Australian Broker Call

Ord Minnett rates AMP as Accumulate (2) -

Ord Minnett observes AMP has a strategy to drive growth while maintaining tight control of costs, with the intention of reducing the capital intensity of the business.  The broker believes the company should have a considerably higher return-on-equity profile if surplus capital is deployed as it intends.

2017 results will be reported on February 8. An Accumulate rating is maintained. Target is raised to $6.00 from $5.70.

Target price is $6.00 Current Price is $5.29 Difference: $0.71
If AMP meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.60, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Morgan Stanley rates APA as Underweight (5) -

The company has published its pricing methodology and service and tariff schedules. This is a requirement under the new national gas rules. Morgan Stanley expects other non-scheme pipeline owners will publish their documents in the near future and allow comparison and potential read through for APA.

Continued contracting activity is a minor positive, Morgan Stanley believes, but notes the uncertainty that persists with contract renewal outcomes. The company will report its first half earnings on February 21.

Underweight. Industry view is Cautious. Price target is $8.22.

Target price is $8.22 Current Price is $8.17 Difference: $0.05
If APA meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $8.97, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Citi rates AWE as Sell (5) -

Higher corporate cost assumptions have triggered reductions to forecasts, but AWE is all about corporate suitors these days. Citi has now aligned its price target with the highest take-over offer by Mitsui, and awaits further developments.

Sell/High Risk rating remains in place. Price target now 95c.

Target price is $0.95 Current Price is $0.98 Difference: minus $0.03 (current price is over target).
If AWE 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 $0.76, suggesting downside of -22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

UBS rates AWE as No Rating (-1) -

AWE has now assessed the proposal from Mitsui and determined that the offer is superior versus the offer from Mineral Resources ((MIN)). AWE has issued a notice to Mineral Resources under the matching rights regime which allows three business days to match the Mitsui proposal.

December quarter production was also released, flat on the prior quarter and -10% below UBS estimates. This was primarily due to more downtime at Casino/Henry and BassGas than had been anticipated. The broker acknowledges the report is less relevant now, given the M&A interest.

UBS is restricted on a rating and target.

Current Price is $0.98. Target price not assessed.

Current consensus price target is $0.76, suggesting downside of -22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Credit Suisse rates BPT as Neutral (3) -

Credit Suisse notes the positives from the December quarter production report include an increase to guidance for FY18, to 10.6-11 mmboe, and a reduction in capital expenditure guidance, to $405-455m.

The realised gas price in the Lattice business is below the broker's estimates, explained by lower production in the higher-price Otway Basin. Credit Suisse will be interested to see whether this normalises in coming quarters.

The broker continues to like the company's strategy but requires more disclosure on Lattice before reviewing its rating. Neutral maintained. Target is $1.25.

Target price is $1.25 Current Price is $1.32 Difference: minus $0.07 (current price is over target).
If BPT meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.24, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

Morgan Stanley rates BPT as Overweight (1) -

The company has upgraded production forecasts and downgraded capital expenditure guidance for FY18. Morgan Stanley expects this will drive free cash flow, which is important given the current leverage.

Beach Energy has also provided first time gas pricing for Lattice Energy. Pricing at $5.95/GJ is slightly lower than the broker's assumptions but the company expects this to increase as its largest asset, Otway, was affected by seasonality and maintenance in the December quarter.

Overweight. Price target is $1.70. Industry view is In-Line.

Target price is $1.70 Current Price is $1.32 Difference: $0.38
If BPT meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $1.24, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

Ord Minnett rates BPT as Lighten (4) -

December quarter production revealed strong output in the Cooper Basin, with further increases to come from field development work. On the negative side, Ord Minnett notes production was weaker than expected at Otway, attributed to maintenance and lower realised prices.

The broker believes the long-term development plan for the newly acquired Lattice assets will be key to the outlook. Should Beach Energy management be able to increase reserves, extend life or raise production then there could be additional value in the assets.

