Australian Broker Call

Citi rates AMP as Sell (5) -

Citi reduces FY20 estimates for earnings per share by -6%. The broker allows for an accelerated margin squeeze for wealth management as the company consolidates its master trusts and moves all customers onto a new simplified offering.

Some of this margin squeeze is also likely to flow into FY21, the broker suspects. Although some may be attracted to the apparent value on offer, Citi suspects it is still a long road ahead for AMP.

Sell/High Risk rating maintained. Target is $1.70.

Target price is $1.70 Current Price is $1.86 Difference: minus $0.16 (current price is over target).
If AMP meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.79, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Credit Suisse rates AMP as Outperform (1) -

September quarter flows were broadly in line with expectations. Credit Suisse notes wealth inflows posted the strongest growth since the second quarter of FY17.

AMP expects corporate super outflows of -$1.4bn over the next 12 months. Credit Suisse points to near-term earnings risk around the decline in assets under management as well as revenue margin pressure.

However, investors appear to be allowing for this risk. Outperform rating and $2 target maintained.

Target price is $2.00 Current Price is $1.86 Difference: $0.14
If AMP meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.79, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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 Capital saw net outflows in the Sep Q but Macquarie notes the pipeline is encouraging, while ongoing net outflows in Wealth Management remain a concern. Bank loan growth is growing just below system.

All up the broker suggests a turnaround is now underway but it's going to be a long term story, and a near term re-rating is thus unlikely. Neutral retained, target falls to $1.75 from $1.80.

Target price is $1.75 Current Price is $1.86 Difference: minus $0.11 (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 $1.79, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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) -

The company experienced outflows in the September quarter of -$1.94bn. Morgan Stanley notes lost corporate mandates mean the company has upwardly revised its 12-month outlook for corporate outflows to -$1.4bn.

No update was provided on remediation. There was strong deposit growth of 4.5% in the bank division in the quarter. Rating is Equal-weight and target is $1.65. Industry view is In-Line.

Target price is $1.65 Current Price is $1.86 Difference: minus $0.21 (current price is over target).
If AMP meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.79, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates AMP as Hold (3) -

Morgans assesses the September quarter was reasonable, versus low expectations. Outflows in wealth management were broadly in line.

Given the obvious earnings pressures across the business and the significant renewal of the company taking place, the broker wants evidence of a turnaround before becoming more positive.

Hold rating maintained. Target is raised to $1.89 from $1.86.

Target price is $1.89 Current Price is $1.86 Difference: $0.03
If AMP meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.79, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Ord Minnett rates AMP as Hold (3) -

AMP revealed mixed trends in its September quarter update with outflows in Australian wealth management offset by growth in bank deposits and loans. Ord Minnett found some positive signs for AMP Capital investors.

AMP Capital assets under management increased to $202.2bn while bank deposits increase by $600m. Hold rating and $1.80 target maintained.

Target price is $1.80 Current Price is $1.86 Difference: minus $0.06 (current price is over target).
If AMP meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.79, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

UBS rates AMP as Neutral (3) -

UBS suspects outflows are unlikely to subside quickly. As AMP narrows its aligned adviser footprint, the broker continues to envisage elevated risks to retail flows, in addition to downgraded guidance for corporate super flows.

Although the strategy to reshape the advice & platform offerings and cut costs will assist over time, the net benefit is considered some way off. UBS maintains a Neutral rating and $1.75 target.

Target price is $1.75 Current Price is $1.86 Difference: minus $0.11 (current price is over target).
If AMP meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.79, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates API as Downgrade to Neutral from Buy (3) -

FY19 results were difficult to reconcile, in Citi's view. Benefits accrued from a low tax rate. Reported underlying earnings (EBIT) of $94m were -1% below guidance. However this included the Sigma dividend income and a $17m fair value benefit from Clearskin Care.

Citi downgrades to Neutral from Buy on valuation and reduces the target to $1.50 from $1.60. FY20 estimates are reduced by -17%.

Target price is $1.50 Current Price is $1.40 Difference: $0.1
If API meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in August.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.7

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

Credit Suisse rates API as Underperform (5) -

Underlying net profit was up 3.2% in FY19 although Credit Suisse notes earnings quality was absent, with multiple one-off accounting adjustments making for a difficult comparison.

The broker considers the short-term outlook challenging, as PBS revenues are expected to stay under pressure and there is greater competition in the wholesale distribution market.

