Australian Broker Call

Macquarie rates AOG as Underperform (5) -

First half results were well below Macquarie's forecasts. Asset revisions have led to a statutory loss, as a result of the challenging residential market.

The broker envisages risks for the company's sales targets. Retirement cash flows and higher debt are placing pressure on further investment property revisions.

Underperform maintained. Target is raised to $1.62 from $1.54.

Target price is $1.62 Current Price is $1.79 Difference: minus $0.17 (current price is over target).
If AOG meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.12, suggesting upside of 18.4% (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

Morgans rates AOG as Hold (3) -

Aveo Group's first half failed to impress the broker as a slowing housing market continued to take its toll. Morgans notes gearing is at the top of the preferred range at 19.7% but expects a decrease in the second half.

Management said it may need to access excess cash to complete its buyback and that the strategic review will continue apace, despite challenges.

Morgans cuts earnings forecasts -12%, -18% and -23% across FY19/FY20/FY21 and believes corporate activity is an upside risk.

Target price falls to $1.99 from $2.09. Hold recommendation retained, the broker awaiting proof of a turnaround.

Target price is $1.99 Current Price is $1.79 Difference: $0.2
If AOG meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.12, suggesting upside of 18.4% (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 AOG as Accumulate (2) -

First half results were well below forecasts, although the strategic review has drawn out a number of potential bidders. The broker believes this will more than likely result in a cash offer for the company.

The second half should be significantly stronger, based on settlement timing, as a high level of deposits are on hand. The broker maintains an Accumulate rating and reduces the target to $2.75 from $3.10.

Target price is $2.75 Current Price is $1.79 Difference: $0.96
If AOG meets the Ord Minnett target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $2.12, suggesting upside of 18.4% (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

Macquarie rates ASX as Underperform (5) -

On Macquarie's early assessment, ASX's interim report broadly met expectations, even though strictly taken Macquarie's numbers were a little higher. The analysts do see the attraction of "defensible earnings" but still believe the share price remains too lofty for the performance the ASX puts in.

Underperform. Target $53.50.

Target price is $53.50 Current Price is $69.20 Difference: minus $15.7 (current price is over target).
If ASX meets the Macquarie target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.79, suggesting downside of -16.5% (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 BAP as Outperform (1) -

First half results were weaker than Macquarie expected. Industry conditions have weighed on the business. The broker reduces estimates for FY19 and FY20 by -5% and -7% respectively.

Macquarie factors in the cyclical risks associated with the near-term softening of the market dynamics. Target is reduced to $7.20 from $7.80.

Regardless, the broker considers the sell-off in the stock overdone and retains an Outperform rating.

Target price is $7.20 Current Price is $6.13 Difference: $1.07
If BAP meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.99, suggesting upside of 13.9% (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

Morgan Stanley rates BAP as Overweight (1) -

First half earnings were in line with forecasts, although Morgan Stanley notes expectations were low. The broker believes the sell-off in the stock is an opportunity to buy a defensive growth business in a year when it is offering below-trend growth.

A softer outlook has led the company to lower net profit guidance for FY19 to the lower end of the range but still up 9% on FY18.

Overweight rating reiterated. Target is reduced to $7.60 from $8.70.. Industry view: In-line.

Target price is $7.60 Current Price is $6.13 Difference: $1.47
If BAP meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $6.99, suggesting upside of 13.9% (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

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

Bapcorp's first-half result met the broker. A slowing in trading momentum in the second quarter was cushioned by divisional margin expansion.

Management has revised down guidance to the low end of previous guidance and the broker believes the stock can meet that comfortably, noting fundamentals are firm and expects trading challenges will be temporary.

Broker upgrades to Add from Hold but reduces the target price to $6.54 from $6.90.

Target price is $6.54 Current Price is $6.13 Difference: $0.41
If BAP meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.99, suggesting upside of 13.9% (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 BAP as Buy (1) -

Bapcor's result fell short of expectation, featuring slowing momentum in both Trade and Retail, the broker notes. Cash flow was also poor, but management has put this down to inventory build and a new product launch brought forward for an earlier Chinese New Year, hence the second half should see a reversal.

The broker was surprised by a relatively downbeat outlook from a typically upbeat management team, which is at odds with industry feedback and other auto-related company outlooks. Bapcor may have lost some market share to protect margins, the broker suggests, but 80% exposure to Trade makes the stock highly defensive in the space should a consumer slowdown occur.

Buy retained, target falls to $6.60 from $7.05.

Target price is $6.60 Current Price is $6.13 Difference: $0.47
If BAP meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.99, suggesting upside of 13.9% (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

Credit Suisse rates BPT as Outperform (1) -

First half results were ahead of estimates on the back of higher volumes and continued improvements in costs. Credit Suisse estimates the company could raise the dividend to $0.10 a share and keep gearing below 15% over the next five years.

