Australian Broker Call

Morgans rates AJD as Hold (3) -

NextDC ((NXT)) has announced an unconditional, all-in cash off-market takeover offer at $1.87. The company has also stated it may buy units on market from July 31 at or below the offer price.

360 Capital ((TGP)), a 19.9% holder of Asia Pacific Data Centre, originally made a conditional proposal for all units at $1.80 and triggered the bidding war.

Morgans retains a Hold rating while these competing bids are underway. Target is $1.66. The broker recommends investors await further developments as the competing bids are not final.

Target price is $1.66 Current Price is $1.88 Difference: minus $0.22 (current price is over target).
If AJD meets the Morgans target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Morgans rates AZJ as Hold (3) -

FY17 unaudited operating earnings were in line with expectations but Morgans observes the significant impairment of the bulk business shows the company's concerns regarding the outlook.

The company's pre-released unaudited EBIT for FY17 of $836m is down -4%. The result was delivered from a -4-5% decline in above-rail volumes.

Morgans retains a target of $4.92. Hold rating retained.

Target price is $4.92 Current Price is $5.02 Difference: minus $0.1 (current price is over target).
If AZJ meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.84, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.6

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

Morgans rates AZY as Add (1) -

Morgans observes drilling continues at Minyari and WACA and resource extensions are the key. The company is also free-carried in a joint venture with Rio Tinto ((RIO)) which has commenced exploration at Citadel.

The broker remains attracted to the company's large land holding in the Patterson province but suggests the stock is only suitable for investors with a high-risk tolerance. Speculative Add retained. Target is reduced to 3.6c from 3.7c.

Target price is $0.04 Current Price is $0.02 Difference: $0.014
If AZY meets the Morgans target it will return approximately 64% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Citi rates BDR as Neutral (3) -

And yes, another disappointment was unleashed upon investors as Beadell reported its June quarter performance.

Citi analysts note management is taking measures, but a cautious approach seems but the right strategy given the company now has established a fairly consistent track record of disappointments.

Gold production in the quarter was no less than -30% below Citi's forecast. Neutral/High Risk rating retained as the price target tumbles to 22c from 28c.

Target price is $0.22 Current Price is $0.19 Difference: $0.035
If BDR meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $0.25, suggesting upside of 30.2% (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

Macquarie rates BDR as Outperform (1) -

June quarter production was weak versus Macquarie's expectations. The emphasis has again shifted to the second half but this time delivery is more critical, as the company needs certain components of the mill upgrade to be in place before the dry season ends and cash pressures begin.

Outperform retained on the basis that both production and upgrades are delivered as planned. Target is reduced to $0.30 from $0.40.

Target price is $0.30 Current Price is $0.19 Difference: $0.115
If BDR meets the Macquarie target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $0.25, suggesting upside of 30.2% (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

Morgans rates BXB as Hold (3) -

While the company has withdrawn its FY19 target, Morgans still believes return on invested capital (ROIC) is an important metric for assessing the ability to allocate capital effectively and would like to see returns track upwards over time.

ROIC at the first half was down 140 basis points to 15.9%, a disappointing result in the broker's opinion. The broker suspects this may oscillate around current levels.

The company will report FY17 results on August 21. Hold  retained. Target is reduced to $9.71 from $10.53.

Target price is $9.71 Current Price is $9.24 Difference: $0.47
If BXB meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $10.42, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Deutsche Bank rates CCL as Hold (3) -

The NSW state govt has appointed an industry joint venture to come up with a container deposit scheme, which includes the country's major beverage companies, one being Amatil.

The broker considers Amatil's involvement a positive for Coke-Amatil but a CDS a clear negative. Even if beverage prices rise to pass on the cost, volumes will be impacted, the broker believes. Hold and $9.50 target retained.

Target price is $9.50 Current Price is $8.24 Difference: $1.26
If CCL meets the Deutsche Bank target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.31, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Macquarie rates CCL as Neutral (3) -

The NSW government intends to introduce its container deposit scheme on December 1, 2017. Container deposit schemes have also been proposed in Queensland and Western Australia, adding to those that exist in South Australia and Northern Territory.