Underperform rating maintained. Target is reduced to $1.40 from $1.45.

Target price is $1.40 Current Price is $1.40 Difference: $0
If API meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in August.

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

UBS rates AVN as Neutral (3) -

UBS observes the portfolio is delivering solid net operating income growth when compared with peers and this reflects lower existing base rents, annual fixed increases and positive re-leasing spreads.

The macro environment has improved but the broker notes this is yet to flow through to better household goods retail sales. Neutral rating maintained. Target is raised to $2.70 from $2.20.

Target price is $2.70 Current Price is $2.77 Difference: minus $0.07 (current price is over target).
If AVN meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.84, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

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

The company has reaffirmed net profit guidance of $790-840m for 2019. Credit Suisse upgrades forecast to the lower end of guidance and raises the target to $36 from $35.  Rating is upgraded to Neutral from Underperform.

Operating cash flow was down -29% in the September quarter while operating earnings conversion was 52% vs 54% in the prior quarter.

Credit Suisse suspects this was because of a reversal in the build up of payables and a higher proportion of alliance-style contracts, as well as completion and delays for some large infrastructure projects.

Target price is $36.00 Current Price is $34.26 Difference: $1.74
If CIM meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $41.55, suggesting upside of 21.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

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

The company has received a takeover bid from Fuji Xerox at $0.31 per share cash, which Morgan Stanley calculates is at a premium of 31.9% to the last closing price. The transaction is expected to be completed mid February 2020.

Target is $0.21. Equal-weight rating. In-Line view retained.

Target price is $0.21 Current Price is $0.30 Difference: minus $0.09 (current price is over target).
If CSV meets the Morgan Stanley target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 CWN as Equal-weight (3) -

Morgan Stanley observes the domestic performance of Crown was broadly in line with expectations in the first quarter but VIP is softer than expected and the focus remains on resolving regulatory requirements.

VIP turnover is down -46% and the broker suspects regulatory enquiries are weighing on performance, alongside difficult trading conditions in the international VIP market. Main floor gaming revenue was up 2% in the quarter.

Morgan Stanley retains an Equal-weight rating, Cautious industry view and $11.80 target.

Target price is $11.80 Current Price is $12.23 Difference: minus $0.43 (current price is over target).
If CWN meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.85, suggesting downside of -3.1% (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

Ord Minnett rates CWN as Hold (3) -

Ord Minnett notes revenue growth increased on the main floor, ex VIP, to 2% across the company's Australian resorts. Non-gaming revenue growth estimates have been reduced to 0.5% to reflect the flat conditions.

VIP turnover estimates across Australian resorts are reduced because of tough international markets. Hold rating maintained. Target is $11.75.

Target price is $11.75 Current Price is $12.23 Difference: minus $0.48 (current price is over target).
If CWN meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.85, suggesting downside of -3.1% (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 FMG as Neutral (3) -

Citi found costs were better in the September quarter while price realisation and shipments were marginally lower than expected. Costs benefitted from accounting changes and a weaker Australian dollar.

Contractual price realisations averaged 89% of benchmark 62% prices. Citi maintains a Neutral rating and raises the target to $8.50 from $8.00.

Target price is $8.50 Current Price is $8.84 Difference: minus $0.34 (current price is over target).
If FMG meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.34, suggesting downside of -5.7% (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: -0.3

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

Credit Suisse rates FMG as Underperform (5) -

Credit Suisse assesses price realisations and production outcomes in the September quarter underpin a strong start to FY20. The September quarter contracted price realisation lifted to 89% with an average realised price of US$85/dmt.

The broker finds it hard to fault the operating performance although still expects a soft outlook for Chinese crude steel production in 2020. Underperform rating and $7.50 target maintained.

Target price is $7.50 Current Price is $8.84 Difference: minus $1.34 (current price is over target).
If FMG meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.34, suggesting downside of -5.7% (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: -0.3

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

Macquarie rates FMG as Outperform (1) -

A solid Sep Q for Fortescue featured lower cash costs than expected, thanks to lower capex, while shipments and realised prices met expectation. Increased cash flow has further reduced debt while the shift towards higher grade ore is improving pricing, the broker notes.

Were Macquarie to input current spot iron ore prices into its valuation model, earnings forecast would rise by 6% and 80% in FY20-21.

Outperform retained, target rises to $10.30 from $10.10.