Ord Minnett maintains a Lighten rating with a $1 target.

Target price is $1.00 Current Price is $1.32 Difference: minus $0.32 (current price is over target).
If BPT meets the Ord Minnett target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.24, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

UBS rates BPT as Neutral (3) -

December quarter production was in line with UBS estimates. Sales revenue was better-than-expected, driven by a higher realised oil price.

Production from Lattice assets in the quarter was -18% below the broker's estimates, largely because Otway output was affected by lower seasonal demand and scheduled maintenance.

FY18 production guidance is increased by 2%, driven by an improved outlook in the Cooper Basin. UBS maintains a Neutral rating and $1.25 target.

Target price is $1.25 Current Price is $1.32 Difference: minus $0.07 (current price is over target).
If BPT meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.24, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

Morgans rates BXB as Hold (3) -

Morgans expects the first half results on February 19 to be driven by solid performance in CHEP EMEA and IFCO as well as an improvement in CHEP Americas.

The broker makes minor changes to forecasts because of foreign exchange assumptions. FY18 estimates for EBIT are up 1% while FY19 estimates are up 2%.

Morgans maintains a Hold rating and raises the target to $9.53 from $9.46.

Target price is $9.53 Current Price is $9.99 Difference: minus $0.46 (current price is over target).
If BXB 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 $10.40, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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 CBA as Underweight (5) -

Morgan Stanley observes the announcement of a new CEO reduces some uncertainty for investors and points to only minor changes in strategy and operating priorities.

Nevertheless, the broker believes the bank's growth and return profile are moderating and there is downside risk from various banking sector inquiries. APRA is due to release a progress report on its inquiry in coming days.

Underweight. Target is $71. Industry view is In-Line.

Target price is $71.00 Current Price is $79.11 Difference: minus $8.11 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $78.13, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Citi rates CGF as Neutral (3) -

Marking to market has resulted in a 10% boost to EPS forecasts. Citi refers to narrowing spreads and higher equity markets as key contributors.

Neutral rating retained, while the price target lifts to $14.30.

Target price is $14.30 Current Price is $13.79 Difference: $0.51
If CGF meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $12.57, suggesting downside of -8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Credit Suisse rates FAR as Outperform (1) -

The December quarter report reflects the activity going on in preparation for what Credit Suisse suspects will be a crucial year in Senegal. The evaluation report is to be submitted to the government in May and the development plan a few months later.

With oil around US $70/bbl, the de-risking that is progressing the company's project in Senegal and the potential in The Gambia, Credit Suisse believes 2018 could be the year shareholders are rewarded.

If oil stays supportive and milestones are reached, and the stock is still around 8c per share by year's end, then it will become even more of a target in the broker's opinion.

Outperform rating and $0.14 target maintained.

Target price is $0.14 Current Price is $0.08 Difference: $0.06
If FAR meets the Credit Suisse target it will return approximately 75% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

UBS rates FBU as Buy (1) -

Media reports suggest Acciona is undertaking due diligence on all or part of the company's construction division. If true, UBS suggests a sale would likely be part of the strategic review being undertaken by the new CEO.

Regardless of the outcome, the broker's valuation continues to be more than 5% above the current share price. Buy rating is maintained. Target is NZ$8.35.

Current Price is $7.15. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.5

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

Citi rates GUD as Buy (1) -

Citi talks about a "solid" result. It certainly seems to have met expectations. Expectation of further Automotive acquisitions plus margin expansion from synergy extraction and scale benefits keep the Buy rating in place.

Estimates have increased slightly, though lower growth in Davey has slightly reduced core EPS forecasts. Price target falls -2% to $13.90.

Target price is $13.90 Current Price is $12.74 Difference: $1.16
If GUD meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $12.80, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Credit Suisse rates GUD as Neutral (3) -

Adjusting for Oates, the first half result was in line with Credit Suisse expectations. The broker reduces FY18 estimates for earnings per share by -4.8% because of the reclassification of Oates.

