Australian Broker Call

Morgans rates AFG as Add (1) -

First half net profit beat expectations. The highlight was a special dividend, which signals strong organic cash flow. Morgans believes the company is offering strong growth prospects and attractive dividend yield.

Despite the share price running strongly over the last 12 months the broker believes it still offers plenty of value. Add retained. Target is raised to $2.25 from $1.70.

Target price is $2.25 Current Price is $1.84 Difference: $0.41
If AFG meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

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

First half results suggest to Credit Suisse that, while the trajectory of the business has improved, much is dependent on the success of the sale of refrigerated logistics to HNA.

The risk that the deal falls over is higher than would typically be the case, as HNA is currently undertaking asset sales to reduce debt.

If the deal does not go ahead the company will be stuck with a capital-hungry refrigerated logistics business, the broker observes. Pending confirmation of the deal the rating is downgraded to Neutral from Outperform. Target is raised to $3.85 from $3.60.

Target price is $3.85 Current Price is $3.58 Difference: $0.27
If AHG meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Macquarie rates AHG as Outperform (1) -

First half results were ahead of expectations. The refrigerated logistics sale is progressing. Macquarie observes the company remains strongly leveraged to an eventual rebound in Western Australia and improving market conditions are reflected in its recent performance.

The broker maintains an Outperform rating and raises the target to $4.20 from $4.10.

Target price is $4.20 Current Price is $3.58 Difference: $0.62
If AHG meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Morgan Stanley rates AHG as Overweight (1) -

First half results were ahead of Morgan Stanley estimates but NPAT was -4.1% below the prior corresponding period.

Full year guidance was unchanged from the AGM at "group operating performance dependent on timing of RL sale.

Overweight retained. Industry View is In-Line and target $4.10.

Target price is $4.10 Current Price is $3.58 Difference: $0.52
If AHG meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Morgans rates AHG as Hold (3) -

First half EBITDA beat forecasts. Morgans notes the sale of refrigerated logistics is progressing despite the speculation regarding HNA's financial position.

The broker suggests there remains considerable risk to the transaction occurring,  yet likes the stock for its material exposure to an improving Western Australian market and progress with cost reductions. Hold maintained. Target is raised to $3.86 from $3.84

Target price is $3.86 Current Price is $3.58 Difference: $0.28
If AHG meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Macquarie rates AOG as Outperform (1) -

First half underlying profit was weaker than expected, because of the reduced sales volumes as a result of negative media commentary regarding the company mid last year.

The broker notes the company is targeting distribution in the full year of 40-60% of underlying profit and a number of contract restructuring and dispute resolution initiatives have been executed since August.

The company is expecting a return to more normal level of sales as 2018 gets underway. Outperform maintained. Target is reduced to $4.15 from $4.35.

Target price is $4.15 Current Price is $2.68 Difference: $1.47
If AOG meets the Macquarie target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $3.63, suggesting upside of 35.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.9

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

Morgans rates APA as Add (1) -

First half results were in line but the capital raising announcement was a surprise for Morgans. The broker recommends investors take up their entitlements, given the 17% attention return at the offer price. Morgans also recommends buying the stock below $8.

FY18 EBITDA and distribution guidance is unchanged. Morgans calculates the FY18 capital expenditure budget has increased to $900m and this should support earnings growth as projects are commissioned across FY18-20.

Add rating maintained. Target falls to $8.52 from $8.58.

Target price is $8.52 Current Price is $7.85 Difference: $0.67
If APA meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.49, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates APT as Buy (1) -

It appears the interim result was marginally above the company's own guidance, and thus better than what the broker had penciled in. The analysts seem very pleased with the fact that management's commentary about retailers, customer engagement and the pending US entrance was unequivocally positive.

Key risks to the investment thesis, points out the broker, include credit risk relating to default by consumers, slower than projected growth in underlying sales, competition risk, regulatory risk. Target price unchanged at $9.50. Buy.

Target price is $9.50 Current Price is $7.36 Difference: $2.14
If APT meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Macquarie rates ASG as Outperform (1) -

First half results were in line with expectations. Macquarie believes the company is well-placed to drive market consolidation in the medium term.

The results demonstrate the resilience of the operating model and the benefits of revenue diversification, in the broker's opinion. The acquisition of Canterbury BMW is considered strategically sound.

Outperform maintained. Target is $2.75.

Target price is $2.75 Current Price is $2.06 Difference: $0.69
If ASG meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

UBS rates ASG as Buy (1) -

Autosports "reasonable" result featured revenue growth but margin decline in a competitive prestige market, the broker notes. The company continues to outperform the overall market and is prepared to forgo upfront margins to drive volumes and secure service and parts incomes over 3-4 years.

Autosports has acquired its first Sydney BMW dealership, which the broker sees as an endorsement of performance. Audi nevertheless continues to drag, and the broker sees a risk in the "wealth effect" of a cooling east coast housing market. Buy retained, target falls to $2.60 from $2.70.

Target price is $2.60 Current Price is $2.06 Difference: $0.54
If ASG meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Morgans rates AX1 as Hold (3) -

First half results were ahead of expectations. Morgans was pleased with the improvement in sales, which has continued into the second half. The latest trading update shows a clear acceleration in the first four weeks of the second half.

Hold rating is maintained on valuation grounds. Target is raised to $1.05 from $0.91.

Target price is $1.05 Current Price is $1.02 Difference: $0.03
If AX1 meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Citi rates BAL as Buy (1) -

The interim result fell -12% short, but the reiteration of FY18 guidance by the company implies the second half run rate must be a lot higher than what Citi analysts had penciled in.