However, the broker suspects Beach Energy will, and should, pursue further acquisitions instead. Outperform rating maintained. Target is raised to $1.91 from $1.75.

Target price is $1.91 Current Price is $1.85 Difference: $0.06
If BPT meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

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) -

Macquarie believes the first half result was marred by poor disclosure around the purchase price adjustment for the Lattice acquisition. Outside of this, the results were generally positive.

The broker believes management has a number of options regarding future capital allocation, as the business will be cash flow positive at the end of the third quarter.

The focus is expected to be on capital expenditure in FY19/20 to boost volumes in the Otway Basin and subsequently growth through acquisition and exploration.

Neutral maintained. Target is raised to $1.90 from $1.80.

Target price is $1.90 Current Price is $1.85 Difference: $0.05
If BPT meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

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

Ord Minnett rates BPT as Buy (1) -

First half results were ahead of Ord Minnett's forecasts. The main area of disappointment was the dividend, as the company is expecting to be net cash by the end of the quarter.

This suggests Beach Energy intends to fund more acquisitions. Ord Minnett remains positive on the stock because of the compelling value, growth potential and strong balance sheet.

Buy rating retained. Target is raised to $2.30 from $2.20.

Target price is $2.30 Current Price is $1.85 Difference: $0.45
If BPT meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

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 BRG as Neutral (3) -

Breville continues to execute well against its Acceleration Program, Macquarie concludes in early response to today's release of interim financials. The performance numbers were in-line with expectations.

The analysts also note guidance is for slightly higher growth than present market consensus. Neutral. Target $13.18.

Target price is $13.18 Current Price is $14.02 Difference: minus $0.84 (current price is over target).
If BRG meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.66, suggesting downside of -9.7% (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 CAR as Buy (1) -

Citi reduces estimates for earnings per share by -5-9% for FY19-21 to reflect the challenging conditions for display advertising and the slower revenue growth outlook for the dealer segment.

This is only partly offset by improvements in Korea and Brazil. The broker expects international investments will largely drive earnings growth going forward.

Target is reduced to $15 from $16. Buy retained.

Target price is $15.00 Current Price is $11.37 Difference: $3.63
If CAR meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $13.83, 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

Credit Suisse rates CAR as Outperform (1) -

First half results were weaker than expected. The miss was driven by a lower-than-expected contribution from domestic investments such as Stratton and higher costs at some of the international operations.

Credit Suisse believes the latest guidance for moderate growth in the second half is an effective downgrade, given the declines in the first half.

What makes the downgrade less severe is that it is driven by higher costs. Outperform rating maintained. Target is reduced to $15.00 from $15.50.

Target price is $15.00 Current Price is $11.37 Difference: $3.63
If CAR meets the Credit Suisse target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $13.83, 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

Macquarie rates CAR as Outperform (1) -

First half net profit was weaker than expected. Finance and display segments weighed on the overall result although Macquarie notes, elsewhere, operating trends were good.

The broker believes the issue is now about turning the problem segments around, while sustaining momentum in the core and international business.

Outperform rating maintained. Target is reduced to $13.20 from $13.90.

Target price is $13.20 Current Price is $11.37 Difference: $1.83
If CAR meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $13.83, 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

Morgan Stanley rates CAR as Overweight (1) -

At first glance the first half results appear to have missed Morgan Stanley's estimates by around -10%. Weakness in display advertising and financial services was greater then the broker expected.

No specific earnings guidance was provided, as is usual. The broker notes domestic core business is solid in January and the company is looking for strong local currency revenue growth in Korea and Brazil in the second half.

Overweight rating, Attractive industry view and $15 target maintained.

Target price is $15.00 Current Price is $11.37 Difference: $3.63
If CAR meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $13.83, 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

Morgans rates CAR as Add (1) -

Carsales' first-half result fell well short of consensus as new car manufacturers pulled display ads in "an unprecedented fashion" as demand for new cars cooled.

Guidance was for more of the same in the second half.

Morgans downgrades earnings estimates and cuts the target price to $12.49 from $14.68, reflecting a discounted cash flow valuation. Add rating retained.

Target price is $12.49 Current Price is $11.37 Difference: $1.12
If CAR meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $13.83, 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

Ord Minnett rates CAR as Buy (1) -

First half net profit missed Ord Minnett's estimates. The broker had expected display advertising and Stratton would be soft but the result was far weaker than expected.

The domestic classified business remains solid, with both dealer and private revenues growing, the broker observes.

While achieving growth in FY19 may be a challenge, Ord Minnett continues to envisage long-term potential. Buy rating maintained. Target is reduced to $13.60 from $14.40.

Target price is $13.60 Current Price is $11.37 Difference: $2.23
If CAR meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $13.83, 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

UBS rates CAR as Buy (1) -

Carsales had warned the first half would be impacted by weaker display and weaker finance but the broker underestimated just how weak. The result was a material miss of the broker forecasts but second half guidance suggests a return to modest earnings growth.