Macquarie calculates the container deposit schemes are a headwind to earnings and already factors in a partial impact on forecasts. While the risk is to the downside for consensus expectations, the broker observes the company is well capitalised and trading at a discount to its global bottling peers.

Neutral retained. Price target is $9.29.

Target price is $9.29 Current Price is $8.24 Difference: $1.05
If CCL meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $9.31, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

UBS rates EHE as Buy (1) -

UBS believes the company has a significant opportunity for earnings growth if it can build out its forward pipeline and better manage occupancy and costs.

The broker updates revenue and cost assumptions and reduces the target to $3.40 from $3.60. Buy.

Target price is $3.40 Current Price is $2.90 Difference: $0.5
If EHE meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.98, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

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

Following an update to the model, Ord Minnett raises its recommendation to Hold from Lighten and lifts the target to $7.90 from $7.80.

Target price is $7.90 Current Price is $7.96 Difference: minus $0.06 (current price is over target).
If GMG meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.19, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Deutsche Bank rates GPT as Hold (3) -

As was expected, GPT Wholesale Shopping Centre Fund has purchased another 25% stake in Highpoint. The broker considers the price at the high end of expectations, on an implied cap rate below other recent acquisitions.

The acquisition will be funded by debt but not force a capital raising, the broker notes. Hold retained, target rises to $4.82 from $4.81.

Target price is $4.82 Current Price is $4.79 Difference: $0.03
If GPT meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.12, suggesting upside of 6.4% (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

Credit Suisse rates IFL as Neutral (3) -

The company announced a -$40m goodwill impairment relating to its 42% holding in Perennial Value Management, which will affect the FY17 result. The impairment is a non-cash item and will not affect net profit or the dividend.

Credit Suisse does not believe the impairment will have a major influence on the investment outlook. FY17 marks the return of meaningful flows to funds under management and the broker expects this to continue into FY18.

The company has potential upside from further cost reductions, mergers & acquisitions and/or leverage of the balance sheet. Yet, the broker retains longer-term concerns about the ability to maintain the net operating margin.

Neutral retained. Target is $10.00.

Target price is $10.00 Current Price is $10.05 Difference: minus $0.05 (current price is over target).
If IFL meets the Credit Suisse target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.34, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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) -

Morgans expects first half operating earnings of $51.7m, implying 9% growth. The result is due August 16 and should be driven by an overall increase of 1% in the number of deaths in the company's core markets.

Hold rating retained. Target is lowered to $14.42 from $14.45.

Target price is $14.42 Current Price is $13.90 Difference: $0.52
If IVC meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $13.63, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

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

UBS believes the future is bright for Japara Healthcare. The company carries the most options on its balance sheet of the three listed players and a significant opportunity for margin upside.

While positive on long-run growth the broker envisages significant risk that FY17 guidance is missed, given the quantum of the turnaround required from the first half.

Rating is downgraded to Neutral from Buy.  Target is reduced to $2.15 from $2.40.

Target price is $2.15 Current Price is $2.04 Difference: $0.11
If JHC meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.15, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates JHG as Neutral (3) -

Citi has updated its modeling for the merger company, making small changes to forecasts. The analysts speculate whether management is poised to upgrade guidance about how much in synergies can be achieved.

Underlying, the analysts think Henderson inflows are likely strong, while Janus is still experiencing net outflows. Target price has dropped to $43.65 from $45 (due to strong AUD). Neutral rating retained.

Target price is $43.65 Current Price is $41.55 Difference: $2.1
If JHG meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $46.71, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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 KAR as Outperform (1) -

The company has entered into a strategic partnership with DEA Deutsche Erdoel. The partnership will evaluate opportunities in the offshore Brazilian oil and gas assets.

DEA has been granted an option for a 50% non-operated interest over the Echidna and Kangaroo discoveries. Macquarie considers this a positive step for the company as it can obtain a carry on the development and reduce upfront capital commitments.

Outperform retained. Target is $2.10.

