CIMB upgrades Bendigo and Adelaide Bank (BEN) to neutral from underperform. BEN has lagged its peers for most of the year and CIMB now rank it the cheapest in sector. They think a re-rating is probable as concerns about legal risks from the Great Southern Plantations dispute abate and the path to Advanced IRB status builds momentum. This follows a similar upgrade by JP Morgan back in early October and bodes well for the stock.