In the good books
Ausnet (AST) was upgraded to Add from Hold by Morgans. B/H/S - 2/3/2. FY18 results beat estimates. Morgans upgrades FY19-21 materially, assuming efficiency initiatives are able to hold underlying costs flat until the next regulatory re-sets are applicable. With cash flow in FY18 stronger than expected, and capital expenditure lower, concerns the broker previously had about the key credit metric for the company's credit rating have dissipated. Target rises to $1.88 from $1.77.