Buy, Hold, Sell – what the brokers say

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In the good books

AGL Energy (AGL) was upgraded to Neutral from Sell by Citi. B/H/S – 4/3/0. Citi has analysed the data available on the entry of Alinta to the east coast and the price response observed in incumbent tariffs. While the broker still believes consensus earnings estimates signal complacency, relative to the risk posed by retail competition, the share prices imply compensation is already adequate in terms of retail margin compression. Hence, the broker upgrades to Neutral from Sell. Target is raised to $21.28 from $20.54.

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