Target price is $10.30 Current Price is $8.84 Difference: $1.46
If FMG meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.34, suggesting downside of -5.7% (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: -0.3

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

Morgan Stanley rates FMG as Underweight (5) -

September quarter production and shipments were broadly in line with Morgan Stanley's expectations. Revenue realisation was softer, which raises some downside risk to the broker's December quarter forecasts.

This risk assumption is based on an improving iron ore supply and a key reason for the broker's Underweight rating.

Capital expenditure at Eliwana has increased for FY20 to a range of US$700-800m while expenditure at Iron Bridge has been delayed, with the FY20 range lowered to US$300-400m. Target is $7.85. Industry view is Attractive.

Target price is $7.85 Current Price is $8.84 Difference: minus $0.99 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.34, suggesting downside of -5.7% (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: -0.3

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

Morgans rates FMG as Reduce (5) -

Morgans observes the share price has started to materially outperform the iron ore price, which is unsustainable. The broker notes a healthy first quarter, with shipments and costs in line with expectations.

FY20 estimates for earnings per share are upgraded to account for lower costs and a higher first-half iron ore price. Reduce rating maintained. Target is raised to $6.73 from $6.38.

Target price is $6.73 Current Price is $8.84 Difference: minus $2.11 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.34, suggesting downside of -5.7% (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: -0.3

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

Ord Minnett rates FMG as Buy (1) -

September quarter production and shipments were in line with expectations. At spot iron ore prices Ord Minnett estimates Fortescue Metals would generate US$7.9bn in operating earnings in FY20. The broker forecasts a 13% dividend yield.

The stock remains one of the sector preferences because of its attractive valuation and reliable operating performance. Buy rating maintained. Target rises to $10.00 from $9.40.

Target price is $10.00 Current Price is $8.84 Difference: $1.16
If FMG meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.34, suggesting downside of -5.7% (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: -0.3

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

UBS rates FMG as Sell (5) -

Capital expenditure and timing of developments at Eliwana and Iron Bridge remain on track. September quarter shipments were in line with UBS estimates, and comparatively lower because of seasonal maintenance activity.

Guidance is unchanged at 170-175mt. The broker notes the company is keeping mum at this stage about its ambitions in Guinea. UBS maintains a Sell rating and $7.50 target.

Target price is $7.50 Current Price is $8.84 Difference: minus $1.34 (current price is over target).
If FMG meets the UBS target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.34, suggesting downside of -5.7% (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: -0.3

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

Credit Suisse rates GXY as Outperform (1) -

Outside of the stabilisation and recovery in the lithium price, and improved demand, Credit Suisse believes the Sal de Vida optimisation update is shaping up as the next catalyst.

The broker does not expect a buyer or strategic partner will be found in the current climate but does envisage potential for optimisation work to enhance the attractiveness of the asset.

Outperform rating maintained. Target is reduced to $1.80 from $2.00.

Target price is $1.80 Current Price is $0.84 Difference: $0.96
If GXY meets the Credit Suisse target it will return approximately 114% (excluding dividends, fees and charges).

Current consensus price target is $1.32, suggesting upside of 56.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Macquarie rates GXY as Underperform (5) -

Galaxy's Sep Q production was solid but shipments fell short despite plenty of inventory. Given global lithium oversupply, Galaxy will now go the way of graphite producer Syrah Resources ((SYR)) and cut back production at Mt Cattlin by -25% until prices improve.

The company will now strive for "value over volume" by moving forward with optimisation projects.

The cut-back suggests to the broker a weakening market outlook. Underperform retained, target falls to 80c from $1.10.

Target price is $0.80 Current Price is $0.84 Difference: minus $0.04 (current price is over target).
If GXY meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.32, suggesting upside of 56.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

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

Production and costs were broadly in line with expectations while processed grades were 7% ahead of Morgan Stanley's estimates. No new pricing points were provided but the company has flagged a weak Chinese market price, with de-stocking continuing.

Equal-weight rating retained. Target is $1.20. Industry View: Attractive.

Target price is $1.20 Current Price is $0.84 Difference: $0.36
If GXY meets the Morgan Stanley target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $1.32, suggesting upside of 56.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Ord Minnett rates GXY as Accumulate (2) -

Ord Minnett envisages an improved market in the first half of 2020. In the meantime, in order to preserve life and value at the Mount Cattlin operation, the company is reducing mining volumes by -40% and output by -25% in 2020.

Ord Minnett expects more supply-side rationalisation. The broker assesses value in the company's assets and has confidence in its ability to negotiate this period of low prices. Accumulate maintained. Target is reduced to $1.60 from $1.80.

