Australian Broker Call

Credit Suisse rates A2M as Outperform (1) -

Credit Suisse estimates volume growth has accelerated in recent months in infant formula. Coupled with expectations for better margins in FY18, the broker anticipates a significant positive revision to consensus earnings estimates.

The broker's view on the stock is based on a successful roll-out of its A2-type dairy products in Australia, UK, US and China.

Credit Suisse retains an Outperform rating and raises the target to NZ$4.88 from NZ$4.10.

Current Price is $3.91. Target price not assessed.

Current consensus price target is $3.65, suggesting downside of -12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.5

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

UBS rates AAD as Sell (5) -

The company faces an activist shareholder that is trying to reshape the board while revenue declines continue at its Main Event business.

Given the weaker operating performance and increasing competition, UBS no longer believes a 200-centre roll-out should be used as a base case for Main Event.

The broker maintains a Sell rating and reduces the target to $1.60 from $1.70.

Target price is $1.60 Current Price is $2.12 Difference: minus $0.52 (current price is over target).
If AAD meets the UBS target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.73, suggesting downside of -18.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Citi rates ABP as Neutral (3) -

A thorough analysis of listed property owners in Australia has led to several non-consensus views at Citi. The analysts are of the opinion the Sydney cycle for offices has a longer life ahead than most are willing to consider.

A second stand-out conclusion is that funds management appears undervalued when it happens under the wings of a property owner compared with stand-alone listed peers.

Investors should note today's sector update does not incorporate a "back to normal" scenario for interest rates and bond yields. As a result of the sector analysis, Abacus Property's price target lifts to $3.19 from $3.13. Neutral rating retained.

Target price is $3.19 Current Price is $3.01 Difference: $0.18
If ABP meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.16, suggesting upside of 4.2% (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

Morgans rates AHZ as Downgrade to Reduce from Hold (5) -

Ademus' June Q sales result was in line with Morgans but costs remain elevated. Key achievements in the quarter include FDA approval for CardioCel 3D and additional staff appointments, while the pending opening of the Royal Adelaide Hospital is important to maintain momentum, the broker suggests.

Morgans has nevertheless taken a more cautious stance on the return to profitability, thus lowering its valuation and target price to 23c from 36c. This results in a downgrade to Reduce from Hold and the broker believes there are better opportunities elsewhere.

Target price is $0.23 Current Price is $0.27 Difference: minus $0.04 (current price is over target).
If AHZ meets the Morgans target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -1.0

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

Ord Minnett rates AMC as Hold (3) -

Ord Minnett expects earnings to be up 4.7% in FY17 and will be particularly interested in the integration of recent acquisitions and the company's appetite for further deals. The broker maintains a Hold rating and raises the target to $15.75 from $15.20.

Target price is $15.75 Current Price is $15.64 Difference: $0.11
If AMC meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $16.34, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.4

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

Morgans rates APA as Hold (3) -

APA has tightened guidance ahead of its FY17 result and has a track record of hitting it, so the broker suggests little downside surprise risk. The broker's, and consensus, forecast is at the top end of the range.

Valuation has been updated to account for projects APA has committed to during FY17-18 but the broker would like to see a lower price point before entering the stock. Hold and $8.52 target retained.

Target price is $8.52 Current Price is $8.76 Difference: minus $0.24 (current price is over target).
If APA 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 $9.08, suggesting upside of 3.1% (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 AZJ as Underperform (5) -

The company surprised with a pre-result review and operating earnings are $15m better than Macquarie forecast. There is another asset write-down of -$526m associated with bulks.

The main positive is coal earnings are strong and cost reductions are coming through, the broker observes. Underperform retained. Target edges up to $5.05 from $5.02.

Target price is $5.05 Current Price is $5.05 Difference: $0
If AZJ meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.89, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.6

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

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

The company will recognise a -$526m impairment to its bulk assets. Morgan Stanley believes investor sentiment will be negative leading into the FY17 results on August 14.

The company has advised of unaudited FY17 operating earnings of $836m, which is in line with guidance. Equal-weight rating retained. Target is $5.16. Industry view is Cautious.

Target price is $5.16 Current Price is $5.05 Difference: $0.11
If AZJ meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.89, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.6

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

Ord Minnett rates AZJ as Sell (5) -

The company has flagged underlying operating earnings of $836m for FY17. This is within the guidance range but it is unclear to Ord Minnett what will be included in the "underlying".

The broker maintains a Sell rating and $4.15 target, given the downside risk associated with UT5, the freight review, iron ore volumes and the likelihood of increased competition in above-rail coal margins.

Target price is $4.15 Current Price is $5.05 Difference: minus $0.9 (current price is over target).
If AZJ meets the Ord Minnett target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.89, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.6

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

UBS rates AZJ as Sell (5) -

The company expects to report FY17 operating earnings of $836m, in line with UBS forecasts. Above-rail coal volumes are at the top end of guidance for 190-200m tonnes.