Target price is $2.10 Current Price is $1.35 Difference: $0.75
If KAR meets the Macquarie target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 45.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Ord Minnett rates LLC as Downgrade to Hold from Accumulate (3) -

Ord Minnett has revised earnings estimates and dividend forecasts, noting Lend Lease is reasonably well-positioned to deliver growth in earnings per share over coming years. Nevertheless, the share price has rallied over recent months, pushing up multiples and thus the broker downgrades to Hold from Accumulate.

Target is reduced to $17.00 from $17.20. Ord Minnett raises FY17 estimates by 1% and cuts FY18 by -2%. The broker's view on the company is underpinned by a substantial list of development projects and a solid construction backlog.

Target price is $17.00 Current Price is $16.85 Difference: $0.15
If LLC meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $16.94, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Morgans rates MDL as Add (1) -

The company reports positive free cash flow from its stakes in TiZir projects in the June quarter. With the re-financing of the bonds, Morgans reduces its discount to the valuation to -20% from -40%.

Add rating retained. Target rises to $0.88 from $0.71.

Target price is $0.88 Current Price is $0.71 Difference: $0.17
If MDL meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Morgan Stanley rates MIN as Overweight (1) -

The company has reported a 64% increase to the Wodgina resource. Morgan Stanley observes, importantly, the indicated resource category now contains 43.5mt at 1.21% lithium dioxide and this is enough for a mine life of around 20 years.

Meanwhile, Mt Marion reports throughput and production yields surpassing nameplate production rates. Morgan Stanley observes the iron ore operations were -2-3% softer than forecast as weather affected the third and early in the fourth quarters.

Overweight retained. Target is $13.30. Industry view is Attractive.

Target price is $13.30 Current Price is $12.27 Difference: $1.03
If MIN meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $13.27, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates MLX as Outperform (1) -

The company has secured a copper hedge for Nifty over the next 10 months. The hedge collar covers 40% of Macquarie's forecast production for Nifty and is around 5% above the broker's Australian dollar copper price forecast for FY18. Macquarie considers this a sensible development.

Completing the drill out and reserve upgrade remain the key near-term catalysts for Nifty. Outperform and $1.00 target retained.

Target price is $1.00 Current Price is $0.82 Difference: $0.185
If MLX meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Citi rates MML as Neutral (3) -

Target price has fallen to 31c from 38c as Citi analysts prefer to stay cautious post the release of the June quarter production report.

It’s hard to be more constructive until completion of the E15 shaft, now expected for March quarter 2018, say the analysts.

Investors hoping for positive free cash flow and significant cash generation will have to wait until FY19 on Citi's projections. Neutral/High Risk rating retained.

Target price is $0.31 Current Price is $0.30 Difference: $0.015
If MML meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $0.31, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.0

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

Deutsche Bank rates NXT as Buy (1) -

Next has increased its all-cash unconditional takeover bid for Asia Pacific Data Centres ((AJD)) to $1.87 from $1.85, which is a 4% premium to the price paid for 19.8% by 360 Capital ((TGP)) recently. Next owns 19.99%. The acquisition will be made out of cash reserves.

The increase in price increases the chance of success, the broker believes, but also exposes NextDC's desperation to secure its strategically important assets. 360 may wish to play games. The broker would rather see capital deployed on higher returning assets but also appreciates the importance of the data centre assets.

Buy and $4.60 target retained.

Target price is $4.60 Current Price is $4.11 Difference: $0.49
If NXT meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates ORG as Neutral (3) -

Judging from Citi's commentary today, Origin's June quarter production report beat expectations on just about every metric.

The analysts point out APLNG is still producing above nameplate despite a 90-day lenders test completing. Estimates have been slightly raised, but the analysts would prefer a cheaper entry point.

Neutral rating retained. Target shifts to $7.44 from $7.34. The return of dividends is not expected until FY19.

Target price is $7.44 Current Price is $6.92 Difference: $0.52
If ORG meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $7.52, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Deutsche Bank rates ORG as Hold (3) -

Origin's June Q production beat the broker by 12% thanks to outperformance at APLNG. Otway also exceeded expectations.

