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brambles get an upgrade

  1. looney

    1,035 Posts.

    Citigroup on Friday became the second broker this week to upgrade its call on the pallets and waste management business ahead of its trading update, expected in the middle of May. The broker moved to a buy recommendation, from hold, and also raised its target price by 97¢ to $6.40 per share. The upgrade came after analysts raised their full-year net profit guidance by up to 4 per cent in each of the next three years. "This is our first material earnings upgrade in almost 6 years and marks the end of approximately 45 downgrades we've made since 1999," the broker said. But Citigroup said it was still "very cautious" on Brambles' business model and future prospects. Brambles shares rallied close to 4 per cent on Friday, up 20¢ to $5.52 and just shy of the year high of $5.69. Deutsche Bank lifted its rating from hold to buy on Tuesday.

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