The broker notes Tyresales' performance was impacted by additional investment and Redbook was impacted by a change in ride-share inspection policies, both or which should normalise, while new commission structures and cost savings will benefit Stratton in the second half. The company is also addressing its dealings with agencies, which the broker sees as a positive.

Buy retained, target falls to $12.50 from $13.50.

Target price is $12.50 Current Price is $11.37 Difference: $1.13
If CAR meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $13.83, 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 CPU as Neutral (3) -

First half results were stronger than expected. Citi reduces its forecast for margin income for the medium term, reflecting the current expectations for interest-rate rises.

The broker expects FY19 growth in a constant currency basis at a little above 15%. The broker believes the business offers reasonable growth in relatively strong earnings certainty.

Neutral rating and $20.80 target maintained.

Target price is $20.80 Current Price is $18.69 Difference: $2.11
If CPU meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $18.31, suggesting downside of -2.0% (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

Credit Suisse rates CPU as Neutral (3) -

First half results beat expectations. FY19 guidance is upgraded, although Credit Suisse suspected it was originally conservative. Nevertheless, there is a benefit from one-off items.

The broker continues to expect 30% US dollar-denominated earnings growth between FY19 and FY21.

Credit Suisse maintains a Neutral rating, believing the current share price is justified. Target is $19.

Target price is $19.00 Current Price is $18.69 Difference: $0.31
If CPU meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $18.31, suggesting downside of -2.0% (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

Deutsche Bank rates CPU as Hold (3) -

First half results were strong and margins surprised Deutsche Bank. The outperformance was driven by ongoing profitable growth in registry maintenance, particularly in the US.

FY19 guidance has been lifted to growth of 12.5%. On the downside, the broker notes a slowing in corporate actions and event-based activities is expected in the second half.

Hold rating and $18.10 target maintained.

Target price is $18.10 Current Price is $18.69 Difference: minus $0.59 (current price is over target).
If CPU meets the Deutsche Bank target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.31, suggesting downside of -2.0% (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) -

Management has upgraded FY19 earnings growth guidance to around 12.5%. Margin income was higher in the first half, driven by record high client balances.

Macquarie upgrades estimates for earnings per share by 1-2% following the result. The broker maintains a Neutral rating and raises the target to $19.00 from $18.50.

Target price is $19.00 Current Price is $18.69 Difference: $0.31
If CPU meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $18.31, suggesting downside of -2.0% (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

Morgan Stanley rates CPU as Underweight (5) -

First half results were solid, Morgan Stanley observes, and FY19 guidance is expected to be met. However the broker envisages growing risks for FY20/21 late-cycle earnings as the yield tailwinds moderate.

The broker notes Computershare is a highly cyclical stock with low earnings certainty, highly dependent on transaction fees which are increasingly at risk late in the cycle.

Morgan Stanley retains an Underweight rating, an In-Line industry view and raises the target to $14.50 from $14.00.

Target price is $14.50 Current Price is $18.69 Difference: minus $4.19 (current price is over target).
If CPU meets the Morgan Stanley target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.31, suggesting downside of -2.0% (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

Morgans rates CPU as Hold (3) -

Computershare's first-half result outpaced the broker by 4% and management upgraded guidance to 12.5% earnings per share growth from 10% previously.

Morgans upgrades FY19/FY20 earnings per share 2-3% to reflect higher margin forecasts, but notes some weakness in pockets.

Target price rises to $19.76 from $19.21 on a valuation basis and Hold retained, the broker believing the stock is fair value at a price-earnings multiple of 19x.

Target price is $19.76 Current Price is $18.69 Difference: $1.07
If CPU meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $18.31, suggesting downside of -2.0% (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

Ord Minnett rates CPU as Lighten (4) -

First half results were below Ord Minnett's forecasts. Earnings guidance for FY19 is increased to 12.5% growth, supported by margin income and cost savings.

Ord Minnett lowers forecasts from FY20 by -4-6% to reflect the low quality of earnings drivers. Lighten rating maintained. Target is reduced to $16.50 from $17.09.

Target price is $16.50 Current Price is $18.69 Difference: minus $2.19 (current price is over target).
If CPU meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.31, suggesting downside of -2.0% (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

UBS rates CPU as Neutral (3) -

Comptershare's result came in ahead of the broker, reflecting the benefits or rising US interest rates. However, US rates are no longer rising, thus the second half will rely on the delivery of cost efficiencies and expansion of the US mortgage service business, the broker warns.

Efficiencies are becoming apparent but the mortgage service saw lower revenues and margins in the half.

Both management and broker believe mortgage service can deliver on scale and return targets over time but the result highlights the risks involved, and the broker suggests improvement is necessary to drive value upside. Neutral retained, target rises to $18.80 from $18.35.