What this means, explain the analysts, is that valuation remains "compelling". The underlying suggestion made is that Bellamy's is following in the footsteps of a2 Milk ((A2M)).

Earnings estimates have received a boost. Target price jumps by 31% to $22. Buy rating reiterated.

Target price is $22.00 Current Price is $16.89 Difference: $5.11
If BAL meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Citi rates BBG as Neutral (3) -

It was (likely) Billabong's final result as a listed entity, comment the analysts and one wonders, given the painful experience for shareholders in recent years, whether anyone is feeling sad about it?

Citi thinks the takeover is likely to succeed. A Scheme of Arrangement will be voted on in April. There are numerous weak elements in the reported financials, but Citi found various positives.

Retail store sales were weak, but gross margins were better, say the analysts, while the eCommerce channel is growing strongly in the Americas and represents 9.6% of sales. Neutral/High Risk. Price target falls to $1 from $1.05 to reflect the takeover offer.

Target price is $1.00 Current Price is $0.97 Difference: $0.03
If BBG meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Morgans rates BKL as Hold (3) -

First half results were largely in line. Growth underwhelmed Morgans, when compared with other China-leverage companies.

While the brand is strong and leveraged to favourable industry dynamics the broker maintains a Hold rating, given the full valuation. Target is raised to $125.00 from $102.50.

Target price is $125.00 Current Price is $135.08 Difference: minus $10.08 (current price is over target).
If BKL meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $135.00, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Macquarie rates CLQ as Outperform (1) -

The company has delayed the release of the Sunrise definitive feasibility study by 12 weeks to assess construction options and signalled costs could be higher than the current estimate of US$784m.

Macquarie pushes back its development scenario timeline by six months and increases capital expenditure assumptions to US$950m. The broker assumes US$400m in equity will need to be raised at $1.10 to fund the development.

Outperform retained. Target is reduced to $2.00 from $2.30.

Target price is $2.00 Current Price is $1.18 Difference: $0.82
If CLQ meets the Macquarie target it will return approximately 69% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Ord Minnett rates EPW as Buy (1) -

First half results were much better than Ord Minnett's forecast. The 3.5c interim dividend was as expected and in line with the pcp. Management has implemented a $20m buyback which would be 2-4% EPS accretive at current price.

Mangement made positive adjustments to near-term guidance for Australia Retail gross margins, Energy Solutions EBITDAF and corporate costs, although near-term growth and margin estimates have been tempered in the US.

The company indicated the large scale generation certificate scheme would contribute $35-45m in after tax proceeds in FY19-20.

 Buy rating and target raised to $1.75 from $1.65.

Target price is $1.75 Current Price is $1.62 Difference: $0.13
If EPW meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.73, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Macquarie rates FLT as Underperform (5) -

First half results were ahead of expectations and full year guidance has been upgraded. The better result was because of top-line transaction growth which was less than the expected income margin reduction.

Macquarie suggests the guidance increase was a little underwhelming in the context of the very strong first half. The broker increases forecasts to the high-end of the revised range at $383m.

The previous concerns appear under control for now but the broker notes capacity continues to increase in the region and the easy wins have been executed.

Underperform rating maintained. Target rises to $47.50 from $42.20.

Target price is $47.50 Current Price is $56.64 Difference: minus $9.14 (current price is over target).
If FLT meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $53.14, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates FTT as Add (1) -

First half results were in line with forecasts. The next catalyst is completing recruitment for the phase 2b venous leg ulcer trial. If the results are positive, due in the September quarter, a licensing deal should be forthcoming with a large pharmaceutical company.

Morgans makes no changes to forecasts, maintains an Add rating and reduces the target to 6.8c from 10c.

Target price is $0.68 Current Price is $0.04 Difference: $0.64
If FTT meets the Morgans target it will return approximately 1600% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Morgans rates GDF as Add (1) -

First half results were in line. The company now has three developments under construction which will assist in transitioning the portfolio. The company has completed a rights issue and acquired a site in the Botanicca Corporate Park in Richmond, Victoria.

Near term catalysts, Morgans suggests, relate to successful leasing outcomes. Add rating maintained. Target edges up to $1.25 from $1.24.

Target price is $1.25 Current Price is $1.14 Difference: $0.11
If GDF meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Macquarie rates GTY as Outperform (1) -

First half results were in line with expectations. FY18 distribution earnings growth of 7% has been reaffirmed. The company is on track to achieve guidance of around 250 settlements.

Macquarie envisages long-term growth in the sector driven by several positive trends, including an ageing population financial pressure on retirees and increasing acceptance of manufactured homes for retirement accommodation.

Rating is Outperform. Target is raised to $2.29 from $2.25.

Target price is $2.25 Current Price is $2.08 Difference: $0.17
If GTY meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Ord Minnett rates HPI as Hold (3) -

First half results were below Ord Minnett's estimates due to lower than forecast net property income. An interim distribution of 9.8c was declared and management reiterated its flat full year distribution guidance of 19.6c.

The company announced a land and Quest hotel acquisition post balance date, which will be around 2% earnings accretive, and a development on the Gold Coast.

Hold rating retained and target is reduced to $3.20 from $3.30.

Target price is $3.20 Current Price is $3.02 Difference: $0.18
If HPI meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Credit Suisse rates HSN as Outperform (1) -

First half results were ahead of estimates. Credit Suisse admits to some scepticism at the time of the Enoro acquisition, given the high headline multiple relative to previous deals.

