Australian Broker Call

Credit Suisse rates AMP as Outperform (1) -

The company has withdrawn its limited guidance. The stock has underperformed the market by -10% over the last month.

Credit Suisse does not believe the current environment has affected the sale of the life business and the capital position remains strong.

Concerns around the balance sheet are not justified, in the broker's view. Still, earnings are likely to be volatile, Credit Suisse asserts, which reinforces the need for financial advice and the backing of a large institution such as AMP.

Outperform maintained. Target is reduced to $1.50 from $2.00.

Target price is $1.50 Current Price is $1.27 Difference: $0.23
If AMP meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $1.64, suggesting upside of 28.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates AMP as Neutral (3) -

AMP has withdrawn 2020 guidance, but the sale of Life and NZ is progressing. The broker has marked to market for funds under management but also adjusted remediation assumptions (80% already paid) to remove some duplication of earlier numbers.

The broker also anticipates some margin improvement given lower client fund balances attract higher fees than higher balances.? FY21-22 forecast earnings fall -22-30% on mark to market and lower bond yield forecasts. Target falls to $1.20 from $1.75. Neutral retained.

Target price is $1.20 Current Price is $1.27 Difference: minus $0.07 (current price is over target).
If AMP meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.64, suggesting upside of 28.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

AMP has withdrawn FY20 guidance. While the company remains committed to the three-year transformation strategy, controllable cost guidance for $90m in savings in FY20 has been withdrawn.

However, Morgan Stanley assesses at least $45m of the FY20 savings will be achieved given the run rate at the start of the year.

The capital position and liquidity remain strong and the sale of the life business is on track for completion by June 30, with RBNZ approval the main outstanding item.

Rating is Equal-weight and target is $1.70. Industry view is In-Line.

Target price is $1.70 Current Price is $1.27 Difference: $0.43
If AMP meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $1.64, suggesting upside of 28.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates ANZ as Underperform (5) -

Macquarie has downgraded forecast earnings across the major banks by -2-10% to account for the RBA cut, repricing initiatives, virus support packages and rising impairments due to economic weakness.

The impact on regionals is less severe as they benefit from the majors' repricing initiatives. Exposure to SME impairments lead to material downgrades for Virgin Money UK.

ANZ Bank target falls to $16.50 from $21.00, Underperform retained.

Target price is $16.50 Current Price is $15.60 Difference: $0.9
If ANZ meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $20.24, suggesting upside of 29.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgan Stanley rates APT as Downgrade to Equal-weight from Overweight (3) -

Morgan Stanley believes this recession is unique and will test Afterpay's business model. The broker suspects the company faces a trade-off between maintaining revenue growth and containing credit risk.

Retailers, faced with the lock-down of physical stores, will seek to accelerate the shift to online. Afterpay is well-placed to capitalise on this for the short term. Yet, Morgan Stanley suspects this will be a temporary tailwind.

Rating is downgraded to Equal-weight from Overweight. Target is reduced to$19.00 from $46.50. Industry view is In-Line.

Target price is $19.00 Current Price is $18.75 Difference: $0.25
If APT meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $28.77, suggesting upside of 53.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Morgan Stanley rates AX1 as Overweight (1) -

The company will close all stores across Australasia, around 522, for four weeks. Online websites and wholesale will continue to operate.

Morgan Stanley retains an Overweight rating, believing this is a retail stock to own for the eventual recovery. Target is $2.00. Industry view is In-Line.

Target price is $2.00 Current Price is $0.66 Difference: $1.34
If AX1 meets the Morgan Stanley target it will return approximately 203% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting upside of 141.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Morgans rates AX1 as Hold (3) -

Accent Group will close its retail stores for four weeks. Morgans notes, given potential for store closures to persist, there is a significant amount of short-term uncertainty from a balance sheet perspective.

Hold rating maintained. Target is reduced to $0.74 from $1.37.

