In the good books
BORAL (BLD) was upgraded to Hold from Lighten by Ord Minnett
The North American division has again been the main area of disappointment, particularly with respect to margins, and Ord Minnett reduces estimates for earnings per share by -9% over FY20-22 to reflect this. The broker believes most important strategic decision for the CEO Mike Kane's successor will be whether to persist with the existing North American portfolio, possibly at lower carrying value, or to re-focus on the more profitable business in Australia. As FY20 guidance is now more realistic, Ord Minnett upgrades to Hold from Lighten. Target is $4.50. This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.