAND (BOQ) was upgraded to Hold from Lighten by Ord Minnett
Ord Minnett believes 2020 will be a challenging year for retail and commercial banks. It is difficult to envisage significant upside for share prices although material downside is also considered unlikely. Bank stocks appear cheap versus an expensive market, the broker adds. Bank of Queensland is upgraded to Hold from Lighten, given the recent underperformance in the share price. Target is $7.70. The broker still expects a reduction in the dividend in the first half resulting from margin pressure. This stock is not covered in-house by Ord Minnett. Instead, the broker white labels research by JP Morgan.