Credit Suisse likes the growth outlook, with operating conditions supportive. Nevertheless, a re-rating would require the market to be comfortable with the exposure to a sunset industry (internal combustion engine) and the company's ability to adapt to electric vehicles.

Neutral rating retained. Target rises to $12.60 from $12.50.

Target price is $12.60 Current Price is $12.74 Difference: minus $0.14 (current price is over target).
If GUD meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.80, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Macquarie rates GUD as Upgrade to Outperform from Neutral (1) -

GUD's result beat Macquarie by 12% on earnings and 11% on revenue, thanks to a strong auto result and lower interest expense. Debt reduction is ongoing.

GUD is well positioned to leverage its scale and leading position in auto, the broker suggests, and a large pipeline of acquisition targets supports earnings forecasts. A 5% discount to FY19 market PE is unjustified, Macquarie suggests. Upgrade to Outperform.

Target rises to $13.50 from $11.36.

Target price is $13.50 Current Price is $12.74 Difference: $0.76
If GUD meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $12.80, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Ord Minnett rates GUD as Hold (3) -

First half results were broadly in line with Ord Minnett forecasts. Outside of material acquisitions, the broker believes further multiple expansion or meaningful upgrades to earnings estimates are unlikely.

Given the industry is relatively fragmented, and there are a number of assets that remain in private hands, the broker expects the company to continue to make bolt-on acquisitions over the next year.

Hold rating retained. Target rises to $12.25 from $11.80.

Target price is $12.25 Current Price is $12.74 Difference: minus $0.49 (current price is over target).
If GUD 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 $12.80, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

UBS rates GUD as Sell (5) -

First half results revealed both top-line and operating earnings growth in both of the core divisions, automotive and Davey. Earnings are now around 90% skewed to automotive products.

UBS observes the cash performance was poor but acknowledges it is difficult to judge this, given the number of divestments and acquisitions in recent periods. While the broker continues to envisage medium-term risks to margins the company appears to be well-placed to acquire high-quality automotive aftermarket brands.

Following a change in analyst, the broker uses a methodology for the target which is now a roll-forward valuation, versus solely valuation.

The broker retains a Sell rating and raises the target to $11.75 from $11.20.

Target price is $11.75 Current Price is $12.74 Difference: minus $0.99 (current price is over target).
If GUD meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.80, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Credit Suisse rates HUB as Initiation of coverage with Outperform (1) -

The company owns the HUB24 platform which is attracting significant net flows. Credit Suisse observes the business now has the financial maturity to translate strong top-line into highly profitable growth.

The broker forecasts funds under administration to grow around 160% to $14.4bn between FY17-20. Increasing demand for financial advice is driving structural growth in the platform industry, and the company is also gaining market share because of the quality of its earnings and a shift to independence from institutional platforms, the broker observes.

Credit Suisse initiates coverage with an Outperform rating and $13.40 target.

Target price is $13.40 Current Price is $10.90 Difference: $2.5
If HUB meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Credit Suisse rates IGO as Underperform (5) -

Credit Suisse found the December quarter production numbers solid. Guidance is considered readily achievable, with Tropicana achieving 53% of full year guidance. The broker is also encouraged by the largely trouble-free ramping up of Nova.

Underperform rating and $3.70 target.

Target price is $3.70 Current Price is $5.09 Difference: minus $1.39 (current price is over target).
If IGO meets the Credit Suisse target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.23, suggesting downside of -17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

Macquarie rates IGO as Neutral (3) -

A strong Dec Q production performance from Tropicana was offset by weakness at Nova, Jaguar and Long, the broker notes. Earnings were lower than expected in the quarter and net debt higher.

Independence has retained guidance, expecting Tropicana to ease off but Nova to bounce back. Neutral and $4.70 target retained.

