Australian Broker Call

Macquarie rates ALL as Outperform (1) -

Macquarie revises operation forecasts & FX, and reassesses the PE multiple. The stock has de-rated since October and is now trading on a 17x 12-month forward PE, a 15% premium to the ASX100 versus a 35% three-year average premium.

The broker believes operational downgrades are more than offset by currency. Target is reduced to $27.25 from $30.00 while an Outperform rating is maintained.

Target price is $27.25 Current Price is $25.24 Difference: $2.01
If ALL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $31.85, suggesting upside of 26.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Credit Suisse rates AMC as Neutral (3) -

Amcor has received EU approval to proceed with the Bemis acquisition subject to the divestment of two packaging plants in the UK and one in Ireland, which represent around US$170m of sales. The broker has reduced FY20-21 forecast earnings by -1% in response but estimates the divestments would reap some US$250m.

The net effect on valuation is immaterial. The broker considers an unchanged $14.90 target to be fair value, hence Neutral retained.

Target price is $14.90 Current Price is $14.73 Difference: $0.17
If AMC meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $15.59, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Deutsche Bank rates AMC as Buy (1) -

Deutsche Bank considers the European Commission's approval of Amcor's merger with Bemis to be a minor positive, although the requirement to divest the medical packaging business was larger than anticipated.

The EC highlighted that the merged entity would have been three times larger than the second largest supplier. The broker anticipates a similar remedy will be required in the US. Deutsche Bank retains a Buy rating and $16.15 target.

Target price is $16.15 Current Price is $14.73 Difference: $1.42
If AMC meets the Deutsche Bank target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $15.59, suggesting upside of 5.8% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Ord Minnett rates AOG as Accumulate (2) -

First half underlying profit was well below Ord Minnett's forecasts. The miss is attributable to lower retirement settlements and lower development earnings.

A number of indicative non-binding offers have been received in relation to a transaction for the whole of the company, with a shortlist of preferred bidders to take into a second stage.

The broker continues to envisage value in the stock well above its current price, with the prospect of this being realised by privatisation within the next 3-6 months.

The broker maintains an Accumulate rating and $3.10 target.

Target price is $3.10 Current Price is $1.76 Difference: $1.34
If AOG meets the Ord Minnett target it will return approximately 76% (excluding dividends, fees and charges).

Current consensus price target is $2.12, suggesting upside of 20.5% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Morgan Stanley rates AZJ as Upgrade to Equal-weight from Underweight (3) -

As regulatory uncertainty recedes Morgan Stanley suspects the focus will now shift to the company's legal and capital structure. The broker envisages a modest upside risk from re-basing earnings.

The company appears to have accepted the UT5 final decision and the broker expects FY19 consensus earnings estimates will be downgraded and, instead, FY20 and FY21 will be upgraded.

Morgan Stanley upgrades to Equal-weight from Underweight and raises the target to $4.50 from $4.35. Industry view: Cautious.

Target price is $4.50 Current Price is $4.55 Difference: minus $0.05 (current price is over target).
If AZJ meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.46, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates BAP as Outperform (1) -

In an initial response to today's released interim financials, Macquarie analysts note the company's financials were "slightly weaker than expectations" on multiple items including cashflow and earnings and this has also flowed through into the lowering of FY19 guidance (still within prior guidance).

While clearly not immune from broader economic weakness, Macquarie argues this company's defensive/growth earnings profile remains attractive. Bapcor's 2H outlook remains underpinned by the CTAP acquisition and material margin improvement opportunities remain, in the broker's view.

Macquarie is of the intent to keep the Outperform rating, suggesting any weakness would be viewed as a buying opportunity, adding "particularly in the context of broader economic/market conditions". Price target $7.80.

Target price is $7.80 Current Price is $6.10 Difference: $1.7
If BAP meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $6.99, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

UBS rates BEN as Downgrade to Sell from Neutral (5) -

Bendigo and Adelaide Bank's first-half result missed the broker by 2% and UBS notes underlying trends deteriorated.

Net interest margins remain under pressure, retail and wholesale deposits fell, gross loans were down, and costs were up.

UBS downgrades earnings per share -4%/-9%/-8% across FY19/20/21. The stock is downgraded to Sell from Neutral.

