Australian Broker Call

Ord Minnett rates ALL as Buy (1) -

The majority of regions are now indicating significant increases in play time for digital games. As government restrictions continue, Ord Minnett expects this will manifest in remaining markets which have been late in issuing lock-downs, such as US and UK.

As players increase engagement, the broker expects an enhancement of the monetisation quality of users. Buy rating and $30 target maintained.

Target price is $30.00 Current Price is $20.20 Difference: $9.8
If ALL meets the Ord Minnett target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $31.06, suggesting upside of 53.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates ALX as Neutral (3) -

Following the updated traffic disclosure, UBS downgrades proportional operating earnings (EBITDA) by -30%.

Given the likely level of French state assistance that will be required through the crisis, the broker also assumes a 12-month delay on the French tax rate reductions.

The downgrades to APRR have a material impact on valuation. Moreover, Dulles Greenway will again enter equity lock-up for a minimum of three years, meaning no distributions until 2024.

The broker assesses sufficient liquidity and covenant headroom. Neutral rating maintained. Target is reduced to $5.55 from $8.05.

Target price is $5.55 Current Price is $5.28 Difference: $0.27
If ALX meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.22, suggesting upside of 36.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates AVN as Downgrade to Neutral from Outperform (3) -

Guidance has been withdrawn. The company has indicated trading was solid up until the outbreak of the coronavirus. The distribution is being reduced to protect the balance sheet, although Macquarie notes absolute gearing levels are high versus peers.

Exposure to discretionary retail tenants is the main risk, in the broker's opinion. Rating is downgraded to Neutral from Outperform and the target lowered to $2.43 from $3.45.

Target price is $2.43 Current Price is $1.47 Difference: $0.96
If AVN meets the Macquarie target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 86.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates BAP as Add (1) -

While Bapcor's second half trading update revealed solid sales growth in trade and "good" growth in retail, in a continuation of first half trends, the company has joined the crowd in withdrawing full year guidance.

While Bapcor sees itself as "essential", it cannot prevent mechanics shutting down or a more widespread forced shutdown of retail, as has been enacted in New Zealand.

The broker retains Add, but on short term earnings risk and general retail sector volatility drops its price target to $5.35 from $7.73.

Target price is $5.35 Current Price is $3.60 Difference: $1.75
If BAP meets the Morgans target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $7.31, suggesting upside of 103.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates BXB as Buy (1) -

The outlook is difficult to forecast with confidence, Citi asserts, with the main consideration being the scope and duration of government-imposed lock-downs.

The impact to FY20 estimates for earnings per share could be -3-5% but the broker acknowledges this requires significant assumptions.

Citi estimates that faster asset turns could provide Brambles with up to US$160m in additional cash flow in FY20 from lower expenditure.

The replacement rate could be lower as assets are turned quickly and are less likely to incur damage or end up lost, suggests Citi. Buy rating maintained. Target is reduced to $12.30 from $14.90.

Target price is $12.30 Current Price is $10.61 Difference: $1.69
If BXB meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $12.46, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates CIA as Outperform (1) -

Operations at Bloom Lake will be curtailed for 3-4 weeks following a Quebec government directive. Macquarie expects this to affect FY21 production and financials, although the company has enough cash to wait out the period of lower activity.

The delay in capital expenditure on phase 2 was already expected and incorporated into forecasts. Outperform maintained. Target is reduced to $2.80 from $2.90.

Target price is $2.80 Current Price is $1.65 Difference: $1.15
If CIA meets the Macquarie target it will return approximately 70% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY20:

Forecast for FY21:

This company reports in CAD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates CLV as Buy (1) -

First half results were below expectations. Asian sales lagged, as a portion of customers transfer production to New Zealand from China and the inventory build into China was not repeated.

Infant formula brands are guiding to a strong performance in China during the quarantine period and, combined with EU regulations which are instigating sales, the broker anticipates a solid second half.

Buy rating maintained. Target is reduced to $2.66 from $3.47.

Target price is $2.66 Current Price is $1.70 Difference: $0.96
If CLV meets the Ord Minnett target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates COH as Neutral (3) -

The company has raised $880m in a placement to reinforce its balance sheet. Citi points out this highlights the extraordinary conditions that are putting pressure on the most defensive of businesses.

Earnings and cash flow have been affected by a slowdown in cochlear implant surgery and this is compounded by the pending damages in the US patent infringement case.

Citi reduces FY20 estimates for earnings per share by -5% and FY21-22 by -8%. Neutral rating maintained. Target is reduced to $187 from $192.

