Australian Broker Call

Morgans rates ADH as Add (1) -

First half results were weaker than Morgans expected, as trading conditions deteriorated at the end of the period. The trading update on the new half also fell short of expectations.

The broker expects issues that affected the first half result will take time to resolve but ultimately believes the company can bounce back in FY18. Target is reduced to $1.46 from $1.77. Add rating maintained.

Target price is $1.46 Current Price is $1.20 Difference: $0.26
If ADH meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

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

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

There was a sharp decline in earnings in the first half following weak sales in the fashion bed linen category and softer trading over Christmas.

UBS suspects Kmart ((WES)) is taking market share in the fashion home furnishings category. Kmart is generally lower than Adair's typical customer demographic but the intensifying of competition is a concern for the broker, as the housing cycle is expected to slow over the coming months and this is expected to be a drag on retail sales over FY19.

UBS downgrades to Neutral from Buy given the uncertainty around the top line. Target is reduced to $1.25 from $2.20.

Target price is $1.25 Current Price is $1.20 Difference: $0.05
If ADH meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

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

Citi rates ALL as Buy (1) -

Aristocrat provided shareholders with an upbeat guidance and Citi analysts have lifted forecasts by 5-6%. They believe market consensus will have to make a similar move.

Citi suspects momentum in North America remains strong. Given the solid growth outlook, Citi remains of the view the shares look attractively priced. Buy.Target lifts to $19.80 from $19.05.

Target price is $19.80 Current Price is $16.68 Difference: $3.12
If ALL meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $18.88, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in September.

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

Credit Suisse rates ALL as Neutral (3) -

The company is now guiding to 20-30%  growth in FY17. Credit Suisse has little indication that any one area is breaking out.

The broker acknowledges the stock is potentially one upgrade away from a $20 price but growth has been largely based on market share gains and this makes Credit Suisse wary of too much extrapolation.

Neutral retained. Target rises to $17.30 from $16.50.

Target price is $17.30 Current Price is $16.68 Difference: $0.62
If ALL meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $18.88, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in September.

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 ALL as Buy (1) -

FY17  growth guidance for earnings of 20-30% is a positive, as Deutsche Bank notes the mid point of the guidance range is around 7% above market expectations at spot currency.

It is still relatively early in the year and Deutsche Bank notes the growth rate is yet to benefit from new market segments. The broker retains a Buy rating and $21.70 target.

Target price is $21.70 Current Price is $16.68 Difference: $5.02
If ALL meets the Deutsche Bank target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $18.88, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in September.

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 APA as Underweight (5) -

The company has progressed a number of projects in its core areas and this adds to Morgan Stanley's conviction on the near term earnings outlook.

The broker considers its Underweight rating is now purely a relative call. Cautious industry view. Target is raised to $8.28 from $7.26.

Target price is $8.28 Current Price is $8.37 Difference: minus $0.09 (current price is over target).
If APA meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.14, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates APA as Buy (1) -

The company has signed an agreement with Cooper Energy ((COE)) for the acquisition of an existing gas processing plant in Victoria.  APA will pay an undisclosed amount for the plant, which has been under care and maintenance since 2015, over the next two years.

Ord Minnett observes this is somewhat of a departure from the core business but believes it shows management is broadening its options for growth. Buy rating and $10.90 target retained.

Target price is $10.90 Current Price is $8.37 Difference: $2.53
If APA meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $9.14, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

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 ASB as Outperform (1) -

Austal's result came in better than expected thanks to a stronger earnings result in the US. Margins were at the top end of the range. Aust earnings were lower as expected due to lower activity.

The company suggested its pipeline is at its strongest level, potentially benefitting all three shipyards. The broker anticipates significant new contract wins over the year. Outperform retained. Target rises to $2.09 from $1.56.

Target price is $2.09 Current Price is $1.72 Difference: $0.37
If ASB meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

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

Ord Minnett rates ASB as Accumulate (2) -

First half  underlying earnings were ahead of forecasts. A surprise one-off settlement provision relating to a vessel constructed seven years ago was reported but earning still surprised on the upside.

A significant tender pipeline has been highlighted, both in Australia and the US, the largest in the company's history. While tender success is not a certainty, Ord Minnett believes the company is very well positioned.

Accumulate rating retained. Target rises to $1.95 from $1.75.

Target price is $1.95 Current Price is $1.72 Difference: $0.23
If ASB meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

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 AST as Downgrade to Equal-weight from Overweight (3) -

Morgan Stanley has downgraded to Equal-weight from Overweight on relative valuation, as the recent move in the security price makes investment look less compelling.

