AGL - UBS rates the stock as Buy
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First half net profit was ahead of UBS estimates. Full year guidance is unchanged. UBS believes the market is placing too much emphasis on declining electricity futures prices as a predictor of earnings as well as the risks of increased retail competition.
The broker retains a Buy rating, noting strong earnings growth, attractive dividends and potential for further capital management. Target is reduced to $27.50 from $29.50.
Target price is $27.50.Current Price is $22.01. Difference: $5.49 - (brackets indicate current price is over target). If AGL meets the UBS target it will return approximately 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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