The main surprise in the update was a larger-than-expected -$606m in asset impairments and redundancy costs, with -$526m relating to non-cash impairments in the bulks.

UBS expects the company to maintain its dividend pay-out policy at this result but considers capital management is unlikely. Sell rating and $4.80 target retained.

Target price is $4.80 Current Price is $5.05 Difference: minus $0.25 (current price is over target).
If AZJ meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.89, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.6

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

Macquarie rates BAP as Neutral (3) -

The company has updated on the optimisation benefits expected following the acquisition of Hellaby Holdings. The company is also continuing the process of divesting non-core assets, although delays raise some concerns over the proceeds that are achievable.

Macquarie remains positive on the defensive nature of the company's trade business and believes its model will prove resilient in the face of online competition. Nevertheless, the broker is less enthusiastic for the near term as integration risks are prominent.

Neutral rating retained. Target is raised to $5.90 from $5.77.

Target price is $5.90 Current Price is $5.53 Difference: $0.37
If BAP meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.39, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Morgan Stanley rates BAP as Overweight (1) -

The company has outlined the potential for a net operating earnings benefit from the Hellaby acquisition of $7-10m over three years from optimisation. The upside is more than Morgan Stanley expected and should ensure solid growth beyond FY18.

The broker also envisages a positive catalyst from sales of non-core assets, which the company is currently in the process of negotiating. Overweight rating retained. Target is $7.00. Industry view: In-line.

Target price is $7.00 Current Price is $5.53 Difference: $1.47
If BAP meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $6.39, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Morgans rates BAP as Add (1) -

Bapcor has provided quantification of expected synergies from the Hellaby's acquisition which have come in better than the broker expected. Bapcor is also set to move swiftly on the divestment of non-core assets within the Hellaby's group.

Both are positives, the broker notes, and given management has highlighted no change to trading conditions, the broker expects a solid FY17 result. Add retained, target rises to $6.22 from $6.09.

Target price is $6.22 Current Price is $5.53 Difference: $0.69
If BAP meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.39, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

UBS rates BAP as Buy (1) -

The company has increased  its expected synergies for the Hellaby Holdings acquisition. The company also expects to divest the non-core NZ assets before the end of the year.

UBS believes a weak macro outlook will affect the company's retail-exposed areas of business although the economic cycle has not generally impacted car servicing habits.

Buy rating retained. Target is raised to $6.45 from $6.35.

Target price is $6.45 Current Price is $5.53 Difference: $0.92
If BAP meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.39, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Morgan Stanley rates BEN as Downgrade to Underweight from Equal-weight (5) -

Although both regional banks have re-priced more than the majors and obtain a larger benefit, Bendigo & Adelaide has a modest capital shortfall with no material relief from advanced accreditation.

Post the APRA announcement the broker estimates the bank is around 50 basis points short of capital as a standardised bank and advanced accreditation is unlikely to provide a material relief.

As a result, Morgan Stanley downgrades to Underweight from Equal-weight. Target is reduced to $10 from $11. Industry view is In-Line.

Target price is $10.00 Current Price is $11.42 Difference: minus $1.42 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.98, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.6

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

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

Morgan Stanley believes Bank of Queensland is best placed of the regionals on the new capital rules. The bank has less earnings risk and more focus on costs as well as a more attractive dividend yield versus its rival.

However, balancing this view is the bank's Queensland concentration and the end of the mortgage bull market. Target rises to $11.70 from $11.30. Equal-weight rating and In-Line industry view retained.

Target price is $11.70 Current Price is $12.15 Difference: minus $0.45 (current price is over target).
If BOQ meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.86, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in August.

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

Morgans rates BOQ as Hold (3) -

Standard accreditation banks will now require 7.5% tier one capital to be unquestionably strong, meaning Bank of Qld's plan to move to Advanced accreditation is less beneficial, the broker notes. But as the bank is sitting on 9.3% the broker still expects a capital release of around $1.40.

Interest-only loan repricing and less competition in term deposits is assisting the bank's net interest margin, the broker notes. Target rises to $12.00 from $11.20 and Hold retained.

Target price is $12.00 Current Price is $12.15 Difference: minus $0.15 (current price is over target).
If BOQ meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.86, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in August.

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

Citi rates BWP as Sell (5) -

A thorough analysis of listed property owners in Australia has led to several non-consensus views at Citi. The analysts are of the opinion the Sydney cycle for offices has a longer life ahead than most are willing to consider.

A second stand-out conclusion is that funds management appears undervalued when it happens under the wings of a property owner compared with stand-alone listed peers.