Target price is $9.50 Current Price is $9.87 Difference: minus $0.37 (current price is over target).
If BEN meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.60, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -1.0

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

Deutsche Bank rates BLD as Buy (1) -

Boral has announced price increases for concrete, cement and aggregates, effective April 1, 2019.

Deutsche Bank believes Boral will continue to obtain good traction with price increases.

The broker maintains a Buy rating and $7.30 target.

Target price is $7.30 Current Price is $4.87 Difference: $2.43
If BLD meets the Deutsche Bank target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $6.28, suggesting upside of 28.9% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Citi rates BPT as Neutral (3) -

Underlying first half net profit was 26% above Citi's forecasts. The broker suggests upgrades to consensus expectations are likely but the sustainability of "other operating revenue" needs to be questioned.

The broker believes, currently, disclosure is inadequate and therefore the true implications of guidance beyond FY19 is unclear. Neutral rating and $1.79 target are maintained.

Target price is $1.79 Current Price is $1.85 Difference: minus $0.06 (current price is over target).
If BPT meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.02, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Macquarie rates BPT as Neutral (3) -

Interim results beat Macquarie's estimates, mostly because of "other revenue" of $102.5m. This ensued from the acquisition of Lattice and is also the reason depreciation and amortisation increased.

Macquarie puts its Neutral rating and $1.80 target under review.

Target price is $1.80 Current Price is $1.85 Difference: minus $0.05 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.02, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Macquarie rates CAR as Outperform (1) -

First half results disappointed Macquarie. The company anticipates earnings will be modest in the second half, which the broker translates to low to mid-single digit growth.

Macquarie maintains an Outperform rating and $13.90 target.

Target price is $13.90 Current Price is $11.47 Difference: $2.43
If CAR meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $13.83, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates CGF as Neutral (3) -

Citi lowers estimates for FY19 by -15% and FY20 & FY21 by -7%. The broker notes margins remain under pressure and guidance requires a belief this will ease. The company has blamed disruption in the adviser network for its subdued second quarter sales.

Citi reduces its valuation by -8% yet retains a target of $8.40, reducing the discount between the target and valuation to around -10%. This reflects ongoing uncertainty about the outlook. Neutral maintained.

Target price is $8.40 Current Price is $7.41 Difference: $0.99
If CGF meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.95, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Credit Suisse rates CGF as Neutral (3) -

While Challenger reported profit in line with its earlier downgrade the broker notes the annuity book missed expectations and margin contraction was more severe than expected. The company has previously been able to offset a decline in asset yields with a decline in annuity rates but this is no longer the case, hence the broker anticipates further margin pressure ahead.

Aside from less attractive annuity rates on offer, sales are also likely impacted by churn and uncertainty in the advice market, the broker suggests. There is also regulatory risk (either way) from a potential change of government. Neutral and $7.55 target unchanged, the broker noting the stock is trading at a -20% discount to market.

Target price is $7.55 Current Price is $7.41 Difference: $0.14
If CGF meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.95, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Deutsche Bank rates CGF as Downgrade to Sell from Hold (5) -

Slowing sales, falling margins and mounting concerns regarding asset quality have caused Deutsche Bank to sharply revise forecasts lower.

The broker reduces the target to $7.00 and downgrades to Sell from Hold.

Target price is $7.00 Current Price is $7.41 Difference: minus $0.41 (current price is over target).
If CGF meets the Deutsche Bank target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.95, suggesting upside of 7.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Macquarie rates CGF as Outperform (1) -

Macquarie observes industry disruption drove the weaker sales outcome in the first half. This translated to lower volumes from the major advice networks, a consequence of the Hayne Royal Commission.

Also, the realisation of property assets affected Life COE margins, and the broker expects a further -12 basis points reduction to asset yields over the next two halves for property reallocation.

Macquarie maintains an Outperform rating and reduces the target to $9.60 from $10.60.

Target price is $9.60 Current Price is $7.41 Difference: $2.19
If CGF meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $7.95, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

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

Sales trends are softening and there is continuing margin pressure. Morgan Stanley also observes, while the capital metrics remain elevated, so are the balance sheet risks.