Yet, the broker acknowledges revenue and full year margin guidance is much better than expected. Estimates are increased following the strong result. Outperform maintained. Target is raised to $4.75 from $4.25

Target price is $4.75 Current Price is $4.18 Difference: $0.57
If HSN meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Ord Minnett rates HSN as Buy (1) -

Ord Minnett spotted a "strong" result, with underlying margins and debt reduction the key highlights. The broker suggests an upgrade to FY guidance could be just around the corner (prior to reporting in June).

The analysts point out the company is, again, progressing to a net cash position and this opens op M&A optionality. Ord Minnett feels comfortable the share price will be trading in the mid-$4s before the end of the calendar year.

Buy rating retained. Target price moves to $4.47 from $4.15. Earnings estimates have received a boost.

Target price is $4.47 Current Price is $4.18 Difference: $0.29
If HSN meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Morgan Stanley rates ILU as Overweight (1) -

Prior to the company reporting on February 27, which Morgan Stanley expects will provide more clarity on zircon and rutile prices, the broker makes revisions to forecasts and target price.

2017 forecast has been cut by -14% and 2019/20 forecasts raised by 7.8% and 40% respectively.

Target price lifted to $12.30 from $9.95. Industry View: Attractive. Overweight rating retained.

Target price is $12.30 Current Price is $9.99 Difference: $2.31
If ILU meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $10.19, suggesting upside of 2.0% (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

Morgans rates INA as Add (1) -

First half results were broadly in line. FY18 guidance is reiterated for EBIT of $45-47m. Morgans notes the company is intent on proving its ability to internally fund growth. Further asset divestments present a key catalyst in the future.

The broker maintains an Add rating and increases the target to $3.06 from $3.00.

Target price is $3.06 Current Price is $2.73 Difference: $0.33
If INA meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Morgans rates LAU as Add (1) -

First half results exceeded forecasts. Following the better result and positive outlook Morgans increases FY18 net profit estimates by 3.3%. The broker believes the company provides investors with exposure to Australia's horticulture industry at an undemanding valuation.

Add rating and $0.51 target maintained. The company has reiterated a strong start to the second half and expects 20% net profit growth in FY18.

Target price is $0.51 Current Price is $0.44 Difference: $0.07
If LAU meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Macquarie rates LNK as Outperform (1) -

First half results should have alleviated some recent concerns regarding funds administration revenue and the recent UK acquisition, Macquarie believes. Operating earnings were broadly in line with expectations.

The initial contribution from the Link Asset Services removes an overhang from the stock and the broker believes attention will now shift towards the company's ability to integrate and extract synergies. Outperform rating maintained. Target rises to $9.60 from $9.30.

Target price is $9.60 Current Price is $8.66 Difference: $0.94
If LNK meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.21, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Ord Minnett rates MQG as Hold (3) -

Macquarie Group's US listed infrastructure fund, Macquarie Infrastructure Corporation, fell -41% last week following disappointing earnings and distribution guidance.

Ord Minnett notes the reduction in market cap will likely lead to a lagged reduction in base fees for Macquarie group, with an estimated -1% NPAT impact. Performance fees are unlikely to be earned anytime soon and the group may need to impair its Macquarie Infrastructure holding.

Hold rating maintained. Target is $100.

Target price is $100.00 Current Price is $101.97 Difference: minus $1.97 (current price is over target).
If MQG meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $101.19, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Citi rates MYO as Buy (1) -

Reported 2017 financials are labeled either in-line or broadly in-line. Citi analysts do acknowledge the performance slightly missed market consensus. But underlying trends are seen as "strong".

Guidance for the year ahead was well below forecasts, and higher sales and marketing spend is to blame for it. Citi analysts have reduced forecasts. Buy rating retained. Price target falls to $4.25 from $4.55.

Target price is $4.25 Current Price is $3.20 Difference: $1.05
If MYO meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $3.93, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Deutsche Bank rates MYO as Buy (1) -

Full year results were slightly below Deutsche Bank's estimates. However, after further analysis underlying NPATA was ahead of estimates.

2018 guidance included a rebase of margins, with management guiding to an EBITDA margin of 43-45%, resulting in downgrades to the broker's forecasts. The broker is of the view the guidance appropriately captures the company's near-term spending ambitions, and should alleviate market concerns of further margin pressure.

Buy and $4.40 target retained.

Target price is $4.40 Current Price is $3.20 Difference: $1.2
If MYO meets the Deutsche Bank target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $3.93, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Ord Minnett rates MYO as Buy (1) -

MYOB's FY update was a bittersweet event, comments Ord Minnett. On one hand, operating metrics are clearly gaining momentum, but it's occurring at a higher cost. This is why management's guidance points towards lower margins, say the analysts.

Assuming Reckon ((RKN)) will be acquired. the next question will be whether management can add value beyond the $180m paid for the acquisition. Against this background, the analysts note the shares are trading on a -25-35% discount.

Buy rating retained, "on valuation grounds". Target price declines to $3.95 from $4.35. The analysts have tempered their DPS expectations. Underlying, it appears, the result wasn't quite good enough to meet the analysts' expectations.

Target price is $3.95 Current Price is $3.20 Difference: $0.75
If MYO meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.93, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

UBS rates MYO as Neutral (3) -

MYOB's result was in line with the broker and guidance. 2018 guidance for organic revenue growth is higher than the broker's forecast but margins are below, although the broker has upgraded subscriber growth assumptions.