The broker notes the company's transmission determination is due in late April and FY17 results in May. Target is raised to $1.59 from $1.55. Industry view: Cautious.

Target price is $1.59 Current Price is $1.65 Difference: minus $0.06 (current price is over target).
If AST meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.61, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in March.

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

Credit Suisse rates AUB as Outperform (1) -

First half adjusted net profit was ahead of forecasts. Credit Suisse observes the pricing environment is improving but this is more a driver of earnings in FY18.

The broker is encouraged by the benefits from organic revenue growth in the first half, as well as Australian broking and underwriting agencies. Outperform rating retained with a $12 target.

Target price is $12.00 Current Price is $11.10 Difference: $0.9
If AUB meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $12.00, suggesting upside of 6.8% (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 AUB as Outperform (1) -

It was a good result from AUB, ahead of the broker's forecast. All divisions delivered solid underlying organic growth. NZ was a star performer.

The broker notes AUB is currently trading around the market PE multiple but at a discount to peers. Earnings forecast upgrades are likely if interest rates rise. Outperform retained. Target rises to $12.00 from $11.20.

Target price is $12.00 Current Price is $11.10 Difference: $0.9
If AUB meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $12.00, suggesting upside of 6.8% (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 AYS as Outperform (1) -

Amaysim's result showed it is on track to achieve FY guidance with fresh guidance being tightened to the top end of the range. The broker notes this will require higher subscriber numbers and margins in the second half, driven by cost-outs.

Margins are volatile, keeping investors wary, the broker suggests. The broker otherwise supports a new broadband strategy and expects improved returns from this segment after a short period of investment. Outperform retained. Target falls to $2.30 from $2.50.

Target price is $2.30 Current Price is $1.80 Difference: $0.505
If AYS meets the Macquarie target it will return approximately 28% (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 BAL as Upgrade to Neutral from Sell (3) -

Citi analysts have come to the conclusion that, after a -67% drop in the Bellamy's share price since October 2016, the risk/reward for owning the shares have become more fairly balanced, hence the upgrade to Neutral/High Risk.

The analysts highlight Bellamy’s turnaround strategy revolves around winning back the daigou. Citi doesn't think this is a longer term, sustainable strategy.

It is the broker's view, Bellamy’s needs to build a direct to consumer business in China, but at this point the company cannot afford to do so. Target price rises to $4.30 from $3.75 with the company seen implementing a risky turnaround strategy that will likely take an extended period of time, say the analysts.

Target price is $4.30 Current Price is $4.27 Difference: $0.03
If BAL meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.26, suggesting downside of -0.3% (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

Citi rates BLY as Neutral (3) -

After a long and protracted down cycle, Citi analysts believe green shoots are starting to emerge. The analysts note the losses in 2016 were less steep than in 2015, though the company is still consuming cash.

Management is targeting to become cash flow positive this year. Also, point out Citi analysts, existing debt holders are likely to convert some or all of their debt to equity, meaning current shareholders are cum dilution.

Neutral/High Risk rating retained. Target declines to 13c from 16c.

Target price is $0.13 Current Price is $0.12 Difference: $0.015
If BLY meets the Citi target it will return approximately 13% (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: 0.0

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

Macquarie rates BVS as Outperform (1) -

Bravura's operating result was slightly ahead of the broker and prospectus forecast. The wealth management pipeline remains strong.

Bravura boasts a solid pipeline of Sonata clients alongside "sticky" existing client revenue, the broker notes. Cash flow conversion is strong, peak investment has passed and value is undemanding. Outperform retained. Target rises to $1.80 from $1.75.

Target price is $1.80 Current Price is $1.42 Difference: $0.38
If BVS meets the Macquarie target it will return approximately 27% (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

UBS rates CAB as Neutral (3) -

First half results were slightly ahead of expectations. UBS believes the company did well to minimise its costs.

The acquisition of Yellow Cab Queensland should help boost taxi service earnings, the broker believes, while investors will benefit from a fully franked $0.80 special dividend.

While positive on the second terminal strategy, the broker believes this needs to flow through to turnover and help offset the deterioration experienced in the first half. Neutral maintained. Target is $3.95.

Target price is $3.95 Current Price is $3.84 Difference: $0.11
If CAB meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.75, suggesting downside of -2.7% (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

Deutsche Bank rates CDD as Hold (3) -

First half operating earnings from continuing operations were better than Deutsche Bank expected. The broker observes the restructuring of the business is starting to deliver and cost benefits coming through with FY18  should reflect the full benefits.