Target price is $4.70 Current Price is $5.09 Difference: minus $0.39 (current price is over target).
If IGO meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.23, suggesting downside of -17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

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

Morgan Stanley observes production and costs are going to plan at Nova in the first half. Production at Tropicana was ahead of guidance in the December quarter.

The broker maintains a Equal-weight rating, Attractive industry view and $4.15 target.

Target price is $4.15 Current Price is $5.09 Difference: minus $0.94 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.23, suggesting downside of -17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

UBS rates IGO as Neutral (3) -

December quarter production at Nova was flat and below UBS forecasts. Mining rates were -8% lower than expected, with interruptions from damage to a loader. Grades were also weaker. On the positive side recoveries lifted above the broker's expectations, to 86%.

Meanwhile, Tropicana production beat estimates on grade, which increase to levels not seen since late 2015. Neutral rating and $4.40 target maintained.

Target price is $4.40 Current Price is $5.09 Difference: minus $0.69 (current price is over target).
If IGO meets the UBS target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.23, suggesting downside of -17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

Morgans rates IVC as Hold (3) -

The company will report its 2017 result on February 19 and Morgans expects 9% growth in EBITDA, to $123m.

Market share is expected to be a key focus as, in the first half of 2017, the company experienced losses in Australia while share was stable in New Zealand and Singapore.

Morgans makes no changes to underlying assumptions and retains a Hold rating, raising the target to $14.74 from $14.54.

Target price is $14.74 Current Price is $15.68 Difference: minus $0.94 (current price is over target).
If IVC meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.49, suggesting downside of -7.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

Morgan Stanley rates MIN as Overweight (1) -

December quarter production revealed spodumene running slightly ahead of expectations and DSO and iron ore running slightly behind.

Importantly, Morgan Stanley notes FY18 guidance is maintained. Mount Marion production is tracking ahead of expectations but the plant upgrade is delayed by around a month.

Overweight. Target is $20.40. Industry view is Attractive.

Target price is $20.40 Current Price is $19.01 Difference: $1.39
If MIN meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $21.13, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

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

First half earnings were slightly below Morgan Stanley's estimates. Yet the share price slump of -11% signals to the broker that market expectations had run ahead. The broker considers the 2020 targets are realistic but not without risk.

Morgan Stanley lowers FY18 estimates for EBITDA by -5%. Equal-weight rating retained on full valuation. Industry view: In-Line. Target is reduced to $4.75 from $5.05.

Target price is $4.75 Current Price is $4.66 Difference: $0.09
If NVT meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.60, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

Citi rates ORG as Neutral (3) -

Citi analysts have made numerous small adjustments to keep up with latest developments. An increase for the average price for non-LNG contract gas has become the key ingredient for higher EPS forecasts.

Target price lifts 3% to $10.26. Neutral rating retained.

Target price is $10.26 Current Price is $9.43 Difference: $0.83
If ORG meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $9.58, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Ord Minnett rates ORG as Hold (3) -

Production from Asia Pacific LNG was strong in the December quarter as the plant operated above nameplate capacity. However, Ord Minnett notes overall production was affected by weakness in the Otway Basin, attributed to lower demand and plant maintenance.

Ord Minnett maintains a Hold rating and $9.65 target.

Target price is $9.65 Current Price is $9.43 Difference: $0.22
If ORG meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $9.58, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

UBS rates ORG as Neutral (3) -

APLNG December quarter annualised output was in line with UBS estimates. Output was 7.2% above the September quarter and represented a new quarterly record for the project.

Reports that the company will shed 650 jobs from its integrated gas division signal support for the ambition to reduce the distribution break-even oil price to below US $40/boe within 18 months, in the broker's view.

Neutral rating and $10.40 target maintained.