Target price is $1.60 Current Price is $0.84 Difference: $0.76
If GXY meets the Ord Minnett target it will return approximately 90% (excluding dividends, fees and charges).

Current consensus price target is $1.32, suggesting upside of 56.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

UBS rates GXY as Neutral (3) -

Ore mined lifted 23% in the September quarter and was ahead of UBS estimates. Feed grade was above reserve grade while recovery was lower at 57%. Concentrate production guidance for the full year has been narrowed to the lower end of previous guidance, to 183-193,000t.

A review of Mount Cattlin operations has been announced in the face of ongoing market challenges in the lithium sector. The review will prioritise value over volume. UBS maintains a Neutral rating and $1.20 target.

Target price is $1.20 Current Price is $0.84 Difference: $0.36
If GXY meets the UBS target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $1.32, suggesting upside of 56.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.1

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

Morgans rates HLO as Hold (3) -

The company has upgraded FY20 operating earnings guidance following the acquisition of TravelEdge Group. Morgans upgrades forecasts by 4.8% and 6.6% for FY20 and FY21, respectively.

First quarter total transaction value was up 10.4%. However, Morgans notes that more than half of the forecast growth for the full year will be driven by acquisitions. The broker maintains a Hold rating and raises the target to $4.95 from $4.80.

Target price is $4.95 Current Price is $4.46 Difference: $0.49
If HLO meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

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

Citi rates IFL as Neutral (3) -

Citi believes IOOF still faces major hurdles, such as the need to restructure its advice economics, although the associated cost synergies from the ANZ P&I deal should provide some earnings flexibility.

Net flows into advice during the September quarter were minimal but remain positive, despite adviser disruption, the broker notes. Neutral/High Risk retained. Target is $7.30.

Target price is $7.30 Current Price is $7.50 Difference: minus $0.2 (current price is over target).
If IFL meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.90, suggesting downside of -8.0% (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 IFL as Outperform (1) -

Funds under management increased 3.1% in the September quarter, driven by positive market movements. While the business continues to endure small outflows, Credit Suisse finds the lack of any real negative news a positive for "beaten up wealth players".

Outperform rating and $8.45 target maintained.

Target price is $8.45 Current Price is $7.50 Difference: $0.95
If IFL meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.90, suggesting downside of -8.0% (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 IFL as Outperform (1) -

IOOF 's net flows held up reasonably well in the Sep Q under the circumstances, Macquarie notes, with platform inflows offset by outflows from advice and investment management.

The only thing now standing between IOOF and the OnePath acquisition is APRA, and 65% synergy realisation is on offer.

The broker retains Outperform despite the stock's recent run, believing valuation to still be attractive ahead of those synergies. Target rises to $8.10 from $7.60.

Target price is $8.10 Current Price is $7.50 Difference: $0.6
If IFL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.90, suggesting downside of -8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

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

Including pension payments, third quarter net inflows of $165m beat Morgan Stanley's forecasts. The company has highlighted the benefits from increased capture of the Shadforth inflows following platform investments late in 2018.

The broker was not surprised by the -$123m in net outflows for advice, given the challenging market backdrop. Equal-weight rating maintained. Target is $4.95. Industry view: In Line.

Target price is $4.95 Current Price is $7.50 Difference: minus $2.55 (current price is over target).
If IFL meets the Morgan Stanley target it will return approximately minus 34% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.90, suggesting downside of -8.0% (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

Ord Minnett rates IFL as Lighten (4) -

Funds under administration and management rose in the September quarter, driven largely by positive markets and modest net inflows. Ord Minnett points out this was achieved despite a challenging operating environment.

The company is now witnessing significant flows into the Shadforth unit that was launched in late 2018. Good client retention rates helped the financial advice division record positive net inflows, the broker notes.

Lighten rating and $6 target maintained.

Target price is $6.00 Current Price is $7.50 Difference: minus $1.5 (current price is over target).
If IFL meets the Ord Minnett target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.90, suggesting downside of -8.0% (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

UBS rates IFL as Neutral (3) -

Notwithstanding earnings support from cost synergies, growth prospects after the initial step up from ANZ P&I remain constrained, UBS assesses.

The stock has limited value appeal for the broker, although IOOF continues to enjoy greater stability than its major peers. UBS maintains a Neutral rating and $6.60 target.