The broker has increased APLNG production assumptions. LNG pricing is expected to come under pressure, thus Origin's capacity to sell into a tight east coast domestic gas market offers high value monetisation of incremental gas volumes, the broker suggest.

Hold retained, target rises to $6.40 from $6.25.

Target price is $6.40 Current Price is $6.92 Difference: minus $0.52 (current price is over target).
If ORG meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.52, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Macquarie rates ORG as No Rating (-1) -

APLNG had a strong June quarter, completing the two-train production test. Revenue was ahead of Macquarie's expectations for the project, with no capitalisation occurring.

Macquarie is restricted on rating and target at this stage.

Current Price is $6.92. Target price not assessed.

Current consensus price target is $7.52, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Ord Minnett rates ORG as Accumulate (2) -

June quarter production revenue was below expectations because of weaker-than-expected pricing. APLNG assets performed strongly, exceeding full-year guidance which Ord Minnett believes bodes well ahead of the expected sale of Lattice Energy.

Overall, the broker retains a positive view on the stock, driven primarily by market dynamics that should have a positive impact on both the electricity and gas retailing businesses within energy markets.

Ord Minnett retains an Accumulate rating and $7.85 target.

Target price is $7.85 Current Price is $6.92 Difference: $0.93
If ORG meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.52, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

UBS rates ORG as Buy (1) -

APLNG achieved record production and successfully completed the 90-day production test. June quarter production for Origin Energy was 12% of ahead of the prior quarter but -3% below UBS estimates because of lower APLNG domestic gas volumes.

The broker observes the next catalysts for the company are FY18 operating earnings guidance which should confirm continued growth in energy markets. Buy rating retained. Target is $8.50.

Target price is $8.50 Current Price is $6.92 Difference: $1.58
If ORG meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $7.52, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Macquarie rates QBE as Outperform (1) -

Macquarie reviews the June results so far from international insurers. Overall, margins appear to be holding while gross written premium growth remains a challenge.

The broker observes slight positive signs in the premium rate cycle and an average performance in the US crop portfolio. Target is reduced to $13.30 from $13.50. Outperform retained.

Target price is $13.30 Current Price is $11.85 Difference: $1.45
If QBE meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $12.69, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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 QBE as Lighten (4) -

Ahead of the first half result on August 17 Ord Minnett assesses that the insurance margin faces low risk, given guidance was provided on June 21. Nevertheless, the broker does not believe first-half margin should be extrapolated because of the potential distortion from estimates of reinsurance recoveries and crop insurance results.

These will not be confirmed until the full year. The broker believes the current reported margin guidance for 2017 of 8.7% will be difficult to achieve and suspects an underlying insurance margin of around 8% is more likely.

Lighten rating retained. Target is reduced to $11.05 from $11.32.

Target price is $11.05 Current Price is $11.85 Difference: minus $0.8 (current price is over target).
If QBE meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.69, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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 REG as Buy (1) -

UBS believes the company is the clear leader in operating efficiency and portfolio quality in the aged care sector.

The broker believes the recent sell-down of the stock is overdone and the market is pricing in the worst outcome from the case before the Federal Court.

UBS updates revenue and cost assumptions and reduces the target to $4.80 from $5.10.  Buy rating retained.

Target price is $4.80 Current Price is $3.69 Difference: $1.11
If REG meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $4.70, suggesting upside of 29.7% (ex-dividends)

The company's fiscal year ends in June.

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 RMD as Overweight (1) -

Morgan Stanley expects US device growth to return to market growth after a weak third quarter. Mask growth should outpace devices again but not enough to lift gross margins in the current quarter.

The broker continues to envisage upside risk to gross margins in FY18 and believes the first quarter will be the acid test for its thesis.

Overweight rating. Industry view is In-Line. Price target is US$76.30.

Current Price is $9.66. Target price not assessed.

Current consensus price target is $9.90, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.7

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

Citi rates SEH as Buy (1) -

Citi analysts are wearing rose tinted glasses when it comes to assessing Sino Gas & Energy and today's research update is no exception.