The broker awaits the ACCC decision before factoring in the Reckon ((RKN)) acquisition. While MYOB looks cheap on a PE basis, it looks to be fair value on a free cash flow basis, the broker suggests. Neutral retained, target falls to $3.40 from $3.60.

Target price is $3.40 Current Price is $3.20 Difference: $0.2
If MYO meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.93, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Credit Suisse rates MYX as Neutral (3) -

First half results were below expectations. Credit Suisse believes the outlook is challenging, despite signs of stabilisation in US generic pricing.

The broker increases FY18 estimates by 8% but reduces outer-year forecasts by an average of -3% because of the reduced value in the product pipeline. Neutral rating maintained. Target rises to $0.74 from $0.72.

Target price is $0.74 Current Price is $0.73 Difference: $0.01
If MYX meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

UBS rates MYX as Buy (1) -

Mayne's result was broadly in line with the profit warning issued at the AGM. The good news is trading improved through the first half, the broker notes, with the second quarter showing significant growth on the first. Margins also increased.

The broker remains cautious over the FY nonetheless given the seasonality of some of the company's drugs. Management did suggest there has been no acceleration in price deflation. Given a sharp discount to global peers, Buy retained. Target falls to 95c from $1.03.

Target price is $0.95 Current Price is $0.73 Difference: $0.22
If MYX meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Morgans rates NAN as Add (1) -

First half results were below expectations. Morgans believes the share price response presents a buying opportunity.

The broker revises down installed base assumptions and this has resulted in lower near-term forecasts. Nevertheless, investment in new products is expected to drive growth in the future.

Add rating maintained. Target reduced to $3.22 from $3.40.

Target price is $3.22 Current Price is $2.52 Difference: $0.7
If NAN meets the Morgans target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Macquarie rates NSR as Underperform (5) -

First half earnings were below forecasts. The company has maintained FY18 guidance, which Macquarie suggests implies an underlying profit skew to the second half.

The company has completed $102.6m in acquisitions in the first half and intends to acquire a further $40m of properties in the second half.

The stock is trading materially above the target and Macquarie maintains an Underperform rating. Target drops to $1.32 from $1.38.

Target price is $1.32 Current Price is $1.50 Difference: minus $0.18 (current price is over target).
If NSR 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 $1.51, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates NSR as Overweight (1) -

First half NPAT and EPS were below Morgan Stanley's forecasts, mainly due to lower than expected ancillary income.

Management sees occupancy reaching 81-82% by June 2018, a catalyst to push rates higher in the broker's opinion. The delivery of 7% REVPAM growth in the second half could be a positive catalyst for a potential re-rating.

Overweight rating and $1.70 target maintained. Industry view is Cautious.

Target price is $1.70 Current Price is $1.50 Difference: $0.2
If NSR meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.51, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates NSR as Hold (3) -

First half results were below Ord Minnett's estimates but up 4.9% on the same period last year. The key driver we higher G&A and other expenses.

The broker has reduced EPS forecasts and notes the groups EBITDA margins have been flat over the past two years while it has doubled in size to $1.2bn in terms of asset value, suggesting economies of scale have not yet resulted in improved operating leverage.

Ord Minnett retains a Hold rating and reduces the target to $1.42 from $1.50.

Target price is $1.42 Current Price is $1.50 Difference: minus $0.08 (current price is over target).
If NSR meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.51, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

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 NXT as Buy (1) -

Citi has been a firm supporter, and remains so post the interim report release, labelled as "strong". Buy rating is not just kept, it is being reiterated. Target price jumps to $8 from $7.02 as the analysts become more comfortable with the outlook for margins.

Citi analysts back up their conviction by referring to "secular demand drivers for data centres", which continue to be "very robust". They see a robust demand outlook and the potential for large customer contract announcements.

Target price is $8.00 Current Price is $6.90 Difference: $1.1
If NXT meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.06, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Credit Suisse rates NXT as Outperform (1) -

First half results were ahead of expectations. Full year EBITDA guidance has been nudged up to $56-62m. Credit Suisse increases the target to $7.50 from $5.00 and reiterates an Outperform rating.

In the longer term, the broker expects consolidation in the data centre space to accelerate as demand increasingly moves towards large cloud players, and suggests the company would be an obvious target for a large international operator.

Target price is $7.50 Current Price is $6.90 Difference: $0.6
If NXT meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.06, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Deutsche Bank rates NXT as Hold (3) -

First half results beat Deutsche Bank on both revenue and EBITDA while operating characteristics continued to strengthen.

The company upgraded FY18 revenue and earnings guidance by 3% and provided very positive outlook commentary on the existing pipeline of opportunities. Deutsche Bank increases FY18 forecasts to the top end of guidance and FY19 forecast by 4%.

Target is raised to $6.40 from $5.50 and Hold retained.

Target price is $6.40 Current Price is $6.90 Difference: minus $0.5 (current price is over target).
If NXT meets the Deutsche Bank target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.06, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Macquarie rates NXT as Neutral (3) -

First half results beat estimates. Macquarie suggests guidance implies a softer second half, with EBITDA of $26.5m at the mid point.

High quality assets are leveraged to strong data centre demand but the broker envisages risks to FY19-20 consensus numbers because of the outlook for generation 2.

Neutral maintained. Target rises to $6.32 from $5.50.

Target price is $6.32 Current Price is $6.90 Difference: minus $0.58 (current price is over target).
If NXT meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.06, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

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

First half results were ahead of expectations. Morgans upgrades EBITDA forecasts by 4% for FY18 and 6% for FY19.