Target price is $18.80 Current Price is $18.69 Difference: $0.11
If CPU meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $18.31, suggesting downside of -2.0% (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) -

The company has reiterated guidance for FY19 and Citi expects earnings to be at the top end of the range, given a strong industry backdrop. Moreover, R&D is likely to be lower than guidance.

The broker believes the first half reflected a more normal mix in the performance of the divisions. Buy rating maintained. Target is reduced to $213 from $218.

Target price is $213.00 Current Price is $187.75 Difference: $25.25
If CSL meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $203.95, suggesting upside of 8.6% (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

Credit Suisse rates CSL as Neutral (3) -

First half results were below estimates, as higher costs offset the benefits of higher margin products. While earnings should be supported by growing immunoglobulin demand, Credit Suisse believes this is already factored into the stock's multiple.

Despite CSL being best placed among peers to collect sufficient plasma to meet demand, the broker is concerned its base capacity is currently stretched.

Neutral maintained. Target is reduced to $200 from $210.

Target price is $200.00 Current Price is $187.75 Difference: $12.25
If CSL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $203.95, suggesting upside of 8.6% (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

Deutsche Bank rates CSL as Hold (3) -

First half results exceeded Deutsche Bank's forecasts. Yet the composition is considered weak as the core CSL Behring segment missed most of the revenue forecasts.

While some of the factors appear temporary, the broker is more cautious about the outlook and lowers medium-term expectations. Hold rating maintained with a target of $198.

Target price is $198.00 Current Price is $187.75 Difference: $10.25
If CSL meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $203.95, suggesting upside of 8.6% (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: 0.4

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

Macquarie rates CSL as Outperform (1) -

Macquarie expects a continuation of positive growth momentum for key products in the second half and into FY20.

The near-term outlook is supported by continued strong growth in products such as Idelvion, Kcentra and a favourable immunoglobulin mix.

The broker retains an Outperform rating and $230 target.

Target price is $230.00 Current Price is $187.75 Difference: $42.25
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 8.6% (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

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

The mix in the first half results surprised Morgan Stanley as plasma earnings eased and flu earnings rose. The broker envisages plasma as a more important component of growth that has supported the current rich valuation.

The broker believes collection costs, competition in coagulation and weak US albumin are under-appreciated features of the outlook.

Target is reduced to $178 from $189. Equal-weight retained. Industry view: In line.

Target price is $178.00 Current Price is $187.75 Difference: minus $9.75 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $203.95, suggesting upside of 8.6% (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

Morgans rates CSL as Hold (3) -

CSL turned in a mixed first-half result. The broker expects Seqirus seasonality, Specialty weakness, higher operational expenditure and margin pressure will continue to place a reign on strong underlying earnings.

Management revised guidance to the upper end of 10-14%, thanks to lower tax.

Broker tinkers with earnings and reduces the target price to $195.10 from $201.60. Hold rating retained, the broker holding out for a better entry point.

Target price is $195.10 Current Price is $187.75 Difference: $7.35
If CSL meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $203.95, suggesting upside of 8.6% (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

Ord Minnett rates CSL as Accumulate (2) -

First half result was slightly below Ord Minnett's estimates. A weak plasma result reflected numerous challenges, the broker notes, some of the issues well-known and some unforeseen.

The broker is confident of a return to double-digit operating earnings growth (EBITDA) for the plasma division as the aggressive investment in collections supports a lift in output.

Moreover, this should be supplemented by a flu business that appears set to deliver earnings above guidance. Accumulate maintained. Target is reduced to $210 from $215.

Target price is $210.00 Current Price is $187.75 Difference: $22.25
If CSL meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $203.95, suggesting upside of 8.6% (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 CSL as Buy (1) -

CSL's net result was in line with the broker but compositionally weaker than expected, with a weak half for Behring offset by a stronger performance from Seqirus. The result missed on revenues, due to weakness in high-margin specialty product and albumin sales. Higher R&D and interest cost were offset on the profit line by a lower tax rate.

The broker maintains a Buy rating but notes that while the Seqirus result will be well received, ongoing improvement in Behring operating leverage is needed to justify any material re-rating. Target falls to $207.50 from $216.00.

Target price is $207.50 Current Price is $187.75 Difference: $19.75
If CSL meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $203.95, suggesting upside of 8.6% (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 CWY as Outperform (1) -

On early assessment, Macquarie analysts conclude the interim performance appears well ahead of expectations. The analysts observe, among other things, management is doing a genuinely excellent job in keeping costs low.

The analysts also note outlook commentary provided points to core growth and synergy realisation in line with plan. Outperform. Target $2.40.

Target price is $2.40 Current Price is $2.20 Difference: $0.2
If CWY meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting downside of -8.4% (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 EVN as Neutral (3) -

First half results were slightly softer than Citi estimated and the second half is expected to rebound. A mill expansion and underground mine development at Cowal have been confirmed, which lifts gold output.