Although margins are at historically low levels, the business is exposed to parts of the Australian and US economies that are expected to perform reasonably well as the outlook improves.

Deutsche Bank retains a Hold rating and raises the target to $1.00 from $0.65.

Target price is $1.00 Current Price is $1.05 Difference: minus $0.05 (current price is over target).
If CDD meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.15, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

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

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

Morgans found the first half results reasonable, given the amount of restructuring that is occurring inside the business.

The announcement of an on-market buy-back, and leverage to infrastructure spending in both Australia and the Americas, suggests to the broker the company is moving into a much better position.

Guidance for FY17 has been maintained. While the stock is not technically cheap, on the basis it offers not only Australian but American infrastructure exposure as well, the rating is upgraded to Add from Hold. Target rises to $1.29 from $0.73.

Target price is $1.29 Current Price is $1.05 Difference: $0.24
If CDD meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.15, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates DWS as Upgrade to Buy from Hold (1) -

The company has entered into a binding agreement to acquire SMS Management and Technology (SMX)). Ord Minnett estimates the transaction could be 20% accretive, based on just near-term synergies alone.

SMX has performed very poorly of late and the broker believes there is potential for a further $18-20m of incremental EBITDA if DWS can turn it around. Given the prospect of material synergy upside, even if terms have to be made more favourable in order to secure the business, the broker believes there is enough potential to offset the risks.

Rating is reinstated to Buy from Hold. Target  is raised to $1.61 from $1.60.

Target price is $1.61 Current Price is $1.48 Difference: $0.13
If DWS meets the Ord Minnett target it will return approximately 9% (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

Morgan Stanley rates DXS as Overweight (1) -

Morgan Stanley observes Sydney office re-leasing spreads are now significantly positive with an increasing number of deals achieving effective spreads of over 20%.

From its meeting with management, the broker also notes decreasing capital expenditure will drive distribution growth in excess of free funds growth and the benefits of scale are becoming more apparent.

Morgan Stanley retains a Overweight rating and $9.00 target. Industry view: Cautious.

Target price is $9.00 Current Price is $9.38 Difference: minus $0.38 (current price is over target).
If DXS meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.08, suggesting downside of -3.5% (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

Deutsche Bank rates GNC as Hold (3) -

Maiden FY17 guidance of $385-425m  in EBITDA has been provided, with net profit in the range of $130-160m.

The improved guidance  is based on a record crop production estimate of 28.0m  tonnes, which leads to increased throughput and operating leverage for the company.

Deutsche Bank notes, offsetting the improved grain outlook is the oils business, which continues to experience headwinds, and estimates have been lowered for FY18, and onwards.

Deutsche Bank retains a Hold rating on the target edges down to $10.10 from $10.20.

Target price is $10.10 Current Price is $8.99 Difference: $1.11
If GNC meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.96, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in September.

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 GNC as Hold (3) -

FY17 earnings guidance was stronger than expected and Morgans upgrades forecasts. FY17 underlying EBITDA guidance is $385-425m.

The broker believes structural threats from increased competition have been overstated and the  guidance demonstrates the company's strong leverage to a large crop.

Morgans retains a Hold rating and raises the target to $9.75 from $9.70.

Target price is $9.75 Current Price is $8.99 Difference: $0.76
If GNC meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.96, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in September.

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 GTY as Upgrade to Outperform from Neutral (1) -

Gateway's underlying earnings were below expectation but the company is now on a firmer footing, Macquarie suggests. Settlements were down on last year but accelerated in the second quarter. The balance sheet provides scope for further acquisitions.

The broker now has greater confidence in overhead, capex and inventory assumptions, and has long been positive on the managed housing estate model, given trends in ageing, housing affordability and government support. Upgrade to Outperform. Target falls to $2.19 from $2.40.

Target price is $2.19 Current Price is $2.05 Difference: $0.14
If GTY meets the Macquarie target it will return approximately 7% (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

UBS rates GTY as Buy (1) -

First half revenue was slightly ahead of expectations. Rental earnings were driven by a 3.4% lift in average rents across an expanded footprint of long-term sites. Development benefitted from a strong second quarter of settlements.

UBS remains positive on the affordable retirement theme. Buy rating retained. Target is reduced to $2.25 from $2.50.