The broker notes generation 2 sales are moving along at a healthy rate. S2 impresses, with 18% of capacity already sold despite not being built.

Rating is downgraded to Hold from Add, after the strong run up in the share price. Target rises to $7.01 from $6.39.

Target price is $7.01 Current Price is $6.90 Difference: $0.11
If NXT meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.06, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

UBS rates NXT as Buy (1) -

NextDC's result ticked all the boxes of strong revenue, margin and earnings growth and record new contract sales, the broker notes. The operating environment has never been stronger, and management is targeting another record in the second half.

The broker sees NextDC as a multi-year structural change story hence while the share price has had a good run, the broker sees further upside to earnings. Buy retained, target rises to $7.70 from $6.30.

Target price is $7.70 Current Price is $6.90 Difference: $0.8
If NXT meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.06, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Citi rates OGC as Buy (1) -

The FY17 performance was "strong", comments Citi; it beat the stockbroker's already bullish estimates, as well as market consensus. The analysts suggest 2018 is setting up as the year that is likely to see the gap closed between share price and valuation.

Target price $4.70. Buy/High Risk rating retained with the analysts anticipating positive news from all three major mines in the year ahead. Citi has also incorporated higher gold price forecasts.

Target price is $4.70 Current Price is $3.40 Difference: $1.3
If OGC meets the Citi target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $4.52, suggesting upside of 32.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.9

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

UBS rates OGC as Upgrade to Buy from Neutral (1) -

In the wake of the recent production downgrade, and increased capex forecast, UBS believes the worst is now behind Oceana. The broker's key concern had been the Didipio ramp-up but revised guidance, that sees the project reaching nameplate production by end-2019, increases confidence.

The broker suggests production guidance may prove conservative and downside risk has abated. Upgrade to Buy. Target rises to $4.00 from $3.40.

Target price is $4.00 Current Price is $3.40 Difference: $0.6
If OGC meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.52, suggesting upside of 32.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.9

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

Citi rates ORE as Buy (1) -

Buy recommendation and $8 price target retained post what the analysts say was a slightly better than anticipated financial result. Forecasts for FY18 have moved up slightly, but they have reduced for following years on an anticipated rise in operational costs.

The analysts note management has left guidance for the full year unchanged. Citi anticipates higher realised prices as the proportion of battery grade product improves to offset moderating benchmark prices.

Target price is $8.00 Current Price is $6.84 Difference: $1.16
If ORE meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $7.43, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Deutsche Bank rates ORE as Upgrade to Buy from Hold (1) -

Orocobre's first half results were well ahead of Deutsche Bank forecasts, driven by a higher profit from the Olaroz JV.

The broker expects production from Olaroz to lift in the March quarter to 4,250t LCE at a cost of US$3,600/t, generating a 70% margin. Along side this, Deutsche Bank believes the new Chinese EV subsidy scheme for electric vehicles will result in less demand disruption than the market previously feared.

This leads the broker to upgrade to Buy from Hold.  Target is raised to $7.70 from $7.40.

Target price is $7.70 Current Price is $6.84 Difference: $0.86
If ORE meets the Deutsche Bank target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.43, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Macquarie rates ORE as Neutral (3) -

Net profit was weaker than expected in the first half, because of the loss and provision for doubtful debt at Borax and a need to account for Advantage Lithium's corporate losses.

Olaroz is performing as expected. Following the capital raising there is no concern about a further need to raise capital and the broker suggests phase 2 could be accelerated.

Neutral maintained. Target is reduced to $7.15 from $7.35.

Target price is $7.15 Current Price is $6.84 Difference: $0.31
If ORE meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.43, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Ord Minnett rates ORE as Buy (1) -

First half results were broadly in line with Ord Minnett. Cash flow from the JV at Olaroz was strong and should improve in the second half on stronger production and pricing.

Orocobre's FY18 guidance of 14,000t lithium carbonate equivalent implies a 30% increase in output in 2H and the company expects a 25% increase, half on half, in realised price.

Buy rating and $7.80 target retained.

Target price is $7.80 Current Price is $6.84 Difference: $0.96
If ORE meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $7.43, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

UBS rates ORE as Buy (1) -

Orocobre's result was broadly in line. FY production guidance is unchanged. Olaroz sales are in a sweet spot, the broker notes, given a 24% year on year lithium price rise, and the outlook remains positive.

The opposite is true for Borax, which is sustaining downward price pressure and lower volumes. Two major customers are experiencing financial difficulties and Orocobre is assessing its options. But all up, there is growth on the horizon and funding is well covered, the broker notes.

Buy and $81.0 target retained.

Target price is $8.10 Current Price is $6.84 Difference: $1.26
If ORE meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $7.43, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Ord Minnett rates PLS as Hold (3) -

First half results were in line with Ord Minnett's forecasts. The company is half way through construction of its sole asset so the result, which was a loss of -$9.7m, is not a major focus.

The broker believes the company has enough funding headroom to complete the Pilgangoora project by utilising prepayments and a working capital facility.

Risks relate to project delays and lithium pricing. Hold rating and $0.85 target maintained.

Target price is $0.85 Current Price is $0.88 Difference: minus $0.03 (current price is over target).
If PLS meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.03, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates PNI as Buy (1) -

No idea how the reported financials stack up vis a vis expectations, but the positive tone post interim report cannot be denied. Superlatives come in the form of "supercharging the profit growth from affiliates" and "Hyperion’s Global fund was ranked the #1 performing global fund on a three year basis at Dec-17".

