Australian Broker Call

Ord Minnett rates ABP as Hold (3) -

Following the FY18 results, Ord Minnett has made changes to earnings forecasts, including removing future profit from asset sales. FY19 EPS forecast has been reduced -36% to 21.7cps, -32% below FY18. FY20-22 forecasts are largely unchanged.

Hold maintained. Target is reduced to $3.40 from $3.60.

Target price is $3.40 Current Price is $3.47 Difference: minus $0.07 (current price is over target).
If ABP meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

Morgans rates ACF as Add (1) -

FY18 results were ahead of expectations. The company has announced the acquisition of Natform for $15m which Morgans welcomes as a "good deal".

On the back of the strong result and changes to earnings forecasts - FY19 underlying operating earnings estimates are increased by 35% - the broker increases the target to $0.52 from $0.37. Add rating maintained.

Target price is $0.52 Current Price is $0.47 Difference: $0.05
If ACF meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

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 APX as Buy (1) -

In response to Appen's result, Citi has cut its 2018 earnings forecast by -10%. Does that imply a miss? The broker has also increased its target by 41%.

The winner in Content Relevance, suggests the broker, will be the one who can analyse the most amount of data with the highest quality of analytics in the shortest amount of time. Appen is very well placed to be that winner in the near term, the broker believes. New client wins and cost-out opportunities underpin.

Buy retained. Target rises to $17.13 from $12.19.

Target price is $17.13 Current Price is $14.88 Difference: $2.25
If APX meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

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 APX as Neutral (3) -

The business has exceeded expectations and first half results were ahead of UBS estimates. While tempted to take a more positive view the broker requires further detail on the Leapforce synergies, which are required to offset pricing pressures from major customers in FY19.

UBS maintains a Neutral rating and raises the target to $15.65 from $13.10.

Target price is $15.65 Current Price is $14.88 Difference: $0.77
If APX meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

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 ASG as Neutral (3) -

FY18 results were driven by acquisitions, and increasing share of parts and services income as the business matures. UBS increases estimates for parts and services income but still expects FY19 earnings to fall versus guidance for growth.

The broker notes strong valuation support at current levels but maintains a Neutral rating, given the near-term risks to new car volumes. Target is reduced to $1.50 from $1.85.

Target price is $1.50 Current Price is $1.64 Difference: minus $0.14 (current price is over target).
If ASG meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

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

Citi rates AX1 as Buy (1) -

The broker's response to Accent Group's result is that the company remains "one of the highest quality listed retail opportunities" given strong sales momentum, conservative FY19 guidance, significant progress in omni-channel opportunities, upside from an international rollout and strong management.

Accent has guided to 30 plus new stores in FY19 but has delayed its international rollout by six months. The broker is fine with this, as the company is making sure it gets it right. Earnings forecasts upgraded and target lifted to $1.75 from $1.40. Buy retained.

Target price is $1.75 Current Price is $1.51 Difference: $0.24
If AX1 meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Morgans rates AX1 as Hold (3) -

FY18 results were ahead of estimates, supported by a robust gross margin. Margin benefit accelerated in the second half because of the decision to reduce clearance activity and increase the penetration of vertical brand sales. The company envisages potential for a further 30-40 stores in 2-3 years.

Accent also continues to evaluate potential entry into offshore markets. Morgans forecasts 8.1% growth in operating earnings in FY19, which appears to be more than captured at the current multiple. Hold rating maintained. Target rises to $1.47 from $1.39.

Target price is $1.47 Current Price is $1.51 Difference: minus $0.04 (current price is over target).
If AX1 meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

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

Macquarie rates AYS as Neutral (3) -

Amaysim's FY18 results were in line with Macquarie's expectations, having been pre-released. Underlying EPS fell -48% to 5.9cps.

The outlook remains challenging, in the broker's opinion, but the company sees growth in Energy and does not expect competition to continue to pressure Mobiles.

The broker raises FY19 EPS forecast by 3.1% but cuts FY20 forecast by -4%, due primarily to higher D&A. Target rises to $1.10 from $1.00 and Neutral retained.