The broker expects this to be a driver of earnings growth in FY20/21. Neutral rating maintained. Target is raised to $3.80 from $3.60.

Target price is $3.80 Current Price is $3.72 Difference: $0.08
If EVN meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.43, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Credit Suisse rates EVN as Underperform (5) -

First half net profit was in line with expectations and guidance is unchanged, although costs are expected to be at the upper end of the range.

Credit Suisse retains an unchanged Underperform rating and $2.55 target, noting the rating is purely driven by valuation as the share price is trading ahead of its assessment.

Target price is $2.55 Current Price is $3.72 Difference: minus $1.17 (current price is over target).
If EVN meets the Credit Suisse target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.43, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Macquarie rates EVN as Neutral (3) -

First half earnings were well ahead of Macquarie's forecasts. The result was driven by Cowal, Ernest Henry and Mount Carlton. Guidance is unchanged yet the broker considers a stronger second half a serious possibility.

The broker expects Evolution Mining to maintain a position as one of the lower-cost producers globally. Macquarie maintains a Neutral rating and $3.80 target.

Target price is $3.80 Current Price is $3.72 Difference: $0.08
If EVN meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.43, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Ord Minnett rates EVN as Hold (3) -

First half earnings (EBITDA) were higher than Ord Minnett forecast. The broker notes the company continues to optimise its portfolio.

Also, more asset-level opportunity should be coming to the market over the next 12 months. The broker maintains a Hold rating and $3.40 target.

Target price is $3.40 Current Price is $3.72 Difference: minus $0.32 (current price is over target).
If EVN meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.43, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

UBS rates EVN as Neutral (3) -

Lower exploration charges meant Evolution's result slightly beat the broker. At some 50%, the company is one of the highest margin gold producers globally, the broker notes. Net debt is being reduced at a rapid pace, leading management to suggest the focus may soon turn towards more cash returns.

For those looking for gold price exposure with high cash generation and low operational risk, Evolution is a relatively low risk option, the broker suggests. But valuation reflects this, hence the broker retains Neutral. Target rises to $3.80 from $3.70.

Target price is $3.80 Current Price is $3.72 Difference: $0.08
If EVN meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.43, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Ord Minnett rates EXP as Buy (1) -

Ord Minnett accepts it is coming from a "long and wrong" position on the company after continual downgrades caused by tragic deaths, weather and sub-optimal results.

Still, the broker retains a Buy rating and remains of the view that the core skydiving business is fundamentally sound.

Estimates are updated to provide for lower revenue and margin assumptions, particularly for non-skydiving business, given the changing conditions in Cairns.

The net effect is a downgrade to estimates for earnings per share of -32% in FY19 and -30% in FY20. Target is reduced to $0.40 from $0.62.

Target price is $0.40 Current Price is $0.26 Difference: $0.14
If EXP meets the Ord Minnett target it will return approximately 54% (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

Deutsche Bank rates GBT as Buy (1) -

First half results slightly missed Deutsche Bank estimates, affected by elevated short-term operating expenditure. The broker is encouraged by the full year-year guidance which suggests a strong return to revenue growth.

Management has reaffirmed its strategic three-year R&D plan is on budget. The broker continues to envisage a strong level of valuation support and retains a Buy rating and $2 target.

Target price is $2.00 Current Price is $1.70 Difference: $0.3
If GBT meets the Deutsche Bank target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.01, suggesting upside of 18.2% (ex-dividends)

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 GBT as Add (1) -

GBST Holding's first-half result outpaced consensus, the company saved by the bell with last-minute quality project wins cushioning an otherwise weak first half.

Morgans says this relieves the pressure for an equity raising in the second half. The broker notes the stock is well capitalised with access to credit costs and should be able to fund its way through near-term development costs through cash flows.

Add recommendation retained. Target price falls to $2.43 from $3.06.

Target price is $2.43 Current Price is $1.70 Difference: $0.73
If GBT meets the Morgans target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $2.01, suggesting upside of 18.2% (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

UBS rates GBT as Neutral (3) -

GBST's result fell short of the broker due to higher costs. Guidance suggests a stronger second half but FY19 will still represent a fourth consecutive year of earnings declines, the broker notes.

However, the company did grow revenues and has guided to further growth, and appears close to finding an earnings floor, the broker suggests, with IT risk falling over time. FY20 may just be the first year GBST delivers growth. Risks still remain elevated in the near term nonetheless.

Neutral retained, target falls to $1.60 from $2.20.

Target price is $1.60 Current Price is $1.70 Difference: minus $0.1 (current price is over target).
If GBT meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.01, suggesting upside of 18.2% (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

Credit Suisse rates HT1 as Outperform (1) -

2018 results were ahead of Credit Suisse estimates. The broker updates its forecasts to account for the better-than-expected performance in radio.

While recognising that audience share was lost at the end of the year, the broker notes such movements tend to be cyclical and the network stands to benefit from any recovery in 2019.