Target price is $187.00 Current Price is $170.45 Difference: $16.55
If COH meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $176.33, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates COH as Neutral (3) -

The company will raise $850m in equity to enhance liquidity. In addition, Cochlear has obtained approval for an additional $150m bank facility from an existing lender and covenant relief up to June 2021.

The dividend is suspended until trading conditions improve.

Credit Suisse makes further downgrades to numbers, now assuming cochlear implant unit sales decline -47% in the second half and -55% in the first half of FY21.

Neutral rating maintained. Target is reduced to $190 from $197.

Target price is $190.00 Current Price is $170.45 Difference: $19.55
If COH meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $176.33, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates COH as Outperform (1) -

The company has announced an $880m placement. Macquarie believes this will provide sufficient liquidity to cope with the subdued activity.

Going forward, the broker assumes a recovery in cochlear unit sales will be supplemented by market share gains following the recent recall from Advanced Bionics.

Outperform maintained. Target is reduced to $196 from $220.

Target price is $196.00 Current Price is $170.45 Difference: $25.55
If COH meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $176.33, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates COH as Overweight (1) -

The company has announced a capital raising and committed to a further $150m in debt, suspending the dividend until trading conditions improve.

Morgan Stanley asserts short periods of fundamental weakness have proven to be opportunities to build positions and considers this one of those times.

Overweight retained. Target is reduced to $187 from $219. Industry view: In Line.

Target price is $187.00 Current Price is $170.45 Difference: $16.55
If COH meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $176.33, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates COH as Sell (5) -

UBS is not surprised by the company's decision to raise up to $850m, considering the sudden deterioration in the operating environment and the likelihood of paying out $380m in penalties following the lost patent infringement case.

UBS updates modelling assumptions and reduces first half FY21 estimates for cochlear implant sales, delaying recovery into the second half.

The broker notes earnings forecasts remain positive throughout and, while there may be potential downside to operating cash flow, this should not pose an issue for the balance sheet. Sell rating maintained. Target is reduced to $145 from $158.

Target price is $145.00 Current Price is $170.45 Difference: minus $25.45 (current price is over target).
If COH meets the UBS target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $176.33, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates CWN as Upgrade to Buy from Neutral (1) -

Citi envisages earnings risks for the near term and downgrades estimates by -48%. However, the broker remains confident in the FY22 earnings outlook and considers the stock undervalued.

Rating is upgraded to Buy from Neutral and the target reduced to $8.20 from $12.10.

Target price is $8.20 Current Price is $7.15 Difference: $1.05
If CWN meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.63, suggesting upside of 34.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates DMP as Equal-weight (3) -

The company's New Zealand stores will be closed for four weeks for all food delivery and takeaway.

Morgan Stanley had not expected governments would close food delivery businesses so this announcement increases the risk that governments in other markets serviced by Domino's Pizza will eventually implement similar measures.

Equal-weight and $57 target. Industry view is Cautious.

Target price is $57.00 Current Price is $52.91 Difference: $4.09
If DMP meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $56.77, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates DMP as Accumulate (2) -

Domino's Pizza will close its New Zealand stores for four weeks, following the increased measures instituted by the NZ government. The government has confirmed food delivery and takeaway are considered non-essential retail.

New Zealand represents 16% of Australasia and 5% of group stores. Accumulate rating maintained. Target is $60.

Target price is $60.00 Current Price is $52.91 Difference: $7.09
If DMP meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $56.77, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates ECX as Downgrade to Neutral from Outperform (3) -

Increased asset, credit risk and strain on working capital has caused Macquarie to apply a -75% discount to the fundamental valuation. Rating is downgraded to Neutral from Outperform and the target reduced to $0.49 from $1.93.

The company has recently reiterated the sale of Right2Drive and CarLoans is still expected in FY20. Macquarie also notes that all asset exposures are secured and are income-generating business assets. Still, working capital in the current environment is highly uncertain.

Target price is $0.49 Current Price is $0.47 Difference: $0.02
If ECX meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.50, suggesting upside of 219.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates EHL as Outperform (1) -

Demand for rental equipment remains strong, Macquarie observes. Moreover, the balance sheet is in good shape and there are no covenants on the US notes.

The broker considers the stock oversold and retains an Outperform rating. Target is reduced to $1.25 from $3.00.