Target price is $10.40 Current Price is $9.43 Difference: $0.97
If ORG meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.58, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates PNL as Outperform (1) -

Paringa's Dec Q update noted construction at Poplar Grove remains on track and leases have been successfully renewed at Cypress. Lower capex means the company has more cash than the broker forecast.

The broker retains Outperform and a 70c target on the premise of Poplar Grove producing thermal coal at competitive pricing.

Target price is $0.70 Current Price is $0.42 Difference: $0.28
If PNL meets the Macquarie target it will return approximately 67% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 1.0

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

Ord Minnett rates PPE as Initiation of coverage with Buy (1) -

People Infrastructure is a temporary labour and workforce management company. In addition to servicing a range of prominent clients across the mining industry it also offers outsourced workforce management to the disability sector. Ord Minnett considers the industry tailwinds highly positive for the company.

The broker initiates with a Buy rating and $1.56 target. The top 10 labour hire companies represent just 37% of the industry, with the long tail offering expansion opportunities for People Infrastructure. The broker expects the company to continue being active in acquisitions.

Target price is $1.56 Current Price is $1.42 Difference: $0.14
If PPE meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Macquarie rates PRU as Neutral (3) -

Perseus' Dec Q result featured softer production than expected at Edikan at a higher cost. Full year guidance is maintained with the ramp-up of Sissingue.

The broker retains Neutral and a 40c target, awaiting the delivery of Sissingue and an improved performance at Edikan.

Target price is $0.40 Current Price is $0.43 Difference: minus $0.03 (current price is over target).
If PRU meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.48, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Morgans rates PWH as Add (1) -

Morgans expects first half net profit to be up 54% to $2.8m. The results are due February 23. FY18 net profit is forecast at $11.2m, implying 20% growth on the prior year.

The result is expected to be driven by further growth in motor sports, automotive aftermarket and emerging technologies. Add rating and $3.10 target maintained.

Target price is $3.10 Current Price is $2.55 Difference: $0.55
If PWH meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Macquarie rates RSG as Outperform (1) -

Resolute's Dec Q production fell short of the broker. Higher grades at Ravenswood were more than offset by lower grades at Syama, leading to higher costs, the broker notes.

Full year guidance has been maintained on the expectation of better Syama grades in the second half and beneficiation of low grade stockpiles at Ravenswood. Outperform and $1.40 target retained.

Target price is $1.40 Current Price is $1.16 Difference: $0.24
If RSG meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $1.57, suggesting upside of 35.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Morgans rates RWC as Hold (3) -

Morgans forecasts first half EBITDA to rise 21% to 77m and upgrades FY18 estimates by 2% in the light of recent freeze events in the US and the impact from higher copper prices.

Earnings are expected to be boosted by the Holdrite acquisition, which had made only a minor contribution to the FY17 result. First half results are due on February 26.

Hold rating and target raised to $3.97 from $3.67.

Target price is $3.97 Current Price is $4.27 Difference: minus $0.3 (current price is over target).
If RWC meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.06, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Morgans rates SRX as Hold (3) -

The company has entered into a binding Scheme of Arrangement with Varian Medical Systems at $28 a share, a 49% premium to the prior close. Having had many concerns about the stock, Morgans considers the purchase price exceptional.

The broker does not expect any superior bids and envisages low risk to a close, thus recommending shareholders take up the offer. Estimates are updated to reflect the recent trading update and the target is moved in line with the offer price to $28. Hold maintained.

Target price is $28.00 Current Price is $27.51 Difference: $0.49
If SRX meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $23.37, suggesting downside of -15.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Credit Suisse rates TWE as Underperform (5) -

With North American growth impeded, Credit Suisse suggests Asia is uncontested as the engine room of the company. The company is undertaking major changes to its US distribution.

Management believes it can achieve 25% EBITS growth in FY19. Credit Suisse upgrades FY19 EBITS estimates by 6% and models no growth for North America until FY20. The transition risk, as the company alters its route to market, relates to both volume and price, in the broker's opinion.