Outperform retained. Target is raised to $2.05 from $1.95.

Target price is $2.05 Current Price is $1.87 Difference: $0.18
If HT1 meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting downside of -3.2% (ex-dividends)

The company's fiscal year ends in December.

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 HT1 as Neutral (3) -

2018 operating earnings (EBITDA) were up 7.3%. Macquarie notes this is the first year of profit for HK outdoor since 2015. Post the sale of AdShel, the business has no debt and is in a net cash position.

The balance of the buyback is expected to be completed in 2019. Macquarie expects additional capital management, while the issue with the ATO appears to be priced into the stock.

Neutral rating maintained. Target is reduced to $1.75 from $1.80.

Target price is $1.75 Current Price is $1.87 Difference: minus $0.12 (current price is over target).
If HT1 meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.81, suggesting downside of -3.2% (ex-dividends)

The company's fiscal year ends in December.

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 HT1 as Underweight (5) -

2018 results were broadly in line with Morgan Stanley's estimates. The results confirm a sharp slowing in radio growth and the broker suspects advertising market risks are skewed to the downside in 2019.

The company has witnessed some improvement after a soft second half but remains cautious ahead of federal and state elections in 2019.

Underweight rating and $1.55 target maintained. Attractive industry view maintained.

Target price is $1.55 Current Price is $1.87 Difference: minus $0.32 (current price is over target).
If HT1 meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.81, suggesting downside of -3.2% (ex-dividends)

The company's fiscal year ends in December.

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 LEP as Neutral (3) -

First half distributable profit was down -4% and below Macquarie's expectations. 34 of the 79 assets under review have experienced a 10% market rent uplift. The remainder are still to be determined.

Macquarie suspects capital management could be significant after the resolution of the rent review. The share price is trading level with the target hence a Neutral rating is maintained.

The broker does not account for any special dividend. Target is reduced 1% to $4.65.

Target price is $4.65 Current Price is $4.80 Difference: minus $0.15 (current price is over target).
If LEP 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: -0.5

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

Ord Minnett rates LEP as Lighten (4) -

First half profit fell short of Ord Minnett's forecasts because of higher corporate costs associated with the rent review process as well as lower net property income.

The broker expects the outcome of the rent review will be positive but still considers the valuation full. This leads to a Lighten rating being maintained. Target is reduced to $4.20 from $4.30.

Target price is $4.20 Current Price is $4.80 Difference: minus $0.6 (current price is over target).
If LEP meets the Ord Minnett target it will return approximately minus 12% (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 MFG as Outperform (1) -

Outperform rating and $29 target maintained as Macquarie analysts, in an initial response to released interim financials, highlight Magellan once again managed to beat their expectations, this time by some 5%.

On their own assessment, Macquarie thinks market consensus sits -3% below its own forecasts. The analysts conclude this stock deserves its premium valuation.

Target price is $29.00 Current Price is $32.03 Difference: minus $3.03 (current price is over target).
If MFG meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.89, suggesting downside of -9.8% (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

Macquarie rates NCM as Underperform (5) -

In initial response post interim report release, Macquarie analysts acknowledge Newcrest has slightly beaten their forecasts; "marginally better". Cash disappointed, and so did debt.

The analysts seem lukewarm about it all, retaining their Underperform rating, alongside a target of $20.

Target price is $20.00 Current Price is $24.99 Difference: minus $4.99 (current price is over target).
If NCM meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.15, suggesting downside of -7.4% (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: -0.1

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

Citi rates NST as Neutral (3) -

First half operating earnings (EBITDA) increased 10% and revenue increased by a considerable 43%, Citi observes. The broker finds the main interest lies in the drilling results from Pogo, with a significant increase to the current resource being flagged.

Citi maintains a Neutral rating and raises the target to $9.45 from $9.10.

Target price is $9.45 Current Price is $9.63 Difference: minus $0.18 (current price is over target).
If NST meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.44, suggesting downside of -12.3% (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

Credit Suisse rates NST as Underperform (5) -

First half results were in line with forecasts. A low exploration impairment was offset by higher acquisition/integration costs.

 Credit Suisse finds nothing new to alter the outlook, while the company has confirmed FY19 guidance. Underperform rating and $6.10 target maintained.

Target price is $6.10 Current Price is $9.63 Difference: minus $3.53 (current price is over target).
If NST meets the Credit Suisse target it will return approximately minus 37% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.44, suggesting downside of -12.3% (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

Macquarie rates NST as Outperform (1) -

First half results beat Macquarie's expectations because of the unexpected inclusion of toll treatment revenue. The dividend was also ahead of forecasts.

The broker is expecting an increase to both margins and production in the coming years, foreseeing the company as a 1m ounces per annum producer in FY21.

Macquarie maintains an Outperform rating and unchanged target of $10.

