In the good books
TATTS GROUP LIMITED (TTS) Upgrade to Buy from Hold by Deutsche Bank and Upgrade to Outperform from Underperform by Credit Suisse B/H/S: 5/2/0
Deutsche Bank upgrades to Buy from Hold as the stock is trading at an 11% discount to its revised valuation that is implied from the Tabcorp (TAH) valuation of $5.30 a share.
The broker believes the proposed scheme of arrangement is reasonable for Tatts, which would account for 59% of the combined entity. Price target is raised to $4.67 from $3.90.