ALL 0.09% $69.39 aristocrat leisure limited

ubs cuts to reduce, says overpriced

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    0913 [Dow Jones] EARNINGS WATCH: UBS downgrades Aristocrat Leisure (ALL.AU) to
    Reduce from Neutral, ups price target to A$11.85 from A$11.10, increases FY05
    net profit forecast by 5.3%. ALL's U.S. participation business disappointed,
    with lower than expected installations and lower daily revenues/unit. ALL a
    quality company but with FY06 p/e of 24.5x isn't cheap relative to All
    Industrials at 16.7x and U.S. competitor International Game Technology at 19.2x.
    ALL last at A$13.28. (BBA)
 
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