WES – Deutsche Bank rates the stock as Hold

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Deutsche Bank now expects resources to be profitable in FY17, which should underpin strong group earnings. Coles and Bunnings remain the drivers of the share price, accounting for over 75% of the broker’s valuation.

The broker revises FX and coal price assumptions which drives a 5% upgrade to FY17 earnings estimates. Hold rating retained. Target is $43.

Sector: Food & Staples Retailing.

Target price is $43.00.Current Price is $45.10. Difference: ($2.10) – (brackets indicate current price is over target). If WES meets the Deutsche Bank target it will return approximately -5% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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