Target price is $0.74 Current Price is $0.66 Difference: $0.08
If AX1 meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting upside of 141.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Macquarie rates BEN as Upgrade to Neutral from Underperform (3) -

Macquarie has downgraded forecast earnings across the major banks by -2-10% to account for the RBA cut, repricing initiatives, virus support packages and rising impairments due to economic weakness.

The impact on regionals is less severe as they benefit from the majors' repricing initiatives. Exposure to SME impairments lead to material downgrades for Virgin Money UK.

Bendigo & Adelaide Bank target falls to $6.00 from $7.50, upgrade to Neutral from Underperform.

Target price is $6.00 Current Price is $6.02 Difference: minus $0.02 (current price is over target).
If BEN meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.31, suggesting upside of 21.4% (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

Macquarie rates BKW as Neutral (3) -

Brickworks' -36% fall in first half profit was pre-announced. Property outperformed once again, the broker notes, thanks to revaluation profit driven by cap-rate compression. Building Products Australia continues to be impacted by weak activity, intense competition, plant shutdowns and higher gas costs, while WH Soul Pattinson ((SOL)) also saw a -36% decline (cross-shareholding).

Guidance has been withdrawn. The broker slashes earnings forecasts and cuts its target to $15.25 from $17.90. The stock has performed relatively well against peers in the sell-off, the broker notes, aided by the WHSP cross-shareholding, but tough times lie ahead in building products. Neutral retained.

Target price is $15.25 Current Price is $13.61 Difference: $1.64
If BKW meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $17.08, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgans rates BKW as Hold (3) -

First half results were broadly in line with expectations. North American building materials stood out. However, the outlook remains highly uncertain and the company has withdrawn any previous outlook statements.

Morgans notes the balance sheet is in good shape and the diversified portfolio should provide resilient growth over the longer term. Hold maintained. Target is reduced to $14.98 from $17.15.

Target price is $14.98 Current Price is $13.61 Difference: $1.37
If BKW meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $17.08, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates BOQ as Neutral (3) -

Macquarie has downgraded forecast earnings across the major banks by -2-10% to account for the RBA cut, repricing initiatives, virus support packages and rising impairments due to economic weakness.

The impact on regionals is less severe as they benefit from the majors' repricing initiatives. Exposure to SME impairments lead to material downgrades for Virgin Money UK.

Bank of Queensland target falls to $5.50 from $7.00, Neutral retained.

Target price is $5.50 Current Price is $4.82 Difference: $0.68
If BOQ meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.80, suggesting upside of 41.1% (ex-dividends)

The company's fiscal year ends in August.

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 CBA as Underperform (5) -

Macquarie has downgraded forecast earnings across the major banks by -2-10% to account for the RBA cut, repricing initiatives, virus support packages and rising impairments due to economic weakness.

The impact on regionals is less severe as they benefit from the majors' repricing initiatives. Exposure to SME impairments lead to material downgrades for Virgin Money UK.

Commonwealth Bank target falls to $57 from $65, Underperform retained.

Target price is $57.00 Current Price is $58.95 Difference: minus $1.95 (current price is over target).
If CBA 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 $63.06, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

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

Hochtief has been coming to support Cimic Group, increasing its stake by 2.2% to 74.9% in the last two weeks, Macquarie notes. Under law, Hochtief can buy 3% every six months. The announced buyback will also go ahead, in contrast to just about everyone else.

All well and good but the sector is clearly now challenged, which is not in contrast to everyone else. The broker downgrades to Neutral from Outperform as the share price is approaching an unchanged $25.73 target.

Target price is $25.73 Current Price is $21.44 Difference: $4.29
If CIM meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $33.66, suggesting upside of 57.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

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

UBS upgrades to Neutral from Sell, noting the balance sheet is solid and the company will benefit in the longer term from an accelerating shift to deliveries.

The broker believes earnings risk from the coronavirus crisis is manageable and transitory. The stock appears to be trading broadly in line with peers and is seen as representing fair value. Target is reduced to $51.00 from $52.50.