Ord Minnett sees plenty of opportunities, and plenty of strong medium-term upside. Target price jumps to $5.31 from $4.88. Buy. Forecasts have lifted.

Target price is $5.31 Current Price is $4.83 Difference: $0.48
If PNI meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Credit Suisse rates PTM as Neutral (3) -

Credit Suisse increases FY18 estimates by 7% and lowers FY19-20 by -4-5%. The changes are driven by assumption revisions on the back of the first half result.

The broker considers the stock the most expensive asset manager under coverage, offering limited valuation protection. Underperform maintained. Target is reduced to $6.40 from $7.10.

Target price is $6.40 Current Price is $6.91 Difference: minus $0.51 (current price is over target).
If PTM meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.51, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Macquarie rates PTM as Underperform (5) -

First half results were broadly in line. Macquarie finds the result overshadowed by the resignation of the CEO. While the transition has been managed effectively to the extent possible, the broker believes it difficult to envisage the change would not have an impact on flows in the near term.

Coverage is transferred to another analyst and Macquarie maintains an Underperform rating, reducing the target to $6.00 from $6.29.

Target price is $6.00 Current Price is $6.91 Difference: minus $0.91 (current price is over target).
If PTM meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.51, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

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

Following the poor first half result, Morgan Stanley has made minor revisions to forecasts.

While the broker expected stronger performance to translate to higher staff costs, the uplift was greater than expected. The broker has now raised staff costs 20% in FY18. As a result FY18 earnings forecasts are cut by -6% to -8% with a corresponding cut in the price target.

Target falls to $7.00 from $7.50. Equal-weight maintained. Industry view is In-Line.

Target price is $7.00 Current Price is $6.91 Difference: $0.09
If PTM meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.51, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Morgans rates PWH as Add (1) -

First half results were broadly in line. The company has now completed the new aluminium heat exchanger core furnace line at C&R Racing in the US.

This has doubled the throughput capacity of Australia, providing a number of advantages including producing cores for the US aftermarket segment and alleviating bottlenecks during peak periods.

Morgans considers the business has a very strong global-leading technology with impressive financial metrics. Add rating maintained. Target is $3.10.

Target price is $3.10 Current Price is $2.50 Difference: $0.6
If PWH meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Citi rates QAN as Buy (1) -

Qantas' underlying result beat its own guidance, with Citi analysts highlighting all businesses performed "strongly". The outlook is seen moderating slightly, but the analysts keep a positive view on the company's ability to offset rising costs.

Citi expects capital management initiatives to endure and to keep adding to shareholders benefits. From FY20 onwards, Citi believes Qantas will be ready to start paying a higher level of dividends.

Target price increased to $7.50. Buy rating retained.

Target price is $7.50 Current Price is $5.74 Difference: $1.76
If QAN meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $6.58, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Macquarie rates QAN as Outperform (1) -

First half results were ahead of expectations. The company has also announced a new $378m buyback. Macquarie observes the stock is trading at a 20-30% discount to its five-year average and comparable peers. This is despite the domestic environment improving significantly.

The broker maintains an Outperform rating and raises the target to $7.42 from $7.30.

Target price is $7.42 Current Price is $5.74 Difference: $1.68
If QAN meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.58, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Credit Suisse rates QUB as Upgrade to Neutral from Underperform (3) -

First half results were ahead of estimates. Credit Suisse raises FY18 estimates for earnings per share by 11% and FY19 by 17% because of a stronger performance in ports & bulk.

Logistics remains challenged but the broker expects management to deliver improvements.

Rating is upgraded to Neutral from Underperform. Target is raised to $2.35 from $2.30.

Target price is $2.35 Current Price is $2.46 Difference: minus $0.11 (current price is over target).
If QUB meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.76, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Morgans rates QUB as Hold (3) -

First half earnings were below forecasts because of a weak contribution from Patrick and logistics.

The company expects the economic and operating environment in the second half to be similar to the first half, with stable volumes and limited capacity to secure rate increases.

Morgans maintains a Hold rating and reduces the target to $2.68 from $2.80.

Target price is $2.68 Current Price is $2.46 Difference: $0.22
If QUB meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.76, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Morgans rates REG as Hold (3) -

First half results were slightly behind forecasts. A severe flu season impacted occupancy and RAD inflows but growth in operating places helped offset the decline.

Morgans makes modest downward revisions to forecasts. The broker maintains a Hold rating. Target is reduced to $4.05 from $4.13.

Target price is $4.05 Current Price is $4.12 Difference: minus $0.07 (current price is over target).
If REG meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.43, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

UBS rates REG as Buy (1) -

Regis Healthcare posted a strong result against headwinds impacting occupancy (flu) and revenues (cut to govt funding), in line with the broker.

FY18 will be somewhat of a reset year, the broker suggests, as the company will be cycling the worst of the funding cuts/freezes, will reach peak debt, and will have opened four greenfield facilities. But this leads to a robust earnings trajectory for FY19-21.

Buy retained, target rises to $5.00 from $4.60.

Target price is $5.00 Current Price is $4.12 Difference: $0.88
If REG meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.43, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Morgans - Cessation of coverage

Market Sentiment: 0.0

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

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

Morgan Stanley reviews the stock ahead of the company's half year results release.

The broker forecasts around $60m FY18 procurement savings to generate 8% group EBITDA growth, translating to 8% core EPS growth. At 24x core EPS Morgan Stanley does not see valuation as compelling.

