In the good books
BRICKWORKS (BKW) was upgraded to Buy from Neutral by Citi
Citi assesses sales should be well supported through to the December quarter because of solid building approvals up until February 2020. However, housing demand is slowing and this could affect construction in early 2021. Despite the cyclical slowdown in residential demand the dividend is likely to be maintained as cash flow is stable from the property trust and investment income, the broker points out. Rating is upgraded to Buy from Neutral and the target reduced to $14.20 from $21.00.