Target price is $1.25 Current Price is $0.77 Difference: $0.48
If EHL meets the Macquarie target it will return approximately 62% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates FAR as Outperform (1) -

The development of Sangomar is likely to be delayed amid global uncertainty and the breakdown of discussions between OPEC and Russia that have meant oil prices have slumped.

Credit Suisse notes the company has around $150m in cash which is enough to navigate the current crisis but not enough to fund its share of the project if development was to continue, given discussions with financiers are "materially compromised".

An Outperform rating is maintained, but the broker acknowledges this is somewhat irrelevant in the current environment with little upside likely until there is some end to the oil price shock or an improvement in global conditions.

Credit Suisse reduces the target to $0.03 from $0.10, assuming the Sangomar development is pushed out two years.

Target price is $0.03 Current Price is $0.01 Difference: $0.02
If FAR meets the Credit Suisse target it will return approximately 200% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates FCT as Downgrade to Hold from Add (3) -

Firstwave Cloud Technology continues to make all the right moves, Morgans suggests, is leveraged to a large and growing market and has created an innovative cyber-security solution for SMEs. However the business is not yet self-funding and relies on ongoing access to equity markets.

Clearly that is a challenge right now. The broker has changed neither earnings forecasts nor valuation but has applied a valuation discount under the current circumstances. Target falls to 11c from 24c, downgrade to Hold from Speculative Buy.

Target price is $0.11 Current Price is $0.09 Difference: $0.02
If FCT meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates GEM as Downgrade to Underperform from Neutral (5) -

The implications of the lock-downs and a recession from rising unemployment magnifies the risks to the balance sheet and equity, Macquarie asserts.

With a recession as a base case, the broker believes child-care demand after the coronavirus crisis could be in difficulty amid high unemployment.

Rating is downgraded to Underperform from Neutral. Target is reduced to $0.50 from $1.77.

Target price is $0.50 Current Price is $0.64 Difference: minus $0.14 (current price is over target).
If GEM meets the Macquarie target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.62, suggesting upside of 152.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates IVC as Equal-weight (3) -

The company is starting to experience an impact from social gatherings restrictions and is taking measures to reduce expenditure.

No update on the balance sheet was provided and further guidance is expected at the May AGM, although the company has promised an earlier update if circumstances change.

Equal-weight rating. Target is $13. In-Line industry view.

Target price is $13.00 Current Price is $10.32 Difference: $2.68
If IVC meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $14.24, suggesting upside of 38.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates MOZ as No Rating (-1) -

Mosaic Brands has temporarily closed all stores and laid off 6800 staff, retaining its online operation (around 10% of sales, the broker notes). Management is investigating what government support schemes may be available and is working with business partners in an attempt to reduce costs of doing business. Staff will have access to leave entitlements.

Given uncertainty and the number of scenarios that could play out, the broker has placed the company under review, warning the stock is high risk. FNArena has removed price target and EPS/DPS numbers.

Current Price is $0.32. Target price not assessed.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates NUF as Buy (1) -

First half results were weak but in line with guidance. Citi notes the outlook is now more positive, driven by improved seasonal conditions and Chinese supply coming back on line.

Proceeds from the sale of the Latin American business will arrive shortly and restore the balance sheet. As commercialisation of Omega-3 is on track and US FDA approval imminent the broker reiterates a Buy rating and $6 target.

Target price is $6.00 Current Price is $4.76 Difference: $1.24
If NUF meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $5.51, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates NUF as Neutral (3) -

The first half results were always going to be messy, in Macquarie's view. The outlook is also opaque and no FY20 guidance was provided. Demand for products is strong and product supply from China is progressively recovering.

Still, regional restrictions are creating delays to movement of product and upward cost pressures in some countries.

Macquarie retains a Neutral rating and reduces the target to $5.10 from $5.38. A stronger balance sheet after the sale of the Latin American business should allow investors to look through the cycle, the broker adds.

Target price is $5.10 Current Price is $4.76 Difference: $0.34
If NUF meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.51, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates NUF as Overweight (1) -

First half results were generally ahead of expectations. Europe was worse than Morgan Stanley expected while Australia outperformed. Supply from China is progressively coming back on line.

No guidance was provided for FY20, which was anticipated given the uncertainty. Morgan Stanley believes Nufarm is well-positioned to navigate difficult markets and there is a free option on Omega-3 upside.

Overweight rating reiterated. Cautious industry view. Target is reduced to $5.60 from $6.80.

