Australian Broker Call

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

Since the withdrawal of guidance early in April, Adelaide Brighton's share price has risen 32%, to be within 5% of Morgans unchanged $2.85 target. Hence the broker pulls back to Hold from Add.

The broker nevertheless highlights a strong balance sheet, a favourable concentration of exposure domestically, with Australia containing the virus, and the potential for government stimulus for construction alongside low interest rates.

Target price is $2.85 Current Price is $2.52 Difference: $0.33
If ABC meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.70, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Morgans rates AMS as Add (1) -

Atomos sells physical equipment for the production of video content, for social and entertainment purposes, so the virus has hit the business hard.

Management has suggested it has enough cash to ride out the rest of 2020 at current sales rates. The broker expects a return to revenue growth in early 2021.

The company is considered well positioned for a return to normal, and the broker retains Add on share price underperformance. Target falls to 76c from $1.53.

Target price is $0.76 Current Price is $0.54 Difference: $0.22
If AMS meets the Morgans target it will return approximately 41% (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

Citi rates ANZ as Buy (1) -

The first half result was weak, with Citi noting it was driven by large write-downs of Asian minority interests. The broker points out these investments are a full capital deduction and do not influence dividend decisions.

Still, ANZ Bank has deferred the interim dividend. The decision to grow institutional lending sharply is expected to deliver 5.5% underlying revenue growth in FY21, which the broker believes should assist dividend growth. Buy rating and $24.75 target maintained.

Target price is $24.75 Current Price is $15.90 Difference: $8.85
If ANZ meets the Citi target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $19.69, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Credit Suisse rates ANZ as Outperform (1) -

Following the first half result Credit Suisse downgrades FY20 earnings estimates by -21%. The broker increases lending growth assumptions, resulting in higher impairment charges.

Credit Suisse assesses a missed opportunity for the bank as strong support of customers in conjunction with maintaining a superior CET1 ratio would have resonated with investors.

Post a capital raising the share price performance shows markets reward this outcome. Instead, the CET1 ratio is stretched and there is future dividend uncertainty. Outperform rating and $22.80 target maintained.

Target price is $22.80 Current Price is $15.90 Difference: $6.9
If ANZ meets the Credit Suisse target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $19.69, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates ANZ as Underperform (5) -

Macquarie assesses ANZ Bank has lost its leading capital position, assessing this is the worst point in the cycle to have an issue with capital adequacy, particularly as the bank has an overweight exposure to institutional lending.

The first half was impacted by large investment write-downs and impairment provisions. Trends were weaker across all divisions. Macquarie reduces forecasts by -12.3% in FY20 and raises FY21 by 1.2%. Underperform maintained. Target is $16.50.

Target price is $16.50 Current Price is $15.90 Difference: $0.6
If ANZ meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $19.69, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgan Stanley rates ANZ as Overweight (1) -

Morgan Stanley was disappointed with the first half results as cash profit fell -51%, caused by -$1.6bn in loan losses and -$850m in Asian investment write-downs.

The broker is also disappointed the dividend has been deferred. Overweight. Target is $17.60. Industry view is In-Line.

Target price is $17.60 Current Price is $15.90 Difference: $1.7
If ANZ meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $19.69, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgans rates ANZ as Hold (3) -

ANZ Bank's drop in profit was -27% worse than the broker forecast, due to impairments taken for Asian associates. The dividend was deferred as expected.

The broker is now more positive on the bank sector, believing current valuations are too low in the face of a falling case-count and gradual easing of restrictions.

However, ANZ Bank offers the greatest downside earnings and dividend risk among the majors, hence Hold retained, with the broker preferring Westpac ((WBC)). Target unchanged at $17.

Target price is $17.00 Current Price is $15.90 Difference: $1.1
If ANZ meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $19.69, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Ord Minnett rates ANZ as Hold (3) -

First half results were weak. The CET1 ratio of 10.8% places ANZ Bank at the lower end of its peers which Ord Minnett believes is uncomfortable, given early signs of credit risk migration in institutional banking.

Despite the bank's attempts to reduce the emphasis on institutional, it dominates the outlook and, pending further clarity and despite inexpensive valuation metrics, Ord Minnett retains a Hold rating. Target rises to $18.20 from $17.90.

Target price is $18.20 Current Price is $15.90 Difference: $2.3
If ANZ meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $19.69, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates APE as Neutral (3) -

Macquarie assesses the economic implications of the pandemic on the company. Significant government support positions AP Eagers relatively strongly but there are challenges identifying an earnings base and predicting the underlying industry outlook.

Hence, Macquarie finds it difficult to become more positive and retains a Neutral rating. Target is reduced to $6.50 from $9.40.

Target price is $6.50 Current Price is $4.67 Difference: $1.83
If APE meets the Macquarie target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $9.04, suggesting upside of 93.6% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Upgrade to Add from Hold (1) -

AP Eagers has reduced its workforce, applied for JobKeeper, been granted rental relief and has deferred all non-essential capex, Morgans notes. Importantly, the company has secured additional working capital facilities, taking its liquidity to $392m, greater than the broker previously assumed.