Target price is $1.10 Current Price is $1.13 Difference: minus $0.03 (current price is over target).
If AYS meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

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

FY18 results were in line with estimates. Credit Suisse calculates the stock is trading on a PE rating that is higher than either that of a2 Milk ((A2M)) or Treasury Wine ((TWE)), both of which offer higher near-term growth.

The broker maintains a target of $130 but downgrades to Underperform from Neutral. Credit Suisse also notes sales have not kept pace with rival Swisse in Australia. The company is budgeting for growth in FY19 in Australia and intends to increase marketing.

Target price is $130.00 Current Price is $165.04 Difference: minus $35.04 (current price is over target).
If BKL meets the Credit Suisse target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $140.00, suggesting downside of -15.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.7

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

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

FY18 results were slightly weaker than Morgans expected. Management expects continued growth in sales and profit in FY19 and is targeting growth across all regions and brands.

Management has highlighted a subdued Australian retail market, which Morgans believes illustrates the lower growth outlook for the domestic vitamin category and also reflects the prevalence of discounting. The broker downgrades to Reduce from Hold. Target is raised to $130 from $115.

Target price is $130.00 Current Price is $165.04 Difference: minus $35.04 (current price is over target).
If BKL meets the Morgans target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $140.00, suggesting downside of -15.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.7

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

Ord Minnett rates BKL as Downgrade to Hold from Accumulate (3) -

FY18 results were in line with Ord Minnett's forecasts although the $1.55 dividend, representing a 75% payout of net profit, was below the broker's estimate. The company has reinstated its DRP.

Management highlighted that it is comfortable with inventory positions in the market and exited the period with rebates as a percentage of gross sales of 19.2%. The company expects to ramp up selling and marketing expenses, particularly in China, as it embarks on an adjusted strategy to capture more sales.

With the stock trading now trading on more than 30x Ord Minnett's forecast earnings the rating is downgraded to Hold from Accumulate. Target rises to $160 from $145.

Target price is $160.00 Current Price is $165.04 Difference: minus $5.04 (current price is over target).
If BKL 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 $140.00, suggesting downside of -15.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.7

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

Macquarie rates BVS as Outperform (1) -

Bravura's result was pleasing to Macquarie, delivering 27% growth in NPAT. The company has added 8 clients in its key Sonata business which continues to bode well for ongoing organic growth.

The broker has lifted FY19 and FY20 EPS estimates by 4% and 6.5% respectively to reflect managements expectations of 15% organic earning growth in the next two years.

Despite the strong share price Macquarie still sees valuation upside at current levels and maintains the Outperform rating. Target rises to $4.20 from $2.41.

Target price is $4.20 Current Price is $3.97 Difference: $0.23
If BVS meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

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

Credit Suisse rates CAJ as Outperform (1) -

FY18 results were marginally ahead of estimates. Credit Suisse observes the net cash position provides scope for bolt-on acquisitions.

The broker believes the company is well-positioned to benefit from consolidation in the sector and considers the current valuation undemanding. Outperform rating and $0.35 target maintained.

Target price is $0.35 Current Price is $0.27 Difference: $0.08
If CAJ meets the Credit Suisse target it will return approximately 30% (excluding dividends, fees and charges).

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

Ord Minnett rates CAJ as Buy (1) -

The company's FY18 results were below Ord Minnett's forecasts. Revenue growth of 10.2% was slightly below industry growth due to some capacity constraints and a higher mix of lower growth modalities.

The broker expects contributions from acquisitions, new clinic expansion and ramp up at high value Vermont will help underpin growth in FY19. Ord Minnett downgrades earnings estimates for FY19 and FY20 by -4 and -9% due to the increased investments.

Buy rating maintained. Target falls to $0.32 from $0.34.

Target price is $0.32 Current Price is $0.27 Difference: $0.05
If CAJ meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

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 CTX as Buy (1) -

It appears Caltex Australia's interim update was quite messy and not exactly what Citi analysts had in mind. They are toying with the idea the share price might well remain weak until more clarity is forthcoming at the scheduled Strategy Day later in the year.

Citi retains the Buy recommendation, explaining this is on a twelve month horizon. The analysts remain sceptical whether the program for partial selling and leasing-back retail sites is genuinely creating value for shareholders.

Price target drops to $37.34 from $39.25.