Target price is $51.00 Current Price is $51.03 Difference: minus $0.03 (current price is over target).
If DMP 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 $56.77, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Morgan Stanley rates DXS as Overweight (1) -

Dexus has withdrawn FY20 guidance. While Morgan Stanley considers the business, being an office owner, is better placed than retail peers it is not immune to the current crisis.

Discussions are taking place with some retail and small business tenants regarding rent relief. The broker is aware that the company has already provided some obligation relief to retailers in terms of opening hour commitments.

Balance sheet, meanwhile, remains strong with no material refinancing until the end of FY21. Overweight rating and $13 target maintained. Industry view is In-Line.

Target price is $13.00 Current Price is $8.84 Difference: $4.16
If DXS meets the Morgan Stanley target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $13.35, suggesting upside of 51.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Macquarie rates FBU as Neutral (3) -

Fletcher Building has withdrawn guidance and first half dividend and suspended its buyback and the Rocla sale process.

The company has a solid liquidity position to help carry it through the government mitigation periods on both sides of the Tasman, the broker notes, and to date has seen no disruption to operations.

Operational continuity, staff safety and liquidity are now the main focus. Neutral rating and $4.88 target retained.

Current Price is $3.15. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.2

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

Morgan Stanley rates FLT as Overweight (1) -

The company has outlined its cost savings plan. Initially, there will be at least a -30% reduction in the global workforce. There is the potential closure of -30% of Australian stores and -35% globally in the next few months.

Rental agreements are also being re-negotiated. Expenditure of -$15m per month on sales and marketing has been paused.

The company has flagged it is progressing with initiatives to maintain liquidity and will update the market in due course, at which time the voluntary trading suspension will be lifted.

Overweight retained. Target is $42. Industry view is Cautious.

Target price is $42.00 Current Price is $9.91 Difference: $32.09
If FLT meets the Morgan Stanley target it will return approximately 324% (excluding dividends, fees and charges).

Current consensus price target is $27.38, suggesting upside of 176.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates GMA as Outperform (1) -

Genworth Mortgage Insurance has withdrawn guidance. Unemployment is the key risk for delinquencies, the broker notes, which will rise as the economy slows. The broker assumes large FY20-21 reserve strengthening pushing loss ratios to 70% but this remains below reinsurance coverage.

Mark to market of investments compounds the issue. The broker has slashed forecast earnings and cut its target to $2.20 from $4.30. Outperform retained on a strong capital position.

Target price is $2.20 Current Price is $1.67 Difference: $0.53
If GMA meets the Macquarie target it will return approximately 32% (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

Morgans rates HRL as Add (1) -

FY20 guidance has been withdrawn and Morgans materially lowers forecasts. The company's HAZMAT consulting services business is considered non-essential and has been closed in New Zealand until the alert level is reduced.

Analytica is considered an essential service (water and food testing) and will remain open. Morgans retains an Add rating and reduces the target to $0.12 from $0.16.

Target price is $0.12 Current Price is $0.09 Difference: $0.03
If HRL meets the Morgans target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Ord Minnett rates HVN as Hold (3) -

Harvey Norman has not yet made an announcement regarding its NZ stores but Ord Minnett expects these will be closed for at least four weeks to comply with the government order.

The company's retail business in New Zealand comprises 12.8% of group operating earnings and 15% of group pre-tax profit in 2020.

The issue now is whether Harvey Norman's Australian stores will be considered non-essential retail and whether online and delivery options will be available. Hold rating and $3.25 target maintained.

Target price is $3.25 Current Price is $2.85 Difference: $0.4
If HVN meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting upside of 29.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Morgan Stanley rates IEL as Overweight (1) -

IDP Education has called a trading halt and deferred the interim dividend until September.

India is going into lock-down, which could mean a larger impact on volumes than Morgan Stanley previously estimated.

Still, the broker assesses this is a deferral and not lost demand. Overweight rating. Industry view is In-Line. Target is $18.50.