Target price is $2.25 Current Price is $2.05 Difference: $0.2
If GTY meets the UBS target it will return approximately 10% (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

Ord Minnett rates HUB as Buy (1) -

Platform margin was 63 basis points annualised in the first half, ahead of expectations of 58.5 basis points. Ord Minnett, while impressed, does not expect margins to stay at this level for the long term.

Nevertheless, the broker believes the company is in good position to win more business and fare well in a market where its share is less than 1%.

The broker believes the stock has been unfairly de-rated in recent months and reiterates a Buy rating. Target is reduced to $6.41 from $6.46.

Target price is $6.41 Current Price is $4.55 Difference: $1.86
If HUB meets the Ord Minnett target it will return approximately 41% (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

UBS rates HZN as Neutral (3) -

First half loss was greater than UBS expected, driven by higher-than-expected finance charges and tax expenses.

The analysts state focus remains on extracting the remaining value from producing assets, approval of Beibu phase 2, and unlocking value in PNG.

UBS retains a Neutral rating and 7c target.

Target price is $0.07 Current Price is $0.07 Difference: $0.005
If HZN meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $0.07, suggesting upside of 4.5% (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

UBS rates IFM as Buy (1) -

First half results were broadly in line. UBS observes the company is now able to drive top line growth and deliver the underlying operating leverage that is inherent in the business.

The broker suspects the market has missed the earnings uplift that the Nissan EPC contract should deliver, although real upside may not be evident until FY19.

The valuation appears compelling to the broker and a Buy rating is retained. Target is raised to $0.90 from $0.80.

Target price is $0.90 Current Price is $0.79 Difference: $0.11
If IFM meets the UBS target it will return approximately 14% (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

Macquarie rates JHC as Outperform (1) -

Japara's result missed the broker on lower occupancy, with management electing not to cut staff rosters. The broker's full year forecast remains at the bottom end of the guidance range.

While conceding the miss, the broker retains Outperform. Japara is trading on the lowest PE multiple in the sector while having a more attractive level of bank debt and accommodation deposits, says Macquarie. Target unchanged at $2.50.

Target price is $2.50 Current Price is $1.90 Difference: $0.6
If JHC meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $2.21, suggesting upside of 16.7% (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 JHC as Underweight (5) -

The company reported declining EBITDA margins and downgraded guidance for the full year.  First half net profit was broadly in line with Morgan Stanley. The outlook of low growth and risks to funding warrants a discounted rating, the broker believes.

The broker expects low growth over the next three years, with the risk to the downside should the company find it hard to manage costs and underlying revenue stagnates because of changes to the aged care funding instrument.

Underweight rating retained. Target is reduced to $1.75 from $2.05. Industry view is In-Line.

Target price is $1.75 Current Price is $1.90 Difference: minus $0.15 (current price is over target).
If JHC meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.21, suggesting upside of 16.7% (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

Morgans rates JHC as Hold (3) -

First half results were below expectations. Revised FY17 guidance, with EBITDA growth restated at 7-10% from the original guidance of above 10%, means Morgans lowers forecasts.

Hold rating retained. Target is reduced to $2.18 from $2.47.The downside risk to the broker's target is an inability to pass additional costs onto residents while the upside risk lies with the attractive acquisition opportunities that are emerging.

Target price is $2.18 Current Price is $1.90 Difference: $0.28
If JHC meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.21, suggesting upside of 16.7% (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

UBS rates JHC as Buy (1) -

First half EBITDA was below expectations. The company has downgraded FY17 EBITDA guidance to "between 7-10%" from 11% growth.

UBS moderates its outlook in line with the company's revised development pipeline, higher staff costs and lower group occupancy. Buy rating retained. Target is reduced to $2.40 from $2.65.

Target price is $2.40 Current Price is $1.90 Difference: $0.5
If JHC meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $2.21, suggesting upside of 16.7% (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

Citi rates LLC as Neutral (3) -

Citi analysts seem content with the reported financials, plus they believe management’s commentary about earnings visibility looks plausible.

The analysts note EBITDA margins remain below the targeted 3-4% range while uncertainty reigns regarding the outlook for Australian apartment markets, hence the international operations will have to step up.

Rolling forward the valuation modeling generates a new price target of $15.83, from $15.46 prior. Neutral rating retained.

Target price is $15.83 Current Price is $15.35 Difference: $0.48
If LLC meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $16.45, suggesting upside of 7.8% (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

Macquarie rates LLC as Outperform (1) -

The broker retains its Outperform rating following Lend Lease's result, given enhanced visibility in earnings. Settlement defaults on apartments have been negligible.

