FN Arena Broker Call Headlines - 5 Nov 2009

<WPL.AX> - WOODSIDE PETROLEUM LIMITED

Credit Suisse rates <WPL.AX> as Upgrade to Outperform from Neutral - The broker has lifted its oil price forecasts and as a result it increases its earnings forecast for te company for 2009 by around 13%. There is no change to its target price as a result but given recent share price movements the broker upgrades to an Outperform rating. More

<WAN.AX> - WESTERN AUSTRALIAN NEWSPAPERS HOLDINGS LIMITED

Citi rates <WAN.AX> as Downgrade to Hold from Buy, Medium Risk - While 1Q net profit was down 22.9% on the previous 1Q, it was still 11% above Citi's forecast. Weak advertising sales across all divisions, plus a fall in circulation at the West Australian were held to blame, with West Aust News booking a 14.4% drop in revenue. On the plus side, costs were better controlled, which helped provide some of the upside to Citi's forecasts. Otherwise, the broker thinks that, in general, the outlook is improving. The broker has increased its valuation due to the improving outlook and the target price jumps $1.00 to $8.02 in response, but despite the higher target, the recommendation is cut to Hold on the back of the recent rally in the stock. More

<STO.AX> - SANTOS LIMITED

Credit Suisse rates <STO.AX> as Upgrade to Outperform from Neutral - Increases to the broker's oil price forecasts see it lift its earnings estimates in both 2009 and 2010, though the changes don't impact on its $1775 price target. On the back of recent share price movements the broker has upgraded to an Outperform rating on the <STO.AX>ck. More

<NUF.AX> - NUFARM LIMITED

JP Morgan rates <NUF.AX> as Downgrade to Underweight from Neutral - In the broker's view the risks surrounding the proposed Sinochem takeover are now greater than the rewards and to reflect this it downgrades to an Underweight rating. Due diligence cannot be ignored in the broker's view and it points out FIRB approval is not guaranteed, so if the deal were to fail there could be material shorter-term share price weakness. More

<OSH.AX> - OIL SEARCH LIMITED

Credit Suisse rates <OSH.AX> as Upgrade to Outperform from Neutral - The broker has lifted its oil price forecasts and this flows through to increases in its earnings estimates for the company, though there is no resulting change in price target. Recent share price movements see the broker upgrade to an Outperform rating on the stock. More

<TSO.AX> - TISHMAN SPEYER OFFICE FUND

JP Morgan rates <TSO.AX> as Downgrade to Neutral from Overweight - Target $0.44 (was $0.42). The company has achieved the financing of 300 Park Ave In New York and the broker sees this as good news given it will provide some new liquidity for the group. On the back of currency movements the broker has adjusted its earnings estimates and given share price outperformance in recent months it downgrades to a Neutral rating. More

<TRS.AX> - THE REJECT SHOP LIMITED

RBS Australia rates <TRS.AX> as Buy - In the broker's view the market is concerned about issues such as lower same store sales growth, higher capex in the short-term and management changes but these are misplaced as the company has a proven retail model. As a result the broker sees recent price weakness as an opportunity given the long-term growth potential and value on offer, meaning its Buy rating and $14.76 price target are retained. More

<CCL.AX> - COCA-COLA AMATIL LIMITED

RBS Australia rates <CCL.AX> as Hold - The group's latest trading update showed FY09 should be solid but as the broker had already factored this in it makes no changes to its forecasts through to FY10. In its view the outlook is priced into the stock and so the broker retains its Hold rating with an unchanged $10.00 price target. More