Underperform. Target is raised to $15.35 from $14.15.

Target price is $15.35 Current Price is $17.50 Difference: minus $2.15 (current price is over target).
If TWE meets the Credit Suisse target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.81, suggesting downside of -9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Macquarie rates TWE as Neutral (3) -

Treasury Wine has reported first half earnings up 25% on last year and 5% ahead of the broker. The company has flagged a likely accretive US acquisition is on the cards, while Asian demand is driving up margins.

Full year guidance is nevertheless unchanged, suggesting to the broker an easing off in the second half. On a PE of 36x the stock is richly priced but downside risk is limited, the broker suggests. Neutral retained. Target rises to $15.30 from $14.64.

Target price is $15.30 Current Price is $17.50 Difference: minus $2.2 (current price is over target).
If TWE meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.81, suggesting downside of -9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Morgan Stanley rates TWE as Overweight (1) -

The company is overhauling its US route-to-market, favouring selling direct to retailers and partnering with small aligned distributors.

Morgan Stanley suspects this could drive the business further but also that the market is giving the company the benefit of the doubt and the opportunity is not fully priced in.

The broker retains an Overweight rating and $18 target. Industry view: Cautious.

Target price is $18.00 Current Price is $17.50 Difference: $0.5
If TWE meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $15.81, suggesting downside of -9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Ord Minnett rates TWE as Accumulate (2) -

First half results were in line with Ord Minnett. Asia is seen as the main driver of growth as a change in the US route to market was announced. The broker believes this is positive for revenue and EBITS margins, but does carry execution risk.

The broker believes the company is well placed to access the structural growth drivers in Asia despite some disruption from the changes in the US.

The company has guided to EBITS growth of 25% in FY19.  Accumulate retained. Target is raised to $18.50 from $15.00.

Target price is $18.50 Current Price is $17.50 Difference: $1
If TWE meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $15.81, suggesting downside of -9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

UBS rates TWE as Buy (1) -

First half results beat UBS estimates. Guidance for FY18 and FY19 suggests growth of around 25% in EBITS, in line with expectations.

The company has announced major changes to its route-to-market strategy which aims to increase reach, profitability and control of its brands. UBS upgrades forecasts by 5-7%.  Buy rating maintained. Target rises to $19.10 from $17.30.

Target price is $19.10 Current Price is $17.50 Difference: $1.6
If TWE meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $15.81, suggesting downside of -9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

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

Credit Suisse expects a strong first half when the company reports on February 28. The broker notes yields on HNA bonds spiked to 18% and share trading in seven of its 16 subsidiaries is suspended. As the company owns 19.8% of Virgin Australia, it could be a seller, Credit Suisse suggests.

The broker downgrades to Neutral from Outperform and reduces the target to $0.25 from $0.26. Previously, Credit Suisse included a 33% probability the major holders of stock would take the company private at 29.5c per share but given the financial challenges at HNA, and at other major stakeholders, this appears less likely.

Target price is $0.25 Current Price is $0.26 Difference: minus $0.01 (current price is over target).
If VAH 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 $0.19, suggesting downside of -28.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.8

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

Ord Minnett rates VRL as Downgrade to Lighten from Hold (4) -

The latest trading update disappointed Ord Minnett. Theme parks continue to be affected by the Dreamworld tragedy in October 2016, despite improved ticket revenues in January 2018.

The company has recently completed the sale and lease back of the Gold Coast land, which follows a sale of the Singapore exhibition business in November. Proceeds from both transactions were used to repay debt.

Ord Minnett believes the sale of these assets, while necessary, comes at a significant cost. Estimates are downgraded by -38% for FY18 and -32% for FY19. Rating is downgraded to Lighten from Hold. Target is reduced to $3.25 from $3.76.

Target price is $3.25 Current Price is $3.53 Difference: minus $0.28 (current price is over target).
If VRL meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.51, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.8

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