Target price is $5.60 Current Price is $4.76 Difference: $0.84
If NUF meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.51, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates NUF as Hold (3) -

Nufarm's weak first half performance was well guided, the brokers notes, reflecting challenges across most regions, not just local drought. Earnings are nevertheless skewed to the second half on a seasonal basis, and seasonal conditions have shown some improvement. The balance sheet will only remain stretched until April when the company is paid for its South American sale.

However while this will bolster the balance, the virus has brought a new round of challenges, the broker notes, in the form of supply chain issues and increasing costs. Target falls to $4.60 from $5.05, Hold retained.

Target price is $4.60 Current Price is $4.76 Difference: minus $0.16 (current price is over target).
If NUF meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.51, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates NUF as Hold (3) -

First half earnings were slightly ahead of Ord Minnett's forecast while the underlying net loss was weaker than expected. Cash flow recovery has been supported by a reduction in working capital in Australasia.

The broker suggests, if weather conditions and demand improve, Nufarm is likely to experience earnings upgrades into FY21. However, Ord Minnett remains cautious and retains a Hold rating, reducing the target to $4.95 from $5.10.

Target price is $4.95 Current Price is $4.76 Difference: $0.19
If NUF meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.51, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates ORG as Outperform (1) -

Oil prices have been revised lower which reduces the APLNG dividend. Macquarie does not expect this will change the production outlook. The broker considers the energy markets outlook broadly unchanged.

Lower demand will have an impact on Eraring. Macquarie believes the company's financial security is strong and while the low oil price will hurt it does not financially threaten the business.

Target is lowered to $6.80 from $8.61. Outperform maintained.

Target price is $6.80 Current Price is $4.29 Difference: $2.51
If ORG meets the Macquarie target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $6.71, suggesting upside of 56.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates PNI as Outperform (1) -

Macquarie updates forecasts to account for the impact of the crisis on markets and flows. Following the recent sell-off the broker reduces equity-linked funds under management, causing a material reductions to earnings estimates.

Outperform maintained. Target is reduced to $3.47 from $6.57.

Target price is $3.47 Current Price is $2.73 Difference: $0.74
If PNI meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $4.78, suggesting upside of 75.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates PPS as Add (1) -

As at December, roughly half of Praemium's funds under management was invested in equities, the broker notes, thus revenues will fall with the fall in stock markets. But the company has solid profit margins, generates free cash flows, has no debt and at last balance date had $14.7m in cash.

To that end the broker believes Praemium can survive a long period of adverse market conditions. Target falls to 48c from 58c, Add retained.

Target price is $0.48 Current Price is $0.23 Difference: $0.25
If PPS meets the Morgans target it will return approximately 109% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates QAN as Overweight (1) -

Qantas has secured $1.05bn in new debt funding against part of its unencumbered aircraft fleet. Morgan Stanley now estimates 8-12 months of liquidity.

The broker points out this does not capture any improvement in underlying demand or declining fuel expenses. No major debt maturities are expected until June 2021.

Overweight rating. Target is $5.60. Industry view is In-Line.

Target price is $5.60 Current Price is $3.06 Difference: $2.54
If QAN meets the Morgan Stanley target it will return approximately 83% (excluding dividends, fees and charges).

Current consensus price target is $4.62, suggesting upside of 51.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates REA as Upgrade to Accumulate from Lighten (2) -

Ord Minnett upgrades to Accumulate from Lighten, assessing the current valuation is attractive as an entry point.

The broker points to the strong network and unique real estate advertising structure in Australia underpinning the stock. The stock is now down -33% in 2020 to date.

The broker reduces the target to $88 from $99. Revised estimates take into account a -50% decline year-on-year in new listings over the next six months.

Target price is $88.00 Current Price is $74.10 Difference: $13.9
If REA meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $96.62, suggesting upside of 30.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates RIO as Outperform (1) -

Rio Tinto will curtail production at Richards Bay titanium dioxide, in line with the South African government-imposed lock-down.

While restrictions are being imposed in Canada as well it appears to Macquarie that the aluminium smelters and Canadian iron ore will be unaffected.

The broker notes the Pilbara iron ore business is expected to account for around 84% of earnings in 2020 and these operations do not appear at risk. Outperform maintained. Target is $106.

Target price is $106.00 Current Price is $86.23 Difference: $19.77
If RIO meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $99.43, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates RIO as Add (1) -

Government action in South Africa has led to Rio Tinto shutting down operations and developments there for three weeks. Quebec has called mining and smelting essential, but only at minimum rates. The broker has adjusted accordingly and also adjusted for commodity price and forex movements.