The broker believes generating an appropriate risk-adjusted return in excess of the cost of capital is the main challenge.

Equal-weight rating maintained. Target is reduced to $7.50 from $7.85. Industry view: In-line.

Target price is $7.50 Current Price is $7.41 Difference: $0.09
If CGF meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $7.95, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgans rates CGF as Hold (3) -

First half results were in line with the January market update. Morgans downgrades FY19 and FY20 estimates by -5-6%.

The broker believes Challenger is a good long-term growth story but remains concerned about earnings pressure in the near term.

Morgans maintains a Hold rating and reduces the target to $8.39 from $9.21.

Target price is $8.39 Current Price is $7.41 Difference: $0.98
If CGF meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.95, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Ord Minnett rates CGF as Lighten (4) -

First half net profit was well below Ord Minnett's estimates, although consistent with the recent guidance update, while operating earnings were in line.

The broker notes return on equity and margins continues to decline. Nevertheless, Ord Minnett is supportive of the new CEO's efforts to de-risk the business in volatile markets and put it on a more sustainable footing.

The broker maintains a Lighten rating and $6.85 target.

Target price is $6.85 Current Price is $7.41 Difference: minus $0.56 (current price is over target).
If CGF meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.95, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

UBS rates CGF as Neutral (3) -

Challenger's first-half result fell shy of the broker despite the pre-announced downgrade, UBS noting softness in key Life division profit drivers and continued margin pressure. On the upside, the broker notes a move towards longer-term products in its annuity book.

UBS cuts FY20/FY21 earnings forecasts -2% and -2.5% and questions Challenger's return-on-equity target.

Neutral rating retained and target price falls to $8.30 from $11.65.

Target price is $8.30 Current Price is $7.41 Difference: $0.89
If CGF meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.95, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Credit Suisse rates COH as Neutral (3) -

Ahead of Cochlear's result release the broker has made minor earnings adjustments to account for FX moves and higher R&D costs. Estimates lower by -1-2%.

Neutral and $195 target retained.

Target price is $195.00 Current Price is $197.28 Difference: minus $2.28 (current price is over target).
If COH 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 $179.86, suggesting downside of -8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

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

The share price has risen 24% since November and is now trading around 12% above Morgan Stanley's target. As the valuation does not adequately cover the short-term risks Morgan Stanley downgrades to Equal-weight from Overweight and raises the target to $176 from $175.

The broker remains positive on the longer-term outlook, given the eventual evolution of the referral channel to a more retail setting, but notes short-term risks exist, such as a likely weighting to the second half for earnings, which implies a tough hurdle for FY19 guidance. In-Line industry view.

Target price is $176.00 Current Price is $197.28 Difference: minus $21.28 (current price is over target).
If COH meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $179.86, suggesting downside of -8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Citi rates CPU as Neutral (3) -

Citi believes, after a first half result above forecasts, the upgraded FY19 guidance should be well received, although the composition is softer.

Also, the lack of underlying growth outside of margin income is likely to temper some of the upside.

Neutral rating and $20.10 target.

Target price is $20.10 Current Price is $18.78 Difference: $1.32
If CPU meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $18.31, suggesting downside of -2.5% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: -0.3

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

Macquarie rates CPU as Neutral (3) -

Macquarie expects the market will focus on the upgrade to guidance for earnings per share in the first half result.

As interest-rate expectations had moved downward since the last update, the broker was not expecting an upgrade to guidance and expected downside risk would materialise. The upgrade appears positive but driven by some lower-quality items.

Macquarie maintains a Neutral rating and $18.50 target.

Target price is $18.50 Current Price is $18.78 Difference: minus $0.28 (current price is over target).
If CPU meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.31, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: -0.3

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

Citi rates CSL as Buy (1) -

Minor misses and minor beats here in there, is what Citi analysts find in CSL's interim report released today. The most important observation, however, is contained in the following sentence: "The market was already at the top end of the previous guidance. We expect minimal revisions to FY19 consensus".

The analysts note the report, strictly taken, was in-line and guidance has been tightened upwards, but market expectations had already positioned for a mild upgrade, or so it appears. Buy and $218 target.

