Australia's fresh food people, Woolworths, is looking for a fresh face to lead the group out of trouble. However, that isn't going to be easy given the company has unsuccessfully tried various strategic initiatives to date, all to no avail. In fact, UBS says earnings uncertainty and the chances of a price war have increased and that a turnaround will take longer and cost more money than originally anticipated.

The broker reaffirmed its sell recommendation, took a knife to earnings per share forecasts over the next three years and reduced its 12 month price target from $26.90 to $24.00.