Target falls to $94.01 from $98.30. Add retained, as Rio has low gearing and minimal capex commitments and is a low-cost producer across many segments. 

Target price is $94.01 Current Price is $86.23 Difference: $7.78
If RIO meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $99.43, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates RMD as Neutral (3) -

While there is upside risk from stronger ventilation sales for use in patients with moderate to severe respiratory disease, UBS suspects there is downside risk to earnings from reduced sales of new CPAP machines based on assumed lower attendance for assessment of obstructive sleep apnoea.

The broker assumes ventilation sales have a higher margin, which will help mitigate any precipitous drop in sleep therapy sales. Neutral rating maintained. Target is US$174.

Current Price is $22.96. Target price not assessed.

Current consensus price target is $23.32, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates RWC as Outperform (1) -

The company has withdrawn guidance and deferred the interim dividend. Macquarie estimates around 45-50% of sales are repair-oriented and therefore more defensive.

The main risk is in the US where coronavirus infection rates are yet to stabilise. The broker assesses the stock is offering value and retains an Outperform rating. Target is reduced to $4.05 from $4.50.

Target price is $4.05 Current Price is $2.34 Difference: $1.71
If RWC meets the Macquarie target it will return approximately 73% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 54.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates RWC as Accumulate (2) -

The company has withdrawn FY20 guidance and payment of the interim dividend is delayed. Ord Minnett takes a conservative approach, despite demand holding up to date.

Earnings estimates are cut for the balance of FY20 and moderated for the first half of FY21. The broker lowers the target to $2.80 from $4.00. Accumulate maintained.

Target price is $2.80 Current Price is $2.34 Difference: $0.46
If RWC meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 54.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates SCP as Underweight (5) -

The company has withdrawn FY20 guidance. Around 52% of income is derived from specialty tenants, less than the case for peers such as Scentre Group ((SCG)) and Vicinity Centres ((VCX)), but these have been affected by recent government measures.

Morgan Stanley suspects some turnover rent may offset specialty rent losses, given all but one of the shopping centres are anchored by a supermarket. Underweight rating maintained. In-Line industry view. Target is $2.45.

Target price is $2.45 Current Price is $2.40 Difference: $0.05
If SCP meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.69, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates SDF as Buy (1) -

The company has withdrawn FY20 guidance, although is yet to experience an impact from coronavirus. Given the time lag for the economic impact, Citi believes FY20 earnings per share should be relatively protected.

As recession sets in, there is a risk of falling volumes if business failures increase among the company's small-medium enterprise client base.

The broker continues to envisage medium-term value in the stock and retains a Buy rating. Target is reduced to $3.65 from $4.40.

Target price is $3.65 Current Price is $2.67 Difference: $0.98
If SDF meets the Citi target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $3.73, suggesting upside of 39.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates SGR as Upgrade to Buy from Sell (1) -

Citi envisages earnings risks for the near term and downgrades estimates by -48%. However, the broker remains confident in the FY22 earnings outlook and considers the stock undervalued.

The broker upgrades to Buy from Sell and reduces the target to $2.40 from $4.10.

Target price is $2.40 Current Price is $2.05 Difference: $0.35
If SGR meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.58, suggesting upside of 74.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates SGR as Upgrade to Outperform from Neutral (1) -

Credit Suisse downgrades FY20 estimates for earnings per share by -38% and FY21 estimates by -20%. FY22 estimates are downgraded by -8% as the broker considers it plausible that economic recovery could take a couple of years.

The company has ample liquidity even in the case of more extensive shutdowns to casinos. Finance industry indications are that Australian banks are likely to resist calling in debt.

The stock is presenting deep value and the broker upgrades to Outperform from Neutral, although the growth profile is partially compromised by the opening of Crown ((CWN)) Sydney. Target is reduced to $3.90 from $4.20.

Target price is $3.90 Current Price is $2.05 Difference: $1.85
If SGR meets the Credit Suisse target it will return approximately 90% (excluding dividends, fees and charges).

Current consensus price target is $3.58, suggesting upside of 74.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates SGR as Overweight (1) -

The company has announced measures to minimise the impact of the crisis. More than 90% of employees have been temporarily stood down. Capital expenditure is being reduced.

Morgan Stanley considers the measures prudent in order to manage current conditions. Overweight and $2.50 target retained. Industry view: Cautious.

Target price is $2.50 Current Price is $2.05 Difference: $0.45
If SGR meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.58, suggesting upside of 74.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates SIG as Neutral (3) -

FY20 results were in line with expectations. While management has refrained from providing guidance, Citi does not believe this should be considered a negative.

