Corporate Express Australia

ABN Amro have downgraded their recommendation for the Corporate Express Australia (CXP) stock to Sell from Hold with the share price target falling to $4.55 from $5.80 and a valuation of $5.05. The company's profit was disappointing with the broker attributing it to lower IT hardware sales and increased costs. The broker has cut its EPS estimates in 2006 by 6% to 36.6c, in 2007 by 10% to 38c and in 2008 by 12% to 39.4c.