GCL – UBS rates the stock as Downgrade to Neutral 2 from Buy 2 – Target $4.15 (was $4.50)

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With port congestion issues impacting on NSW coal producers the broker has downgraded its rating on the stock. Reflecting its expectation of higher costs and lower coal prices the broker has cut its EPS estimates in FY07 by 11% to 36c and in FY08 by 17% to 34c. Valuation is $4.14.

Target price is $4.15.Current Price is $3.82. Difference: $0.33 – (brackets indicate current price is over target). If GCL meets the UBS target it will return approximately 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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