Sound Global

Sound Global: Citi downgrades to Sell from Buy, despite lifting target to $0.70 from $0.60. Says current share price fairly valued after run-up in past months on HK dual listing plan, which was recently postponed. While plan could be revived by end 2010, "prospect for success will be low" unless company prepared to compromise on valuation or unless market sentiment improves significantly. Adds consensus guidance of 33% earnings growth for 2010 looks high, as China's economic slowdown could delay local govt tendering of environmental services projects.