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Citi has upgraded Lend Lease (LLC) to Buy from Neutral - the broker notes that the share price has come off 25% since May as the market grows increasingly concerned about the company's ability to maintain construction earnings in FY14. However, Citi believes that the company's main drivers remain intact with stable construction earnings underpinned by a recovery in the US as well as Australian non-residential property. Citi has raised its FY14-15 EPS by 3-4% and increased its target price to $10.15 (currently $8.83), citing an attractive valuation at 9.4x FY14 consensus EPS.


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