Target price is $218.00 Current Price is $187.25 Difference: $30.75
If CSL meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $203.95, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Macquarie rates CSL as Outperform (1) -

First half results were largely in line with Macquarie's estimates. The broker awaits further detail in relation to supply constraints as well as the phasing of costs into the second half.

Outperform rating maintained. Target is $230.

Target price is $230.00 Current Price is $187.25 Difference: $42.75
If CSL meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $203.95, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

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

UBS upgrades Lend Lease to Buy from Neutral, believing the stock to be undervalued given risks have fallen on troublesome projects. It also notes the company is not reliant on Australian residential markets given its global profile and institutional capital partners for all asset classes.

UBS expects an announcement regarding the engineering business when the interim results are published on Friday.

Target price rises to $15.70 from $15.20. 

Target price is $15.20 Current Price is $13.36 Difference: $1.84
If LLC meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $15.37, suggesting upside of 15.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Ord Minnett rates LNK as Reinstate Coverage with Hold (3) -

Ord Minnett reinstates coverage of Link Administration with a Hold rating and $7.70 target. The broker incorporates the company's increased stake in property settlements exchange, PEXA, and the sale of the corporate and private clients business.

There is some potential valuation upside, tempered by Brexit risk, in the broker's view. Ord Minnett expects strong growth in Link Asset Services under the company's ownership, although Brexit presents some risk to the fund solutions business.

Target price is $7.70 Current Price is $7.15 Difference: $0.55
If LNK meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $8.33, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Deutsche Bank rates MP1 as Buy (1) -

First half results were strong and Deutsche Bank believes this forms a solid base for FY19. Buy rating and $5.25 target maintained.

The broker is also confident that management can accelerate the roll-out of the network and invest in the sales team to drive higher utilisation.

Target price is $5.25 Current Price is $4.02 Difference: $1.23
If MP1 meets the Deutsche Bank target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $4.89, suggesting upside of 21.6% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgans rates MP1 as Add (1) -

First half results were broadly in line with expectations. The company continues to expand its global footprint, and added 24 data centres in the first half to end with 245 installed and 386 enabled.

The main risks relate to the need to accelerate sales to the point that revenue exceeds costs as well as funding future growth, Morgans believes.

The broker maintains an Add rating, upgrades FY20 estimates by 9%, and increases the target to $4.52 from $4.44.

Target price is $4.52 Current Price is $4.02 Difference: $0.5
If MP1 meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.89, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates MQG as Neutral (3) -

Citi believes 2019 is shaping up as a record year for Macquarie Group. The company has reiterated guidance and the focus is now on FY20 and volatile items, which the broker calculates, since 2012, have driven profit growth and now account for around 40% of profits.

While the big ticket items such as Quadrant, PEXA and Energetics drove growth in FY19, the next year's building blocks are less obvious.

While the broker suspects Macquarie may guide to FY20 as broadly in line at the May result, analysts are warned they should resist the temptation of assuming 10% growth.

Citi maintains a Neutral rating and $125 target.

Target price is $125.00 Current Price is $125.44 Difference: minus $0.44 (current price is over target).
If MQG meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $128.31, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Credit Suisse rates MQG as Outperform (1) -

Amidst "satisfactory" trading conditions, Macquarie has reiterated guidance of 15% growth in FY19 over FY18. The broker suggests this sounds a little conservative and there was potential for a more optimistic view, but it remains to be seen where the new CEO sets FY20 guidance at the FY19 result release in May.

Outperform and $135 target retained.

Target price is $135.00 Current Price is $125.44 Difference: $9.56
If MQG meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $128.31, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Deutsche Bank rates MQG as Hold (3) -

Macquarie's update reaffirmed Deutsche Bank's expectations, with guidance unchanged for FY19 profit growth of up to 15%. Management noted trading conditions in the December quarter were satisfactory.

Deutsche Bank was not surprised by the significant realisations during the quarter, given the nature of the lumpy transactions was known. Hold rating and $115 target maintained.

Target price is $115.00 Current Price is $125.44 Difference: minus $10.44 (current price is over target).
If MQG meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $128.31, suggesting upside of 2.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Morgan Stanley rates MQG as Overweight (1) -

Macquarie has reaffirmed guidance for an increase in FY19 earnings of up to 15%. This is consistent with Morgan Stanley's expectations but strong flows in asset management are a positive surprise, given the challenging conditions.

