Macquarie upgrades Downer EDI (ASX:DOW) to outperform with a $4.50 price target and EPS forecast of 4% and 7% for FY14 and FY15. Caltex Australia (ASX:CTX) has also been upgraded to 'Neutral' as a result of one-off operational interruptions and a falling currency. Specifically, a refining EBIT loss of $50m is expected to be impacted by a $45m FX loss on payables and $20m of one-off costs associated with supply interruptions.
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