The outlook for new car sales at this point is not worth considering, but AP Eagers' liquidity position, experienced management and exposure to whenever there may be a rebound has Morgans upgrading to Add from Hold, noting patience will be required. Target falls to $7.30 from $8.92.

Target price is $7.30 Current Price is $4.67 Difference: $2.63
If APE meets the Morgans target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $9.04, suggesting upside of 93.6% (ex-dividends)

The company's fiscal year ends in December.

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 CGF as Equal-weight (3) -

Challenger is facing disruption to sales and a more conservative life asset allocation. March quarter retail life sales fell -10%. Sales were particularly affected in Australian retail.

Morgan Stanley expects the disruption to persist for the next two quarters, noting the business is skewed to an older demographic.

The broker suspects the early release of superannuation and the growth versus liquidity trade-off in various investment options will lead to a renewed discussion around the structure of super.

Morgan Stanley reduces FY21 and FY22 estimates for net profit by -25% and -32%, respectively. Target is reduced to $4.80 from $8.60. Equal-weight. Industry view: in Line.

Target price is $4.80 Current Price is $4.53 Difference: $0.27
If CGF meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.54, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

Centuria Office REIT, the only pure-play office REIT on the ASX, has withdrawn FY20 funds from operations guidance, but retained dividend guidance of 17.8c.

Uncertainty stems from the government's Code of Conduct with regard rents and a tougher outlook for leasing markets ahead, Morgans notes.

That said, the broker believes the stock has been oversold and upgrades to Add from Hold. Target falls $2.33 from $2.98.

Target price is $2.33 Current Price is $1.91 Difference: $0.42
If COF meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 35.1% (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 CTP as Hold (3) -

Central Petroleum is being hit by an increase in gas being pushed into the domestic market due to weak seaborne LNG prices, meeting a virus-related decline in demand, thus reducing spot prices, the broker notes. The broker expects this to persist for now.

The company has only minimal debt repayments due in the next 12 months, but the fact it is in debt is likely behind recent share price underperformance. This suggests to the broker new growth plans will be put on hold. Target falls to 7.2c from 7.4c, Hold retained.

Target price is $0.07 Current Price is $0.08 Difference: minus $0.008 (current price is over target).
If CTP meets the Morgans target it will return approximately minus 10% (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

Morgans rates DUB as Hold (3) -

Dubber's additions to its call recording platforms were strong in the March quarter and continue to be so.

The company has signed some significant telco customers, the broker notes, including Verizon and Telstra ((TLS)). Dubber had been expecting to be added to Cisco's price list in March but it seems global events got in the way.

It should happen shortly, and this would help further accelerate sales, the broker suggests. The broker retains Hold, cutting its target to 97c from $1.03 due to a capital raise.

Target price is $0.97 Current Price is $0.94 Difference: $0.03
If DUB meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Market Sentiment: 0.0

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

Ord Minnett rates EOF as Buy (1) -

Revenue for the nine months to March was up 73%, with growth underpinned by the Ananda Health business. The company has announced the commercial launch of anti-microbial face masks using its proprietary hemp infused fibres.

This offers near-term revenue but more importantly, in Ord Minnett's view, relationship and branding opportunities in the pharmacy industry. The broker retains a Buy rating and reduces the target to $3.61 from $4.01.

Target price is $3.61 Current Price is $2.80 Difference: $0.81
If EOF meets the Ord Minnett target it will return approximately 29% (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

Morgans rates FDV as Add (1) -

Frontier Digital's online real estate and automotive businesses have pared back costs to prepare for an inevitable drop in revenues. This leaves cash burn rates as immaterial, while the company has cash on hand to weather the storm, the broker notes. 

The standout from the update was nonetheless news that a deal between two of the world's biggest online classifieds companies implies Frontier's 30% stake in Zameen, the company's largest asset, is potentially worth more than all of Frontier Digital. Target rises to $1.22 from $1.09. Add (High Risk) retained.

Target price is $1.22 Current Price is $0.93 Difference: $0.29
If FDV meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates FMG as Neutral (3) -

March quarter shipments were strong. FY20 expenditure guidance has been revised to $2-2.2bn on the timing of cash outflows, from $2.4bn. Citi revises down FY20 and FY21 estimates by -5% and -4% respectively.

The broker assumes a higher Australian dollar in FY20 and trims price realisations, which offsets higher shipments. Neutral maintained along with a $10.50 target.

Target price is $10.50 Current Price is $11.10 Difference: minus $0.6 (current price is over target).
If FMG meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.19, suggesting upside of 0.8% (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: 0.2

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

Credit Suisse rates FMG as Neutral (3) -

Credit Suisse found it hard to fault the March quarter production outcome. Shipment guidance is lifted to 175-177mt.

Steel demand in China remains the key risk for iron ore exposures but the broker notes the balance sheet is in "tiptop shape" and volumes are likely to be a record in FY20.

Neutral rating maintained as Credit Suisse is still constrained by valuation. Target is $11.

Target price is $11.00 Current Price is $11.10 Difference: minus $0.1 (current price is over target).
If FMG 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 $11.19, suggesting upside of 0.8% (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: 0.2

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

Macquarie rates FMG as Outperform (1) -

March quarter results were firm and, as Macquarie expected, shipment guidance was lifted. The broker continues to be impressed with the operating consistency and the business briefly moved to a modest net cash position, ahead of the interim dividend payment in early April.