Investors should note today's sector update does not incorporate a "back to normal" scenario for interest rates and bond yields. As a result of the sector analysis, BWP's price target lost 2c to $2.62. Sell rating retained.

Target price is $2.62 Current Price is $2.92 Difference: minus $0.3 (current price is over target).
If BWP meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.77, suggesting downside of -5.8% (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 CAB as Neutral (3) -

Momentum in Uber has continued, as UBS calculates it has recorded the largest quarterly increase in taxi expenditure share since the start of data collection in January 2014.

The broker was hoping to witness reduced loss of market share and some signs that Cabcharge was winning back share from traditional competitors following the launch of its new driver terminal product.

This appears not to be the case. UBS retains a Neutral rating and lowers the target to $2.35 from $2.70.

Target price is $2.35 Current Price is $2.30 Difference: $0.05
If CAB meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.95, suggesting upside of 28.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Morgans rates CAR as Hold (3) -

The competitive landscape for Carsales appears less threatening than the broker had assumed, which has allowed the company to affect a de-facto price increase for private ads by moving to tiered pricing. As a result the broker has lifted earnings forecasts.

The broker retains a positive longer term view given Carsales' domination of the space but the stock is currently well valued so Hold retained. Target rises to $12.88 from $11.14.

Target price is $12.88 Current Price is $12.48 Difference: $0.4
If CAR meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $12.49, suggesting downside of -0.4% (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

Citi rates CHC as Buy (1) -

A thorough analysis of listed property owners in Australia has led to several non-consensus views at Citi. The analysts are of the opinion the Sydney cycle for offices has a longer life ahead than most are willing to consider.

A second stand-out conclusion is that funds management appears undervalued when it happens under the wings of a property owner compared with stand-alone listed peers.

Investors should note today's sector update does not incorporate a "back to normal" scenario for interest rates and bond yields. As a result of the sector analysis, Charter Hall's price target lifts to $6.02 from $5.78. Buy rating retained.

Target price is $6.02 Current Price is $5.23 Difference: $0.79
If CHC meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.57, suggesting upside of 5.5% (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

Credit Suisse rates COH as Underperform (5) -

Credit Suisse updates its FX forecasts, resulting in -5% downgrades to earnings estimates for FY18.

Underperform retained. Target is reduced to $129.00 from $133.90.

Target price is $129.00 Current Price is $152.52 Difference: minus $23.52 (current price is over target).
If COH meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $132.78, suggesting downside of -11.8% (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

Citi rates CQR as Neutral (3) -

A thorough analysis of listed property owners in Australia has led to several non-consensus views at Citi. The analysts are of the opinion the Sydney cycle for offices has a longer life ahead than most are willing to consider.

A second stand-out conclusion is that funds management appears undervalued when it happens under the wings of a property owner compared with stand-alone listed peers.

Investors should note today's sector update does not incorporate a "back to normal" scenario for interest rates and bond yields. As a result of the sector analysis, Charter Hall Retail's price target drops to $4.18 from $4.29. Neutral rating retained.

Target price is $4.18 Current Price is $4.13 Difference: $0.05
If CQR meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.26, suggesting upside of 2.4% (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

Citi rates CSL as Buy (1) -

For a while now Citi analysts have been pointing at the launch of Haegarda in the US as a potential positive catalyst for CSL. The company has now announced the product has been approved in late June.

Haegarda is a subcutaneous formulation for use as a prophylaxis in the treatment of Hereditary Angioedema,, explain the analysts. It is, on Citi's assessment, some -25% cheaper than competing product Cinryze and the analysts are thus anticipating quick adoption and rapidly rising revenues.

The window of opportunity is only estimated to be some 15 months before competitor Shire will be able to launch SHP643, a longer-acting product. But Citi analysts believe CSL has numerous other products in its development pipeline that should offset the anticipated decline for Haegarda sales at that time.

Buy rating retained, as well as the $148 price target.

Target price is $148.00 Current Price is $130.01 Difference: $17.99
If CSL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $139.03, suggesting upside of 7.9% (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: 0.6

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

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

A thorough analysis of listed property owners in Australia has led to several non-consensus views at Citi. The analysts are of the opinion the Sydney cycle for offices has a longer life ahead than most are willing to consider.

A second stand-out conclusion is that funds management appears undervalued when it happens under the wings of a property owner compared with stand-alone listed peers.

Investors should note today's sector update does not incorporate a "back to normal" scenario for interest rates and bond yields. As a result of the sector analysis, Dexus has been elevated to Neutral from Sell. Price target jumps to $9.59 from $8.73.

Target price is $9.59 Current Price is $9.37 Difference: $0.22
If DXS meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $9.61, suggesting upside of 1.3% (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

Morgans rates EVN as Hold (3) -

A record June Q result means Evolution will hit the top end of production guidance and the low end of cost guidance, the broker notes. The turnaround at Edna May is encouraging but declining grades at Mulgari mean additional sources need to be found.

Evolution remains the broker's top pick in the gold space but fair valuation keeps the broker on Hold. Target falls to $2.32 from $2.33.

Target price is $2.32 Current Price is $2.25 Difference: $0.07
If EVN meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.9

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

Citi rates FXJ as Upgrade to Buy from Neutral (1) -

Citi analysts are taking the view that a hot property market has been a significant headwind for the past three years. Now the cycle is reversing, they expect this to become a tailwind from FY18 onwards.

On the back of anticipated improved operational momentum, with listings growth likely to pick up, Citi has upgraded News and Fairfax to Buy. Price target for Fairfax jumps to $1.10 from $1.06.

Target price is $1.10 Current Price is $0.98 Difference: $0.12
If FXJ meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.15, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

Citi rates GMG as Upgrade to Buy from Neutral (1) -

A thorough analysis of listed property owners in Australia has led to several non-consensus views at Citi. The analysts are of the opinion the Sydney cycle for offices has a longer life ahead than most are willing to consider.

A second stand-out conclusion is that funds management appears undervalued when it happens under the wings of a property owner compared with stand-alone listed peers.

Investors should note today's sector update does not incorporate a "back to normal" scenario for interest rates and bond yields. As a result of the sector analysis, Goodman Group has been elevated to Buy (from Neutral) and has also been added to Citi's Focus List Australia/NZ, joining Stockland ((SGP)) which already was on the broker's list of "conviction" Buys.

Price target for Goodman Group has jumped to $8.95 from $7.74.

Target price is $8.95 Current Price is $7.92 Difference: $1.03
If GMG meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.23, suggesting upside of 2.7% (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 GPT as Neutral (3) -

A thorough analysis of listed property owners in Australia has led to several non-consensus views at Citi. The analysts are of the opinion the Sydney cycle for offices has a longer life ahead than most are willing to consider.

A second stand-out conclusion is that funds management appears undervalued when it happens under the wings of a property owner compared with stand-alone listed peers.

Investors should note today's sector update does not incorporate a "back to normal" scenario for interest rates and bond yields. As a result of the sector analysis, GPT's price target lifts to $5.16 from $5.05. Neutral rating retained.

Target price is $5.16 Current Price is $4.79 Difference: $0.37
If GPT meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.17, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Ord Minnett rates HSO as Hold (3) -

Medicare data suggest a stronger second half for the hospital sector and Ord Minnett envisages potential for the company to exceed its conservative forecasts.

The broker remains wary of raising expectations in the light of the uncertainty created by management changes and the challenges associated with the large investment program.

The broker forecasts less than 3% revenue growth from the company's hospitals in the second half of FY17. Hold rating and $2.45 target retained.

Target price is $2.45 Current Price is $2.11 Difference: $0.34
If HSO meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting upside of 16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates IGO as Buy (1) -

Citi analysts suggest the June quarter production achievement wasn't all bad, but nevertheless the numbers released missed market consensus expectations, as well as Citi's own estimates.

Softer company guidance was an additional negative. Citi suggests the Nova ramp-up and expected Long Island Study (Tropicana) should help drive the share price in Q4 of 2017.

Reduced estimates lower the price target to $3.82 from $4.16. Buy rating retained.

Target price is $3.82 Current Price is $3.17 Difference: $0.65
If IGO meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 15.1% (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

Credit Suisse rates IGO as Outperform (1) -

Credit Suisse was disappointed in the June quarter production numbers and outlook. The main positive exception was a strong performance of the company's 30% interest in Tropicana. Yet, the broker notes this was also undermined by advice of a three-month delay to the Long Island study and reserve release.

The company has warned of a likely reserve downgrade at Nova. Assumed tonnage within the extraction plan is -5% lower while contained nickel and copper are -11% and -12% lower respectively.

Credit Suisse retains an Outperform rating and reduces the target to $3.30 from $3.50.

Target price is $3.30 Current Price is $3.17 Difference: $0.13
If IGO meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 15.1% (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

Deutsche Bank rates IGO as Buy (1) -

June quarter results underwhelmed Deutsche Bank, with soft FY18 guidance, and a puzzling resource update at Nova. The broker reduces FY18 operating earnings estimates by -16%.

Deutsche Bank believes the company needs to get some runs on the board over the next 3-6 months but considers the stock cheap. Buy rating retained. Target drops to $3.80 from $4.00.

Target price is $3.80 Current Price is $3.17 Difference: $0.63
If IGO meets the Deutsche Bank target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 15.1% (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

Macquarie rates IGO as Downgrade to Underperform from Neutral (5) -

The company has reduced its resource estimate at Nova and, subsequently, downgrades to the reserve are now expected.

