Hartleys upgrades Neptune Marine
Analysts at Hartleys have upgraded Neptune Marine ’s recommendation from “neutral" to “speculative buy". The company’s share price has fallen substantially since it delivered a disappointing result for the first half of 2009-10. Since September, Neptune Marine’s share price has fallen from approximately 90¢ to an intraday low on Wednesday of 28¢.
Hartleys is forecasting earnings per share of 1.8 cents for 2009-10, which is broadly in line with consensus forecasts. Based on yesterday’s closing share price of 32.5¢, Neptune’s price-earnings ratio is 18 relative to 2009-10 forecasts.
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