In the good books
CSR (CSR) Upgraded to Outperform from Neutral by Credit Suisse B/H/S: 3/1/2
Credit Suisse believes the time has come to consider whether CSR is too cheap, with a 6.8% gross dividend yield and buy-back supporting the stock price.
Broader macro risks should not be dismissed but the broker suggests the market is pricing in a far worse outcome to FY19. Hedging aside, if an investor believes the aluminium price will be higher next year, the broker is confident so, too, will be the share price.
The risk/reward balance now presents an opportunity and the broker upgrades to Outperform from Neutral.