Macquarie upgrades Seek (SEK) to outperform following a detailed review of the operating outlook, target price has been lifted from $10.00 to $13.60. EPS changes: FY14 -1.5%; FY15 -2.3%; FY16 +8.9%; FY17 +15.0%. Mostly domestic business, and linkage between job ad volumes and unemployment. Seek offers investors a positive exposure to any cyclical pick-up in domestic employment, plus a significant structural opportunity internationally. This upgrade is largely against the wind as the majority of brokers are rating the stock sell or underperform including Deutsche, Citi, BOAML, JPM and Credit Suisse.