Overweight rating and $133 target maintained. Industry view is In-Line.

Target price is $133.00 Current Price is $125.44 Difference: $7.56
If MQG meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $128.31, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Ord Minnett rates MQG as Accumulate (2) -

Macquarie Group has reiterated guidance for FY19 net profit to be up to 15% higher than FY18, highlighting positive trends. Ord Minnett raises estimates by 1% for FY19 and FY20.

The briefing highlighted the long-term growth opportunities across multiple markets. Accumulate rating maintained. Target is raised to $133 from $132.

Target price is $133.00 Current Price is $125.44 Difference: $7.56
If MQG meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $128.31, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

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

Morgan Stanley believes it is time to cut the dividend. The pay-out ratio has been around 80% or above for the past four years but the bank's disclosure points to a capital neutral ratio at around 69-79%.

With a new CEO and plans to increase board diversity the broker believes the bank should review the dividend policy in 2019 and forecasts a -16% cut.

Equal-weight. Target is $25.60. Industry view: In-line.

Target price is $25.60 Current Price is $24.29 Difference: $1.31
If NAB meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $27.23, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Credit Suisse rates NCM as Underperform (5) -

Having divested of Bonikro in the Cote D'Ivoire, Newcrest has now sold Seguela and adjacent tenements which is also in the Cote D'Ivoire but was deemed too far from Bonikro to be a satellite source. The projects came with the Lihir acquisition.

The sale price is immaterial in the context of Newcrest's size but the broker is nonetheless pleased to see cash being released from projects too small to be of any relevance. Newcrest remains exposed to the Cote D'Ivoire through its Barrick JV.

Underperform and $20.30 target retained.

Target price is $20.30 Current Price is $24.92 Difference: minus $4.62 (current price is over target).
If NCM meets the Credit Suisse target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.15, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: -0.1

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

Credit Suisse rates NST as Underperform (5) -

Ahead of tomorrow's result release, Northern Star has provided a Pogo operations update which has increased the broker's confidence in an assumed 10-year mine life.

Underperform and $6.10 target retained.

Target price is $6.10 Current Price is $9.53 Difference: minus $3.43 (current price is over target).
If NST meets the Credit Suisse target it will return approximately minus 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.44, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Morgan Stanley rates NST as Underweight (5) -

High-grade intersections have firmed up prospects in the Pogo Liese vein system, while mineralisation has been expanded in the existing resource in South Pogo veins and several other zones.

Morgan Stanley believes the potential for eventual resource expansion has been demonstrated and strong infill results mean the company is on track for a substantial maiden JORC reserve.

Underweight rating. Industry view is Attractive. Target is $6.50.

Target price is $6.50 Current Price is $9.53 Difference: minus $3.03 (current price is over target).
If NST meets the Morgan Stanley target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.44, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Ord Minnett rates NST as Upgrade to Accumulate from Hold (2) -

Ord Minnett believes the market concern around grades is not a major issue and Kalgoorlie operations should reach FY19 guidance. Moreover, medium-term production opportunities could push Kalgoorlie towards 400,000 ounces of gold per annum.

The broker also notes the recent update on Pogo, with December quarter mining rates up 22%, suggests the upside potential is greater than initially assumed.

The broker upgrades to Accumulate from Hold and raises the target to $10.00 from $8.50.

Target price is $10.00 Current Price is $9.53 Difference: $0.47
If NST meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.44, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

UBS rates NWS as Buy (1) -

News Corp's FY18/FY19 interim edged out the broker, underlying net profit after tax recording a beat of 6%.

UBS downgrades FY19/FY20 forecasts to reflect changes to foreign exchange assumptions.

The broker believes the stock still offers value and retains a Buy recommendation and $20.75 target price.

Target price is $20.75 Current Price is $17.73 Difference: $3.02
If NWS meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $21.36, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Macquarie rates ORA as Outperform (1) -

First half net profit was in line with Macquarie's estimates. Australasia was stronger but US was weaker. The broker expects US growth to be stronger in the second half as the effects of ERP investment and Toys "R" Us wash through.