Target price is $6.60 Current Price is $7.50 Difference: minus $0.9 (current price is over target).
If IFL 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 $6.90, suggesting downside of -8.0% (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 JBH as Neutral (3) -

Like-for-like sales growth improved between July and September for both JB Hi-Fi Australia and The Good Guys.

Citi suggests, if current momentum is maintained, sales guidance could be upgraded by 1% and consensus earnings estimates by 2-3%.

Neutral rating maintained. Target is $29.50.

Target price is $29.50 Current Price is $37.19 Difference: minus $7.69 (current price is over target).
If JBH meets the Citi target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.24, suggesting downside of -16.0% (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

Macquarie rates JBH as Neutral (3) -

The sales trends evident in JB Hi-Fi's Sep Q update exceeded Macquarie's expectations, with solid growth in A&NZ and ongoing improvement for The Good Guys. The sales outlook from here is largely unchanged, with high hopes for new games and game consoles ahead of Christmas.

The improving trajectory leads the broker to seriously upgrade its target, to $36.80 from $30.10, but given the stock has run up 41% already in FY20 while the ASX200 has trod water, Neutral retained.

Target price is $36.80 Current Price is $37.19 Difference: minus $0.39 (current price is over target).
If JBH 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 $31.24, suggesting downside of -16.0% (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

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

The company has reaffirmed FY20 revenue guidance which implies 2.2% growth. Revenue grew 3.1% in the first quarter so Morgan Stanley suspects guidance is conservative at this stage.

Trading improved at The Good Guys but remains in negative territory, down -1% in August/September versus down -3.4% in July.

Equal-weight. Target is $28. Industry view: Cautious.

Target price is $28.00 Current Price is $37.19 Difference: minus $9.19 (current price is over target).
If JBH meets the Morgan Stanley target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.24, suggesting downside of -16.0% (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

Morgans rates JBH as Hold (3) -

The company noted an acceleration in same-store sales growth across all three divisions in the first quarter. FY20 sales guidance of $7.25bn was reiterated. Morgans suspects this is increasingly conservative but the performance over Christmas will be key.

The broker makes negligible changes to forecasts and maintains a Hold rating. Target is raised to $35.34 from $29.55, as a PE methodology is now incorporated in the blended valuation.

As the roll-out of stores is now mature the growth profile becomes significantly more skewed to same-store sales growth and managing various product category margins.

Target price is $35.34 Current Price is $37.19 Difference: minus $1.85 (current price is over target).
If JBH 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 $31.24, suggesting downside of -16.0% (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

Ord Minnett rates JBH as Hold (3) -

The company has reiterated sales guidance for FY20 after reporting an improved performance in the September quarter. Guidance for FY20 sales of $7.25bn is split between JB Australia at $4.84bn, JB NZ at $240m and The Good Guys at $2.18bn.

In view of the strong share price performance and modest valuation support, Ord Minnett maintains its Hold rating. Target is raised to $35 from $31.

Target price is $35.00 Current Price is $37.19 Difference: minus $2.19 (current price is over target).
If JBH 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 $31.24, suggesting downside of -16.0% (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

UBS rates JBH as Sell (5) -

UBS found the first quarter trading update solid, with like-for-like sales growth of 2%. While sales are holding up and comparables are getting easier to cycle, the broker still envisages risks to margins.

Sell rating and $28 target maintained.

Target price is $28.00 Current Price is $37.19 Difference: minus $9.19 (current price is over target).
If JBH meets the UBS target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.24, suggesting downside of -16.0% (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

Morgans rates LVH as Add (1) -

The company continues to win substantial new accounts, Morgans observes. A strong first quarter was reported and the business is on track to deliver high double-digit revenue growth in FY20.

The broker makes no changes to forecasts and an Add rating is maintained. Target is $0.86.

Target price is $0.86 Current Price is $0.27 Difference: $0.59
If LVH meets the Morgans target it will return approximately 219% (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

Macquarie rates MIN as No Rating (-1) -

Mineral Resources' Sep Q was mixed, with lower iron ore production offset by higher lithium production and shipments, Macquarie notes.

The broker is currently on research restriction.

Current Price is $13.38. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Citi rates NCM as Neutral (3) -

September quarter production was softer than expected because of mill maintenance at Cadia and Lihir and a change in strategy at Telfer. Citi expects December quarter production to lift 24% and costs to reduce by around -20%.

The broker maintains a Neutral rating and reduces the target to $33.35 from $36.15. FY20 and FY21 estimates are downgraded by -20% and -13% respectively, to incorporate Telfer hedges and higher depreciation at Lihir.