Production ramp-up is happening slower than expected and thus the June quarter production report disappointed, but only minor changes have been made to forecasts.

There is still potential for material upside, maintain the analysts. Target price 14c (was 15c). Buy/High Risk.

Target price is $0.14 Current Price is $0.09 Difference: $0.055
If SEH meets the Citi target it will return approximately 65% (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

Macquarie rates SEH as Outperform (1) -

Production fell short of Macquarie's expectations in the June quarter. The miss to forecasts was driven by offtake constraints downstream at Sanjiaobei and has resulted in guidance being narrowed towards the bottom end of an 18-21mmscf/d range.

Outperform rating and $0.20 target retained.

Target price is $0.20 Current Price is $0.09 Difference: $0.115
If SEH meets the Macquarie target it will return approximately 135% (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

Credit Suisse rates SYR as Outperform (1) -

June quarter milestones were missed and disappointed Credit Suisse. There is a two-month delay to first production and a consequent US$5m increase in project capital at Balama.

The broker had also hoped for confirmation of the mining agreement and the working capital facility. The main positive is that sales agreements with Hiller Carbon, Marubeni and MINERALS GmbH have all been upgraded.

Target is $7.45. Outperform retained.

Target price is $7.45 Current Price is $2.88 Difference: $4.57
If SYR meets the Credit Suisse target it will return approximately 159% (excluding dividends, fees and charges).

Current consensus price target is $4.69, suggesting upside of 65.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Deutsche Bank rates SYR as Buy (1) -

Syrah's June Q report featured a further 6-week delay for Balama commissioning but the broker notes the cost impact is immaterial. Otherwise there seems to be little progress on the two de-risking catalysts the broker is looking for: downstream offtake negotiation and the finalisation of a working capital facility.

Buy retained, target falls to $5.70 from $5.80.

Target price is $5.70 Current Price is $2.88 Difference: $2.82
If SYR meets the Deutsche Bank target it will return approximately 98% (excluding dividends, fees and charges).

Current consensus price target is $4.69, suggesting upside of 65.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

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

Production is now expected to commence in October at Balama because of delays in completing construction of the processing plant, while capital expenditure is increased by US$5m. Morgan Stanley observes 12-month production guidance is maintained.

The company continues to progress discussions with potential buyers of offtake. Equal-weight retained. Target is $2.90. Industry view is Attractive.

Target price is $2.90 Current Price is $2.88 Difference: $0.02
If SYR meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.69, suggesting upside of 65.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

UBS rates SYR as Buy (1) -

Construction at Balama is over 90% complete but first production is delayed to October as a result of the slower completion of construction work.

UBS awaits the obtaining of the mining agreement, which should provide longer term stability around fiscal terms in Mozambique.

Buy rating and $3.80 target.

Target price is $3.80 Current Price is $2.88 Difference: $0.92
If SYR meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $4.69, suggesting upside of 65.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Morgans rates WBC as Add (1) -

The bank has reported that margins in the institutional term lending space remain under pressure as a result of intensive competition from offshore banks, particularly Asian banks.

Morgans was not surprised and expects this margin pressure to continue until quantitative easing programs conducted by the Bank of Japan and European Central Bank are meaningfully tapered.

However, the broker believes Westpac has been doing well in transaction banking and continues to add it to its relationship tally in net terms this year.

Westpac remains Morgans' preferred exposure in the sector. Add rating retained. Price target unchanged at $38.

Target price is $38.00 Current Price is $31.82 Difference: $6.18
If WBC meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $33.59, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Morgan Stanley rates WES as Underweight (5) -

Morgan Stanley observes Bunnings is set to become the company's largest profit contributor and is already its most valuable business, although, while this is a very high quality business, growth appears set to slow.

The company is due to report FY17 earnings on August 17 and Morgan Stanley expect Bunnings to report like-for-like sales growth in the fourth quarter of 5.2% versus 6.0% in the third quarter.

Underweight. Target is $36.  Industry view is Cautious.

Target price is $36.00 Current Price is $40.73 Difference: minus $4.73 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $40.37, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

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