While it is likely there will be an increased demand for pharmaceuticals in the first half, the timing and size of this is considered to uncertain.

Citi does not include the sale and lease-back of the distribution centre in forecasts, given the uncertainty. Neutral rating maintained. Target rises to $0.70 from $0.65.

Target price is $0.70 Current Price is $0.65 Difference: $0.05
If SIG meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $0.59, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in January.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates SIG as Upgrade to Neutral from Underperform (3) -

FY20 underlying operating earnings were ahead of Credit Suisse estimates. No final dividend was announced.

While the balance sheet appears stretched, Credit Suisse notes the company is pursuing a sale & lease-back of its distribution centres.

The broker believes FY20 was a trough in earnings and in the short term the company can benefit from the increased demand for pharmaceuticals.

Rating is upgraded to Neutral from Underperform. Target is raised to $0.64 from $0.53.

Target price is $0.64 Current Price is $0.65 Difference: minus $0.01 (current price is over target).
If SIG meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.59, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in January.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates SIG as Sell (5) -

FY20 sales were ahead while earnings were broadly in line with UBS estimates. The company has suspended its FY20 dividend. No FY21 guidance was provided.

There are some delays to Project Pivot but the company remains confident about achieving the $100m in cost reductions. UBS remains of the view that execution on the $40m not tied to Chemist Warehouse will be more difficult.

Sell rating maintained. Target is raised to $0.53 from $0.50.

Target price is $0.53 Current Price is $0.65 Difference: minus $0.12 (current price is over target).
If SIG meets the UBS target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.59, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in January.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Credit Suisse rates TCL as Upgrade to Neutral from Underperform (3) -

Traffic levels are likely to be severely impacted by travel bans, lock-downs and other measures to slow the spread of coronavirus. Credit Suisse expects a reduction in the dividend of -23% in FY21 because of lower free cash flow.

A $0.62 dividend is forecast for FY20, in line with guidance, although the broker acknowledges there is downside risk depending on how the crisis develops in the next few weeks.

Rating is upgraded to Neutral from Underperform as the valuation appears more reasonable. Target is lowered to $10.65 from $13.00.

Target price is $10.65 Current Price is $12.10 Difference: minus $1.45 (current price is over target).
If TCL meets the Credit Suisse target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.03, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates TYR as Overweight (1) -

The company has confirmed total transaction value was up 28% in the year to date.

Yet, Morgan Stanley asserts the key to the business performance will be the next few weeks if more of Australia goes into lock-down.

Overweight rating and $3.60 target. Industry view is Attractive.

Target price is $3.60 Current Price is $1.70 Difference: $1.9
If TYR meets the Morgan Stanley target it will return approximately 112% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates TYR as Accumulate (2) -

Ord Minnett observes Tyro is starting to experience the impact of reduced volumes from its merchant base. The broker expects further short-term pressure on transaction volumes although notes the business is well capitalised.

Earnings estimates are reduced, although the business is expected to be well-positioned to benefit post the recovery. Accumulate rating maintained. Target is reduced to $2.90 from $4.45.

Target price is $2.90 Current Price is $1.70 Difference: $1.2
If TYR meets the Ord Minnett target it will return approximately 71% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates VVR as Upgrade to Add from Hold (1) -

Viva Energy REIT is well placed in the current environment, Morgans suggests, with balance sheet, leases structures and long lease expiries all in its favour. Importantly, petrol stations are an essential service.

The broker upgrades to Add from Hold. Target falls to $2.71 from $2.77.

Target price is $2.71 Current Price is $2.31 Difference: $0.4
If VVR meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.70, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates WES as Equal-weight (3) -

Wesfarmers will close its New Zealand stores, given NZ government measures to restrict the operation of non-essential services for a period of four weeks.

Morgan Stanley retains an Equal-weight rating and $41.50 target. Cautious industry view.

Target price is $41.50 Current Price is $33.93 Difference: $7.57
If WES meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $35.02, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates WES as Lighten (4) -

Wesfarmers will close Kmart and Bunnings in New Zealand for the next four weeks. Bunnings will be open for trade customers only.

Ord Minnett assesses the latest NZ considerations of non-essential retail have some implications for Australia and are negative for discount department stores and hardware.

The broker maintains a Lighten rating and $31.50 target.

Target price is $31.50 Current Price is $33.93 Difference: minus $2.43 (current price is over target).
If WES meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.02, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources