Australian Broker Call

Credit Suisse rates 360 as Outperform (1) -

Life360's first half numbers had been pre-released. Full year guidance has led Credit Suisse to slightly cut earnings assumptions, by less than -5%.

The first full month post the launch of the new membership offering has seen more than 40,000 new or up-sold members, with management expecting new members to make up 20-25% of the US base by the end of 2020.

This suggests to the broker a possible step-change after a virus-impacted half, with the business performing very well until lockdowns. Target rises to $4.80 from $4.40, Outperform retained.

Target price is $4.80 Current Price is $3.97 Difference: $0.83
If 360 meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in November.

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: 1.0

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

Citi rates A2M as Sell (5) -

Citi notes a number of the leadership team have sold around -50% of their holdings. What concerns the broker is the number of executives selling stock combined with the amount.

Citi points out the sales are at a time when the company is facing problems with excess inventory as well as long-term issues such as regulatory risk, competition and geopolitical risk.

Sell rating and $17.20 target retained.

Target price is $17.20 Current Price is $18.02 Difference: minus $0.82 (current price is over target).
If A2M meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.35, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

This company reports in NZD. 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

UBS rates ABC as Upgrade to Neutral from Sell (3) -

With both margins and volumes holding up better than expected in the first half, UBS upgrades Adbri to Neutral from Sell. The company's net profit (NPAT) was 12% ahead of the broker's forecast.

No guidance has been provided for 2020 but management stated net profit was on track to achieve its pre-covid-19 guidance of $110m. Noting this, the broker has upgraded its 2020 net profit by 24%.

UBS feels Adbri has passed the trough in margins for its core cement division and the outlook seems to be improving. Other tailwinds include positive residential demand and a pipeline of Infrastructure work.

The target price is increased to $2.40 from $2.03.

Target price is $2.40 Current Price is $2.41 Difference: minus $0.01 (current price is over target).
If ABC meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.50, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in December.

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 AGI as Neutral (3) -

Ainsworth Game Technology reported a loss (PBT) of -$34m driven mostly by covid-19 in the second half. The broker awaits more information.

Macquarie expects lower demand to continue for outright sales machines across all geographies which is the source of the company's main earnings stream.

The broker has increased FY21 losses forecast to -$30m from -$21 but still expects Ainsworth to return to modest profitability in FY22.

Macquarie reaffirms its Neutral rating. Target is lowered to $0.45 from $0.50.

Target price is $0.45 Current Price is $0.38 Difference: $0.07
If AGI meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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 AIZ as Underperform (5) -

Air New Zealand lost -NZ$87m in FY20 compared to the broker's forecast of -NZ$115m and an FY19 profit of NZ$374m.

While the "beat" is welcomed, the broker has no confidence in an FY21 earnings trajectory with the border remaining closed. Management has accordingly not offered guidance, other than to suggest another material loss.

Management has guided to a lower average cash burn than the broker's forecast, but the broker is not confident in this number either. The airline is set to dip into its NZ$1.1bn of available liquidity. Underperform retained, target falls to NZ80c from NZ85c.

Current Price is $1.31. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

This company reports in NZD. 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

Macquarie rates AIZ as Underperform (5) -

Air New Zealand's FY20 result, at a loss (PBT) of -$87m, was better than expected (guidance indicated a loss of -$120m) with a strong performance by domestic and cargo. However, Macquarie expects material losses in FY21 with full pax recovery not until FY23.

The broker suggests about -$1bn of equity is needed to restore the balance sheet due to the airline's massive cash burn.

Macquarie retains its Underperform rating with the target price of NZ$1.05.

Current Price is $1.31. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

This company reports in NZD. 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

UBS rates AIZ as Sell (5) -

UBS's analysis of Air New Zealand hints at a large cash burn during New Zealand border closure, slightly below the broker's previous estimates.

Air New Zealand's equity value depends on how long the border closure remains in place along with the pace of travel recovery, assesses the broker. Even with a vaccine, borders are expected to remain closed until mid-2021.

This compels the broker to estimate a post re-capitalisation equity value of NZ$0.65 (increased from NZ$0.60) while retaining its Sell rating.

Current Price is $1.31. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

This company reports in NZD. 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

Citi rates ALG as Buy (1) -

Ardent Leisure has the liquidity to navigate the disruption from the pandemic, Citi asserts. Nevertheless growth has been pushed out. The roll out of Main Event, which resumed in FY20, will now slow with only one new centre each planned for FY21 and FY22.

Citi reduces estimates for FY21 and FY22, taking into account the slowdown and the adverse impact of the pandemic on Dreamworld. Buy/High Risk retained. Target is reduced to $0.69 from $1.23.

Target price is $0.69 Current Price is $0.44 Difference: $0.25
If ALG meets the Citi target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $0.86, suggesting upside of 105.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

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

Traffic on Atlas Arteria's APRR toll road in France had bounced back to pre-virus levels by mid-August, only to be tempered by heat waves.

Still, Credit Suisse suggests traffic may only be down -3% year on year on the second half. Atlas Arteria will now pay its previously deferred 11c first half dividend in October. 

Coming back to the actual first half result, it was weaker than the broker expected. But in light of the subsequent news, Credit Suisse lifts its target to $7.90 from $6.90 and upgrades to Outperform from Neutral.

Target price is $7.90 Current Price is $6.60 Difference: $1.3
If ALX meets the Credit Suisse target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.99, suggesting upside of 6.2% (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 ALX as Neutral (3) -

Atlas Arteria's APRR saw traffic recover through July and August and was very close to 2019 levels. Macquarie notes Greenway traffic is still subdued.

Atlas Arteria has the flexibility to support APRR growth and finance Warnow, suggests the broker. The dividend guidance of 11c for 2020 is ahead of Macquarie's forecast of 9c. 

Neutral retained, target rises to $6.81 from $6.71.

Target price is $6.81 Current Price is $6.60 Difference: $0.21
If ALX meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.99, suggesting upside of 6.2% (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

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

Morgan Stanley considers a recovery in traffic in the first half along with organic growth prospects and a robust distribution yield provide positive appeal for investors.

Traffic on the APRR reached 2019 levels in mid August as France eased restrictions and there was a shift from public transport and air travel. Hence, Morgan Stanley envisages short-term upside as toll roads benefit from more activity.

Equal-weight rating. Target is raised to $6.91 from $6.88. Industry view: Cautious.

Target price is $6.91 Current Price is $6.60 Difference: $0.31
If ALX meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.99, suggesting upside of 6.2% (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 ALX as Hold (3) -

With first half toll revenues already pre-disclosed, the result of Atlas Arteria gave few surprises to Morgans. However, it was a positive that distributions recommenced and the APPR’s traffic (in Eastern France) has recovered to pre-pandemic levels.

The Dulles Greenway (DG) traffic has not recovered like the APPR and is down -47% on the previous corresponding period during July to mid-August. The broker thinks it unlikely the DG will exit distribution lock-up, and therefore be unable to distribute cash to the company until the second half of this decade.

The above forecast is unless the company reaches agreement with the DG’s lenders on a path to improve debt service ratios to allow a sustainable release of cash, explains the broker.

The analyst notes the company has guided for an 11c dividend for the second half. The Hold rating is maintained. The target price is increased to $6.83 from $6.81

Target price is $6.83 Current Price is $6.60 Difference: $0.23
If ALX meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.99, suggesting upside of 6.2% (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

UBS rates ALX as Neutral (3) -

Atlas Arteria's first-half result surprised on the positive with a dividend of 11c announced from APRR's profit. Management stated traffic at APRR recovered to 2019 levels in mid-August.

UBS feels the potential to grow beyond 2019 exists but so does the potential for more travel restrictions in France. 

A proposal to reduce the French tax rate coupled with recovering traffic lead the broker to forecast a dividend of 20c in the second half and 43c in 2021.

UBS prefers to remain Neutral with the target price increasing to $6.50 from $6.35.

Target price is $6.50 Current Price is $6.60 Difference: minus $0.1 (current price is over target).
If ALX meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.99, suggesting upside of 6.2% (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 APT as Neutral (3) -

Afterpay reported FY20 operating income of $44m with the gross merchandise value up 112% and customer growth of 116%.

Macquarie feels Afterpay's result demonstrates risk management capability and points to efficiencies. Momentum is expected to continue. The broker highlights the numerous initiatives underway to improve the product and drive growth.

Retain Neutral. The target price is $90.

Target price is $90.00 Current Price is $91.26 Difference: minus $1.26 (current price is over target).
If APT meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $76.81, suggesting downside of -13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Morgan Stanley rates APT as Overweight (1) -

FY20 results were pre-announced. Morgan Stanley notes Afterpay continues to innovate which supports margins and growth. The company is exploring opportunities in select Asian markets.

The company has also flagged higher repeat usage in the US compared with its competitors. Morgan Stanley retains its Overweight rating. Target is $106. Industry view: In-line.

Target price is $106.00 Current Price is $91.26 Difference: $14.74
If APT meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $76.81, suggesting downside of -13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Ord Minnett rates APT as Buy (1) -

Afterpay's FY20 result was largely positive, with most of the key operating metrics pre-announced in July, and financials guided to in August, explains Ord Minnett.

The broker points out gross losses of only around -90 basis points were better than the broker's estimate of around -100 basis points, and states the company remains well capitalised with greater than $1.3bn and greater than $2.3bn of pro forma cash and liquidity, respectively.

The two recent acquisition announcements are unlikely to generate significant revenues until FY22, notes the analyst. The Buy rating is maintained. The target price is increased to $105 from $76.70.

Target price is $105.00 Current Price is $91.26 Difference: $13.74
If APT meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $76.81, suggesting downside of -13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Credit Suisse rates APX as Downgrade to Underperform from Neutral (5) -

Credit Suisse suggests the market had been standing by for a material 2020 earnings upgrade from Appen with yesterday's first half result, but now the focus has swung to whether full year guidance can even be achieved.

The first half was weaker than the broker expected, but has only led to slight forecast downgrades and a target drop to $29 from $30, retaining the same 45x multiple.

Full year guidance is unchanged, but this implies a 60% second half skew, the broker notes, and the A$ is providing a headwind. Downgrade to Underperform from Neutral.

Target price is $29.00 Current Price is $38.65 Difference: minus $9.65 (current price is over target).
If APX meets the Credit Suisse target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.38, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates APX as Outperform (1) -

Appen's first-half operating income was lower than the market expected. Macquarie expects 2020 operating income to be at the bottom end of its guidance.

The broker reckons the outlook in the medium term remains robust with top-line growth to be driven by AI spend tailwinds.

Macquarie retains its Outperform rating with the target price increasing to $43 from $38.

Target price is $43.00 Current Price is $38.65 Difference: $4.35
If APX meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $36.38, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in December.

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 APX as Downgrade to Hold from Accumulate (3) -

First half results were below Ord Minnett's estimates. Full year operating earnings guidance of $125-130m has been maintained. The softness in the first half was driven by a deceleration in underlying earnings growth and the cycling of some one-off contracts.

The broker finds the company's business relatively opaque and difficult to forecast but notes the exposure to the artificial intelligence sector should provide significant growth potential.

As the stock has re-rated since early May, the rating is downgraded to Hold from Accumulate. Target rises to $35 from $33.

Target price is $35.00 Current Price is $38.65 Difference: minus $3.65 (current price is over target).
If APX meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.38, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates APX as Buy (1) -

Appen's first-half result was in-line with UBS estimate with operating income ahead by 3%.

Despite covid-19 headwinds, 2020 guidance has been maintained which implies a second-half operating income range of $76-81m. The company has indicated a skew towards the second half, which the broker seems comfortable with.

The broker notes Appen's long-term growth opportunity is the strongest it has been. Growth is expected to accelerate in 2021.

Buy rating retained. Target rises to $44 from $41.

Target price is $44.00 Current Price is $38.65 Difference: $5.35
If APX meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $36.38, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates ASG as Neutral (3) -

Autosports Group today reported revenues relatively flat year on year, with a $141m contribution from acquisitions during the period.

Covid-19 and associated restrictions saw weak trading in March/April and early May, seeing gross profit down -$8.8m, notes Macquarie. Further backend revenue mix and higher vehicle provisioning also contributed to the weaker gross profit.

The broker explains the 2H20 period benefited from $13.3m received from the JobKeeper program and continues for the September quarter in FY21.

Net debt was down -$18.3m to $49.4m, while corporate debt increased $13.4m to $79m. The outlook was considered too uncertain for management to provide guidance. 

Macquarie maintains both the Neutral rating and target price of $1.10.

Target price is $1.10 Current Price is $1.25 Difference: minus $0.15 (current price is over target).
If ASG meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: 0.5

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

Citi rates AX1 as Neutral (3) -

FY20 net profit was broadly in line with Citi's estimates. Like-for-like sales growth was up 1.3% in the first eight weeks of the first half.

Citi observes several drivers of growth including new concepts, increased vertical product and continued investment online. Concerns centre around the significant exposure to shopping centres and the fact brands are increasingly going direct to consumer.

Estimates for FY21-22 are cut by -2-3% because of higher depreciation. Neutral rating retained. Target is raised to $1.60 from $1.55.

Target price is $1.60 Current Price is $1.53 Difference: $0.07
If AX1 meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 14.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Morgan Stanley rates AX1 as Overweight (1) -

FY20 results were in line with Morgan Stanley's estimates. The broker was pleased with the store roll-out targets and the strength of the balance sheet. Estimates are increased by 8.9% for FY21 and 6.8% for FY22.

The long-term competitive position is expected to continue improving because of the business scale, strong online offering and focus on active/casual wear.

Overweight rating. Target is raised to $2.00 from $1.90. Industry view: In-line.

Target price is $2.00 Current Price is $1.53 Difference: $0.47
If AX1 meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 14.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Citi rates BLD as Neutral (3) -

Boral has announced to the market today earnings (EBITDA) of $821m, which were -2% below Citi's estimate.

Positives for the broker included asphalt margin expansion in Australia, the Meridian Brick joint venture becoming profitable and strong price realisation in fly ash.

Negatives include a lack of leverage to a better US housing market and no synergies derived from Headwaters in the second half due to disruption from covid-19.

No final dividend was declared. No qualitative guidance was provided, but July trading indicates only slightly lower sales.

Citi warns of the risk of an earnings rebase and potential capital raising. For the time being, Citi maintains a Neutral rating with a $4.22 target price.

Target price is $4.22 Current Price is $3.84 Difference: $0.38
If BLD meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.87, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates BLD as No Rating (-1) -

Boral today reported FY20 results, with underlying earnings (EBITDA) down by -21% to $821.3m versus the $884m expected by Macquarie.

In Australia revenue of $5.728bn was lower than the $5.843 expected by Macquarie. In the second half, the company saw $87m of cost increases with further costs from bushfire/floods and covid-19, partially offset by some cost outs.

In North America, the broker notes steady sales from fly ash and light building products were offset by lower sales in stone and roofing, while operations were impacted by covid-19 driven plant closures and disruptions.

The USG Boral joint venture was also impacted by covid-19 shutdowns in Asia, declining housing markets and tax, according to the analyst.

No guidance was provided.

Macquarie is currently restricted from making a recommendation.

Current Price is $3.84. Target price not assessed.

Current consensus price target is $3.87, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Credit Suisse rates CAJ as Outperform (1) -

Capitol Health's FY20 earnings were well ahead of Credit Suisse due to greater than expected JobKeeper support and success in shifting to variable labour costs in a volatile June quarter. Operating cash flow was "excellent", the broker suggests.

Capitol Health is some 80% exposed to Melbourne which had the broker forecasting -25% lower revenues in the first quarter FY21 but management has guided to a drop in the high teens.

This, and extended JobKeeper, has the broker lifting its FY21 earnings forecast by 14%, while not yet forecasting any "catch-up" volumes post lockdown. Target rises to 30c from 29c, Outperform retained.

Target price is $0.30 Current Price is $0.25 Difference: $0.05
If CAJ meets the Credit Suisse target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $0.29, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Ord Minnett rates CAJ as Upgrade to Accumulate from Hold (2) -

Underlying operating earnings in FY20 were materially higher than Ord Minnett anticipated. The result was underpinned by cost control and a bounce in volumes towards the end of the year. GP attendance also held up well.

Growth options abound, the broker notes, supported by a strong balance sheet. With the long-term structural dynamics in the industry intact, Ord Minnett upgrades to Accumulate from Hold. Target rises to $0.28 from $0.20.

Target price is $0.28 Current Price is $0.25 Difference: $0.03
If CAJ meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $0.29, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Citi rates CCX as Neutral (3) -

City Chic reported FY20 sales up 31% while operating earnings (EBITDA) were up 6%. Citi notes all the growth came from the Avenue acquisition and, while operating costs were well managed, the fall in gross margins for the City Chic brand may be difficult to fix.

The broker estimates a cash balance of $60m after the acquisition of Catherines, while the dislocation caused by the pandemic should provide opportunities for further global expansion. Neutral rating and $3.40 target retained.

Target price is $3.40 Current Price is $3.33 Difference: $0.07
If CCX meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.87, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Macquarie rates CCX as Outperform (1) -

City Chic Collective had reported its numbers along with the early August capital raise. Rental relief and cost decisions in the face of the virus proved effective, Macquarie notes, leading the cost of doing business coming in -5% below the broker's forecast.

FY21 to date is proving positive. With debt eliminated, M&A is on the cards, but management is not rushing in and may look outside the US.

The broker sees opportunities for synergies and scale in both the US and Europe. Target rises to $4.30 from $4.21, Outperform retained.

Target price is $4.30 Current Price is $3.33 Difference: $0.97
If CCX meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $3.87, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Morgan Stanley rates CCX as Overweight (1) -

FY20 sales and operating earnings were in line. Morgan Stanley notes the improving growth trajectory has continued into FY21 and the next catalyst is the completion of the Catherines acquisition.

The broker finds comparable sales growth continues to be positive. Overweight. Target is $3.90. Industry view is In-line.

Target price is $3.90 Current Price is $3.33 Difference: $0.57
If CCX meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.87, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Citi rates CGC as Buy (1) -

Initial thoughts by Citi on today's first half results for Costa Group Holdings indicates 1H20 underlying earnings (EBITDA) of $93.7m were -20% below the broker's forecast.

International earnings were strong, driven by higher yields in both Morocco and China, which partially offset the drought-induced weakness in the Produce segment, notes the broker.

The company declared a 4cps dividend.

The analyst points out a more upbeat outlook from the company, as there were a number of one-off factors that dragged on the first half results, and also, drought conditions are easing. However, Citi expects high Australian covid-19 costs to persist in the second half.

Citi awaits clarity from management before adjusting either the rating or price target, but suggests the downgrades to estimates for FY21 are likely to be modest.

Target price is $3.40 Current Price is $2.96 Difference: $0.44
If CGC meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.32, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in December.

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 CGC as Neutral (3) -

Costa Group Holdings today reported first half profit of $45.8m, below Macquarie's estimate of $55m, while earnings of $94m were below the $109m estimate. 

A lower tax rate than expected reflected an improved international result, which benefits from tax concessions for agricultural industries in China, and export concessions in Morocco.

The Produce division earnings were worse than the broker expected, due to drought and covid-19 impacts. Net debt is described by the analyst as modestly higher, while a fully franked interim dividend of 4cps was declared.

The number of moving parts prevents Macquarie becoming more positive and both the Neutral rating and target price of $2.87 are maintained.

Target price is $2.87 Current Price is $2.96 Difference: minus $0.09 (current price is over target).
If CGC meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.32, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in December.

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 CGR as Add (1) -

CML Group reported underlying earnings (EBITDA) and profit (NPATA) that met July guidance, advises Morgans.

A final dividend of 1.75cps was declared (no interim dividend).

Whilst earnings were significantly impacted in the second half, the broker notes the business has proven to be relatively resilient given the conditions and has a solid earnings base in its core division to build upon.

The company enters FY21 with a lower cost base and improving demand (from the pandemic impacted lows in April/May), for financing products. 

The Add rating and target price of $0.40 are maintained.

Target price is $0.40 Current Price is $0.34 Difference: $0.06
If CGR meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates CMW as Neutral (3) -

Cromwell Property's earnings came in below the broker but above pre-virus guidance. FY21 dividend guidance suggests flat growth from FY20. Gearing has increased due to asset devaluations, and the REIT is looking to sell its Polish retail assets.

Australian tenants remain solid, but the broker is concerned about the Polish sale. That concern, and weaker earnings, keep the broker on Neutral. Target falls to 87c from $1.00.

Target price is $0.87 Current Price is $0.89 Difference: minus $0.02 (current price is over target).
If CMW meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.91, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

Ord Minnett rates CMW as Lighten (4) -

FY20 results were largely in line. There were a number of positives, Ord Minnett notes. The company has a portfolio of predominantly B-grade offset sets in Australia and a track record of adding value.

Still, the broker is concerned about gearing and a deterioration in earnings quality. The dispute with ARA Asset Management also adds some instability. Ord Minnett retains a Lighten rating and raises the target to $0.75 from $0.60.

Target price is $0.75 Current Price is $0.89 Difference: minus $0.14 (current price is over target).
If CMW meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.91, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

Macquarie rates CVN as Outperform (1) -

Carnarvon Petroleum's result revealed the company is doing a good job of preserving cash ahead of a front end engineering design (FEED) decision for the hgh quality Dorado oil project, the broker suggests.

A final investment decision is targeted for 2021 depending on oil market conditions and Santos' ((STO)) priorities. The broker continues to see strong upside potential for net asset value and believes the stock has takeover appeal. Outperform and 35c target retained.

Target price is $0.35 Current Price is $0.19 Difference: $0.16
If CVN meets the Macquarie target it will return approximately 84% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Ord Minnett rates CVN as Hold (3) -

There was nothing in the FY20 results to materially change Ord Minnett's view. Dorado remains the key development opportunity.

One Avenue for supporting the balance sheet during the construction phase could come from a farming down of Buffalo, the broker suggests.

With the risk remaining around a capital raising, Ord Minnett maintains a Hold rating and lowers the target to $0.23 from $0.30.

Target price is $0.23 Current Price is $0.19 Difference: $0.04
If CVN meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Morgan Stanley rates DTC as Overweight (1) -

FY20 earnings missed Morgan Stanley's estimates although FY21 guidance is ahead of expectations, which to the broker confirms the softness experienced previously was genuinely a timing issue.

The pandemic has impacted the timing of the conversion of several new opportunities as well as the commencement of contracts, the analyst notes.

Overweight rating. Target is $2. Industry view: In-line.

Target price is $2.00 Current Price is $1.80 Difference: $0.2
If DTC meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Ord Minnett rates EXP as Buy (1) -

The FY20 net loss was worse than Ord Minnett expected but the company has repositioned the business to survive the crisis and pursue growth opportunities. The broker highlights the timely disposal of non-core assets and associate reduction in debt.

The financial position is now solid and the company well-placed for a recovery in inbound holiday travel to Australia. Break-even in July occurred, largely because of the realisation of annualised cost savings. Ord Minnett retains a Buy rating and $0.21 target.

Target price is $0.21 Current Price is $0.15 Difference: $0.06
If EXP meets the Ord Minnett target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates FLT as Neutral (3) -

Citi expects Flight Centre will be loss-making until the second half of FY22. The business is highly leveraged to the re-opening of borders and the Covid-19 vaccine. Hence, the outlook is challenging.

The broker also considers the risk of a second capital raising is significant if international borders remain closed until mid 2021. Citi retains a Neutral rating and raises the target to $14.10 from $13.50.

Target price is $14.10 Current Price is $12.58 Difference: $1.52
If FLT meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $13.49, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Credit Suisse rates FLT as Outperform (1) -

The broker has not commented on Flight Centre's FY20 result, instead suggesting liquidity appears sufficiently adequate to support the business through to the end of 2021 without any improvement in revenue from the run-rate achieved in July.

The cost base has been set sustainably lower in the broker's view, and the stock offers strong leverage to a recovery in travel.

On the strength of the company's net cash balance at end-FY20, the broker lifts its target to $14.01 from $13.46. Outperform retained.

Target price is $14.01 Current Price is $12.58 Difference: $1.43
If FLT meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $13.49, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Morgan Stanley rates FLT as Overweight (1) -

Results were in line with prior guidance. Morgan Stanley estimates the company has liquidity until December 2021 based on current cash burn.

Flight Centre has quantified for the first time global corporate business profitability, with $74m in underlying pre-tax profit in FY20 and total transaction value of $7bn.

Morgan Stanley finds the greater disclosure a positive which should drive a re-rating in the medium term. Overweight rating and $16 target. Industry view is Cautious.

Target price is $16.00 Current Price is $12.58 Difference: $3.42
If FLT meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $13.49, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

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

Flight Centre reported a large FY20 underlying loss of -$509.9m, with the larger second half loss of -$612.6m reflecting covid-19 border closures and travel restrictions, notes Morgans.

The Leisure division with its high cost base, weighting to international travel and high rate of cancellations was severely loss making.

The analyst calculates the company has enough liquidity to weather a low revenue environment for around 16 months, and while expecting a loss in FY21, by FY24 Morgans expects the company to return to its FY19 earnings.

The rating is downgraded to Hold from Add. The target price is increased to $13.60 from $13.

Target price is $13.60 Current Price is $12.58 Difference: $1.02
If FLT meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $13.49, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Ord Minnett rates FLT as Lighten (4) -

The net loss in FY22 was slightly better than Ord Minnett forecast. Flight Centre is under financial strain but with limited control, given it relies on the resumption of international travel.

The main issue for the broker is the fact the leisure business may be considerably smaller in total transaction terms after the pandemic, given around 50% of stores have been closed.

While positive on the outlook for the corporate business, the broker also believes recovery will be slow and other operators appear to be in a stronger position to take advantage of opportunities. Lighten rating retained. Target is reduced to $9.70 from $10.76.

Target price is $9.70 Current Price is $12.58 Difference: minus $2.88 (current price is over target).
If FLT meets the Ord Minnett target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.49, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

UBS rates FLT as Buy (1) -

Flight Centre's FY20 result notes an in-line profit (PBT) driven by its corporate business. The result also gives the broker comfort around profit recovery in the medium term. The business is considered well leveraged to improvement in total transaction value (TTV).

Even with a high level of uncertainty, UBS expects the company is well placed to participate in a recovery. With the initiatives undertaken by the company, the business is expected to pivot towards a corporate, online travel business, comments the broker.

Buy rating maintained. Target is reduced to $14.50 from $15.10.

Target price is $14.50 Current Price is $12.58 Difference: $1.92
If FLT meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $13.49, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Macquarie rates GTN as Neutral (3) -

Q4 performance has been heavily impacted by the virus (-62%), but Macquarie reports it was in-line with expectations. No explicit guidance was provided.

Macquarie analysts explain it's incredibly difficult to make any forecasts given weakness in advertising drops straight to the company's bottom line.

Neutral rating retained. Target price falls to 47c from 53c on what looks rather tepid adjustments to estimates for FY21 (down) and FY22 (up).

Wiping out anything in terms of dividends from FY21 forecasts, the broker does forecast a 4.2c dividend for FY22.

Target price is $0.47 Current Price is $0.44 Difference: $0.03
If GTN meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Citi rates GXY as Neutral (3) -

First half operating earnings were slightly better than Citi expected. Guidance remains unchanged. The focus is on the Sal de Vida project and the company is relying on the sale of a minority stake plus existing cash and a corporate debt facility.

Citi lifts operating earnings (EBITDA) forecasts and raises the target to $1.25 from $1.10. Neutral/High Risk retained.

Target price is $1.25 Current Price is $1.24 Difference: $0.01
If GXY meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $0.87, suggesting downside of -26.6% (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: -0.3

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

Macquarie rates GXY as Underperform (5) -

The price of lithium remains depressed and it is expected to remain depressed given there is still too much inventory around, explain the analysts at Macquarie.

Meanwhile, Galaxy Resources reported a -US$22m loss for the half-year, which seems to have triggered small downward adjustments to forecasts only.

The loss coincides with a -US$25m write-down of inventory by the company. Target price remains unchanged at 40c. Underperform.

Macquarie states the obvious: what this company needs is a recovery in the price of lithium. Macquarie is suggesting FY23.

Target price is $0.40 Current Price is $1.24 Difference: minus $0.84 (current price is over target).
If GXY meets the Macquarie target it will return approximately minus 68% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.87, suggesting downside of -26.6% (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: -0.3

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

Morgan Stanley rates GXY as Underweight (5) -

First half results were slightly better than Morgan Stanley expected. Achieved pricing in the first half was lower than the spot average, which the broker suggests could indicate discounting in order to raise volumes.

An improvement in the lithium market is expected in the second half as inventory is reduced and a price of US$420/t is forecast.

Morgan Stanley is Underweight as the stock is implying a US$775/t spot price and there is project risk at Sal de Vida. Target is $0.75. Industry view: Attractive.

Target price is $0.75 Current Price is $1.24 Difference: minus $0.49 (current price is over target).
If GXY meets the Morgan Stanley target it will return approximately minus 40% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.87, suggesting downside of -26.6% (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: -0.3

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

UBS rates GXY as Neutral (3) -

Galaxy Resources reported an interim loss of -US$22m driven by impairment charges in the first half. This was less than UBS's forecast of -US$44m. No interim dividend was announced.

The broker notes pricing will remain challenged in the short term, but sees the company well-positioned for a recovery in electric vehicles with consumers embracing electrification. 

UBS believes in the longer term electric vehicle story but notes current lithium pricing is below levels needed to incentivise new investment.

Neutral retained with a target price of $1.10.

Target price is $1.10 Current Price is $1.24 Difference: minus $0.14 (current price is over target).
If GXY meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.87, suggesting downside of -26.6% (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: -0.3

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

Citi rates HVN as Buy (1) -

Upon initial assessment, Citi notes Harvey Norman's FY20 performance represents a "beat" in the order of 4%. The analysts point out momentum is being supported by ongoing stimulus and demand for products around the home, and despite the closure of Victorian stores in early August.

The one stand-out negative for Citi is the fact the Asian store roll-out has been delayed.

All in all, the analysts see the prospect for mid-single digit consensus upgrades driven by better 1H21 trading. They intend to maintain the Buy rating with a $4.80 target price, up from $4.60.

Target price is $4.80 Current Price is $4.31 Difference: $0.49
If HVN meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.33, suggesting upside of 2.9% (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

Macquarie rates HVN as Outperform (1) -

Macquarie's initial response to today's FY20 release is that Harvey Norman outperformed both its own forecasts as well as market consensus.

In similar fashion, the analysts believe the outlook guidance provided by the retailer is above expectations.

Sales for franchisees in Australia proved in-line with expectations, with Macquarie pointing out they also received $6.7m in government support.

Target price is $4.20 Current Price is $4.31 Difference: minus $0.11 (current price is over target).
If HVN meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.33, suggesting upside of 2.9% (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

Credit Suisse rates IFL as Outperform (1) -

IOOF Holdings has gone into a trading halt pending a "potential significant transaction", which the broker suspects would be a bid for MLC Wealth ((NAB)). The broker sees no ACCC issues given the emergence of competitive wealth platforms.

The broker sees synergies providing for earnings accretion following a capital raise at a -15% discount. The transaction would not be without risk, the broker warns, given MLC has been the fastest shrinking platform over the past decade and has seen net outflows in the past three years.

IOOF has little choice, the broker believes, given the rush to snap up offloaded wealth management businesses. Outperform and $5.50 retained.

Target price is $5.50 Current Price is $4.63 Difference: $0.87
If IFL meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.86, suggesting upside of 4.9% (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

Credit Suisse rates IGO as Downgrade to Neutral from Outperform (3) -

IGO's FY20 numbers matched guidance provided at the company's June quarter update, so no surprises.

A 5c final to make 11c for the year came in at the top end of management's dividend payout range. This will be reviewed in FY21, and Credit Suisse suspects a dividend/buyback combination will be forthcoming.

FY21 production and cost guidance is unchanged. The miner is hoping to expand across various metals, likely through M&A, with lithium and rare earths now on the radar.

Target rises to $4.35 from $4.05 after switching to a net asset and enterprise value blend from discounted cash flow. Upgrade to Neutral from Underperform on valuation.

Target price is $4.35 Current Price is $4.63 Difference: minus $0.28 (current price is over target).
If IGO meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.83, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Macquarie rates IGO as Outperform (1) -

IGO's FY20 release proved largely in-line, report analysts at Macquarie, accompanied by a better-than-expected dividend announcement. This is Australia, after all.

IGO had already updated FY21 guidance and the three year outlook, and no changes were announced this time.

Macquarie sees significant upside potential, if current spot prices hold up. On that basis, Outperform rating retained. Target price unchanged at $5.30.

Target price is $5.30 Current Price is $4.63 Difference: $0.67
If IGO meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

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

The FY20 dividend was below Morgan Stanley's expectations. The broker had expected a net cash position would result in a higher pay-out. Operating earnings were ahead of estimates.

The company has signalled an intention to explore acquisitions. Morgan Stanley finds this understandable, given the rising cash balance.

Morgan Stanley maintains its Equal-weight rating. Target price is increased to $4.80 from $4.75. Industry view: Attractive.

Target price is $4.80 Current Price is $4.63 Difference: $0.17
If IGO meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 8.2% (ex-dividends)

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

UBS rates IGO as Buy (1) -

IGO's FY20 financial result was mostly pre-reported. The company board will be reviewing its dividend policy at the first half FY21 result which UBS believes will lead to higher shareholder returns.

Company guidance issued for the next three years was below market estimates, but the broker considers the plan credible with the disappointment more than priced in.

The broker is pleased with the clear capital management strategy and the potential for higher dividends. UBS maintains its Buy rating with a target price of $5.70.

Target price is $5.70 Current Price is $4.63 Difference: $1.07
If IGO meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Morgans rates ITG as Add (1) -

Intega Group reported earnings (EBITDA) at the top end of the $30-31m range provided in July, according to Morgans.

The company saw backlog grow 26% during the period, which positions the business well over coming years and the company has guided to FY21 trading being ahead of FY20.

As expected no final dividend was declared.

Along with the pipeline, Morgans expects to see the company continue to win key projects.

The Add rating is is maintained. The target price is increased to $0.50 from $0.49.

Target price is $0.50 Current Price is $0.30 Difference: $0.2
If ITG meets the Morgans target it will return approximately 67% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Ord Minnett rates JHC as Hold (3) -

Underlying net profit was below Ord Minnett's forecasts because of a larger non-cash impairment. The broker expects further deterioration in FY21 is inevitable, as costs are growing faster than funding and there is the ongoing challenge of the pandemic.

The stock is trading below replacement value and the broker is wary of moving too early given the uncertainty over the funding model. Hold rating maintained. Target is $0.55.

Target price is $0.55 Current Price is $0.46 Difference: $0.09
If JHC meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $0.53, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

UBS rates JHC as Neutral (3) -

Japara Healthcare reported a -24% decline in its FY20 operating income driven by a reduction in average occupancy and increasing operating costs due to covid-19.

UBS believes the Victorian covid-19 crisis will materially impact the first half FY21 occupancy and profitability. Additional funding from the government will mitigate some of the impacts but the broker is unsure of the quantum.

UBS expects FY21 operating income to decline by -33% in the absence of a funding fix and recovery in occupancy rates.

Neutral rating maintained with the target price reduced to $0.50 from $0.60.

Target price is $0.50 Current Price is $0.46 Difference: $0.04
If JHC meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $0.53, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates KLL as Outperform (1) -

Kalium Lakes has provided an updated resource for the Lake Sunshine at Beyondie which saw resources lift by 6.1mt of sulphate of potash (SOP) in the Stage 1 area.

It is the broker's view that Stage 1 resource growth could delay the need to develop the Stage 2 area, which is the current base case for the Stage 2 expansion.

Macquarie explains delivering Beyondie to the revised schedule and budget is key to realising the long-term value this project represents for shareholders. Outperform. Target unchanged at 45c.

Target price is $0.45 Current Price is $0.15 Difference: $0.3
If KLL meets the Macquarie target it will return approximately 200% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgans rates KSL as Add (1) -

The PNG bank, Kina Securities’ first half profit (NPAT) result was up 24% on the previous corresponding period, but around -15% below the Morgans estimate.

The miss was mainly driven by higher-than-expected operating expenses, with the company investing in the organisational structure/business capability - after the PNG acquisition from ANZ Bank ((ANZ)). Revenue was actually 9% above the broker’s expectation.

The analyst sees 24% profit growth in the first half as a solid performance in the current economic climate. A first half dividend of 4cps was declared, which Morgans calculates represents an 8% annualised yield.

Morgans downgrades FY20 EPS estimates by -11% on higher costs. The Add rating is maintained. The target price is decreased to $1.41 from $1.64.

Target price is $1.41 Current Price is $1.02 Difference: $0.39
If KSL meets the Morgans target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

This company reports in PGK. 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

Citi rates LNK as No Rating (-1) -

Link Administration is guiding to higher depreciation and tax in FY21. Several of the company's divisions experienced headwinds in the second half.

Revenue and revenue margins fell slightly for PEXA in the second half because of the pandemic. Citi is restricted on research reports and has suspended its rating and target.

Current Price is $3.98. Target price not assessed.

Current consensus price target is $4.66, suggesting upside of 13.4% (ex-dividends)

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Credit Suisse rates LNK as Outperform (1) -

Link Administration's underlying profit fell short of consensus as better than expected revenues were offset by greater costs.

The virus made this a challenging period for Link, the broker notes, compounded by account losses, regulatory pressures and customer remediation costs in the UK.

While the gearing level is above management's comfort zone, the broker believes organic de-gearing in FY21 could avoid a dilutive equity raise.

The broker has cut FY21 forecast earnings given uncertainty. Target falls to $5.10 from $5.90. The business is not broken, Credit Suisse assures, and earnings will one day snap back. Outperform retained.