Target price is $18.50 Current Price is $11.56 Difference: $6.94
If IEL meets the Morgan Stanley target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $21.51, suggesting upside of 86.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

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

Citi upgrades to Buy from Neutral. At current levels the broker assesses the valuation is attractive.

Across base metals coverage, the stock carries the lowest operating risk profile given the locations of its mines and the revenue mix. The broker reduces the target to $5.90 from $6.30.

Target price is $5.90 Current Price is $4.03 Difference: $1.87
If IGO meets the Citi target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $5.78, suggesting upside of 43.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Ord Minnett rates JBH as Accumulate (2) -

JB Hi-Fi is closing stores in New Zealand for at least four weeks. Ord Minnett notes the New Zealand business has not replicated the success of Australia, having incurred losses for many years, albeit it is only a small segment.

Questions remain as to whether the company's Australian stores will be considered non-essential retail and whether online and delivery options will be available. Ord Minnett maintains an Accumulate rating and reduces the target to $35 from $38.

Target price is $35.00 Current Price is $24.16 Difference: $10.84
If JBH meets the Ord Minnett target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $35.30, suggesting upside of 46.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Ord Minnett rates JHC as Upgrade to Hold from Lighten (3) -

Ord Minnett is now a little more confident that residential aged care facilities have the procedures to manage infection control throughout the current coronavirus outbreak without undue risk.

The broker has also become more constructive on the outlook for occupancy, as the sector should benefit from efforts to clear hospitals ahead of the influx of coronavirus patients.

Despite the company's decision to step away from guidance, the broker lifts forecast slightly and upgrades to Hold from Lighten. Target is reduced to $0.65 from $0.80.

Target price is $0.65 Current Price is $0.48 Difference: $0.17
If JHC meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $0.85, suggesting upside of 76.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

Stores in Australasia and South Africa are now temporarily closed. This is in addition to France, Spain, Malaysia, UK and the US. Singapore is the only market continuing to trade, around 5% of stores.

The company has increased and extended its debt facilities for a further three years. The interim dividend has been deferred. Morgan Stanley believes Lovisa could ultimately present investors with a compelling buying opportunity.

Equal-weight retained. Target is $11.75. Industry view: In Line.

Target price is $11.75 Current Price is $4.70 Difference: $7.05
If LOV meets the Morgan Stanley target it will return approximately 150% (excluding dividends, fees and charges).

Current consensus price target is $9.82, suggesting upside of 108.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Morgans rates LOV as Add (1) -

Lovisa has announced a temporary closure of all stores in Australasia and South Africa. Currently around 5% of the total corporate store portfolio is trading.

The net cash position, suspension of the interim dividend and the increased debt facilities suggest to Morgans that Lovisa will have enough headroom to trade through this period.

The broker believes the company's model is one of the best on the longer-term horizon and maintains an Add rating. Target is $8.51.

Target price is $8.51 Current Price is $4.70 Difference: $3.81
If LOV meets the Morgans target it will return approximately 81% (excluding dividends, fees and charges).

Current consensus price target is $9.82, suggesting upside of 108.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

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

Credit Suisse envisages further risk to FY21, given annuity businesses are likely to start from a lower base and performance fees are likely to fall, given asset price deflation. Increased impairments could be recognised in FY20 and FY21.

The broker reduces FY20 forecasts by -12% and FY21 forecasts by -20%. Given the volatile market, the broker suspects Macquarie Group may not provide any guidance statement for FY21 at the FY20 result.

The share price has fallen -40% since mid February and the broker upgrades to Outperform from Neutral. Target is reduced to $110 for $135.

Target price is $110.00 Current Price is $80.45 Difference: $29.55
If MQG meets the Credit Suisse target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $131.82, suggesting upside of 63.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Macquarie rates NAB as Outperform (1) -

Macquarie has downgraded forecast earnings across the major banks by -2-10% to account for the RBA cut, repricing initiatives, virus support packages and rising impairments due to economic weakness.

The impact on regionals is less severe as they benefit from the majors' repricing initiatives. Exposure to SME impairments lead to material downgrades for Virgin Money UK.