Target price is $33.50 Current Price is $32.40 Difference: $1.1
If NCM meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $30.85, suggesting downside of -4.8% (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: -0.6

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

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

Credit Suisse notes the September quarter was sequentially much weaker as all operations underperformed other than the now less-relevant Gosowong. Political changes in PNG have resulted in indefinite delays at Wafi Golpu.

Key areas of focus include reliability at Cadia and Lihir and Red Chris drilling results. The broker upgrades to Neutral from Underperform on valuation. Target is unchanged at $31.80.

Target price is $31.80 Current Price is $32.40 Difference: minus $0.6 (current price is over target).
If NCM meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.85, suggesting downside of -4.8% (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: -0.6

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

Macquarie rates NCM as Underperform (5) -

Newcrest Mining's Sep Q was weaker than the broker expected due to extended shutdowns beyond planned maintenance. The Cadia mill shutdown has been extended and restart is contingent on a study of how best to repair the Northern Tailings Storage Facility. Maintenance also led to lower production at Lihir, while production at Telfer and Gosowong was simply weaker.

Further shutdowns are planned for Lihir yet guidance is unchanged. The broker retains Underperform. Target falls to $31 from $33.

Target price is $31.00 Current Price is $32.40 Difference: minus $1.4 (current price is over target).
If NCM meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.85, suggesting downside of -4.8% (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: -0.6

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

Morgan Stanley rates NCM as Underweight (5) -

Newcrest Mining delivered a weak production result across its asset base with unplanned shutdowns affecting a number of mines. Guidance for Cadia has been reiterated while production at Telfer is expected to be at the bottom end of the range.

More shutdowns are planned for Lihir in the December quarter although guidance is unchanged. Underweight rating, $29.50 target and Attractive industry view.

Target price is $29.50 Current Price is $32.40 Difference: minus $2.9 (current price is over target).
If NCM meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.85, suggesting downside of -4.8% (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: -0.6

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

Morgans rates NCM as Hold (3) -

Newcrest Mining produced 512,000 ounces of gold in the September quarter. FY20 production guidance is unchanged and now includes Red Chris. Morgans notes many plants were shut down across operations in the September quarter, which reduced production output and subsequently increased costs.

Performance is expected to improve for the remainder of the year, but the lower end of full-year guidance is now likely to be met, in the broker's view, because of the slow start. Hold maintained. Target is reduced to $33.14 from $33.71.

Target price is $33.14 Current Price is $32.40 Difference: $0.74
If NCM meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $30.85, suggesting downside of -4.8% (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: -0.6

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

Ord Minnett rates NCM as Lighten (4) -

September quarter production of 512,000 ounces is tracking below FY20 guidance. Ord Minnett notes maintenance and lower grades were to blame.

Plant throughput should rebound across the sites and the broker anticipates achieving the lower end of FY20 production guidance and the high end for costs.

The broker's focus remains on how the company can replace some of the production, given Cadia is expected to decline over the next five years and Gosowong will be offloaded in the same timeframe.

Lighten maintained. Target is reduced to $27 from $32.

Target price is $27.00 Current Price is $32.40 Difference: minus $5.4 (current price is over target).
If NCM meets the Ord Minnett target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.85, suggesting downside of -4.8% (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: -0.6

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

UBS rates NCM as Sell (5) -

Production guidance has been maintained at all assets except for Telfer where production is now expected to be at the lower end of guidance. Grade reconciliation in the pit appears lower than expected and is being reviewed.

The drought in NSW suggests water is a key risk to be managed at Cadia. Water recycling has lifted to 85% which de-risks the impact of the drought for now.

UBS maintains a Sell rating primarily on valuation and production momentum. The Golpu project remains delayed, awaiting government approval. Target is reduced to $30 from $31.

Target price is $30.00 Current Price is $32.40 Difference: minus $2.4 (current price is over target).
If NCM meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.85, suggesting downside of -4.8% (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: -0.6

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

Citi rates QAN as Buy (1) -

Citi revises FY20 forecast for pre-tax profit down by -10% and expects FX impacts, Hong Kong unrest & freight weakness will be largely transitory. The broker's base case suggests the Australian domestic market remains rational, while an improvement in revenue through FY20 is likely for the domestic brands.

In international, Citi suggests Qantas should reap the benefits of network changes and premium configurations changes from the second half. Buy rating and $6.90 target maintained.