The broker believes the business is well-placed, with the strongest balance sheet in the sector. Outperform rating and $3.82 target maintained.

Target price is $3.82 Current Price is $3.34 Difference: $0.48
If ORA meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.52, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Deutsche Bank rates PGH as Buy (1) -

As demand conditions deteriorate in some sectors the company has lowered FY19 guidance again, by around -2% at the mid point. Preliminary first half operating earnings (EBITDA) were -6% below the market's expectations.

The non-cash impairment charge of -$310-340m was also significantly higher than Deutsche Bank was anticipating. The broker believes market confidence is plummeting and the company needs to address the concerns regarding governance, execution and strategy.

Buy rating maintained, as the stock is trading at a -29% discount to valuation. Target is reduced to $5.00 from $5.50.

Target price is $5.00 Current Price is $3.04 Difference: $1.96
If PGH meets the Deutsche Bank target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 24.1% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

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

First half operating earnings (EBITDA) are now expected to be $110m and FY19 guidance is now lowered to $230-245m versus 245m previously.

The company has had a challenging start to the year which includes significant cost headwinds and weaker demand conditions in some sectors.

Macquarie notes there appears to have been limited benefit from price reductions that have recently occurred in resin.

The broker downgrades to Underperform from Neutral, highlighting concerns about the base business, and reduces the target to $3.40 from $3.72.

Target price is $3.40 Current Price is $3.04 Difference: $0.36
If PGH meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 24.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

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

First half operating earnings (EBITDA) were -5% below Morgan's forecasts. Management has downgraded guidance, affected by the uncertainty surrounding the speed with which revenue and efficiency projects can be delivered and the rate that input costs can be recovered.

The aspect of most concern to Morgans is that resin prices have moved in the company's favour over the past four months, which implies the underlying business remains very weak.

The broker suggests investors avoid the stock until the company can demonstrate more stable earnings, and downgrades to Reduce from Hold. Target is lowered to $3.01 from $3.24.

Target price is $3.01 Current Price is $3.04 Difference: minus $0.03 (current price is over target).
If PGH 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 $3.77, suggesting upside of 24.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Ord Minnett rates PGH as Hold (3) -

The company has downgraded earnings guidance for FY19 for the second time in three months. Operating earnings (EBITDA) is expected in the range of $230-245m.

The company has attributed the downgrade, from "around $245m" in November, to uncertainty regarding the speed with which revenue and efficiency projects can be delivered and the rate at which input costs can be recovered.

Ord Minnett remains cautious and maintains a Hold rating, lowering the target to $3.60 from $4.00.

Target price is $3.60 Current Price is $3.04 Difference: $0.56
If PGH meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 24.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

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

2018 revenue and operating earnings were broadly in line with Morgan Stanley's forecasts. While declining sales across all divisions was not the outcome investors were hoping for, the broker notes this was largely factored into forecasts.

No specific guidance was provided. The broker suggests the focus is clearly on re-accelerating the top line but there are headwinds in terms of declining legacy revenues that need to be offset.

Equal-weight rating and In-Line sector view retained. Target is reduced to $0.76 from $1.05.

Target price is $0.76 Current Price is $0.68 Difference: $0.08
If RKN meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

UBS rates SGP as Downgrade to Sell from Neutral (5) -

UBS has downgraded Stockland to Sell from Neutral ahead of its first half result, which the broker expects will reflect the slowdown in the residential, retail and retirement markets.

The broker sees no respite in the market situation and expects deterioration across all core business through FY19.

Target price falls to $3.60 from $3.74.

Target price is $3.60 Current Price is $3.72 Difference: minus $0.12 (current price is over target).
If SGP meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.99, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates SUL as Buy (1) -

First half earnings were broadly in line with expectations, although Citi points out all of the earnings (EBIT) growth achieved was through the Macpac acquisition while the losses at Rays narrowed.

The broker expects a slowdown in like-for-like sales growth, yet the business appears well-placed to deliver solid earnings growth in the second half despite the challenging retail environment.

Citi maintains a Buy rating and reduces the target to $9.00 from $9.40.