Target price is $37.34 Current Price is $30.55 Difference: $6.79
If CTX meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $34.29, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

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

Credit Suisse introduces new retail assumptions for Caltex, which set a lower underlying EBIT for stores transitioning to corporate ownership. Wholesale earnings estimates are reduced, with a lower margin from a new Woolworths ((WOW)) wholesale agreement commencing August 1.

The broker believes the pre-existing franchise profitability base has been unsustainably high. Credit Suisse changes analysts and downgrades to Neutral from Outperform. Target is reduced to $32.55 from $40.80.

Target price is $32.55 Current Price is $30.55 Difference: $2
If CTX meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $34.29, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Macquarie rates CTX as Outperform (1) -

Caltex's first half results were at the bottom end of guidance, although looking through, Macquarie noted the core fuels and infrastructure division delivered a solid result.

The key negative from the result for the broker was that capital returns now appear less likely due to lease liabilities. Macquarie cuts full year RCOP EPS by -3% and 2019/20 by -1%.

The broker continues to view the valuation compelling on a sum of the parts basis and maintains an Outperform rating. Target is reduced to $35.50 from $37.00.

Target price is $35.50 Current Price is $30.55 Difference: $4.95
If CTX meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $34.29, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Morgan Stanley rates CTX as Underweight (5) -

First half results were at the lower end of guidance. Morgan Stanley envisages pressure on earnings as the retail business incurs greater costs from franchisees being brought in-house. The broker believes Caltex is facing a number of challenges based on emerging fuel consumption trends across Australia.

The broker believes partnering with Woolworths ((WOW)) on the retail strategy is right but will take time for earnings to be achieved. Underweight and $26 target retained. Industry view: Attractive.

Target price is $26.00 Current Price is $30.55 Difference: minus $4.55 (current price is over target).
If CTX meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.29, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Ord Minnett rates CTX as Buy (1) -

Caltex's first half result was at the lower end of guidance and below Ord Minnett's forecast. A 57c dividend was declared but franking credits were not available as hoped despite completion of a pleasing asset optimisation review.

The broker notes Caltex is undergoing significant change and is now starting to land some strategic initiatives. The review included a plan to sell off some retail sites but was not the enabler of capital management or the return of $1bn in franking credits that many had hoped.

The core business should remain supported by transport fuel margins so the broker retains a Buy rating. Target is reduced to $35 from $36.

Target price is $35.00 Current Price is $30.55 Difference: $4.45
If CTX meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $34.29, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

UBS rates CTX as Buy (1) -

First half net profit was slightly ahead of UBS estimates. UBS lifts forecast by 4-6% to reflect the first half result and lower depreciation. The broker is confident Caltex can deliver a $120-150m uplift in operating earnings over the next five years from its retail strategy.

The broker maintains a Buy rating and reduces the target to $36.00 from $37.20.

Target price is $36.00 Current Price is $30.55 Difference: $5.45
If CTX meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $34.29, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Morgans rates GEM as Add (1) -

First half results were affected by higher costs and ongoing supply issues as well as lower occupancy. The company is not forecasting a "material improvement" in market conditions until mid to late 2019.

Morgans notes the new dividend policy has arrived six months early, with a 4.5c first half dividend declared. The broker retains an Add rating but suspects the delay in the expected recovery will stymie the share price in the short term. Target is reduced to $2.62 from $3.07.

Target price is $2.62 Current Price is $2.10 Difference: $0.52
If GEM meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $2.36, suggesting upside of 12.5% (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

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

The company has executed a binding agreement with POSCO to sell a package of tenements on the northern basin of Salar del Hombre Muerto for US$280m. Morgan Stanley suggests the deal could add around $0.90 per share to its base case valuation.

Equal-weight rating. Target is $2.80. Industry View: In-Line.

Target price is $2.95 Current Price is $2.87 Difference: $0.08
If GXY meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 25.8% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates MNF as Overweight (1) -

FY18 earnings missed Morgan Stanley's estimates. The broker believes the stock has been de-rated as Pennytel disappointed investors because subscriber growth is behind forecasts.

Morgan Stanley assumes a re-basing of earnings for the Pennytel losses in FY19 and FY20. Profitability would be a catalyst.

Overweight rating maintained. Target is reduced to $7.30 from $7.70. Industry view: In-Line.

Target price is $7.30 Current Price is $5.05 Difference: $2.25
If MNF meets the Morgan Stanley target it will return approximately 45% (excluding dividends, fees and charges).

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

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

2018 guidance has been reaffirmed at 7.75c per share, in line with Morgan Stanley's estimates. The broker assumes cash cover for the distribution in 2018 of around 29%.

Equal-weight retained. Industry view: Cautious. Target is $1.53.

Target price is $1.53 Current Price is $1.44 Difference: $0.09
If NEW meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 ORE as Buy (1) -

Underlying earnings from Olaroz beat the broker, while profit fell short on impairments and FX impact. Focus is on approval of the stage 2 expansion, expected soon.

No specific production guidance was offered but the broker lowers its forecast due to scheduled maintenance. Current half lithium pricing is expected to be similar to first half last year. Buy retained, target falls to $6.50 from $7.60 on lower production assumptions.

Target price is $6.50 Current Price is $4.30 Difference: $2.2
If ORE meets the Citi target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $6.40, suggesting upside of 48.8% (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

Credit Suisse rates ORE as Outperform (1) -

FY18 results were in line with expectations. Credit Suisse observes the balance sheet is in strong shape and the operating performance of Olaroz should continue to improve.

The company projects a stronger 2019 although no explicit production guidance has been provided. Higher production should reduce unit costs, aided by depreciation in the Argentina peso and an expanded cash margin, subject to the lithium price, Credit Suisse suggests.

Outperform rating and $5.70 target maintained.

Target price is $5.70 Current Price is $4.30 Difference: $1.4
If ORE meets the Credit Suisse target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $6.40, suggesting upside of 48.8% (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

Morgan Stanley rates ORE as Underweight (5) -

Morgan Stanley observes prior guidance was for 50% of FY19 production to be battery grade and this now seems to be a higher proportion versus FY18, which returned 33%.

The broker maintains an Underweight rating, In-Line industry view and $4.20 target.

Target price is $4.20 Current Price is $4.30 Difference: minus $0.1 (current price is over target).
If ORE meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.40, suggesting upside of 48.8% (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

Morgans rates ORE as Add (1) -

Underlying profit in FY18 was in line with expectations. The carrying value of Borax Argentina is written down by -US$8m to zero. The operation is now breaking even and costs are coming down, Morgans observes.

Meanwhile, the Olaroz JV reported record revenue. Morgans models three years at current lithium prices before softening occurs in response to supply. Add rating is maintained. Target is reduced to $6.99 from $8.87.

Target price is $6.99 Current Price is $4.30 Difference: $2.69
If ORE meets the Morgans target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $6.40, suggesting upside of 48.8% (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

Ord Minnett rates ORE as Buy (1) -

Ord Minnett found the FY18 result difficult to interpret given the handling of accounting for the 66.5% stake in the Olaroz lithium project. Underlying net profit of US$25.7m was within 3% of the broker although impacted by a number of one-off items.

The company is in a solid cash generating position with a 5% free cash flow yield forecast for FY19, and has a strong balance sheet, in the broker's view. Given a lack of franking credits the broker believes a share buyback could be on the table within 12 months.

Buy rating maintained. Target is reduced to $8.00 from $8.20.

Target price is $8.00 Current Price is $4.30 Difference: $3.7
If ORE meets the Ord Minnett target it will return approximately 86% (excluding dividends, fees and charges).

Current consensus price target is $6.40, suggesting upside of 48.8% (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

Ord Minnett rates PNI as Buy (1) -

FY18 results were in line with guidance, representing NPAT growth on pcp of 93% due to ongoing operating leverage and FUM gains among the affiliates.

Guidance on Firetrail's flows in 1Q19 was increased from $1bn to $2bn. Ord Minnett envisages the company growing EPS by 22% through FY19-22.

With around 15% total shareholder return on offer at current levels the broker retains a Buy rating and raises the target price to $8.00 from $6.43.

Target price is $8.00 Current Price is $7.07 Difference: $0.93
If PNI meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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

Macquarie rates RCR as No Rating (-1) -

FY18 results were slightly better than Macquarie expected. The company has announced a 1-for-1.65 entitlement offer at $1.00 to raise $100m.

The equity raising and $25m additional working capital facility will enable the company to address the solar cost overruns and strengthen the balance sheet.

FY19 outlook is for underlying EBIT of $40-48m inclusive of AASB 15 which is expected to reduce EBIT by -$8-10m due to changes in timing of revenue recognition.

Macquarie is on research restriction and offers no recommendation.

Current Price is $2.80. Target price not assessed.

Current consensus price target is $2.44, suggesting downside of -12.9% (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

Ord Minnett rates RCR as Downgrade to Lighten from Buy (4) -

Ord Minnett has cut its recommendation to Lighten from Buy and reduced the price target to $1.38 from $5.19 due to uncertainties in the company's business following material cost overruns at its Daydream and Hayman Island solar farm projects.

The projects swung the company's FY18 results to a loss and necessitated a $100m capital raising at $1 per share.

Ord Minnett has reduced FY19 and FY20 EBIT forecasts by -46% and -47% respectively and also reducing EPS estimates by -55% and -58% for the same periods.

Target price is $1.38 Current Price is $2.80 Difference: minus $1.42 (current price is over target).
If RCR meets the Ord Minnett target it will return approximately minus 51% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.44, suggesting downside of -12.9% (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

Citi rates RRL as Sell (5) -

A solid year of operations saw Regis Resources reach record full year earnings, but the broker retains Sell and cuts its target to $3.75 from $3.85.

The broker is concerned over potential operating cost inflation at Duketon, as suggested by guidance, and capex for McPhillamy's. This will weigh on earnings and cash generation in FY19.

Target price is $3.75 Current Price is $4.23 Difference: minus $0.48 (current price is over target).
If RRL meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.19, suggesting downside 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 RRL as Neutral (3) -

FY18 net profit was ahead of estimates. Cash flow was robust and there was low exploration write-off.

Credit Suisse observes the company has ample capacity to fund $215m in McPhillamys expenditure, subject to an updated definitive feasibility study.

Neutral rating maintained. Target is $4.45.

Target price is $4.45 Current Price is $4.23 Difference: $0.22
If RRL meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting downside 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 RRL as Upgrade to Hold from Lighten (3) -

FY18 results were ahead of Ord Minnett's expectations, and 5% above consensus, driven by lower than expected operating costs.

The company remains in a strong position to fund growth options but the key is the timing of that growth, in the broker's view. First gold from McPhillamys in FY20 may be optimistic, Ord Minnett believes, and assumes an investment decision by the end of FY19 and first gold in 2H21.

The broker upgrades to Hold from Lighten and retains the $4.00 target price.

Target price is $4.00 Current Price is $4.23 Difference: minus $0.23 (current price is over target).
If RRL 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 $4.19, suggesting downside 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 RRL as Upgrade to Neutral from Sell (3) -

FY18 results were slightly ahead of expectations. UBS attributes share price weakness to the FY19 guidance issued in the quarterly report in July. Higher cost estimates are based on pre-stripping activity at new satellite ore bodies that are to be opened up in FY19 as well as inflation in oil prices.

The broker believes the higher costs have now been more than priced into the stock and value is starting to emerge. Rating is upgraded to Neutral from Sell. Target rises to $4.20 from $3.18.

Target price is $4.20 Current Price is $4.23 Difference: minus $0.03 (current price is over target).
If RRL meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.19, suggesting downside 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

Citi rates SCO as Buy (1) -

The broker's response to Scottish Pacific's result is to increase earnings forecasts and retain Buy. The result reinforces the company's ability to grow organically, manage risk and extract cost, the broker suggests. Guidance is considered strong.

If the company can re-engage marginal buyers, further improve costs, gain traction with new products and further expand sales, a forward PE of 12.3x and a yield of 6.1% looks attractive. Target rises to $4.03 from $3.94.

Target price is $4.03 Current Price is $3.43 Difference: $0.6
If SCO meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

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

Macquarie rates SDA as Neutral (3) -

First half revenue was mainly in line with Macquarie's estimates but the energy division was the main driver of margin weakness leading to a -14% EBITDA miss.

FY18 EBITDA guidance has been downgraded -6-13% to US$135-145m versus the US$155m guidance at the end of May. Earnings upside is expected from the acquisition of Globecomm Systems for US$135m, with the company forecasting up to $15m annualised synergies within 18 months.

Macquarie has lowered EPS forecasts for 2018/19/20 by -14%, -5% and -11% respectively. Neutral rating and target reduced to $5 from $5.31.

Target price is $5.00 Current Price is $3.93 Difference: $1.07
If SDA meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $5.27, suggesting upside of 34.2% (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: 0.3

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

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

First half results were below expectations. Morgans has always focused on cash generation and notes operating cash flow was down -26%. Since capital expenditure was higher, free cash flow was non-existent.

The broker is disappointed net debt increased. Morgans notes the target for net debt continues to be 2.5x pro forma EBITDA but this has not eventuated over the last few years as the company continues to make debt-funded acquisitions.

The broker downgrades to Hold from Add on quality concerns. Target is reduced to $4.09 from $7.21.

Target price is $4.09 Current Price is $3.93 Difference: $0.16
If SDA meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.27, suggesting upside of 34.2% (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: 0.3

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

UBS rates SDA as Neutral (3) -

The main negatives in the first half result for UBS were sharp downgrades to 2018 earnings guidance. First half earnings also declined sequentially on the prior half and missed estimates.

The company has announced the acquisition of Globecomm for US$135m which, while accretive in 2019, should lift pro forma gearing to 3.3x, UBS notes. The broker reduces 2018 estimates by -23% and 2019 by -28%.

UBS maintains a Neutral rating and reduces the target to $4.50 from $6.00.

Target price is $4.50 Current Price is $3.93 Difference: $0.57
If SDA meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.27, suggesting upside of 34.2% (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: 0.3

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

Morgans rates SHV as Hold (3) -

FY18 results materially missed forecasts because of a lower almond price. A record US almond crop and the trade tensions have caused the price to fall recently. Select Harvest's FY19 crop estimates are up 7.8% on FY18.

Morgans suggests the earnings upgrade cycle is over for now and struggles with the full valuation. Until there is greater clarity on the size and quality of the US crop the broker maintains a Hold rating. Target is reduced to $5.20 from $6.85.

Target price is $5.20 Current Price is $5.65 Difference: minus $0.45 (current price is over target).
If SHV meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

UBS rates SHV as Neutral (3) -

FY18 results were broadly in line with expectations although cash flow was weaker. Almond crop guidance for FY19 is in line with UBS estimates.

Conditions remain favourable but after a -9% reduction in costs per kilo in FY18, and a doubling of water prices in recent months, the broker suspects cost reductions may prove difficult in FY19.

Neutral rating maintained. Target is reduced to $5.85 from $5.95.

Target price is $5.85 Current Price is $5.65 Difference: $0.2
If SHV meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

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

Citi rates SIG as Downgrade to Neutral from Buy (3) -

Sigma has run up 20% since July, reflecting a forecast earnings recovery by FY20, post the loss of the Chemist Warehouse contract, and the possibility of an acquisition using the working capital saved by the loss of the contract, Credit Suisse suggests.

Or, a buyback is possible. The broker sees the stock as now fully valued and downgrades to Neutral (High Risk) from Buy ahead of next week's earnings result. Target unchanged at 55c.

Target price is $0.55 Current Price is $0.58 Difference: minus $0.03 (current price is over target).
If SIG meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.49, suggesting downside of -15.9% (ex-dividends)

The company's fiscal year ends in January.

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 SKI as Upgrade to Equal-weight from Underweight (3) -

Morgan Stanley believes the relative appeal of the stock is increasing in view of its asset efficiency and the investment pipeline. The broker considers the main question for investors is whether the proposed rate of return discourages future efficient investment.

The broker holds a view that grids will continue to play an important role in energy supply and investment rates will not slow in the 2020s. The broker upgrades to Equal-weight from Underweight and reduces the target to $2.44 from $2.51. Industry view is Cautious.

Target price is $2.44 Current Price is $2.43 Difference: $0.01
If SKI meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.46, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in December.

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