Target price is $6.90 Current Price is $6.25 Difference: $0.65
If QAN meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.49, suggesting upside of 3.8% (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 QAN as Neutral (3) -

Given weak demand conditions, the domestic market is likely to require capacity reductions of -2-4%, Credit Suisse assesses. Yet there is no evidence this is occurring as Qantas has announced growth plans of 1% for the second half in order to maintain its strategic position.

International unit revenue, in contrast, was up more than 6% in the first quarter on capacity reductions of -2%. Neutral rating maintained. Target is reduced to $6.00 from $6.40.

Target price is $6.00 Current Price is $6.25 Difference: minus $0.25 (current price is over target).
If QAN meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.49, suggesting upside of 3.8% (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

Morgan Stanley rates QAN as Overweight (1) -

The first quarter was challenging for Qantas with revenue growth of 1.8% compared with Morgan Stanley's forecasts for the first half of 3%. Freight is expected to be negatively affected because of global trade conditions.

The airline has called out the price-sensitive domestic leisure market as a source of weakness. International remains relatively resilient, although Qantas has pointed to an adverse impact on first half profit because of the unrest in Hong Kong.

Overweight. Target is $7.00. Industry view is Cautious.

Target price is $7.00 Current Price is $6.25 Difference: $0.75
If QAN meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.49, suggesting upside of 3.8% (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

UBS rates QAN as Buy (1) -

The airline has started the year weaker than UBS expected and there are now a number of headwinds relating to Hong Kong traffic, currency, trade and fuel that could impact profit negatively. The broker reduces estimates for FY20 pre-tax profit to $1.3bn.

The broker expects downward revisions to forward capacity scheduling. Buy rating and $6.40 target maintained.

Target price is $6.40 Current Price is $6.25 Difference: $0.15
If QAN meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $6.49, suggesting upside of 3.8% (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

Morgans rates RED as Add (1) -

Production for the September quarter was 28,649 ounces. All-in sustaining costs were $1476/oz. FY20 production and cost guidance is unchanged.

Morgans notes encouraging early results from the pilot scale ore-sorting program at King of the Hills. Add rating and $0.50 target.

Target price is $0.50 Current Price is $0.28 Difference: $0.22
If RED meets the Morgans target it will return approximately 79% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Credit Suisse rates SFR as Outperform (1) -

September quarter production was in line with expectations. Lower grades were offset by higher throughput. DeGrussa is on budget for ore and development and Monty grades are expected to increase to 6-7% this year.

The broker suspects the December quarter will reveal whether the MOD acquisition has been a timely strategic move in order to ensure against any adverse outcome from Black Butte. Outperform rating and $6.75 target maintained.

Target price is $6.75 Current Price is $5.84 Difference: $0.91
If SFR meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.79, suggesting upside of 16.3% (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

Macquarie rates SFR as Neutral (3) -

Sandfire produced -2% less copper in the Sep Q than expected but costs were -7% lower. The MOD Resources acquisition is now complete and the company is reviewing T3 feasibility, with Black Butte approvals expected by year end.

FY20 production guidance has been trimmed on lower grade assumptions for copper and gold and the broker is yet to incorporate either T3 or Black Butte into valuation. Target falls to $6.40 from $6.80, Neutral retained.

Target price is $6.40 Current Price is $5.84 Difference: $0.56
If SFR meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.79, suggesting upside of 16.3% (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

Morgan Stanley rates SFR as Overweight (1) -

First quarter production was soft but Morgan Stanley remains positive regarding the operating performance for the rest of FY20. The top end of guidance has been trimmed slightly, to 70-72,000t of copper and 38-40,000 ounces of gold.

The downgrade is driven by recovery falling to 91% from 93% as the DeGrussa crown pillar is processed. The company expects an updated feasibility study and reserve for the T3 project in the June quarter FY20, followed by a decision to mine.

Overweight rating and $7.55 target. Industry view is Attractive.

Target price is $7.55 Current Price is $5.84 Difference: $1.71
If SFR meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.79, suggesting upside of 16.3% (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 SFR as Hold (3) -

Overall production in the September quarter was in line with Ord Minnett's estimates although the copper grade at Monty surprised to the downside. The broker continues to envisage a path to unlocking value via the successful development of the T3 copper-silver project in Botswana and the Black Butte copper mine in Montana.

Investors are unlikely to price in the full value of these assets, the broker acknowledges, until there is greater certainty on scope, timing and economics. Hold rating maintained. Target is reduced to $6.10 from $7.00.