Target price is $9.00 Current Price is $7.71 Difference: $1.29
If SUL meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.61, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Credit Suisse rates SUL as Neutral (3) -

Super Retail has issued a "strong" trading update for the first half and for the first six weeks of FY19, the broker declares, but this has unfortunately been overshadowed by downward revision to prior profit results related to wages underpayment going back six years. The broker also notes stronger FY19 sales likely reflect the introduction of a new payment platform and the gross margin appears to be weaker.

Neutral and $7.75 target retained.

Target price is $7.75 Current Price is $7.71 Difference: $0.04
If SUL meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $8.61, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Deutsche Bank rates SUL as Hold (3) -

First half results revealed solid margins and steady sales and Deutsche Bank observes the recently-acquired Macpac business produced a good result that reflects significant investment undertaken in the supply chain over the last 2-3 years.

BCF remains the main area of concern. While the stock is trading at a discount to the broker's $10.20 target, with a strong yield and valuation support, given the volatile retail conditions and management changes Deutsche Bank envisages near-term risks and sticks with a Hold rating.

Target price is $10.20 Current Price is $7.71 Difference: $2.49
If SUL meets the Deutsche Bank target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $8.61, suggesting upside of 11.7% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates SUL as Neutral (3) -

Macquarie found the first half result credible and slightly above expectations, although the underlying trends are mixed.

The broker suspects recent trading trends, while encouraging, will be challenging to sustain and the broader cyclical risks are skewed to the downside.

Nevertheless, the negatives appear priced in, although the case for a sustained re-rating is difficult to justify.

Hence, Macquarie maintains a Neutral rating and reduces the target to $8.30 from $8.70.

Target price is $8.30 Current Price is $7.71 Difference: $0.59
If SUL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $8.61, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

First half results were stronger than expected. The company reported two days earlier than indicated, which Morgan Stanley suggests is likely because of the discovery of further wage underpayments.

January trading is also stronger than the broker expected. Equal-weight rating maintained. Target is $7.40. Industry View: Cautious.

Target price is $7.40 Current Price is $7.71 Difference: minus $0.31 (current price is over target).
If SUL 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 $8.61, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

First half results appear ahead of forecasts but overshadowed by further wage underpayments issues, which Morgans notes are significant. The full result is due on February 14.

The broker lowers estimates by -1-2% in the forecast years and also lowers capital expenditure assumptions. The broker recognises the undemanding valuation but awaits further clarity on the incoming CEO's strategy.

Rating is downgraded to Hold from Add and the target raised to $8.56 from $8.54.

Target price is $8.56 Current Price is $7.71 Difference: $0.85
If SUL meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.61, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates SUL as Accumulate (2) -

First half earnings (EBIT) were slightly below Ord Minnett's forecasts. The focus was on the growth in the Macpac and sports divisions, both ahead of forecasts.

Ord Minnett observes the business is anchored by a strong automotive segment while sports is being helped by cost savings. In outdoor, Macpac is a strong performer while the turnaround at BCF is less certain.

Ord Minnett maintains an Accumulate rating and reduces the target to $9.00 from $9.50.

Target price is $9.00 Current Price is $7.71 Difference: $1.29
If SUL meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.61, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates SUL as Buy (1) -

Super Retail's underlying first-half result outpaced the broker in underlying businesses but was marred by further findings and payback of underpayment to staff.

A strong trading update on strong margins leads the broker to retain a Buy rating, noting the stock is cheap on valuation (trading on a forecast 10x multiple for FY19), low risk and high yield.

Earnings forecasts rise 1-2% over FY19-22 to reflect the strong half, lower capital expenditure and likely higher second half in which it will probably meet consensus, but notes that while macro headwinds are building, the company is better cushioned than others.

Target price edges up to $8.70 from $8.65.

Target price is $8.70 Current Price is $7.71 Difference: $0.99
If SUL meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.61, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates TAH as Outperform (1) -

First half earnings were slightly below Macquarie's estimates, largely because of a soft wagering result. Overall, FY21 synergy targets have been lifted by 12%.

Macquarie's Outperform rating and $5.30 target is under review.

Target price is $5.30 Current Price is $4.55 Difference: $0.75
If TAH meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Citi rates TCL as Sell (5) -

First half operating earnings were -3% below Citi's forecast with the miss largely attributable to softer traffic growth and a reduction in fee income.

Traffic growth has slowed materially in the second quarter, notably across the Sydney network, and this potentially implies the network has either entered a mature growth phase or consumers are becoming more sensitive to toll prices.

FY19 guidance is maintained and Transurban has also reiterated FY20 guidance for mid-single digit distribution growth.

Sell rating maintained. Target is reduced to $10.14 from $10.18.

Target price is $10.14 Current Price is $12.20 Difference: minus $2.06 (current price is over target).
If TCL 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 $12.31, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Credit Suisse rates TCL as Neutral (3) -

Transurban's first half toll revenue fell short of the broker's expectation, as did earnings (ex-acquisition costs). The dividend was partially supported by a debt raising and the same is expected for next year.

The broker expects 5-10% of the next two years dividend to be covered by debt and considers this to be perfectly reasonable. However the broker points out that the market does not like the uncertainty implied with regard sustainable yield when debt is used to pay dividends.

Neutral and $11.80 target retained.

Target price is $11.80 Current Price is $12.20 Difference: minus $0.4 (current price is over target).
If TCL meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.31, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Deutsche Bank rates TCL as Buy (1) -

First half earnings were up 9.8% and marginally below Deutsche Bank's estimates, while free cash flow was strong, up 22.9% and ahead of estimates.

Management has reaffirmed full year guidance of $0.59 per security, up 5.4%. Deutsche Bank retains a Buy rating and $13.25 target.

Target price is $13.25 Current Price is $12.20 Difference: $1.05
If TCL meets the Deutsche Bank target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $12.31, suggesting upside of 0.9% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

Near-term free cash flow is slightly weaker and lumpy then Morgan Stanley expected although the growth outlook is high-quality.

The company has reaffirmed its distribution guidance and expects similar returns from Queensland in the second half, which the broker estimates should bring full-year cash cover towards 95%.

Equal-weight rating and Cautious industry view maintained. Target is $12.38.

Target price is $12.38 Current Price is $12.20 Difference: $0.18
If TCL meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $12.31, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgans rates TCL as Hold (3) -

First half earnings growth was below Morgans' forecasts. Cash coverage of the distribution was relatively weak, although guidance for FY19-20 was reaffirmed.

Morgans continues to align forecasts with guidance but reduces distribution growth across FY21-25 by -1-4%. The broker maintains a Hold rating and lowers the target to $12.10 from $12.29.

Target price is $12.10 Current Price is $12.20 Difference: minus $0.1 (current price is over target).
If TCL 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 $12.31, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates TCL as Buy (1) -

First half earnings were slightly below Ord Minnett's forecasts. The broker cautions investors against reading too much into the slightly weaker growth in the first half.

Some analysts and investors may be concerned about the use of capital releases to temporarily support distributions, but the broker believes Transurban's intentions have been well flagged to the market.

The broker suggests investors should favour such companies that offer access to long-dated, predictable and growing cash flow during periods uncertainty. Buy rating maintained. Target is reduced to $13.15 from $13.25.

Target price is $13.15 Current Price is $12.20 Difference: $0.95
If TCL meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $12.31, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates TCL as Buy (1) -

Transurban's first-half result met the broker. Organic growth has slowed from the previous half and costs rose, triggering earnings downgrades of -1% in FY19 and FY20.

UBS expects a capital release from Transurban Queensland, which, combined with the $98m capital from the North Western Roads Group this half, means the dividend is 98% covered. More capital releases are forecast for FY20, driving cash-flow upgrades.

The broker expects the long, low risk organic growth profile and options to expand the network will underpin the share price.

Buy rating retained. Target price rises to $13.75 from $13.30.

Target price is $13.75 Current Price is $12.20 Difference: $1.55
If TCL meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $12.31, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgans rates VEA as Add (1) -

Morgans reviews forecasts following the revised alliance agreement with Coles ((COL)). Viva Energy has secured control of retail pricing and will now receive the full fuel margin.

Importantly, the broker notes this also removed a material discount applying to Viva Energy. Add rating maintained. Target is raised to $2.76 from $2.60.

Target price is $2.76 Current Price is $2.30 Difference: $0.46
If VEA meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.65, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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