National Bank target falls to $17 from $22, Outperform retained.

Target price is $17.00 Current Price is $15.29 Difference: $1.71
If NAB meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $19.90, suggesting upside of 30.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgans rates NAN as Add (1) -

The company's new infection control technology is due to be commercialised in FY21. While its specific technology is not being used to fight the coronavirus, the importance of infection control is highlighted.

Morgans also notes hospitals will focus on the issue once the pandemic passes. Nanosonics has a strong balance sheet and no debt but the broker suspects it will not be immune from a slowdown in orders for the Trophon2.

Add rating maintained. Target is reduced to $6.97 from $7.36.

Target price is $6.97 Current Price is $5.27 Difference: $1.7
If NAN meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $6.29, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Morgan Stanley rates NEA as Overweight (1) -

On a positive note, Nearmap has not withdrawn guidance but has stated it is on track to deliver new content in the second half. The main issue for Morgan Stanley is the balance sheet and the rate of cash burn.

The broker understands that the cash balance of $49.6m is held primarily in Australian dollars while the cash burn is in US dollars. The company has pointed out it has cost levers to pull should conditions materially change.

Overweight rating and In-Line industry view maintained. Target is $2.30.

Target price is $2.30 Current Price is $0.99 Difference: $1.31
If NEA meets the Morgan Stanley target it will return approximately 132% (excluding dividends, fees and charges).

Current consensus price target is $2.63, suggesting upside of 166.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates NHF as Buy (1) -

Citi expects losses at the company's travel insurance business and lower new business growth in international from the coronavirus travel restrictions.

However, in the short term, lower claims in the main Australian resident health insurance segment should more than offset this, as non-urgent procedures are subject to a government ban from next week.

Citi lowers FY21 and FY22 estimates for earnings per share by -5% and FY20 by -9%. Buy rating and $5.60 target maintained.

Target price is $5.60 Current Price is $5.04 Difference: $0.56
If NHF meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.03, suggesting downside of -0.1% (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

Citi rates NST as Neutral (3) -

Northern Star has withdrawn FY20 guidance. Citi suspects the impact on staffing could affect production at Pogo, in particular. A lock-down of Pogo for the next month has reduced the workforce.

Pogo accounts for only 15% of the broker's earnings estimates but the impact of any disruption is likely to weigh on sentiment. The broker finds it too early to assess whether FY21 will be affected.

Citi maintains a Neutral rating and $12.70 target.

Target price is $12.70 Current Price is $10.90 Difference: $1.8
If NST meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $12.19, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in July.

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 NST as Outperform (1) -

Northern Star began implementing health safety measures in February, including self-isolation for employees returning from overseas, lengthened rosters, social distancing across activities including on FIFO flights, and other controls.

To that end the miner has withdrawn guidance and the broker assumes production will now be at the bottom end of the guidance range. Northern Star is the first large miner to withdraw guidance, the broker notes, but also one of the first to prepare for an extended impact.

Many international peers have withdrawn guidance. Outperform and $13.00 target retained.

Target price is $13.00 Current Price is $10.90 Difference: $2.1
If NST meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $12.19, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in July.

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 NST as Underweight (5) -

Northern Star has withdrawn FY20 guidance and deferred an upcoming dividend payment. March quarter production is expected to be -10-15% below budget because of expected disruptions.

Morgan Stanley considers suspending guidance in the light of employee safety is a prudent step. The balance sheet is considered in good shape. Target is $11.15. Underweight. Industry view: In Line.

Target price is $11.15 Current Price is $10.90 Difference: $0.25
If NST meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $12.19, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in July.

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

Ord Minnett rates NST as Downgrade to Hold from Buy (3) -

Northern Star has downgraded March quarter production guidance by -10-15% and withdrawn FY20 guidance, deferring the interim dividend. Ord Minnett reduces estimates by -23% in FY20 and -11% in FY21.