Equal-weight retained. In-Line sector view. Price target is $67.70.

Target price is $67.70 Current Price is $67.97 Difference: minus $0.27 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $73.26, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Macquarie rates RSG as Outperform (1) -

First half profit beat expectations, largely as a result of FX movements. Macquarie expects operating cash flow in the next half to improve, as higher grade underground development ore from Syama is incorporated into the mill feed.

The company expects the updated feasibility study for Bibiani will be completed in the current quarter. Outperform and $1.40 target retained.

Target price is $1.40 Current Price is $1.14 Difference: $0.26
If RSG meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Morgans rates SDG as Add (1) -

First half results were supported by increased volumes and value and Morgans makes no changes to estimates. Guidance is unchanged despite a large skew to the first half. Net profit is expected to be between $27-30m.

Morgans believes the quality of the portfolio will underpin future sales. There is also potential for upside in the longer term from several multi-storey projects. Add rating maintained. Target is raised to $1.94 from $1.93.

Target price is $1.94 Current Price is $1.80 Difference: $0.14
If SDG meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Morgans - Cessation of coverage

Market Sentiment: 1.0

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

Ord Minnett rates SSG as Buy (1) -

Ord Minnett spotted a "strong" result, carried by stringent cost control. As forecasts were previously positioned near the low end of management's guidance, estimates are now reset at a higher level.

The analysts see various headwinds for H2, including the company cycling strong daigou sales twelve months ago. Irrespective, Ord Minnett finds the shares are cheaply valued and there should be growth ahead on a medium term outlook.

Buy rating retained, in combination with a 62c price target, up from 55c prior.

Target price is $0.62 Current Price is $0.50 Difference: $0.12
If SSG meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Credit Suisse rates SXL as Outperform (1) -

First half results were below forecasts. Credit Suisse believes radio businesses are being undervalued by the market as an asset class and the company is a likely target in the event of long-awaited traditional media consolidation.

At least one better set of numbers is expected before the stock can meaningfully re-rate. Outperform maintained. Target reduced to $1.30 from $1.50.

Target price is $1.30 Current Price is $1.12 Difference: $0.18
If SXL meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $1.14, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

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

Deutsche Bank rates SXL as Hold (3) -

First half results were below Deutsche Bank's forecasts. The broker notes the radio market looks to have turned a corner in 1H18 and the company should now be positioned for growth.

Management's outlook commentary indicated group revenues will be up 5% yoy in Jan/Feb (ex NNSW TV) with the trend continuing forward, and full year costs will be flat yoy.

The broker would like to see some ratings stability in the company's Metro Radio before becoming more positive and retains a Hold rating. Target reduced to $1.10 from $1.20.

Target price is $1.10 Current Price is $1.12 Difference: minus $0.02 (current price is over target).
If SXL meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.14, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates SXL as Neutral (3) -

First half results were softer than expected. This is largely because of weakness in metro radio, Macquarie observes, where revenue fell 3.0%. Regional radio continues to deliver growth, up 4.4%.

The broker believes the company has addressed part of the first half weakness in metro yet, given the mixed outlook and a lack of positive catalysts in the near term, a Neutral rating is retained. Target drops to $1.18 from $1.35.

Target price is $1.18 Current Price is $1.12 Difference: $0.06
If SXL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.14, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates SXL as Upgrade to Buy from Neutral (1) -

For UBS, the negative surprise in the Southern Cross result was costs to be flat in FY18 from FY17 despite the Northern NSW TV divestment, given investments elsewhere and higher revenue-related costs. The stock is trading on a similar valuation to FTATV peers despite growing radio audiences.

Which makes it look cheap, the broker suggests. 2018 should be the year the industry sees consolidation activity post the relaxation of media laws, and while Southern Cross wants to focus on organic initiatives, it is positioned to exploit M&A opportunities if they arise.

Upgrade to Buy. Target falls to $1.20 from $1.25.

Target price is $1.20 Current Price is $1.12 Difference: $0.08
If SXL meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.14, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates SXY as Hold (3) -

Senex reported a first half loss of $2.8m against Ord Minnett's expectation of  $0.9m net profit. The difference related to operating costs, with operating earnings coming in -$3.3m below the broker's forecasts.

Key for the broker was the news that the company will build its own compression facility for Waitsia. Lead-in times will mean additional capex in the second half and the full year capex budget is under review.

Management indicated there were no plans to raise equity to fund growth.

Hold rating retained and target lowered to 41c from 42c.

Target price is $0.41 Current Price is $0.38 Difference: $0.03
If SXY meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $0.41, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Credit Suisse rates TGR as Outperform (1) -

First half results were ahead of expectations. Credit Suisse observes the stock has been trading like a downgrade was expected and, therefore, it is not surprising there was a positive share price reaction.

While some strength came from pulling forward volumes into the first half, especially in exports, Credit Suisse believes the company is well-placed to meet FY18 expectations, which should translate to around 12% growth in earnings per share.

The broker maintains an Outperform rating and $4.40 target.

Target price is $4.40 Current Price is $3.95 Difference: $0.45
If TGR meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.21, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Morgans rates TGR as Hold (3) -

First half results were stronger than expected. The highlights for Morgans were the strength of operating cash flow and the balance sheet.

If volume and size targets materialise over coming years, and salmon pricing is resilient, the broker considers the stock is trading at reasonable value. Hold maintained. Target is reduced to $4.32 from $4.35.

