EZRA

EZRA: Deutsche maintains Buy with $1.50 TP. House note that following Ezra's recent placement of 110m new shares at $1.10 each, house incorporated the proceeds and dilution in forecasts. There were 862.6m shares in issue as at 31 Dec 2011, so the new shares represent approximately 12.8% of the total. Post adjustments, TP has been lowered from $1.70 to $1.50.