Surplus cash is expected to be returned to shareholders and the company has reiterated its 50-80% dividend pay-out ratio aspiration. Outperform maintained. Target is raised to $13.30 from $13.20.

Target price is $13.30 Current Price is $11.10 Difference: $2.2
If FMG meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $11.19, suggesting upside of 0.8% (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: 0.2

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

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

Fortescue Metals has upgraded FY20 shipment guidance to 175-177mt. Morgan Stanley notes costs in the March quarter were elevated because of higher strip ratios, which should improve in the subsequent quarter.

Some expenditure on Eliwana and Iron Bridge has been delayed which reduces FY20 expenditure by -US$200-400m. Equal-weight rating retained. Target is $10.05. Industry view is In-Line.

Target price is $10.05 Current Price is $11.10 Difference: minus $1.05 (current price is over target).
If FMG 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 $11.19, suggesting upside of 0.8% (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: 0.2

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

Morgans rates FMG as Reduce (5) -

Fortescue Metals performed well during the March quarter wet season, the broker declares, with shipments in line. The balance sheet ended the quarter cash positive, but capex guidance has been trimmed.

Resilient iron ore prices mean Fortescue can continue to generate strong earnings, but this is well priced in by the market, the broker believes. Target rises to $8.51 from $7.19, Reduce retained.

Target price is $8.51 Current Price is $11.10 Difference: minus $2.59 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.19, suggesting upside of 0.8% (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: 0.2

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

Ord Minnett rates FMG as Accumulate (2) -

Ord Minnett expects an average yield of 9% over three years, consistent  operations and an iron ore price that is relatively resilient.

The broker recognises the downside risk to steel demand outside of China from the unfolding recession but also notes the escalating pandemic in Brazil leaves supply vulnerable to another disruption.

Accumulate maintained. Target rises to $13.50 from $11.00.

Target price is $13.50 Current Price is $11.10 Difference: $2.4
If FMG meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $11.19, suggesting upside of 0.8% (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: 0.2

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

UBS rates FMG as Buy (1) -

Fortescue Metals shipped 42.3mt in the March quarter, up 10% and has lifted FY20 guidance to 175-177mt. Iron ore demand has remained buoyant, resulting in a drawdown in Chinese port inventory of over -10mt over the quarter.

This has combined with the supply side complications in South Africa, Canada and Brazil. Buy rating maintained. Target is raised to $11.50 from $10.70.

Target price is $11.50 Current Price is $11.10 Difference: $0.4
If FMG meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $11.19, suggesting upside of 0.8% (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: 0.2

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

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

Subsequent to the first quarter update, Credit Suisse cuts estimates by -13.3% for FY20 and -10.2% for FY21 and lowers the target to $4.56 from $6.15.

Revaluations of the entire GWOF/GWSCF portfolios resulted in -2% and -11% declines in book value. This was driven, as commentary suggests, by lower rental assumptions rather than a softening of capitalisation rates.

Credit Suisse assesses the market continues to discount GPT because of its retail exposure but this is excessive. The broker remains of the view that the capital position provides a bulwark against an economic downturn and upgrades to Outperform from Neutral.

Target price is $4.56 Current Price is $3.86 Difference: $0.7
If GPT meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.87, suggesting upside of 26.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgan Stanley rates GPT as Underweight (5) -

The impact of the pandemic has struck in March with a -27.3% decline in specialty retail sales, Morgan Stanley observes. The broker also notes negotiations on rental relief could take months to complete.

Meanwhile, leasing progress in office & logistics was sound although the Melbourne central office development has been deferred along with the related retail project.

Underweight rating. Target is $3.80. Industry view is In-Line.

Target price is $3.80 Current Price is $3.86 Difference: minus $0.06 (current price is over target).
If GPT meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.87, suggesting upside of 26.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Ord Minnett rates GPT as Accumulate (2) -

In the wake of the quarterly update, Ord Minnett highlights the high-quality diversified portfolio and the high proportion of passive earnings, supplemented by a pipeline of industrial developments.

The broker retains an Accumulate rating and $4.60 target.

Target price is $4.60 Current Price is $3.86 Difference: $0.74
If GPT meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.87, suggesting upside of 26.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

UBS rates GPT as Buy (1) -

UBS considers GPT well-positioned to withstand income and asset valuations volatility. Office portfolio occupancy is down marginally.

March quarter specialty sales were down -0.7% and the first two months of the quarter were sound, the broker observes.

The 6.7% re-based distribution yield is attractive on a risk-adjusted basis, UBS asserts. Buy rating retained. Target is $4.70.

Target price is $4.70 Current Price is $3.86 Difference: $0.84
If GPT meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.87, suggesting upside of 26.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates HLS as Resume Coverage with Neutral (3) -

Macquarie assesses the near-term visibility is limited and balance sheet constraints are limiting growth initiatives. Additionally, GP revenues continue to decline and there is limited operating leverage within pathology.

The broker considers the stock fair value at current levels and resumes coverage with a Neutral rating and $2.70 target.

