Burns Philp upgraded

MELBOURNE - Credit Suisse First Boston has raised its earnings and share price targets for food group Burns Philp after a strong fourth quarter from the company's cereals and snacks and baking divisions.

CSFB, which maintained its "outperform" rating on the stock, said it viewed the strong fourth quarter performance as largely reflective of the ongoing earnings of the group.

It raised its fiscal 2006 net profit after tax forecast by 9.5 per cent to A$180.5 million ($195.9 million) and increased its fiscal 2007 forecast by 12 per cent to A$213 million.

CSFB also increased its 12-month share price target to A$1.25 from A$1.14.

Shares in Burns Philp, majority owned by New Zealand's richest man, Graeme Hart, gained 3Ac to 99Ac by the close of trade.

- REUTERS