The completion of the Long Island study has also been delayed until the December quarter. Meanwhile production guidance for FY18 is also well below Macquarie's expectations.

Macquarie downgrades to Underperform from Neutral as the slower ramp up at Nova is likely to keep the finances tight over the next six months without drawing down on unused debt facilities.

The broker struggles to see a positive catalyst in the short term. Target is reduced -15% to $2.80.

Target price is $2.80 Current Price is $3.17 Difference: minus $0.37 (current price is over target).
If IGO meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.55, suggesting upside of 15.1% (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

UBS rates IGO as Neutral (3) -

The company is guiding to FY18 production from Nova of 23-27,000 tonnes of nickel and 10-12,000 tonnes of copper, in line with UBS forecasts. Offsetting this, a revised resource from Nova has meant volumes drop by -15% with no material changes to grades.

The reduction has occurred largely to areas outside of the reserve and the initial impact to the mine plan is expected to be a -10% reduction to contained nickel and copper.

UBS believes the reduction is a setback in the short term but does not think it affects the exploration potential in and around Nova. Neutral  rating and $3.35 target retained.

Target price is $3.35 Current Price is $3.17 Difference: $0.18
If IGO meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 15.1% (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

Citi rates IOF as Upgrade to Buy from Neutral (1) -

A thorough analysis of listed property owners in Australia has led to several non-consensus views at Citi. The analysts are of the opinion the Sydney cycle for offices has a longer life ahead than most are willing to consider.

A second stand-out conclusion is that funds management appears undervalued when it happens under the wings of a property owner compared with stand-alone listed peers.

Investors should note today's sector update does not incorporate a "back to normal" scenario for interest rates and bond yields. As a result of the sector analysis, Investa Office Fund has been elevated to Buy (from Neutral). Price target jumps to $5 from $4.51.

Target price is $5.00 Current Price is $4.49 Difference: $0.51
If IOF meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.73, suggesting upside of 3.8% (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

Citi rates MGR as Sell (5) -

A thorough analysis of listed property owners in Australia has led to several non-consensus views at Citi. The analysts are of the opinion the Sydney cycle for offices has a longer life ahead than most are willing to consider.

A second stand-out conclusion is that funds management appears undervalued when it happens under the wings of a property owner compared with stand-alone listed peers.

Investors should note today's sector update does not incorporate a "back to normal" scenario for interest rates and bond yields. As a result of the sector analysis, Citi analysts reiterate their non-consensus Sell rating for Mirvac. Price target remains unchanged at $2.11.

Target price is $2.11 Current Price is $2.20 Difference: minus $0.09 (current price is over target).
If MGR meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.33, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Ord Minnett rates MGR as Hold (3) -

The company will sell a 50% stake in its 477 Collins Street development in Melbourne.The sale of stakes in both 477 and 664 Collins Street, combined with the two-stage development of Australian Technology Park, provide office development profits in both FY18 and FY21.

Ord Minnett, having now modelled each project fully, increases forecasts for earnings per share by 2% in FY18 and 5% in FY20. The broker maintains a Hold rating and raises the target to $2.25 from $2.20.

Target price is $2.25 Current Price is $2.20 Difference: $0.05
If MGR meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 4.9% (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 MGR as Buy (1) -

UBS upgrades forecasts for FY18 and FY19 by 3% and 5% respectively, reflecting better-than-expected sale prices for 664 and 477 Collins Street Melbourne.

Hence, the broker expects the company will surprise at the time of the results and remains comfortable with its outlook. Buy rating and $2.52 target retained.

Target price is $2.52 Current Price is $2.20 Difference: $0.32
If MGR meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 4.9% (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 MQG as Sell (5) -

Citi analysts  points out Macquarie, at today's AGM, has stuck to the "broadly in line" guidance for FY18, despite having had to absorb the recently introduced Federal Bank levy.

In addition, AGM disclosures indicate the asset base has risen in 1Q, conclude the analysts. They believe maintaining the guidance throughout FY18 would translate into a -3% headwind to group earnings, but swing factors are the Aussie dollar and potential asset sales including Quadrant, Nuix and PEXA.

Citi sticks to its $72 price target and thus, no surprise, also to its Sell rating. No changes have been made to forecasts.

Target price is $72.00 Current Price is $86.33 Difference: minus $14.33 (current price is over target).
If MQG meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $88.29, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

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

Ord Minnett finds a lack of valuation support as the company's cost-saving programs are already well incorporated into the share price and the food & grocery division is challenged.

The broker downgrades to Lighten from Hold but raises its target to $2.30 from $2.15 following a more upbeat view of the cost savings program and an increase to normalised forecasts for earnings per share of 4.1% in FY18.

Target price is $2.30 Current Price is $2.58 Difference: minus $0.28 (current price is over target).
If MTS meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.38, suggesting downside of -9.7% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Citi rates NWS as Upgrade to Buy from Neutral (1) -

Citi analysts are taking the view that a hot property market has been a significant headwind for the past three years. Now the cycle is reversing, they expect this to become a tailwind from FY18 onwards.

On the back of anticipated improved operational momentum, with listings growth likely to pick up, Citi has upgraded News and Fairfax to Buy. REA Group already is Buy rated. Price target for News jumps to $20.75 from $19.25.

Target price is $20.75 Current Price is $18.39 Difference: $2.36
If NWS meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $20.79, suggesting upside of 13.4% (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 NXT as Buy (1) -

The company has put forward a takeover proposal of Asia-Pacific Data Centre ((AJD)) at $1.85 a share following the bid from 360 Capital ((TGP)) at $1.80.

The takeover proposal raises some concerns for Deutsche Bank. Firstly, from a capital allocation perspective the broker would prefer the company to pursue more attractive returns in using new properties and deploying management expertise in increasing utilisation.

Secondly, the defensive acquisition proposal also raises some concerns regarding management's view of just how fluid competitive dynamics could be in the future, and the potential for further capital to enter the industry.

Buy rating and $4.60 target retained.

Target price is $4.60 Current Price is $4.13 Difference: $0.47
If NXT meets the Deutsche Bank target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 16.0% (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 NXT as Outperform (1) -

The company has announced a conditional proposal to acquire Asia Pacific Data Centre ((AJD)) at $1.85 per security. The offer is above 360 Capital's ((TGP)) $1.80 indicative offer. The company recently acquired 19.9% of the stock.

Macquarie believes the proposal aligns with plans to own more of its data centre properties and should have a minor impact to earnings per share, based on preliminary calculations.

Outperform and $4.30 target retained.

Target price is $4.30 Current Price is $4.13 Difference: $0.17
If NXT meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 16.0% (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

UBS rates NXT as Buy (1) -

The company has made a counter bid at $1.85 per security to 360 Capital's ((TGP)) takeover proposal of Asia Pacific Data Centre ((AJD)).

UBS believes this highlights the strategic importance of the data centres and, if successful, estimates the company would own 93% of its total planned 104 MW capacity.

Preliminary analysis suggests accretion from the acquisition could depend on the structure of the takeover.

Buy rating and $5.20 target retained.

Target price is $5.20 Current Price is $4.13 Difference: $1.07
If NXT meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 16.0% (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 PNL as Outperform (1) -

June quarter results suggest to Macquarie that accelerated vendor payments reduced the cash balances. Poplar Grove remains on track for first production in the second half 2018.

Macquarie retains an Outperform rating  and $0.80 target.

Target price is $0.80 Current Price is $0.44 Difference: $0.365
If PNL meets the Macquarie target it will return approximately 84% (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 REA as Buy (1) -

Citi analysts are taking the view that a hot property market has been a significant headwind for the past three years. Now the cycle is reversing, they expect this to become a tailwind from FY18 onwards.

On the back of anticipated improved operational momentum, with listings growth likely to pick up, Citi has upgraded News and Fairfax to Buy. REA Group already is Buy rated. Its price target jumps to $80 from $73.

Target price is $80.00 Current Price is $69.43 Difference: $10.57
If REA meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $65.78, suggesting downside of -5.2% (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

Citi rates SBM as Buy (1) -

Post the June quarter production report release, Citi analysts are of the opinion this company is likely going to beat its own guidance for FY18. The analysts also anticipate the announcement of a maiden dividend for shareholders... soon.

Regarding the latter, Citi analysts observe St Barbara is debt free with $161m in cash, generating FY17 operational cash flow of $323m. A 30% payout would translate to 10c per share, which implies 3.8% yield in FY18.

Incorporating gold price forecasts and a stronger AUD, as well as higher capex and higher mill costs, have reduced the price target to $2.93 (-6c). Buy rating retained.

Target price is $2.93 Current Price is $2.62 Difference: $0.31
If SBM meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.96, suggesting upside of 6.6% (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

Credit Suisse rates SBM as Outperform (1) -

Credit Suisse notes FY17 production has broken records  and FY18 could be similar. Simberi has outperformed budget and production at Gwalia was solid.

The broker observes the capacity for corporate activity is increased but the challenge lies in identifying a suitable target. Outperform and $2.60 target retained.

Target price is $2.60 Current Price is $2.62 Difference: minus $0.02 (current price is over target).
If SBM 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 $2.96, suggesting upside of 6.6% (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

Deutsche Bank rates SBM as Buy (1) -

The company has produced 94,000 ounces in the June quarter. Simberi stood out with record quarterly production of 32,000 ounces, driven by higher milled grade.

Deutsche Bank believes the assets are in great shape and capital allocation is becoming a stronger focus. Buy rating retained. Target rises to $3.20 from $3.10.

Target price is $3.20 Current Price is $2.62 Difference: $0.58
If SBM meets the Deutsche Bank target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $2.96, suggesting upside of 6.6% (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 SBM as Outperform (1) -

Macquarie observes another quarter of record production in June, while guidance for FY18 indicates a flat outlook before the benefits of upgrades at Gwalia filter through in FY19.

Extensions at Simberi look like a short term possibility. Outperform rating and $3.10 target maintained.

Target price is $3.10 Current Price is $2.62 Difference: $0.48
If SBM meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.96, suggesting upside of 6.6% (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 SCG as Neutral (3) -

A thorough analysis of listed property owners in Australia has led to several non-consensus views at Citi. The analysts are of the opinion the Sydney cycle for offices has a longer life ahead than most are willing to consider.

A second stand-out conclusion is that funds management appears undervalued when it happens under the wings of a property owner compared with stand-alone listed peers.

Investors should note today's sector update does not incorporate a "back to normal" scenario for interest rates and bond yields. As a result of the sector analysis, Scentre Group's price target lifts to $4.46 from $4.36. Neutral rating retained.

Target price is $4.46 Current Price is $4.06 Difference: $0.4
If SCG meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.54, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in December.

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 SCP as Neutral (3) -

A thorough analysis of listed property owners in Australia has led to several non-consensus views at Citi. The analysts are of the opinion the Sydney cycle for offices has a longer life ahead than most are willing to consider.

A second stand-out conclusion is that funds management appears undervalued when it happens under the wings of a property owner compared with stand-alone listed peers.

Investors should note today's sector update does not incorporate a "back to normal" scenario for interest rates and bond yields. As a result of the sector analysis, the price target lifts to $2.19 from $2.16. Neutral rating retained.

Target price is $2.19 Current Price is $2.17 Difference: $0.02
If SCP meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.21, suggesting upside of 0.8% (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

Citi rates SGP as Buy (1) -

A thorough analysis of listed property owners in Australia has led to several non-consensus views at Citi. The analysts are of the opinion the Sydney cycle for offices has a longer life ahead than most are willing to consider.

A second stand-out conclusion is that funds management appears undervalued when it happens under the wings of a property owner compared with stand-alone listed peers.

Investors should note today's sector update does not incorporate a "back to normal" scenario for interest rates and bond yields. As a result of the sector analysis, Stockland's price target lost 4c to $5.04. Buy rating retained.

Target price is $5.04 Current Price is $4.25 Difference: $0.79
If SGP meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 13.2% (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

Credit Suisse rates SUN as Neutral (3) -

The NZ Commerce Commission has rejected the company's acquisition of Tower New Zealand. Credit Suisse observes the next step is unclear. The company currently owns 19.99% of Tower and will have to decide what it does with this holding.

The broker believes the impact on the company's share price should be minimal as there was always a low chance the acquisition would occur. Neutral rating and $14.50 target maintained.

Target price is $14.50 Current Price is $14.41 Difference: $0.09
If SUN meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $14.36, suggesting downside of -1.4% (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

Deutsche Bank rates SUN as Buy (1) -

Deutsche Bank expects a solid FY17 result with 5.0% growth in net profit. The stock remains the broker's top pick in the insurance sector because of the strategic options.

The New Zealand regulator has rejected the proposed takeover of Tower on industry concentration concerns. The broker suspects, should a well capitalised third-party step forward and acquire Tower, this could cause problems for long-term industry margins. Suncorp's 20% stake does, however, act as an effective blocking stake to mitigate this risk, the broker believes.

Deutsche Bank retains a Buy rating and $14.60 target.

Target price is $14.60 Current Price is $14.41 Difference: $0.19
If SUN meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $14.36, suggesting downside of -1.4% (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 SUN as Neutral (3) -

New Zealand's regulator has advised it will decline the company's acquisition of Tower NZ. Macquarie suspects Suncorp will not appeal the decision but instead unwind its position at a loss of between NZ$10-15m to be incurred in the first half.

Organic growth opportunities may be available in NZ in personal lines but Macquarie believes the absence of an artificial step up in the next couple of years will expose the company's loss of market share in the Australian general insurance business and place renewed pressure on growth.

Neutral retained. Target is raised to $14.90 from $14.05.

Target price is $14.90 Current Price is $14.41 Difference: $0.49
If SUN meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $14.36, suggesting downside of -1.4% (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

Credit Suisse rates SXL as Outperform (1) -

The company is expected to be the biggest beneficiary of licensed fee reductions in the small cap media. Southern Cross Media is expected to save around $12m on TV and radio licence fees in FY17.

Credit Suisse raises FY17 forecasts for operating earnings by $12m, which results in an 8% increase in FY17 earnings per share. FY18 forecasts for earnings per share are raised by 10%.

Outperform rating retained. Target rises to $1.45 from $1.35.

Target price is $1.45 Current Price is $1.27 Difference: $0.175
If SXL meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.27, suggesting downside of -3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates SXY as Neutral (3) -

Q4 achievements were largely in-line, with production volumes slightly better. Citi analysts note there was no guidance given for FY18, but they expect this to happen alongside the release of FY17 numbers in August.

The broker remains positive on the stock, predominantly because of the Western Surat Gas Project (WSGP), which still is in the early stages of pilot testing.

Citi finds because of WSGP, Senex Energy is among the most leveraged stocks in Australia to domestic gas markets. Having said all of the above, the analysts are also of the view it is far too early to pay for all of this upside given the track record for the industry.

Neutral/High Risk rating retained. Target price remains 28c.

Target price is $0.28 Current Price is $0.28 Difference: $0
If SXY meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.31, suggesting upside of 7.5% (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

Credit Suisse rates SXY as Outperform (1) -

Credit Suisse observes the balance sheet remain strong with net cash at $135m at the end of June. The broker believes the company may have more leverage to east coast gas prices than is commonly perceived.

The broker expects to gain greater understanding throughout the course of FY18 of the true economics of its Western Surat gas project.

Outperform rating and $0.30 target retained.

Target price is $0.30 Current Price is $0.28 Difference: $0.02
If SXY meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.31, suggesting upside of 7.5% (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 SXY as Hold (3) -

June quarter production was broadly in line with expectations. Revenues missed estimates and Deutsche Bank downgrades FY17 forecasts for earnings per share by -9.3%.

The broker retains a Hold rating and $0.30 target.

Target price is $0.30 Current Price is $0.28 Difference: $0.02
If SXY meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.31, suggesting upside of 7.5% (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

Macquarie rates SXY as Neutral (3) -

June quarter production results were in line with Macquarie's expectations. Reserves were as expected, following an unsuccessful year of exploration at the northern extent of the western flank.

The broker believes a strong balance sheet will allow the company to focus on meaningful flow which should start contributing to production later this year. Neutral rating and $0.30 target retained.

Target price is $0.30 Current Price is $0.28 Difference: $0.02
If SXY meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.31, suggesting upside of 7.5% (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

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

June quarter production was lower than Morgan Stanley expected, with declines evident across the Cooper Basin. The broker expects this to impact on operating cash flow while expenditure on Western Surat continues.

Morgan Stanley believes, while Western Surat could be a material project, time is required before the extent is known.

The broker retains an Equal-weight rating and In-Line industry view. Target is reduced to $0.27 from $0.28.

Target price is $0.27 Current Price is $0.28 Difference: minus $0.01 (current price is over target).
If SXY 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 $0.31, suggesting upside of 7.5% (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

Morgans rates SXY as Add (1) -

Senex's phase 2 (30 well) program has begun, with five wells now operating and moving towards steady production. The broker is interested to note Senex plans to sell some initial production to buyers other than GLNG, which should result in higher prices.

While June Q oil production in the Copper was a bit lower than expected, the recent sell-off in small cap oil & gas names means value remains compelling, in the broker's opinion. Add retained, target rises to 42c from 41c.

Target price is $0.42 Current Price is $0.28 Difference: $0.14
If SXY meets the Morgans target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $0.31, suggesting upside of 7.5% (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

Citi rates VCX as Buy (1) -

A thorough analysis of listed property owners in Australia has led to several non-consensus views at Citi. The analysts are of the opinion the Sydney cycle for offices has a longer life ahead than most are willing to consider.

A second stand-out conclusion is that funds management appears undervalued when it happens under the wings of a property owner compared with stand-alone listed peers.

Investors should note today's sector update does not incorporate a "back to normal" scenario for interest rates and bond yields. As a result of the sector analysis, the price target lifts to $3.24 from $3.22. Buy rating retained.

Target price is $3.24 Current Price is $2.70 Difference: $0.54
If VCX meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.93, suggesting upside of 7.5% (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

Citi rates WFD as Neutral (3) -

A thorough analysis of listed property owners in Australia has led to several non-consensus views at Citi. The analysts are of the opinion the Sydney cycle for offices has a longer life ahead than most are willing to consider.

A second stand-out conclusion is that funds management appears undervalued when it happens under the wings of a property owner compared with stand-alone listed peers.

Investors should note today's sector update does not incorporate a "back to normal" scenario for interest rates and bond yields. As a result of the sector analysis, Westfield's price target drops to $8.70 from $8.90. Neutral rating retained.

Target price is $8.70 Current Price is $7.83 Difference: $0.87
If WFD meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.47, suggesting upside of 20.0% (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