Target price is $2.70 Current Price is $2.50 Difference: $0.2
If HLS meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.85, suggesting upside of 14.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Credit Suisse rates HUO as Neutral (3) -

Huon Aquaculture has revised down expectations for FY20 volumes and withdrawn guidance. Given a greater reliance on wholesale sales Credit Suisse is not surprised by the more negative impact of the pandemic on the company compared with its rival Tassal Group ((TGR)).

Even allowing for some disruption in the first half of FY21 earnings are expected to rebound strongly. Still, if disruptions persist for longer than expected the company will be more reliant on exports to hit volume targets and the broker notes current gearing is stretched.

Target is reduced to $3.70 from $4.35 and a Neutral rating is retained.

Target price is $3.70 Current Price is $3.42 Difference: $0.28
If HUO meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Citi rates IFL as Neutral (3) -

IOOF Holdings remains resilient and Citi lifts estimates for earnings per share in FY20 by 6% and FY21 by 19%.

However, material outflows from P&I continue and there are still major hurdles such as the restructure of the advice business and significant platform competition, the broker notes.

Neutral maintained. Target is raised to $4.50 from $4.00.

Target price is $4.50 Current Price is $4.19 Difference: $0.31
If IFL meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 17.7% (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 and flows were in line with expectations in the March quarter.

The acquired P&I business experienced a -15% decline in platform funds and a -17% decline in investment management funds, largely from market movements, with the acquisition effective January 31, 2020.

IOOF has underperformed the market by -25% in the past three months, which Credit Suisse considers understandable given the market leverage. Valuation appeal remains and the broker retains an Outperform rating. Target is $4.15.

Target price is $4.15 Current Price is $4.19 Difference: minus $0.04 (current price is over target).
If IFL 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 $4.93, suggesting upside of 17.7% (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 Neutral (3) -

Macquarie found the March quarter flows commendable, given the tough environment. The broker is less concerned about the balance sheet unless there is another market sell-off.

Core IOOF channel flows were the most encouraging while the former ANZ channels were more under pressure. Neutral maintained. Target is raised to $4.40 from $3.75.

Target price is $4.40 Current Price is $4.19 Difference: $0.21
If IFL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 17.7% (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 Hold (3) -

March quarter funds under management were broadly in line with expectations while flows were weaker. The impact from the early access to superannuation so far signals that this is not likely to be a material headwind.

Ord Minnett maintains a Hold rating and $4.50 target. The broker notes there remains some headroom in debt provisions.

Target price is $4.50 Current Price is $4.19 Difference: $0.31
If IFL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 17.7% (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) -

Funds under management in the March quarter fell short of UBS estimates largely because of weaker net investment returns.

While the lower funds temper the FY20 outlook, the high leverage to stronger markets into the fourth quarter boosts FY21 estimates.

Stemming the outflows from the P&I business and the realisation of cost synergies are key to the earnings prospects going forward, in the broker's view. Neutral and $4.80 target maintained.

Target price is $4.80 Current Price is $4.19 Difference: $0.61
If IFL meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 17.7% (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 IGO as Outperform (1) -

March quarter results revealed a stronger performance at Nova was offset by weaker production at Tropicana. Macquarie notes the company is generating strong cash flow at spot prices.

The broker suspects beating FY20 guidance at Nova is within reach and this presents a positive potential catalyst. Outperform maintained. Target is reduced to $5.50 from $5.60.

Target price is $5.50 Current Price is $4.43 Difference: $1.07
If IGO meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $5.38, suggesting upside of 21.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

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

Morgan Stanley updates estimates to incorporate March quarter production. Production was strong at Nova and exceeded expectations. However, production slowed at Tropicana more than expected.

The Boston Shaker underground project remains on schedule with first gold expected in the September quarter. Equal-weight rating maintained. Target is reduced to $5.05 from $5.15. Industry view is In-Line.

Target price is $5.05 Current Price is $4.43 Difference: $0.62
If IGO meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.38, suggesting upside of 21.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Ord Minnett rates IGO as Accumulate (2) -

March quarter production was strong from Nova, although nickel prices were low. The fall in production at Tropicana was greater than Ord Minnett expected. Guidance has been maintained.

The main issue  is the net cash balance of $407m and where this is deployed. The broker points to the "unusual" investment in New Century Resources ((NCZ)). Accumulate rating and $5.20 target maintained.

Target price is $5.20 Current Price is $4.43 Difference: $0.77
If IGO meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.38, suggesting upside of 21.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

UBS rates IGO as Buy (1) -

Production was stronger than UBS expected in the March quarter. Realised prices at Nova were marginally lower and the broker updates its model for the gold hedge book.

IGO remains the broker's favoured nickel exposure because of its consistent operating performance, a low-cost position, a free cash flow yield of more than 10% and exploration potential.

UBS retains a Buy rating and $6 target.

Target price is $6.00 Current Price is $4.43 Difference: $1.57
If IGO meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $5.38, suggesting upside of 21.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgans rates IPD as Add (1) -

ImpediMed has completed its capital raising which should see it through cash-wise to end FY21, the broker suggests. The March quarter featured a growing installed base, recurring revenues and test volumes, the broker notes, and the transition to SaaS appears to be on track.

