broker phoning insto clients to sell , page-19

Citigroup lifts Anzon Australia (AZA.AU) rating to buy from hold on recent share price weakness. Says operational issues continue to plague the Basker Manta Gummy joint venture, prompting Citi to lower earnings forecast and reduce target price to $1.10 from A$1.20. But Citi says tumble in share price means there is now nothing in the valuation for oil reserve upside or spot oil prices. Anzon last traded at 86 cents.