Disruptions are largely because of restrictions being imposed on the movement of workers and suppliers in Western Australia and Alaska. The broker lowers the target to $12.00 from $13.50 and downgrades to Hold from Buy.

Target price is $12.00 Current Price is $10.90 Difference: $1.1
If NST meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $12.19, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in July.

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 NUF as Outperform (1) -

Credit Suisse believes the first half result is unlikely to ease the debate surrounding the business. Challenging conditions have meant the only profit came from the divested South American business, which emphasises the second half skew.

Cash flow was marginally better than the broker expected. The debt position has been corrected by the sale of the South American business, which Credit Suisse points out, in hindsight, appears to be a well-timed divestment.

There are some signs of increasing demand in Australia and North America. The broker retains an Outperform rating and reduces the target to $6.82 from $7.14.

Target price is $6.82 Current Price is $4.66 Difference: $2.16
If NUF meets the Credit Suisse target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $5.51, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Morgans rates OML as Add (1) -

oOh!media has announced a $167m capital raising to re-pay debt and position the business to get through the recession. The new equity will reduce net debt to $194m from $355m.

Morgans reduces forecasts to reflect a -21% drop in first half revenue and a -12% drop in the second half. The broker retains an Add rating and reduces the target to $1.15 from $3.79.

Target price is $1.15 Current Price is $0.61 Difference: $0.54
If OML meets the Morgans target it will return approximately 89% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting upside of 391.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

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

Citi upgrades to Buy/High Risk from Neutral. The stock has de-rated substantially and, while the broker is cautious on the ramp up of Carrapateena, the risk is considered priced in. Target is reduced to $10.70 from $11.00.

Target price is $10.70 Current Price is $7.10 Difference: $3.6
If OZL meets the Citi target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $10.54, suggesting upside of 48.4% (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

Credit Suisse rates PGH as Outperform (1) -

In assessing the coronavirus impact, Credit Suisse makes relatively modest adjustments to forecasts and assumes no dividend payment until the second half of FY21.

Assuming no dividends are declared, the broker assesses Pact Group can bring leverage down to 2.3x. The intention to divest contract manufacturing is likely delayed because of the current environment.

The broker retains an Outperform rating and lowers the target to $2.50 from $3.30.

Target price is $2.50 Current Price is $1.49 Difference: $1.01
If PGH meets the Credit Suisse target it will return approximately 68% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 72.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

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

The company has temporarily closed most of its stores to protect cash flow. Employees are being stood down and the company does not intend to pay rent during the period of closure.

Credit Suisse reduces earnings estimates for FY20 to reflect two months of full closure and trading at around 70% of the normal level of June and July. No adjustments are yet made to FY21.

Given the uncertainty in the low likelihood of outperformance in recession, Credit Suisse reduces the rating to Neutral from Outperform. Target is raised to $10.17 from $9.94.

Target price is $10.17 Current Price is $10.46 Difference: minus $0.29 (current price is over target).
If PMV meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.02, suggesting upside of 34.0% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

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

The company will close all stores in Australia for four weeks following similar actions in New Zealand, UK and Ireland. Morgan Stanley estimates this accounts for 95% of the global store network.

Morgan Stanley believes Premier Investments is in a better position than other discretionary retailers to withstand a prolonged impact of disruption to demand.

The balance sheet remains robust. Equal-weight rating, In-Line industry view. Target is $13.50.

Target price is $13.50 Current Price is $10.46 Difference: $3.04
If PMV meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $14.02, suggesting upside of 34.0% (ex-dividends)

The company's fiscal year ends in July.

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 PMV as Buy (1) -

Premier Investments will temporarily close stores in Australia until April 22, 2020. UBS estimates 2020 sales will be reduced by -8%, assuming no transfer to online purchases.

The broker remains encouraged by the flexibility over the cost base. Buy rating maintained. Target is $18.90.

Target price is $18.90 Current Price is $10.46 Difference: $8.44
If PMV meets the UBS target it will return approximately 81% (excluding dividends, fees and charges).