Adjusting for more conservative test volume assumptions, and share price dilution, the broker drops its target to 14c from 26c, retaining a Speculative Buy rating.

Target price is $0.14 Current Price is $0.04 Difference: $0.1
If IPD meets the Morgans target it will return approximately 250% (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

Citi rates JHG as Buy (1) -

First quarter operating income was ahead of Citi's forecasts. The broker continues to believe Janus Henderson is attractively priced for a market recovery with an undemanding valuation.

There was a 10% lift in assets under management in April which should act as a considerable offset, in the broker's view, to the headwinds in the second quarter.

Citi was also surprised performance fees held up in the mid teens which bodes well for future performance fees, signalling a partial recovery may be possible. Target is reduced to $29.80 from $31.10. Buy rating retained.

Target price is $29.80 Current Price is $26.70 Difference: $3.1
If JHG meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $29.44, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.5

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

Credit Suisse rates JHG as Underperform (5) -

Janus Henderson beat Credit Suisse estimates in the first quarter, primarily because of stronger revenues. However, this was overshadowed by a miss on costs.

The company reported a -US$247m statutory loss because of an impairment of goodwill/intangibles.

There was little comment on the outlook, the broker notes, other than expenses are being managed "carefully". Credit Suisse retains an Underperform rating and $16.44 target.

Target price is $16.44 Current Price is $26.70 Difference: minus $10.26 (current price is over target).
If JHG meets the Credit Suisse target it will return approximately minus 38% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.44, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.5

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

Macquarie rates JHG as Outperform (1) -

Macquarie observes retail flow momentum stalled in March but recovered in April. Management has confirmed that intermediary flows were flat in April.

Macquarie envisages strong valuation support at current levels and retains an Outperform rating, raising the target to $36 from $33.

Target price is $36.00 Current Price is $26.70 Difference: $9.3
If JHG meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $29.44, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.5

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

Morgan Stanley rates JHG as Overweight (1) -

First quarter earnings beat Morgan Stanley's estimates. The broker considers the commentary on flows a clear positive although this is tempered by a soft outlook on costs.

Overweight maintained. Target is $35.50. Industry view is In-Line.

Target price is $35.50 Current Price is $26.70 Difference: $8.8
If JHG meets the Morgan Stanley target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $29.44, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.5

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

Macquarie rates KAR as Outperform (1) -

Closure of the Bauna acquisition has been delayed. Macquarie assesses the largest hurdle remains debt financing and the downturn in the oil market has resulted in significant uncertainty in regard to the final size of the amount required.

 Completion of the acquisition would mean Karoon Energy becomes the fourth-largest ASX liquids producer. The company is undertaking a strategic review in regard to the use of funds with the outcome expected in the September quarter.

Macquarie retains an Outperform rating and $0.90 target.

Target price is $0.90 Current Price is $0.52 Difference: $0.38
If KAR meets the Macquarie target it will return approximately 73% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting upside of 112.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Morgans rates KAR as Add (1) -

Karoon Gas had a cash balance of $505m at quarter-end, up significantly on the lower AUD, the broker notes, as it's mostly held in USD. With no debt, this puts the company in a strong position to pursue growth options at a time of depressed equity and asset values.

Karoon could settle or renegotiate the Bauna acquisition, but this would be dependent on a recovery in oil prices, the broker suspects. Add retained, target rises to $1.57 from $1.45.

Target price is $1.57 Current Price is $0.52 Difference: $1.05
If KAR meets the Morgans target it will return approximately 202% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting upside of 112.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

UBS rates LNK as Buy (1) -

The company's client base is skewed to industries where the economic impact of the pandemic is greater and reductions in revenue could arise as eligible members make full withdraws of their superannuation funds.

UBS assesses around 10% of the company's members could tap super savings while a smaller subset may close accounts. The broker considers the risks manageable as a result. Buy rating maintained. Target is reduced to $4.75 from $5.00.

Target price is $4.75 Current Price is $3.60 Difference: $1.15
If LNK meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 42.4% (ex-dividends)

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

Macquarie rates MGR as Outperform (1) -

Mirvac's quarterly update was in line with Macquarie's expectations. Fewer defaults in the residential business are considered a positive. In retail, total centre sales remain positive but specialties are under pressure.

The broker remains attracted to the quality of the income portfolio, noting balance sheet and equity valuations reflect the softness in residential.

Outperform retained. Target is reduced to $2.68 from $2.92 to reflect a slight expansion in the capitalisation rate.

Target price is $2.68 Current Price is $2.07 Difference: $0.61
If MGR meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $2.82, suggesting upside of 36.3% (ex-dividends)

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

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

Default rates on residential settlements in the March quarter remained below 2%. Pre-sales were maintained. Morgan Stanley notes office is resilient, with occupancy maintained at 98.5%.

While business appears on track, the broker is cautious about the outlook after FY21 given the deferral of non-essential capital expenditure and a residential downturn.

Equal-weight rating retained. Target is $2.45. Industry view is In-Line.

Target price is $2.45 Current Price is $2.07 Difference: $0.38
If MGR meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.82, suggesting upside of 36.3% (ex-dividends)

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

Ord Minnett rates MGR as Accumulate (2) -

Ord Minnett likes Mirvac's high-quality investment portfolio and strong balance sheet but remains aware of the material earnings re-base, given development has been a significant contributor to earnings.

The broker also notes it is still early days in lease negotiations with tenants. Accumulate rating and $2.50 target maintained.

Target price is $2.50 Current Price is $2.07 Difference: $0.43
If MGR meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.82, suggesting upside of 36.3% (ex-dividends)

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

UBS rates MGR as Buy (1) -

Mirvac has confirmed that the retail and residential sectors have experienced the largest impact from the pandemic. Retail specialty sales were down -26% in March.

UBS assesses Mirvac is positioned well to acquire sites on attractive terms as liquidity is currently $984m with only $200m in debt expiring between now and early 2022.

Buy rating maintained. Target is $2.80.

Target price is $2.80 Current Price is $2.07 Difference: $0.73
If MGR meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $2.82, suggesting upside of 36.3% (ex-dividends)

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

Morgans rates MWY as Hold (3) -

A second wave of the virus in Japan means Midway will battle lower demand for woodchips and lower prices, the broker notes.The company has downgraded FY20 guidance by -38%.

Weaker cash flow will impact on a stretched balance sheet. The broker expects tough conditions to continue through the first half FY21. Target falls to $1.25 from $1.65, Hold retained.

Target price is $1.25 Current Price is $0.95 Difference: $0.3
If MWY meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

Midway now expects FY20 operating earnings (EBITDA) of $10-14m, which reflects a -27-52% downgrade from consensus estimates last reaffirmed in late March.

The company has cited a deterioration in export demand driven by the impact of the pandemic in key export markets.

Ord Minnett now expects pricing and volumes will be more difficult into FY21 as the disruption plays out.

Rating is downgraded to Hold from Buy and the target reduced to $1.12 from $2.07.

Target price is $1.12 Current Price is $0.95 Difference: $0.17
If MWY meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Citi rates NCM as Buy (1) -

Citi considers the $1.1bn capital raising to purchase a financing package for Fruta del Norte and fund growth is fair value and extends Newcrest's influence over the mine.

More importantly, visibility on growth is improving and Red Chris and Havieron appear more certain to break ground in early 2021.

The broker retains a Buy rating and $30.40 target.

Target price is $30.40 Current Price is $25.28 Difference: $5.12
If NCM meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $27.43, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Credit Suisse rates NCM as Neutral (3) -

Newcrest is raising $1-1.1bn in equity with the placement issue price at a -7.0% discount to the last traded price. Proceeds of $704m will be used to acquire the gold streaming and financing of Fruta del Norte, the Ecuadorian gold mine in which the company has 32% equity share.

The remainder of the proceeds will be used for corporate business. Credit Suisse questions the strategic rationale in raising dilutive capital to fund the non-core gold financing/streaming arrangement. Nevertheless, from a pure financial standpoint acknowledges it makes sense.

Credit Suisse retains a Neutral rating and raises the target to $26.25 from $25.25.

Target price is $26.25 Current Price is $25.28 Difference: $0.97
If NCM meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $27.43, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Morgan Stanley rates NCM as Overweight (1) -

Although the company's capital raising is dilutive Morgan Stanley assesses the excess will allow Newcrest to progress its growth projects at Havieron and Red Chris. It will also provide protection to the balance sheet.

Newcrest has purchased a streaming gold facility at Fruta del Norte for US$460m. A $1bn institutional placement and $100m share purchase plan will help fund the acquisition.

Overweight rating, In-Line industry view and $28.90 target.

Target price is $28.90 Current Price is $25.28 Difference: $3.62
If NCM meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $27.43, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Ord Minnett rates NCM as Hold (3) -

March quarter production of 519,000 ounces at all-in sustaining cost of US$827/oz was in line with Ord Minnett's forecasts. The broker retains a Hold rating and $26 target.

The $1.1bn capital raising to buy the streaming facility at Fruta del Norte is logical, in the broker's view, but does not solve the pending production decline at Cadia and the aftermath of the sale of Gosowong.

Target price is $26.00 Current Price is $25.28 Difference: $0.72
If NCM meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $27.43, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

UBS rates NCM as Sell (5) -

Newcrest has announced the acquisition of the gold stream at Fruta del Norte for US$460m which will be funded by a $1.1bn equity raising. UBS considers the acquisition makes both financial and strategic sense.

Surplus funds will be used for other growth options. The broker expects the capital plan should improve the quality of the portfolio by 2030. Positive exploration results have also lifted confidence for Red Chris and Havieron.

UBS retains a Sell rating, believing the strategic value of the assets is more than priced in. Target is raised to $26 from $24.

Target price is $26.00 Current Price is $25.28 Difference: $0.72
If NCM meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $27.43, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

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

Orora has completed the sale of its fibre business to Nippon Paper. Credit Suisse assumes distributions of $750m by way of a special dividend.

The broker downgrades to Neutral from Outperform as the rally in the share price has closed out much of the available return, in its assessment. Target is $2.15.

Target price is $2.15 Current Price is $2.46 Difference: minus $0.31 (current price is over target).
If ORA meets the Credit Suisse target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.93, suggesting upside of 19.0% (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 ORG as Neutral (3) -

March quarter revenue was below expectations because of lower sales volumes. Origin Energy has confirmed that the first price review with APLNG has concluded with no change to contract terms.

Credit Suisse also considers the final default market offer from the Australian Energy Regulator is a neutral outcome.

Neutral rating maintained. Target is raised to $5.10 from $4.50.

Target price is $5.10 Current Price is $5.31 Difference: minus $0.21 (current price is over target).
If ORG 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 $6.42, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Macquarie rates ORG as Outperform (1) -

Electricity volumes were softer than Macquarie expected in the March quarter. The impact of the pandemic is expected to be more pronounced in the June quarter. APLNG volumes were strong.

Macquarie notes the electricity market is tough, with volume and price pressures. Leverage to a recovering oil price should accelerate the opportunities, in the broker's view.

FY20 earnings estimates are lowered -11%. Target is raised to $7.26 from $6.80. Outperform maintained.

Target price is $7.26 Current Price is $5.31 Difference: $1.95
If ORG meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $6.42, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

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

Origin Energy's share of APLNG production was slightly ahead of Morgan Stanley's forecasts in the March quarter at a realised LNG price of US$8.56/MMBtu. This was partially offset by a soft domestic prices.

Electricity sales volumes in the financial year to date are down -7%, broadly in line with forecasts. However, headwinds from the pandemic are yet to materialise completely.

Cautious industry view. Equal-weight rating retained. Target is $6.33.

Target price is $6.33 Current Price is $5.31 Difference: $1.02
If ORG meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $6.42, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Morgans rates ORG as Hold (3) -

Origin Energy saw lower retail electricity demand in the March quarter due to a milder summer, apparently (where?).

The quarter saw no virus impact but the broker suggests work-from-home will boost retail to offset some of the drop in overall demand in the June quarter. The regulator has set slightly lower pricing for FY21.

The decline in APLNG revenue was not as bad as feared given the oil price but this will change in the June quarter. Current pricing is below APLNG's breakeven, the broker notes.

Target increases to $5.15 from $4.77. Hold retained on the potential for more oil market volatility.

Target price is $5.15 Current Price is $5.31 Difference: minus $0.16 (current price is over target).
If ORG meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.42, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Ord Minnett rates ORG as Accumulate (2) -

March quarter production numbers were soft, in Ord Minnett's view. Still, APLNG is tracking well and only needs to achieve 165 PJ in the current quarter to meet the top end of guidance.

The broker remains positive on Origin Energy and expects, despite lower oil prices, it could generate more than $1bn in free cash flow in FY21, representing a 12% yield. Accumulate rating and $7.50 target maintained.

Target price is $7.50 Current Price is $5.31 Difference: $2.19
If ORG meets the Ord Minnett target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $6.42, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

UBS rates ORG as Buy (1) -

The Sinopec LNG contract price review has been completed with no change. As the market had anticipated a -5-10% reduction to the foundation price, the announcement causes UBS to lift estimates for earnings per share by 10% from FY22.

Meanwhile APLNG continues to demonstrate strong realised pricing. UBS maintains a Buy rating and raises the target to $7.65 from $7.50.

Target price is $7.65 Current Price is $5.31 Difference: $2.34
If ORG meets the UBS target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $6.42, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

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

Macquarie assesses Orica's production-related earnings have proven to be relatively defensive in the past and, while there is likely to be short-term effects of the pandemic, the business has cyclical leverage globally to a recovery.

Burrup is on track to start up and the balance sheet is solid. Macquarie upgrades to Outperform from Neutral and reduces the target to $21.51 from $23.25. Orica reports its first half result on May 8.

Target price is $21.51 Current Price is $16.97 Difference: $4.54
If ORI meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $20.33, suggesting upside of 19.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Citi rates QUB as Upgrade to Buy from Sell (1) -

Citi upgrades to Buy/High Risk from Sell and reduces the target to $2.75 from $2.80, assessing the de-risked balance sheet provides scope for a strategic accretive acquisition and cost controls that will generate value for shareholders.

Operating weakness is likely in FY20-21 that may weigh on growth. The broker does not envisage scope for port volumes to improve prior to the second quarter of FY21.

Target price is $2.75 Current Price is $2.21 Difference: $0.54
If QUB meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $2.81, suggesting upside of 27.2% (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 QUB as Buy (1) -

The $500m entitlement offer reduces net debt and underwrites growth plans, Ord Minnett assesses. Further M&A is possible in an attractive market to a buyer that has substantial headroom.

Qube Holdings intends to deploy a minimum of $420m in expenditure over the 15 months ending June 30, 2021, consistent with the broker's assumptions around the timing of progress at Moorebank.

Buy rating maintained. Target is reduced to $2.58 from $2.72.

Target price is $2.58 Current Price is $2.21 Difference: $0.37
If QUB meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.81, suggesting upside of 27.2% (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 RHC as Neutral (3) -

Ramsay Health Care has finalised a comprehensive agreement with Victoria to make its facilities and services available during the pandemic. This supersedes the previous temporary arrangement.

This latest agreement will be in place until at least the third week of June. Citi assumes the Australian business breaks even in the June quarter and returns to normal in the first half of FY21.

Elective surgery is expected to resume before the end of June in Australia. Neutral rating and $69 target maintained.

Target price is $69.00 Current Price is $62.55 Difference: $6.45
If RHC meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $64.20, suggesting upside of 2.6% (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 SHL as Overweight (1) -

While expecting Sonic Healthcare to benefit from testing for the pandemic, Morgan Stanley still models a -40% reduction in pathology volumes globally for the June and September quarters.

The broker remains unsure of the material benefit from the high-margin coronavirus testing and, hence, is yet to change its base case estimates.

Overweight maintained. Target is raised to $28.90 from $26.90. Industry view: In Line.

Target price is $28.90 Current Price is $26.53 Difference: $2.37
If SHL meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $27.69, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

UBS rates TPM as Neutral (3) -

UBS notes TPG Telecom will not be allocated 3.5GHz spectrum in Singapore. However TPG Telecom and others will be allowed access to the spectrum in order to offer 5G services through a wholesale arrangement.

The announcement is not a surprise to UBS as it suspects the company was limited in its ability to compete on price. Neutral and $8.40 target retained.

Target price is $8.40 Current Price is $7.12 Difference: $1.28
If TPM meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $7.93, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Citi rates WOW as No Rating (-1) -

Like-for-like sales growth was strong across the company's businesses, ex hotels, in the March quarter. The focus was on incremental costs and Citi believes strong sales growth will be required to overcome this.

Meanwhile, Big W delivered 9.9% sales growth, underpinned by a shift in mix and limited discounting. Citi notes this contrasts with Kmart and target, operated by Wesfarmers ((WES)), which are experiencing deteriorating sales trends and elevated discounting.

No rating or target has been provided.

Current Price is $34.73. Target price not assessed.

Current consensus price target is $37.91, suggesting upside of 9.1% (ex-dividends)

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Credit Suisse rates WOW as Neutral (3) -

Earnings expectations are being moderated as temporary costs counter peak sales growth. Credit Suisse asserts that costs are temporary and the conversion of more consumers to digital engagement will strengthen the company's competitive position in the long-term.

While earnings growth is modest, the balance sheet is sound, cash flow is strong and the broker expects a dividend to be paid. Neutral rating maintained. Target is reduced to $38.97 from $39.92.

Target price is $38.97 Current Price is $34.73 Difference: $4.24
If WOW meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $37.91, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates WOW as Outperform (1) -

Macquarie notes higher volumes in March have triggered additional operating expenditure to the tune of -$220-275m in the June quarter, including investment in online and improved hygiene for stores.

The hotels business is losing -$30m in EBIT per month from forced government closures and the broker expects soft trading for the remainder of 2020.

The supermarket has indicated April was too volatile to provide a real guide to the fourth quarter but Macquarie believes there will be a more pronounced top-line benefit over the remainder.

Outperform rating. Target is reduced to $39.00 from $41.30.

Target price is $39.00 Current Price is $34.73 Difference: $4.27
If WOW meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $37.91, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

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

Woolworths reported solid trading in the March quarter. The main question for Morgan Stanley is the sustainability of the momentum of sales in April versus the March cost base.

March quarter online growth was 26.5% and Woolworths has now doubled its online capacity, expecting sustainably higher adoption rates.

The broker likes the defensive attributes but prefers Coles ((COL)) as it is a more pure supermarket stock with a better yield.

Equal-weight rating maintained. Target is $36.00. Industry view: Cautious.

Target price is $36.00 Current Price is $34.73 Difference: $1.27
If WOW meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $37.91, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgans rates WOW as Hold (3) -

Woolworths enjoyed solid sales growth in the March quarter across all divisions, except pubs, which went the other way. April saw ongoing sales growth, but at a moderated pace.

Despite signs of pending easing of lockdowns on eating out, the broker believes households will remain cautious, and home cooking will remain elevated.

Woolworths' fundamentals are strong, the broker suggests, but priced in. Hold retained, target rises $35.86 from $34.83.

Target price is $35.86 Current Price is $34.73 Difference: $1.13
If WOW meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $37.91, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Ord Minnett rates WOW as No Rating (-1) -

March quarter sales were below forecasts with the costs stemming from the pandemic higher than expected. Offsetting these costs in the second half, Ord Minnett suggests, will require gross margin expansion and reduced growth in the underlying cost of doing business.

The broker notes Woolworths has reiterated a positive FY20 earnings outcome for Big W. Ord Minnett is currently restricted in research and cannot provide rating and target at present.

Current Price is $34.73. Target price not assessed.

Current consensus price target is $37.91, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

UBS rates WOW as Buy (1) -

Woolworths reported a 10.7% lift in third quarter sales, below UBS estimates. The broker reduces forecasts by -1-2% to reflect a weaker top line for liquor amid an assumption hotels recover to FY19 levels by around FY22.

The broker asserts that one or two quarters of heightened costs and sales are not material to valuation. Buy rating and $39.70 target maintained.

Target price is $39.70 Current Price is $34.73 Difference: $4.97
If WOW meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $37.91, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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