Target price is $4.32 Current Price is $3.95 Difference: $0.37
If TGR meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.21, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Ord Minnett rates TGR as Lighten (4) -

First half results were better than Ord Minnett's expectations. The 8c interim dividend was also above the broker's 6.5c estimate.

FY18 volume guidance was not raised, meaning second half volumes will likely decline on first half levels. Despite factoring in higher prices and allowing for costs to decrease, an increased depreciation and amortisation charge has led to a -4% reduction in Ord Minnett's FY18 EPS estimates.

 Lighten retained and target reduced to $3.41 from $3.43.

Target price is $3.41 Current Price is $3.95 Difference: minus $0.54 (current price is over target).
If TGR meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.21, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

UBS rates TGR as Buy (1) -

Tassal posted a solid result featuring substantial volume growth, cycling the impact of the warmest water temperatures on record two years ago and producing much bigger fish. This nevertheless led to a bigger skew to low-margin exports volumes than expected, the broker notes

With salmon demand continuing to grow domestically, Tassal is contemplating wholesale price increases. The broker is not factoring these in but retains Buy following a target price decrease to $4.70 from $5.05. Water temperatures remain a constant risk.

Target price is $4.70 Current Price is $3.95 Difference: $0.75
If TGR meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.21, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Citi rates WOW as Buy (1) -

Citi saw a "solid" result, but it was scarred by an apparent lack of leverage. The analysts have thus reduced forecasts, also on higher anticipated costs. Citi remains of the view that Woolworths can continue outperforming its peers while also sustainably expanding its margins.

Citi sees BigW still reporting a loss of -$91m in FY18. Buy rating retained, in combination with a price target of $30.30.

Target price is $30.30 Current Price is $27.50 Difference: $2.8
If WOW meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $26.80, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Credit Suisse rates WOW as Neutral (3) -

First half results were above forecasts because of lower-than-expected losses from Big W. Credit Suisse considers sales and earnings expectations for Australian food will likely moderate through the second half and reduce support for the stock's premium to the market.

Active capital management is considered unlikely unless the company can sell its fuel business. Neutral maintained. Target rise to $25.45 from $25.31.

Target price is $25.45 Current Price is $27.50 Difference: minus $2.05 (current price is over target).
If WOW meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.80, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Macquarie rates WOW as Underperform (5) -

First half results were ahead of expectations, yet Macquarie believes the market is already paying for better profits and growth appears to be now slowing. The company expects food sales to begin to moderate as the business cycles a strong prior second half.

Macquarie suspects the company will be forced to reinvest its food margin, which is now 70 basis points ahead of Coles ((WES)), into reducing prices. Big W remains a a problem, the broker notes, reporting a loss of -$10m.

Underperform rating maintained. Target is reduced to $26.16 from $26.17.

Target price is $26.16 Current Price is $27.50 Difference: minus $1.34 (current price is over target).
If WOW meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.80, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Morgan Stanley rates WOW as Underweight (5) -

First half results were better than Morgan Stanley expected. However, cost growth continues to outpace revenue growth, the broker notes.

Long-term, the broker believes underlying gross margins will drift lower as discounters continue to take share. Morgan Stanley has raised FY18 EPS estimates by 2% while FY19 onward forecasts are largely unchanged.

Target raised to $23 from $22 to reflect lower longer term capex and faster top line growth. Underweight retained, Industry view: Cautious.

Target price is $23.00 Current Price is $27.50 Difference: minus $4.5 (current price is over target).
If WOW meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.80, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Morgans rates WOW as Reduce (5) -

First half results were slightly ahead of expectations, although Morgans asserts costs and further investments are key for the remainder of FY18. The core Australian food business continue to improve, supported by 4.9% in sales growth.

Morgans continues to believe the valuation is stretched and retains concerns about the longer-term earnings growth outlook. Reduce maintained. Target is raised to $22.62 from $22.44.

Target price is $22.62 Current Price is $27.50 Difference: minus $4.88 (current price is over target).
If WOW meets the Morgans target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.80, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Ord Minnett rates WOW as Accumulate (2) -

First half results were below Ord Minnett despite operating cash flow being strong. Big W's loss of -$10m at the EBIT level was not as bad as feared and guidance for full year losses has been lowered to -$80-120m from -$150m.

Following the result the broker has downgraded EPS forecasts by -2.5% for FY18 and by -1.9% for FY19.

The food turnaround continues at Woolworths and LFL sales growth remains strong, although the pace of growth is expected to moderate given tough comparable numbers. Accumulate rating and $29 target retained.

Target price is $29.00 Current Price is $27.50 Difference: $1.5
If WOW meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $26.80, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

UBS rates WOW as Buy (1) -

It was a strong result from Woolworths but still -4% short of the broker's forecast, with cost of doing business more than expected. The broker estimates the company spent $50-100m on investment in "future" initiatives, such as technology.

The broker believes the market is too negative on Big W and/or discounting the earnings opportunity in supermarkets. Buy and $28.90 target retained.

Target price is $28.90 Current Price is $27.50 Difference: $1.4
If WOW meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $26.80, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Credit Suisse rates WPP as Outperform (1) -

2017 results beat estimates, characterised by a stronger-than-expected performance in the fourth quarter.

Credit Suisse is pleased momentum has continued into January and February. Initial guidance for 2018 appears undemanding and supported by contract wins.

Outperform rating and $1.15 target maintained.

Target price is $1.15 Current Price is $0.99 Difference: $0.16
If WPP meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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