Target price is $5.10 Current Price is $3.98 Difference: $1.12
If LNK meets the Credit Suisse target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Macquarie rates LNK as Outperform (1) -

Macquarie analysts had already reported Link Administration's FY20 seemed positive upon first glance. They repeat that assessment today, with FY20 operating profits some 5% above forecast.

No guidance was provided. Macquarie retains the Outperform rating as the shares are deemed too cheaply priced, on a longer term view.

Price target has risen to $5.10 from $4.60. Better performances from Corporate Markets and Fund Solutions have led to higher estimates.

Target price is $5.10 Current Price is $3.98 Difference: $1.12
If LNK meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Morgan Stanley rates LNK as Underweight (5) -

Link Administration's FY20 net profit was ahead of Morgan Stanley's estimates, although operating earnings were -5% below forecasts because of write-downs.

Overall, the broker considers the PEXA result is strong and the opportunity for a capital return could support the stock.

The divestment of the South Africa business will be completed in the first half of FY21 and may reduce gearing further, the broker suggests. Underweight rating, $3.50 target and In-Line industry view maintained.

Target price is $3.50 Current Price is $3.98 Difference: minus $0.48 (current price is over target).
If LNK meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.66, suggesting upside of 13.4% (ex-dividends)

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

UBS rates LNK as Buy (1) -

Link Administration's FY20 result was in-line with Property Exchange Australia (PEXA) capital returns occurring sooner. The operating net profit was also 4% ahead of the broker's estimate

UBS feels FY21 will likely be a trough year for earnings with better prospects in FY22 due to strong underlying member growth, resumption in offshore growth and global transformation cost-savings.

Buy rating maintained. Target is raised to $4.80 from $4.65.

Target price is $4.80 Current Price is $3.98 Difference: $0.82
If LNK meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Morgans rates M7T as Add (1) -

Mach7 Technologies' result has beaten Morgans forecasts and highlights strong growth, despite the operating environment.

The broker illustrates FY20 marked a pivotal year with six new customer orders, nine successful deployments and maiden profits and followed up with the recent acquisition of its front-end viewing platform, Client Outlook.

The pipeline remains solid and the analyst notes key risks to the target price are extended delays in signing new contracts and integration issues with Client Outlook.

The Add rating is maintained. The target price is increased to $1.49 from $1.43.

Target price is $1.49 Current Price is $1.11 Difference: $0.38
If M7T meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates MCR as Outperform (1) -

Mincor Resources released FY20 results and the small earnings loss was broadly in-line with Macquarie expectations, while cash balances had been previously disclosed.

The company is close to securing an around $50m debt facility, which the broker explains will allow development to commence on Cassini and Durkin North, while maintaining a strong exploration spend. 

The analyst notes the formal approval of the Kambalda re-start plan is a key catalyst. The Outperform rating is maintained. The target price is $1.00.

Target price is $1.00 Current Price is $0.77 Difference: $0.23
If MCR meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Ord Minnett rates MWY as Hold (3) -

The company has endured difficult conditions and posted a net loss in FY20 against Ord Minnett's expectations for a profit. The broker remains cautious about the coronavirus backdrop and the soft volume outlook.

A substantial turnaround in volumes is not expected in FY21, although as supply costs are renegotiated through the first half this should offset some of the export price decreases experienced from customers in China and Japan.

Ord Minnett retains a Hold rating and raises the target to $1.20 from $1.17.

Target price is $1.20 Current Price is $0.88 Difference: $0.32
If MWY meets the Ord Minnett target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Credit Suisse rates NEC as Outperform (1) -

Nine Entertainment reported in line with July guidance. A better performance for Metro Media and lower corporate costs offset weakness in TV and publishing, the broker notes. Stan proved to be a lockdown winner, enjoying strong subscription growth in the half.

This boost should allow Nine to chase more content and increase its Premium Plan price to a level still below that of Netflix, the broker suggests. In FY21, Stan's the man. Target rises to $2.35 from $2.10, Outperform retained.

Target price is $2.35 Current Price is $1.72 Difference: $0.63
If NEC meets the Credit Suisse target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates NEC as Outperform (1) -

Macquarie describes the FY20 result as a robust outcome, given covid-19 impacts on advertising businesses generally.

Stan, Domain and 9Now offer structural growth, along with cost out plans, explains the broker. Further upside may exist if the company can unlock an increased revenue stream from Google/Facebook under the News Media bargaining code.

The Outperform rating is maintained. The target price is increased to $1.90 from $1.65.

Target price is $1.90 Current Price is $1.72 Difference: $0.18
If NEC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgan Stanley rates NEC as Overweight (1) -

FY20 results were in line with expectations. Morgan Stanley is increasingly convinced Nine Entertainment can achieve operating earnings (EBITDA) growth in FY21.

No specific guidance was provided by the company. Overweight rating. Target price is increased to $2.10 from $1.95. Industry view: Attractive.

Target price is $2.10 Current Price is $1.72 Difference: $0.38
If NEC meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 22.8% (ex-dividends)

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Ord Minnett rates NEC as Buy (1) -

Ord Minnett had higher expectations with Nine Entertainment's FY20 release disappointing by no less than -19%. Total dividend payout for the year of 7cps also missed the 10cps forecast.

The broker has lowered forecasts on guidance and accountancy (AASB 16). A positive view is upheld with buoyant prospects for Stan, 9Now and Domain Holdings ((DHG)) intact.

Ord Minnett maintains a Buy rating and reduces the target to $2.00 from $2.10.

Target price is $2.00 Current Price is $1.72 Difference: $0.28
If NEC meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

UBS rates NEC as Buy (1) -

Expecting TV ad market declines in the mid-single digits, UBS is not sure if Nine Entertainment will be able to grow its FY21 operating income as much as consensus ($408m), and forecasts about $400m.

FY21 would be a trough year, predicts UBS, with a material earnings rebound expected in FY22. The company remains UBS's preferred avenue to play an eventual ad market turnaround. 

Buy rating reiterated with the target price increasing to $1.90 from $1.75.

Target price is $1.90 Current Price is $1.72 Difference: $0.18
If NEC meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates NIC as Outperform (1) -

Nickel Mines has upgraded the Hengjaya nickel ore resource by approximately 5%, which underpins at least 15 years of supply to its nickel pig iron (NPI) plants, which, according to Macquarie, are generating strong cashflow.

The broker points out buoyant nickel prices underpin strong upgrade momentum for the company, with a spot price scenario generating 67% higher earnings for 2020.

The analyst believes any early commencement of dividend payouts could drive a material re-rating for the company. The company is set to release first half calendar year earnings on August 31.

No change to either the rating or price target.

Target price is $0.75 Current Price is $0.65 Difference: $0.1
If NIC meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

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: 1.0

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

Macquarie rates NSR as Underperform (5) -

The FY20 underlying EPS result for National Storage REIT of 8.3 cents was directly in-line with the Macquarie estimate, and softer-than-expected operating income was offset by lower net interest.

The revenue per available metre (RevPam) to June declined -6%, driven by lower rate and occupancy. The occupancy improved in July/August, notes the broker.

RevPam guidance is 3%-5% for FY21.

Macquarie explains balance sheet issues have been resolved after the equity raise, but earnings are at FY15 levels, despite organic growth in the last few years.

The Underperform rating is maintained. The target price is increased to $1.44 from $1.35.

Target price is $1.44 Current Price is $1.88 Difference: minus $0.44 (current price is over target).
If NSR meets the Macquarie target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.79, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.1

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

Citi rates NXT as Buy (1) -

Underlying operating earnings were ahead of Citi's estimates in FY20. Capital expenditure was also higher than expected because of the acceleration of building towards the end of the financial year and the M3 land acquisition.