Current consensus price target is $14.02, suggesting upside of 34.0% (ex-dividends)

The company's fiscal year ends in July.

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 QUB as Buy (1) -

Ord Minnett prices in the impact of delays in global production and disruptions to port volumes. While the company has a full debt position, it is manageable in the broker's view, with no major refinancing due until 2022.

The bright spots include the domestic transport business, which services consumer staple customers, and the export bulk industries. Buy rating maintained. Target is $2.72.

Target price is $2.72 Current Price is $2.18 Difference: $0.54
If QUB meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting upside of 30.4% (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 RMD as Downgrade to Neutral from Outperform (3) -

The pandemic has created strong demand for ventilators globally and the company has committed to increasing its manufacturing capacity although it will take time to source parts. These are typically higher margin items.

Still, with sleep laboratories closing as part of government mandated lock-downs, Credit Suisse expects a sharp decline in new sleep apnoea treatment. The broker estimates 90% of sleep apnoea device sales are new patient set-ups.

Rating is downgraded to Neutral from Outperform and the target lowered to $25.10 from $27.00.

Target price is $25.10 Current Price is $22.76 Difference: $2.34
If RMD meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $23.32, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Morgans rates S32 as Add (1) -

South32 has announced interruptions to its South African operations after the government called a 21-day lock-down.

Morgans retains a positive view on the stock, supported by a healthy cash balance and a share price trading at a -21% discount to even a depressed spot valuation.

The broker recommends caution for risk-averse investors, given the sensitivity to changing metal prices. Add maintained. Target is reduced to $2.71 from $3.20.

Target price is $2.71 Current Price is $1.78 Difference: $0.93
If S32 meets the Morgans target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $2.80, suggesting upside of 57.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.8

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

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

Credit Suisse decreases FY20 net profit estimates by -4%. A very severe economic downturn with a large number of small businesses collapsing could put additional pressure on income.

While not ruling out the downside risk in such a scenario, the broker suspects this would be less severe compared with the broader sector. Therefore, the rating is upgraded to Outperform from Neutral. Target is lowered to $3.50 from $4.00.

Target price is $3.50 Current Price is $2.54 Difference: $0.96
If SDF meets the Credit Suisse target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $3.73, suggesting upside of 46.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

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

Citi upgrades to Buy/High Risk from Neutral/High Risk. Target is reduced to $5.00 from $6.20.

The sole producing asset, Monty, is generating cash and the main overhang continues to be the timing of new projects to ensure production continuity when DeGrussa reserves deplete during FY22.

Target price is $5.00 Current Price is $3.11 Difference: $1.89
If SFR meets the Citi target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $5.55, suggesting upside of 78.3% (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 SIQ as Outperform (1) -

Smartgroup Corp is well placed for the challenges ahead, the broker notes, with a strong balance sheet, cash flow generation and a defensive client weighting in Government, Health and Education.

Only 4% of the client base is corporate. Economic uncertainty is nevertheless expected to weigh on novated lease volumes.

The broker's forecasts allow for a -50% hit to volumes for six months. Target falls to $6.10 from $7.46, Outperform retained.

Target price is $6.10 Current Price is $4.83 Difference: $1.27
If SIQ meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $7.70, suggesting upside of 59.4% (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 SOM as Downgrade to Hold from Add (3) -

The effects of the crisis on the company's operations are considered significant for the short term as dental and medical societies are recommended to refrain from the company's treatments until coronavirus rates are under control.

Morgans assumes the next two quarters of revenue are negligible amid a gradual return to previous expectations by FY22.

The company has announced an accelerated entitlement offer to raise $15.5m to fund the business through the period of uncertainty. Rating is downgraded to Hold from Add and the target lowered to $1.33 from $3.75.

Target price is $1.33 Current Price is $1.19 Difference: $0.14
If SOM meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgan Stanley rates SUL as Overweight (1) -

The company posted a strong trading update, as automotive like-for-like sales growth accelerated to 7.5% in the five weeks to March 21. Stores have been closed in New Zealand for a minimum of four weeks.

