Corporate Express Australia (CXP) Stock Recommendation

ABN Amro have downgraded their recommendation for the Corporate Express Australia (CXP) stock to Sell from Hold with the share price target falling to $4.55 from $5.80 and a valuation of $5.05. The company's profit was disappointing with the broker attributing it to lower IT hardware sales and increased costs. The broker has cut its EPS estimates in 2006 by 6% to 36.6c, in 2007 by 10% to 38c and in 2008 by 12% to 39.4c.

Corporate Express Australia Limited is listed on the Australian Stock Exchange (ASX) under stock code CXP. You can view their investor website here. The company is involved in the distribution and sale of computer and office products in Australia & New Zealand. Find out the meaning of the recommendations in this primer. Check your charts!