S3 is delayed, with completion expected in the second half of FY22. FY21 revenue guidance is $242-250m with capital expenditure of $380-400m. Citi retains a Buy rating and $10.25 target.

Target price is $10.25 Current Price is $11.91 Difference: minus $1.66 (current price is over target).
If NXT meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.34, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Macquarie rates NXT as Neutral (3) -

It is Macquarie's view that NextDC's FY20 report and FY21 outlook guidance were both in-line with expectations. The numbers reported yesterday after the close of market are labeled as "solid".

The data centres business is carried by strong growth in customer demand and this supports NextDC's ongoing investment in data centre fit-out, says the broker.

Neutral and $10.50 price target, though a proper response will follow.

Target price is $10.50 Current Price is $11.91 Difference: minus $1.41 (current price is over target).
If NXT meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.34, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Morgan Stanley rates NXT as Overweight (1) -

FY20 results were slightly better than Morgan Stanley estimated. The broker highlights the company's ability to roll out capacity and the main issue centres on the funding mix.

FY21 capital expenditure represents 44% of the cash balance and future capital requirements are unlikely to reduce. Overweight maintained. In-Line industry view. Target is $12.

Target price is $12.00 Current Price is $11.91 Difference: $0.09
If NXT meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $11.34, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Macquarie rates OGC as Outperform (1) -

Oceanagold Corp has provided an update on operations and entered into another gold pre-sale contract, points out Macquarie.

The company cut production guidance for Haile, which was not unexpected by Macquarie, given recent wet weather and the covid-19 situation in the US.

In addition to production sold forward in February, 2020, the company has entered into a second gold presale arrangement, with 40koz of April to June 2021 production sold forward for US$77m, or US$1,925 per ounce.

The Outperform rating is maintained and the price target is $3.90.

Target price is $3.90 Current Price is $3.47 Difference: $0.43
If OGC meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.28, suggesting upside of 31.5% (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: 0.9

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

Ord Minnett rates PBH as Buy (1) -

Today, PointsBet Holdings released a FY20 earnings (EBITDA) loss of -$37.6m, which was better than Ord Minnett's estimated loss of -$42.7m, due to lower costs than the broker expected.

The Australian trading business delivered earnings of $6.9m versus Ord Minnett's estimate of $3.7m, while the earnings of the US business fell -$38.2m versus -$40m expected.

The company announced entering into a five year partnership with NBCUniversal, whereby the company has committed to spend US$393m over five years, and as part of the deal, NBCUniversal will be issued shares and options.

Importantly, the value of the shares and options will offset against the committed marketing spend and significantly reduce the cash commitment, notes the broker.

The company has flagged an intention to launch a $300m capital raising on Wednesday, September 2. Ord Minnett awaits further details before adjusting either the rating or target price.

Target price is $6.15 Current Price is $7.50 Difference: minus $1.35 (current price is over target).
If PBH meets the Ord Minnett target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: 0.5

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

Macquarie rates PGL as Neutral (3) -

FY20 results were in line with the recent trading update. Macquarie's forecasts are largely unchanged and losses are still expected over FY21-23.

No financial outlook was provided although the company did indicate costs would fall -20% compared with FY19. Neutral rating retained. Target is reduced to $0.87 from $0.94.

Target price is $0.87 Current Price is $0.83 Difference: $0.04
If PGL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

UBS rates PGL as Neutral (3) -

Prospa Group's FY20 result delivered no major surprises with an operating income loss of - $19.5m. On the bright side, provision for credit losses was lower than anticipated led by higher customer repayments.

Management hinted originations were unlikely to return to levels of January in the near-term, leading UBS to expect a materially slower pace of recovery. However, the broker is confident in an SME market recovery.

The group is considered well-positioned to capitalise on an SME economy recovery and remains a market leader in SME lending.

UBS reiterates its Neutral rating with the target price decreasing to $0.90 from $1.40.

Target price is $0.90 Current Price is $0.83 Difference: $0.07
If PGL meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates PPC as Neutral (3) -

FY20 operating profit was down -68%, albeit in line with Macquarie's expectations. The business was affected by a fall in settlements and a declining margin.

Following federal and state stimulus, enquiries have increased and as a result of momentum in the first quarter Peet now has 2098 contracts on hand.

Gearing remains at the top end of the target and the broker suspects the company needs to take a more cautious approach to future capital expenditure. Macquarie retains a Neutral rating and raises the target to $1.04 from $0.95.

Target price is $1.04 Current Price is $1.05 Difference: minus $0.01 (current price is over target).
If PPC meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Credit Suisse rates PTM as Underperform (5) -

Platinum Asset Management's FY20 profit beat the broker but if volatile, low quality market trading income is excluded, the result was more in line. The dividend reflected a lower payout than usual.

Cost management was solid in FY20 but the performance of the flagship International Fund remains weak, which the broker suggests will limit inflows in coming years.

The Asia Fund has improved significantly but not enough to keep the broker off Underperform. New offshore products would offer upside risk, but management sees this as a more medium term opportunity.

A target increase to $3.30 from $3.15 reflects lower costs.

Target price is $3.30 Current Price is $3.64 Difference: minus $0.34 (current price is over target).
If PTM meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.19, suggesting downside of -15.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.8

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

Macquarie rates PTM as Underperform (5) -

FY20 results were ahead of Macquarie's estimates primarily because of other income, and hence lower quality. Employee expenses were also lower than expected as staff received no variable remuneration.

The broker envisages scope for the 6% premium to ASX-listed peers to unwind further and retains an Underperform rating. Target is reduced to $3.40 from $3.50.

Target price is $3.40 Current Price is $3.64 Difference: minus $0.24 (current price is over target).
If PTM meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.19, suggesting downside of -15.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.8

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

Macquarie rates REG as Underperform (5) -

Challenging conditions are expected to continue and Macquarie expects FY21 operating earnings (EBITDA) of $57.6m, down -30%. Occupancy trends are having an adverse impact on margins because of the large fixed operating cost base.

Moreover, Macquarie envisages further risk of residential deposit outflows in FY21. Underperform retained. Target edges up to $1.10 from $1.09.

Target price is $1.10 Current Price is $1.28 Difference: minus $0.18 (current price is over target).
If REG meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.27, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

Morgans rates REG as Hold (3) -

Regis Healthcare posted FY20 underlying profit (NPAT) of $21.5m versus the $22.9m forecast by Morgans, but the earnings (EBITDA) were ahead of the broker’s expectations.

No final dividend was declared and the deferred interim dividend of 4.02cps will be paid on 30 September, 2020.

Morgans places a -15% discount on the company’s valuation to reflect the uncertainty around the Royal Commission outcomes and industry headwinds, which include funding pressures as government indexation growth is not keeping pace with wages and cost increases.

The Hold rating is maintained. The target price is decreased to $1.43 from $1.95.

Target price is $1.43 Current Price is $1.28 Difference: $0.15
If REG meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.27, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

Ord Minnett rates REG as Hold (3) -

Ord Minnett was not surprised by the weak earnings result in FY20. The broker is inclined to wait for the pandemic headwinds to ease before buying into any aged care companies.

Margin pressures are expected to continue until funding is reformed. Hold rating retained. Target is reduced to $1.20 from $2.10.

Target price is $1.20 Current Price is $1.28 Difference: minus $0.08 (current price is over target).
If REG meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.27, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

UBS rates REG as Neutral (3) -

Regis Healthcare reported a decline of -24% in operating income driven by a reduction in average occupancy and increasing operating costs associated with escalating covid-19 headwinds.

UBS believes the Victorian covid-19 crisis will materially impact occupancy in the first half of FY21 and hit profitability.

Additional funding by the government will mitigate some impact but the broker remains unsure of the quantum. FY21 operating income is forecast to decline by -22% with net profit decreasing -69% year on year.