Morgan Stanley estimates Super Retail has around $490m in available liquidity which represents a six-months buffer, assuming zero revenue and no reduction of the cost base.

The broker remains comfortable with the liquidity and believes the stock is oversold. Overweight rating maintained. Target is $10.50. Industry View: Cautious.

Target price is $10.50 Current Price is $4.14 Difference: $6.36
If SUL meets the Morgan Stanley target it will return approximately 154% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 108.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Ord Minnett rates SUL as Accumulate (2) -

The company has indicated NZ stores will be closed for at least four weeks. The interim dividend has been cancelled.

Meanwhile, like-for-like sales growth has been strong in Super Cheap Auto and Macpac while Rebel and BCF have been weak. Online growth is strong at 21% and the share of sales has risen to 9%.

Ord Minnett maintains an Accumulate rating and reduces the target to $9.00 from $10.50.

Target price is $9.00 Current Price is $4.14 Difference: $4.86
If SUL meets the Ord Minnett target it will return approximately 117% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 108.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

UBS rates SUL as Buy (1) -

The trading update was positive, as like-for-like trends accelerated in recent weeks. The company has cancelled the interim dividend and delayed non-essential capital expenditure.

UBS maintains forecasts at this stage, but notes New Zealand revenue will be adversely affected by the one-month closure of stores.

The broker believes Super Retail is one of the more exposed to the downturn and, while the update is incrementally positive, there is significant uncertainty over the next 6-12 months. Buy rating and $10.10 target maintained.

Target price is $10.10 Current Price is $4.14 Difference: $5.96
If SUL meets the UBS target it will return approximately 144% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 108.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

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

Credit Suisse makes changes to key assumptions, lowering FY20 net profit forecasts by -25%. FY21 estimates are lowered by -8-10% on a lower underlying investment yield on insurance and higher bad debts and the bank.

The share price is tracking around -20% below that of Insurance Australia Group ((IAG)), which the broker assumes is because of the banking exposure.

Credit Suisse is becoming more comfortable with the reinsurance renewal risk and upgrades to Neutral from Underperform. Target is reduced to $9.15 from $12.00.

Target price is $9.15 Current Price is $8.28 Difference: $0.87
If SUN meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.73, suggesting upside of 41.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates VUK as Outperform (1) -

Macquarie has downgraded forecast earnings across the major banks by -2-10% to account for the RBA cut, repricing initiatives, virus support packages and rising impairments due to economic weakness.

The impact on regionals is less severe as they benefit from the majors' repricing initiatives. Exposure to SME impairments leads to material downgrades for Virgin Money UK.

Virgin Money UK target falls to $2.25 from $4.00, Outperform retained.

Target price is $2.25 Current Price is $1.27 Difference: $0.98
If VUK meets the Macquarie target it will return approximately 77% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 155.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.7

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

Macquarie rates WBC as Neutral (3) -

Macquarie has downgraded forecast earnings across the major banks by -2-10% to account for the RBA cut, repricing initiatives, virus support packages and rising impairments due to economic weakness.

The impact on regionals is less severe as they benefit from the majors' repricing initiatives. Exposure to SME impairments lead to material downgrades for Virgin Money UK.

Westpac target falls to $17 from $21, Neutral retained.

Target price is $17.00 Current Price is $15.12 Difference: $1.88
If WBC meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $19.76, suggesting upside of 30.7% (ex-dividends)

The company's fiscal year ends in September.

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 XRO as Sell (5) -

UBS includes a scenario in its estimates where subscriber growth is flat in FY21. The broker expects Xero will continue to move towards break-even in FY21 in terms of cash flow.

The broker believes the current environment presents an opportunity for investors to re-assess longer-term assumptions and valuation methodology for growth businesses.

UBS maintains a Sell rating on fundamental grounds. Target is reduced to $58.50 from $62.50.

Target price is $58.50 Current Price is $66.21 Difference: minus $7.71 (current price is over target).
If XRO meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $74.42, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.2

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