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SHARES IN AUSTRALIA'S AUSTAR SURGE AFTER RATING UPGRADE.
AsiaPulse News, January, 2004
BRISBANE, Jan 16 Asia Pulse - Shares in regional pay tv company Austar United Communications Ltd (ASX:AUN) skyrocketed Thursday after a leading bank upgraded its rating on the broadcaster.
UBS Securities changed its rating from neutral to buy and lifted its share valuation from 60 to 90 cents, saying it believed Austar was now in a position to grow its business following cost reductions over the last three years.
"As a result of the cost reduction program, combined with a cashflow profile that is rapidly moving toward positive territory, we believe the risk profile for Austar has declined substantially," UBS said in a client note.
"We see Austar as an attractive asset in the Australian market."
The upgrade prompted a buying frenzy with...
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