The broker's investment case for the healthcare provider hinges on the introduction of a new quality and safety framework. UBS retains its Neutral rating with the target price reducing to $1.36 from $1.50.

Target price is $1.36 Current Price is $1.28 Difference: $0.08
If REG meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.27, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

Citi rates REH as Sell (5) -

Citi expects working capital will lift to 20% of sales in FY21 and remain at that level going forward.

While Reece has $1bn in cash on the balance sheet, debt hasn't been repaid and the broker expects some debt repayment towards the end of FY21. However, there is opportunity for acquisitions.

The broker reiterates a Sell rating as the P/E ratio looks stretched. While the balance sheet is strong, Citi does not believe this is sufficient to offset a lack of earnings growth over the next three years. Target is raised to $9.60 from $8.55.

Target price is $9.60 Current Price is $12.37 Difference: minus $2.77 (current price is over target).
If REH meets the Citi target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.87, suggesting downside of -20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

Ord Minnett rates REH as Hold (3) -

Ord Minnett assesses the Australasian division is a market leader that is taking share and generating strong margins and returns.

If Reece can reinvest the $1bn of cash on its balance sheet into the US division and generate a 15% EBIT return, the broker assesses there could be 15-20% of upside to valuation.

Hold rating retained. Target rises to $11.00 from $9.20.

Target price is $11.00 Current Price is $12.37 Difference: minus $1.37 (current price is over target).
If REH meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.87, suggesting downside of -20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

UBS rates RFF as Downgrade to Neutral from Buy (3) -

Rural Funds Group's FY20 result was devoid of any impact from covid-19 with earnings (AFFO) up 3%, comments UBS.

Dividend guidance for FY21 is 4% growth with earnings (AFFO) at 11.7c (down -13% versus last year) due to increased capital expenditure profile on long-dated projects like Macadamias. 

UBS downgrades its rating to Neutral from Buy on valuation grounds with the target price increasing to $2.35 from $2.30.

Target price is $2.35 Current Price is $2.22 Difference: $0.13
If RFF meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Citi rates RHC as Neutral (3) -

FY20 results were lower than Citi expected, affected by the pandemic. No FY21 guidance has been provided as a result. The main issue is how quickly elective surgery volumes normalise and when Victoria lifts restrictions.

However, the broker points out Ramsay Health Care can help reduce the backlog of public surgery waiting lists, which provides potential upside. Neutral rating retained. Target is reduced to $70 from $72.

Target price is $70.00 Current Price is $65.27 Difference: $4.73
If RHC meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $68.67, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Credit Suisse rates RHC as Outperform (1) -

Ramsay Health Care's -45% drop in earnings was not as bad as the broker feared but above consensus. A commitment to the government to help with the virus on a non-profit basis was the issue, although the French government was more supportive.

Only Victoria remains in the same position, while elsewhere it's back to business. FY21 to date has seen a surge in elective surgery but this is no surprise, and pent-up demand may drive the volume tailwind into FY22, the broker suggests.

Target rises to $70.00 from $68.80, Outperform retained.

Target price is $70.00 Current Price is $65.27 Difference: $4.73
If RHC meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $68.67, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Macquarie rates RHC as Outperform (1) -

FY20 results were in line. Activity has improved in certain areas but uncertainty continues as well, although Macquarie remains positive on the medium-longer term outlook.

Opportunities for increased interaction with the public system to reduce waiting lists have been highlighted for both Australia and the UK.

The broker believes these volumes should supplement  leverage to a resumption in elective surgical procedures. Outperform retained. Target rises to $73.15 from $72.50.

Target price is $73.15 Current Price is $65.27 Difference: $7.88
If RHC meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $68.67, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Morgan Stanley rates RHC as Underweight (5) -

Revenue and operating earnings were marginally ahead of Morgan Stanley's estimates in FY20. No guidance was provided for FY21 because of the uncertainty caused by the pandemic.

Ramsay Health Care's hospitals experienced increased demand from July as capacity was ramped up. Excluding Victoria, surgical activity is ahead of the previous year although volumes in medical specialties are recovering more slowly.

Morgan Stanley assumes around 90% average utilisation across the company's hospital network in Australia in the December half year, improving to pre-pandemic levels from January onwards. Target price is increased to $61 from $56. Underweight. Industry view: In-line.

Target price is $61.00 Current Price is $65.27 Difference: minus $4.27 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.67, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Morgans rates RHC as Hold (3) -

Ramsay Health Care’s FY20 adjusted results were broadly in-line with Morgans on an underlying basis, however, margins contracted across the board.

The broker believes the psychological impact of the pandemic is a misunderstood headwind that is negatively impacting procedural mix, increasing costs and doctors are a capacity constraint. In combination, this conspires to limit margin expansion and earnings growth.

No final dividend was declared and no FY21 guidance was provided.

Morgans explains long-term core fundamentals remain sound and the valuation is not egregious, however, the near-term outlook is increasingly challenged.

The Hold rating is maintained. The target price is increased to $62.31 from $60.38.

Target price is $62.31 Current Price is $65.27 Difference: minus $2.96 (current price is over target).
If RHC meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.67, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Ord Minnett rates RHC as Accumulate (2) -

Ord Minnett reduces FY21 earnings forecasts by -20% because of accounting changes and the restrictions in Victoria.

FY20 results confirmed a recovery in activity is occurring although management highlighted headwinds from higher costs and slower recovery at mental health and rehabilitation facilities.

Ord Minnett maintains an Accumulate rating and reduces the target to $73.00 from $78.25.

Target price is $73.00 Current Price is $65.27 Difference: $7.73
If RHC meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $68.67, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

UBS rates RHC as Neutral (3) -

Ramsay Health Care's second-half revenues for Australia and UK were higher than expected with France and Nordics lagging. The earnings miss was driven by group employee costs.

UBS expects FY21 operating income to grow by circa 5%. Costs related to covid-19 are expected to weigh on margins over the short to medium term. The company will be moving to statutory reporting from FY21.

UBS retains its Neutral rating. $71.20 target retained for Ramsay Health Care.

Target price is $71.20 Current Price is $65.27 Difference: $5.93
If RHC meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $68.67, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Macquarie rates RSG as Outperform (1) -

Resolute Mining has today released its first half FY20 results with a profit (NPAT) of US$36.3m, which was -US$7.7m below the Macquarie estimate, while cash flows were better than expected.

The broker states the key variances to profit included larger-than-expected depreciation and amortisation and a higher tax expense, which was partially offset by a US$41.5m gain from discontinued operations (Ravenswood divestment).

As expected by Macquarie no dividend was declared.

Macquarie maintains an Outperform rating and price target of $1.60.

Target price is $1.60 Current Price is $1.11 Difference: $0.49
If RSG meets the Macquarie target it will return approximately 44% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 SFR as Neutral (3) -

FY20 results were in line with Citi's estimates. Updates on feasibility studies further T3, Botswana and Black Butte are expected in coming months.

Citi updates for rehabilitation provisions and investments and raises the target to $5.50 from $5.40. Neutral/High Risk retained.

Target price is $5.50 Current Price is $4.83 Difference: $0.67
If SFR meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.40, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Credit Suisse rates SFR as Outperform (1) -

Sandfire Resources' result missed on higher than expected exploration expense. FY21 production guidance is unchanged at a cost the broker sees as conservative.

What's left of DeGrussa's mine life offers clear cash flow visibility and the company is carrying a load of cash ready for investment in new developments. Such investment nonetheless puts the dividend payout at risk, and the broker is not overly sure of the economics of growth projects at this stage.

Despite applying risk discounts to the value of these projects, the broker retains Outperform on valuation. Target falls to $5.40 from $5.50.

Target price is $5.40 Current Price is $4.83 Difference: $0.57
If SFR meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.40, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22: