Macquarie Research have downgraded Leighton Holdings to underperform - Taking profit while it's HOT

Macquarie Research have downgraded Leighton Holdings to underperform - Taking profit while it's HOT. Hochtief (HOT) to make a conditional, proportional off-market offer to acquire 3 out of every 8 shares held by Leighton shareholders (ex Hochtief). The multiples are premium to domestic peers but in line with global. Given the extent of the recent share price rally, we reduce our recommendation to Underperform with a $22.00 target price.


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