It is the fear of rising apartment defaults that has led Lend Lease to underperform of late, the broker notes, despite a strong earnings and cash profile. The result highlights a strong backlog to underpin FY17 and beyond.

Target falls to $16.28 from $16.32.

Target price is $16.28 Current Price is $15.35 Difference: $0.93
If LLC meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $16.45, suggesting upside of 7.8% (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

Ord Minnett rates LLC as Accumulate (2) -

First half net profit was ahead of forecasts. Ord Minnett observes the result was boosted by significant profit from the sale of Circular Quay tower.

All three operating divisions posted double-digit EBIT growth. The construction backlog is $20.5bn, up 10% on a year ago, while the construction margin improved to 2.7% from 2.0%.

Ord Minnett believes the stock is cheap and likes its exposure to the urban regeneration theme. Accumulate rating retained. Target is $17.20.

Target price is $17.20 Current Price is $15.35 Difference: $1.85
If LLC meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $16.45, suggesting upside of 7.8% (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 LLC as Buy (1) -

First half net profit was ahead of UBS estimates. Growth was driven by Australian development, investment management and construction in the Americas. This was countered by a disappointing result in Australian construction and European development.

Earnings out to FY19 appear strong to the broker and a Buy rating is retained. Target is raised to $16.70 from $15.80.

Target price is $16.70 Current Price is $15.35 Difference: $1.35
If LLC meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $16.45, suggesting upside of 7.8% (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 MDL as Add (1) -

Mineral Deposit's 2016 loss was as expected by the broker. The -US$27.1m loss incorporated a loss of -US$39.1m attributable to the company's TiZir joint venture.

Tyssedal Titaniums furnace was damaged in August, but has since been repaired, and product sales are expected to resume in April 2017.

TiZir's joint venture partner, Eramet, has advanced MDL $13.5m to fund its contribution to TiZir's obligations to the 'equity cure' agreed with bondholders. The company's ability to meet its debt obligations in 2017 remains a concern for the broker.

Add rating is maintained and target raised to 96c from 92c.

Target price is $0.96 Current Price is $0.45 Difference: $0.51
If MDL meets the Morgans target it will return approximately 113% (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

Ord Minnett rates MDL as Buy (1) -

2016 loss was a little higher than expected. Ord Minnett observes the company continues to be challenged by a stretched balance sheet although  improvements in operations and the tailwind of rising prices will positively tilt the balance of risks.

The broker expects TiZir to be profitable next half, driven by improving mineral sands prices and recovering sales volumes at Tyssedal. Speculative Buy rating retained. Target falls to $0.65 from $0.70.

Target price is $0.65 Current Price is $0.45 Difference: $0.2
If MDL meets the Ord Minnett target it will return approximately 44% (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

Morgans rates MTO as Add (1) -

First half results beat forecasts by 10%.  Morgans incorporates the two recently-announced dealership acquisitions into forecasts, which are around 7% accretive combined.

The broker also revises up revenue growth and margin forecasts for FY17. While expecting second half sales growth to moderate, the broker believes the stock will outperform the buoyant industry growth rates.

Add rating retained. Target rises to $4.67 from $4.15.

Target price is $4.67 Current Price is $4.20 Difference: $0.47
If MTO meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

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 NXT as Outperform (1) -

First half results were ahead of expectations. Guidance is unchanged for full year EBITDA of $46-50m. Credit Suisse believes this is well within reach.

Resolving or reducing investor concerns around the issues of occupancy and the sub-optimal capital structure will be key catalysts over the next 2-3 years in the broker's opinion. Outperform maintained.Target is $4.70.

Target price is $4.70 Current Price is $3.80 Difference: $0.9
If NXT meets the Credit Suisse target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $4.43, suggesting upside of 20.1% (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

Citi rates PRU as Upgrade to Neutral from Sell (3) -

Citi upgrades to Neutral/High Risk from Sell as a seemingly much worse than expected financial performance didn't quite turn out as disastrous, once corrected for legal costs and other abnormal items.

Sissingué will require funding and Citi analysts are anticipating $30m of new debt capital, though an equity raise is not out of the question, in their view. Target price rises to 39c from 37c.

Target price is $0.39 Current Price is $0.36 Difference: $0.035
If PRU meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $0.52, suggesting upside of 63.4% (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

Credit Suisse rates PRU as Outperform (1) -

The first half net loss was better than Credit Suisse expected, on the back of non-cash hedging gains and FX. The broker notes the balance sheet has been preserved for the Sissingue development.

Credit Suisse retains an Outperform rating and $0.85 target.

Target price is $0.85 Current Price is $0.36 Difference: $0.495
If PRU meets the Credit Suisse target it will return approximately 139% (excluding dividends, fees and charges).

Current consensus price target is $0.52, suggesting upside of 63.4% (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 PRU as Neutral (3) -

Perseus' earnings result was better than the broker expected despite the big loss on the profit line. The broker does nevertheless believe asset write-downs will be booked at the FY result. 

A better second half is required, the broker suggests, and the revised mine plan at Edikan does seem to address recent issues. The company has stated it is on track to meet revised production guidance but the ever changing geology of Edikan leaves the broker with less confidence. Neutral retained. Target unchanged at 33c.

Target price is $0.33 Current Price is $0.36 Difference: minus $0.025 (current price is over target).
If PRU meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.52, suggesting upside of 63.4% (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 PRU as Neutral (3) -

The first half loss was less than expected. This was a result of favourable FX gains and working capital movements. The company expects production to lift and costs to fall.

UBS has been disappointed before but believes if the company can finally pull it off there will be genuine value to be found. At Sissingue the company is expected to deliver a revised mine plan that includes Bele. UBS expects the incorporation of Bele to compensate for part of the resource downgrade at Sissingue.

Neutral rating retained. Target rises to $0.37 from $0.34.

Target price is $0.37 Current Price is $0.36 Difference: $0.015
If PRU meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $0.52, suggesting upside of 63.4% (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

Citi rates QBE as Buy (1) -

QBE's FY report has triggered small increases to forecasts. The analysts explain they had to incorporate slightly stronger top line growth, lower insurance margins, higher investment yields, a lower tax rate plus a share buyback.

Target price lifts to $14.10 from $13.30 as the analysts observe it appears business momentum is improving, while (unfortunately) leverage to interest rates has reduced.

Target price is $14.10 Current Price is $12.60 Difference: $1.5
If QBE meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $13.16, suggesting upside of 6.3% (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

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

On Credit Suisse's assessment, QBE's financial report, underlying, missed expectations. The 2016 result benefited from discount rate gains, further reserve releases and significant profitability on the crop portfolio, explain the analysts. These are all considered one-offs.

The analysts believe the insurer needs a lot of help to achieve FY17 guidance, including further reserve releases and marked improvement in the premium environment. Needless to say, CS remains critical of general optimism about QBE's outlook. Target $12.60 (unchanged).

Target price is $12.60 Current Price is $12.60 Difference: $0
If QBE meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $13.16, suggesting upside of 6.3% (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

Deutsche Bank rates QBE as Hold (3) -

2016  results beat expectations. Insurance margin rose to 9.7% while the underlying margin rose to 8.8% from 8.4%. Deutsche Bank notes this was the first lift in underlying margin since 2010 and marks a turning point.

The company has announced a $1bn on-market buy-back.

Deutsche Bank recognises the potential upside to earnings from interest rates but remains cautious in the wake of the recent appreciation in the share price.

Hold rating retained. Target is $13.10.

Target price is $13.10 Current Price is $12.60 Difference: $0.5
If QBE meets the Deutsche Bank target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $13.16, suggesting upside of 6.3% (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

Macquarie rates QBE as Outperform (1) -

QBE's underlying result was slightly ahead of the broker. Conditions are supportive of rising premium rates and yields are rising, the broker notes. Gross written premiums are fairly stable and QBE expects further profitability improvement in FY17-18.

A buyback has been announced to supplement rising dividends, given a lack of franking credits. The broker believes valuation remains attractive and retains Outperform. Target rises to $13.45 from $12.47.

Target price is $13.45 Current Price is $12.60 Difference: $0.85
If QBE meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $13.16, suggesting upside of 6.3% (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

Morgan Stanley rates QBE as Overweight (1) -

Morgan Stanley believes the softer 2016 underlying margin makes the 2018 target more of a stretch.With half of the  2017 margin uplift driven by reinsurance savings the broker believes the improvement is lacking in quality.

Morgan Stanley targets 2017/18 margins of 9.0%/10.4%. The $1bn buy-back announced over three years came earlier than the broker expected.

Overweight retained. Target is raised to $13.90 from $13.50. In-Line industry view.

Target price is $13.90 Current Price is $12.60 Difference: $1.3
If QBE meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $13.16, suggesting upside of 6.3% (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) -

2016 insurance margins of 9.1% were within guidance but were boosted by releases and crop trends, which masked underlying deterioration in Australia, Ord Minnett observes.

The broker still struggles with the valuation on the stock and remains concerned about international conditions. Lighten rating retained. Target is raised to $11.32 from $10.75, after allowing for the share buy-back.

Target price is $11.32 Current Price is $12.60 Difference: minus $1.28 (current price is over target).
If QBE meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.16, suggesting upside of 6.3% (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 QBE as Buy (1) -

Gross written premium and reported margins were in line with UBS. Rather than introducing significant upside to FY17 estimates, either via a beat or stronger guidance, the first half result was mostly about validation, in the broker's view.

A $1bn buy-back is positive news but the broker considers this is bitter-sweet, as it reflects the elusiveness of top-line growth.

The valuation appears fuller now but UBS retains a Buy rating, as margin risks appear more weighted to the upside in the medium term. Target is $13.85.

Target price is $13.85 Current Price is $12.60 Difference: $1.25
If QBE meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $13.16, suggesting upside of 6.3% (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

Deutsche Bank rates RIO as Buy (1) -

Freeport has failed to reach an agreement to export copper concentrate from Indonesia. Deutsche Bank now values Rio Tinto's share of Grasberg at US$5.7bn, down from the US$6.2bn previously.

Grasberg remains a key part of the company's copper strategy in the broker's opinion, but Rio Tinto may not receive any meaningful share of metal until 2021.

The broker reduces the company's 2017 copper production estimates by 33,000 tonnes and earnings by -4%. A Buy rating is retained on valuation. Target is $70.

Target price is $70.00 Current Price is $62.49 Difference: $7.51
If RIO meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $71.42, suggesting upside of 15.0% (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: 0.7

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

Citi rates SKI as Neutral (3) -

The performance itself seems to have come out below Citi's expectations, but cash flows surprised to the upside. All in all, the analyst saw no major surprises and that's how it should be, they add, given this is a regulated utility.

As forecasts have been left largely unchanged, the price target gains 1% to $2.41. Neutral rating retained. The biggest risk, as Citi's sees it, is for Spark Infra to overpay for growth.

Target price is $2.41 Current Price is $2.34 Difference: $0.07
If SKI meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.50, suggesting upside of 10.7% (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 SKI as Neutral (3) -

2016 EBITDA was below forecasts. Credit Suisse notes, as is becoming usual with this company, the underperformance can be explained by non-recurring items.

The broker observes more clarity is provided on the scale of the Transgrid renewable connection opportunity over the next 5-10 years, while a decision on the Gamma appeals is expected in this quarter. Neutral rating retained. Target is reduced to $2.40 from $2.50.

Target price is $2.40 Current Price is $2.34 Difference: $0.06
If SKI meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.50, suggesting upside of 10.7% (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

Deutsche Bank rates SKI as Buy (1) -

2016 operating earnings missed Deutsche Bank's forecasts, attributed to the impact of the South Australian storm and a reclassification of funds to operating expenditure from capital expenditure.

The broker observes these factors have a minimal impact on the strength of future cash flow. The main attraction of the stock is the strong distribution cash coverage.

Further upside potential is envisaged for future distributions. Buy rating retained. Target is $2.55.

Target price is $2.55 Current Price is $2.34 Difference: $0.21
If SKI meets the Deutsche Bank target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.50, suggesting upside of 10.7% (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 SKI as Outperform (1) -

While Spark's headline result disappointed due to one-offs, operating cash flow exceed expectations thanks to a strong working capital performance. Dividend guidance has been maintained.

The broker retains Outperform, citing strong cash flow ensuring a well covered dividend and certainty over the regulation reset, which offers scope for increased dividends. Target rises to $2.75 from $2.65.

Target price is $2.75 Current Price is $2.34 Difference: $0.41
If SKI meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.50, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

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

2016 results were slightly below expectations. The company has the lowest regulatory risk in Morgan Stanley's sector coverage, although regulatory risk is generally low anyway. Strong asset performance, which underpins the upside risk in distributions, is somewhat offset by uncertainty on the company's acquisition strategy.

The broker downgrades to Equal-weight from Overweight, as the recent move in the security price makes investment look less compelling, and raises the target to $2.40 from $2.21. Industry view is Cautious.

Target price is $2.40 Current Price is $2.34 Difference: $0.06
If SKI meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.50, suggesting upside of 10.7% (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

Ord Minnett rates SKI as Hold (3) -

2016 results were in line with forecasts. Management expects cash from its investments to decline in 2017, which suggests to Ord Minnett that there is not likely to be another guidance upgrade this year as was seen in mid-2016.

The broker likes the strong operation and the opportunities for growth but believes the stock is fairly valued. Hold rating and $2.50 target retained.

Target price is $2.50 Current Price is $2.34 Difference: $0.16
If SKI meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.50, suggesting upside of 10.7% (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 SLC as Hold (3) -

First half results were broadly in line. Morgans observes the company now has an impressive network  in Australia, Singapore and Hong Kong and its unique value proposition should now come into play.

In order to justify the premium to telecommunications peers,  the company needs to grow at a faster rate. Morgans believes this to be case and awaits successful execution of the sale strategy to deliver on this growth.

Hold rating retained. Target falls to $2.74 from $2.81.

Target price is $2.74 Current Price is $2.52 Difference: $0.22
If SLC meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

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

Macquarie rates SMX as No Rating (-1) -

DWS Ltd ((DWS)) has agreed to acquire SMS in a part cash, part scrip offer. The broker is advising and as such is restricted from making a recommendation.

Current Price is $1.55. Target price not assessed.

Current consensus price target is $1.28, suggesting downside of -18.3% (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

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

The company's first half results were in with the broker's forecasts. The board of the company has recommended a cash and scrip scheme offer from DWS Ltd ((DWS)) valuing SMS at $1.58 per share, a 23% premium to the close on February 22nd.

SMS has the discretion to pay a special dividend of up to 10.2cps before the scheme implementation. Management provided no formal guidance for the second half or FY17.

Equal-weight and In-Line industry view retained. Target is $1.15.

Target price is $1.15 Current Price is $1.55 Difference: minus $0.4 (current price is over target).
If SMX meets the Morgan Stanley target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.28, suggesting downside of -18.3% (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

UBS rates SMX as Neutral (3) -

First half results were weak and as guided, but were offset by a takeover bid from DWS Ltd ((DWS)). No FY17 guidance was forthcoming.

DWS are offering $1 in cash and 0.39 DWS shares in the scheme of arrangement. UBS notes operating conditions are challenging, but restructuring within the business seems to be having an effect on the company's ability to win new contracts.

However, the broker believes more changes are required in the second half and retains the Neutral rating and $1.40 target.

Target price is $1.40 Current Price is $1.55 Difference: minus $0.15 (current price is over target).
If SMX meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.28, suggesting downside of -18.3% (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

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

Senex has sanctioned phase two of the Western Surat gas project, together with a $50m investment. First production is modest, but the scale of the reserves remains significant if Senex can successfully demonstrate commerciality.

The company secured $55m from EIG capital partners and institutional investors, and a share purchase plan is underway to raise up to a further $40m. Senex's oil production continues to fall, and costs to rise, and Morgan Stanley believes further exploration and development are required.

The broker retains an Equal-weight rating and In-Line industry view. Target raised to 31c from 25c.

Target price is $0.31 Current Price is $0.33 Difference: minus $0.02 (current price is over target).
If SXY meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.35, suggesting upside of 2.8% (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

Morgans rates TGR as Hold (3) -

First half results were better than Morgans expected. Earnings growth reflected higher salmon prices rather than increased sales.

Improved growing conditions and high salmon prices are expected to underpin a stronger second half. Morgans has upgraded FY17 underlying NPAT forecast by 3% and FY18 by 17% following management's guidance around higher volumes and prices.

Hold rating is retained and target rises to $5.10 from $4.15.

Target price is $5.10 Current Price is $4.79 Difference: $0.31
If TGR meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.24, suggesting upside of 8.8% (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 WOR as Hold (3) -

The Dar Group Is reported to have raised its stake to 13.35% of the company. WorleyParsons board rejected an offer in November last year from Dar at $11.80 a share, concluding the proposal materially undervalued the business.

Following the weaker-than-expected first-half result and share price reaction, Deutsche Bank believes Dar decided to acquire a strategic stake for long-term investment purposes.

There is a perception WorleyParsons needed to raise equity, although the company has denied this, Deutsche Bank notes. There is no indication of renewed discussions on a change of control.

Hold rating and $8.60 target retained.

Target price is $8.60 Current Price is $8.07 Difference: $0.53
If WOR meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $9.42, suggesting downside of -10.6% (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