Target price is $10.00 Current Price is $9.63 Difference: $0.37
If NST meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.44, suggesting downside of -12.3% (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 Accumulate (2) -

First half operating earnings were below Ord Minnett's estimates. Nevertheless, the broker considers the result sound and expects further productivity gains in the second half along with higher gold prices.

The broker notes government approval has been received for an extension of the Pogo mining and exploration lease which provides further upside potential.

Accumulate rating maintained. Target rises to $10.20 from $10.00.

Target price is $10.20 Current Price is $9.63 Difference: $0.57
If NST meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $8.44, suggesting downside of -12.3% (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 NST as Neutral (3) -

Northern Star's result fell short of the broker on higher costs, including acquisition, integration and corporate costs and inventory expense. Earnings growth should nevertheless be significant in the second half due to a production skew and increased gold prices.

The company also released drilling results from Pogo, leading to an assumption reserve/resource estimates will be upgraded.  The broker forecasts a 12-year mine life compared to the 3-year life estimated at acquisition. Production growth, exploration newsflow and Pogo potential all suggest upside, the broker notes, but this is priced in.

Neutral retained. Target rises to $9.60 from $9.00.

Target price is $9.60 Current Price is $9.63 Difference: minus $0.03 (current price is over target).
If NST meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.44, suggesting downside of -12.3% (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

Credit Suisse rates OGC as Underperform (5) -

The company has additional strong exploration results from the drilling of the WKP target, near the existing Waihi mine in New Zealand.

A maiden interim resource is expected this year. Credit Suisse notes, conceptually, using persisting latent mill capacity with 15g/t for WKP ore could take the current Waihi gold production to around 200,000 ozs per year.

Underperform rating and $4 target maintained.

Target price is $4.00 Current Price is $4.40 Difference: minus $0.4 (current price is over target).
If OGC meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.84, suggesting upside of 10.0% (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: 0.1

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

Citi rates ORA as Neutral (3) -

First half results were in line with expectations and the company has re-affirmed FY19 guidance. Yet, with market conditions turning more challenging, Citi expects the growth outlook will slow.

With the lack of a re-rating catalyst the broker envisages limited upside in the shares and retains a Neutral rating. Target is reduced to $3.40 from $3.70.

Target price is $3.40 Current Price is $3.38 Difference: $0.02
If ORA meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.52, suggesting upside of 4.1% (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 ORA as Neutral (3) -

First half results were in line with expectations. Credit Suisse projects 4% growth in US dollar operating earnings (EBITDA) in the second half, accelerating from 2% in the first half.

The broker notes the company is working through challenging conditions in distribution. Neutral rating and $3.45 target maintained.

Target price is $3.45 Current Price is $3.38 Difference: $0.07
If ORA meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.52, suggesting upside of 4.1% (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 ORA as Hold (3) -

First half results were slightly ahead of expectations. Deutsche Bank notes Orora continues to execute extremely well in Australasia, enhancing margins and returns despite the challenging backdrop.

However, North America continues to disappoint. Full year guidance has been reiterated. The broker expects North America will provide a slight drag. Hold rating and $3.40 target.

Target price is $3.40 Current Price is $3.38 Difference: $0.02
If ORA meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.52, suggesting upside of 4.1% (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 ORA as Outperform (1) -

First half results were in line with Macquarie's forecasts and the broker lowers estimates for FY19 and FY20 by -0.8% and -0.3%.

Australasia was resilient and defensive and, while the broker was not expecting much in the way of North American growth, the first half is expected to be the nadir.

US growth should strengthen in the second half and into FY20. Outperform rating maintained. Target is reduced to $3.78 from $3.82.

Target price is $3.78 Current Price is $3.38 Difference: $0.4
If ORA meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.52, suggesting upside of 4.1% (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 ORA as Underweight (5) -

First half results were in line with expectations. The results did little to dispel concerns around US growth, Morgan Stanley asserts. The broker lowers FY19-21 earnings forecast by -1-2%.

In the current year this reflects a moderation in anticipated second half growth in the North American business. Some impact from higher gas prices in Australasia drives a reduction to the broker's FY20-21 estimates.

Underweight rating. Price target is $3.20. Sector view is Cautious.

Target price is $3.20 Current Price is $3.38 Difference: minus $0.18 (current price is over target).
If ORA meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.52, suggesting upside of 4.1% (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 ORA as Add (1) -

Orora's first-half result met the broker, Australasian operations holding the fort as the US flagged. Morgans cuts underlying FY19 earnings estimates -3% to reflect the weak US result. 

Management reiterated guidance, debt levels are comfortable and the dividend outpaced the broker (6.5c vs 6c). The stock is the broker's sector pick.

Add rating retained and target price falls to $3.61 from $3.81.

Target price is $3.61 Current Price is $3.38 Difference: $0.23
If ORA meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.52, suggesting upside of 4.1% (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 ORA as Hold (3) -

First half net profit was below expectations. The miss, relative to Ord Minnett's forecasts, stemmed from margin pressure. Organic growth in North America remains subdued.