Target price is $6.10 Current Price is $5.84 Difference: $0.26
If SFR meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.79, suggesting upside of 16.3% (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

UBS rates SFR as Neutral (3) -

September quarter production was weaker than expected, largely because of lower grades. Lower recovery is also anticipated at DeGrussa as transitional ore is encountered.

Management is undertaking more grade control drilling at Monty to understand the variability. UBS highlights this variability, which is likely to cause some volatility.

Neutral rating maintained. Target is reduced to $6.00 from $6.25.

Target price is $6.00 Current Price is $5.84 Difference: $0.16
If SFR meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.79, suggesting upside of 16.3% (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

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

Credit Suisse notes positive momentum so far and updates numbers to reflect this. Earnings per share have been upgraded 7-8% over the forecast period.

Still, with Crown Resorts ((CWN)) opening its Sydney casino in January 2021 the FY21 and FY22 earnings profile is less exciting for the broker.

Credit Suisse downgrades to Underperform from Neutral, suspecting the stock has run too hard.

The company has submitted a proposal to the Queensland government to upgrade the Gold Coast convention centre and the Sheraton Mirage. This proposal is not included in the broker's modelling. Target is raised to $4.00 from $3.75.

Target price is $4.00 Current Price is $4.79 Difference: minus $0.79 (current price is over target).
If SGR meets the Credit Suisse target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.81, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Morgan Stanley rates SGR as Overweight (1) -

Morgan Stanley views the trading update as positive, given the company is cycling a challenging comparable and the domestic consumer environment is soft.

Domestic revenue was up 1.5% in the year to date and international VIP volumes were also up, although actual win rates were below theoretical. First half operating earnings (EBITDA) guidance is $300-310m.

Overweight retained. $4.50 target. Industry view: Cautious.

Target price is $4.50 Current Price is $4.79 Difference: minus $0.29 (current price is over target).
If SGR meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.81, suggesting upside of 0.5% (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

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

The trading update was ahead of expectations. The company is forecasting first half operating earnings of $300-310m on the back of domestic revenue growth and cost reductions.

With the stock offering 17% upside to the revised target price Morgans upgrades to Add from Hold. The broker also notes the current dividend yield of 4.5% is attractive in the current environment. Target is raised to $5.48 from $4.17.

Target price is $5.48 Current Price is $4.79 Difference: $0.69
If SGR meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 0.5% (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

Ord Minnett rates SGR as Buy (1) -

Ord Minnett increases domestic revenue growth estimates to 1.4% to reflect the company's AGM update. Normalised VIP growth forecasts are increased to 1.5% for Sydney while 2% is retained for Queensland.

The broker notes cost saving strategies are on track. Buy rating and $5.05 target maintained.

Target price is $5.05 Current Price is $4.79 Difference: $0.26
If SGR meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 0.5% (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

UBS rates SGR as Buy (1) -

The company reported main floor revenue growth of 2% and higher normalised VIP revenue. UBS remains cautious about VIP trends although is encouraged by the main floor update.

The broker suggests the proposal for the Gold Coast Convention centre and Mirage is a strong one but the market may continue to discount the shares until a final decision on the precinct is made. Buy rating maintained. Target is raised to $5.20 from $5.00.

Target price is $5.20 Current Price is $4.79 Difference: $0.41
If SGR meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 0.5% (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

Morgans rates WBC as Add (1) -

Morgans does not believe the bank needs to cut its nominal dividend in the second half but will opt to do so because of domestic institutional investor pressure.

If this scenario eventuates, then the share price is expected to respond favourably post the cut. Morgans now expects a FY19 final dividend of $0.84. Add rating and $33 target maintained.

Target price is $33.00 Current Price is $29.04 Difference: $3.96
If WBC meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $29.06, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Macquarie rates WGX as Outperform (1) -

Westgold's Sep Q production fell short of both the broker's forecast and guidance but this was offset by lower costs. Production needs to pick up from here to meet guidance but lower costs suggest operational efficiency initiatives are working, the broker notes.

The Big Bell project will now be bigger, slowing the ramp-up but likely leading to a longer mine life. A more consistent production performance remains the key catalyst, the broker suggests. Outperform retained, target falls to $3.40 from $3.50.

Target price is $3.40 Current Price is $2.20 Difference: $1.2
If WGX meets the Macquarie target it will return approximately 55% (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