Ord Minnett reduces estimates by an average of -3.5%, lowering margin assumptions across both divisions and updating currency estimates.

The broker maintains a Hold rating and reduces the target to $3.40 from $3.50.

Target price is $3.40 Current Price is $3.38 Difference: $0.02
If ORA meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.52, suggesting upside of 4.1% (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 ORA as Buy (1) -

Orora delivered a strong result, modestly ahead of the broker. Volume growth in various segments was somewhat offset by cost headwinds, including energy. North American earnings grew by 7% but on constant currency fell -1%, although the broker suggests that business appears to be starting to turn the corner.

North America is Orora's growth focus but the broker believes the market is undervaluing the company's defensive core Australian business, leveraged to Australia's GDP, which operates in a mature, duopolistic market with high barriers to entry. Buy retained, target rises to $3.92 from $3.90.

Target price is $3.92 Current Price is $3.38 Difference: $0.54
If ORA meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.52, suggesting upside of 4.1% (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 ORG as Reinstate Coverage with Hold (3) -

Deutsche Bank reinstates coverage with a Hold rating and $7.70 target. The broker believes more certainty should emerge in the business within 12 months.

In the near term the new dividend policy is crucial to underpinning the share price, the broker suggests.

Target price is $7.70 Current Price is $7.46 Difference: $0.24
If ORG meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $8.50, suggesting upside of 13.9% (ex-dividends)

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 OSH as Reinstate Coverage with Buy (1) -

Deutsche Bank reinstates coverage with a Buy rating and target of $9. The broker believes Oil Search offers investors a balance of long-term cash flow and upside from growth assets, including the option to increase its stake in Alaska.

Target price is $9.00 Current Price is $8.04 Difference: $0.96
If OSH meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.59, suggesting upside of 6.9% (ex-dividends)

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: 0.5

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

Credit Suisse rates PGH as Neutral (3) -

The company has brought forward a first half update, guiding investors to $110m in operating earnings (EBITDA) for the half year and $230-245m for the year. A new segment reporting structure has also been announced.

Credit Suisse reduces estimates for FY19 by -9.4% and FY20 by -6.2%. The earnings range in the guidance reflects uncertainty around the raw material cost/price spread and the timing of restructuring savings, in the broker's view.

Neutral rating and $3.85 target maintained.

Target price is $3.85 Current Price is $2.98 Difference: $0.87
If PGH meets the Credit Suisse target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 26.6% (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

Macquarie rates S32 as Outperform (1) -

In initial assessment of today's released interim financials, Macquarie finds the interim performance was "solid", slightly better than expected, with cashflow better too, but the dividend lower than forecast.

The analysts retain their positive view, observing that weaker currencies are driving favourable outcomes on costs for the company. In addition, buoyant coking coal and manganese prices continue to drive upside risk to current forecasts. Outperform. Target $3.80.

Target price is $3.80 Current Price is $3.81 Difference: minus $0.01 (current price is over target).
If S32 meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.88, suggesting upside of 1.9% (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: 0.7

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

Citi rates SEK as Sell (5) -

Australian job advertisements declined for the third consecutive month in January, according to Citi's proprietary data, and the rate of decline accelerated in early February.

The broker now believes this is the start of sustained downturn and reduces FY20-21 estimates by -5%. The broker believes international margins are too thin to offset a softening in Australia.

Sell rating maintained. Target is reduced to $15.85 from $16.50.

Target price is $15.85 Current Price is $16.73 Difference: minus $0.88 (current price is over target).
If SEK 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 $20.00, suggesting upside of 19.6% (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 STO as Reinstate Coverage with Buy (1) -

Deutsche Bank reinstates coverage with a Buy rating and $7.60 target. The broker believes the business is now on a much firmer footing after the acquisition of Quadrant.

Target price is $7.60 Current Price is $6.68 Difference: $0.92
If STO meets the Deutsche Bank target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.86, suggesting upside of 2.7% (ex-dividends)

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: 0.6

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

Macquarie rates SUN as Underperform (5) -

Macquarie had been on the sceptical side of the market when it comes to Suncorp. Post today's interim report, the analysts comment that initial impressions are the result seems slightly stronger than market consensus.

Offsetting the initial impression is the observation FY20 outlook looks poor, with a -$100m increase to perils allowance which will reset general insurance underlying margins down.

Underperform. Target $12,75.

Target price is $12.75 Current Price is $12.94 Difference: minus $0.19 (current price is over target).
If SUN 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 $14.52, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

UBS rates SUN as Buy (1) -

In an initial assessment of today's interim release, UBS analysts found the bottom line in line with market expectations, but management flagged higher costs and this would have disappointed some.

Some of key financial metrics, including cash profits, diluted cash EPS and dividend appear to be slightly higher than what UBS had penciled in. The analysts do point out higher reserve releases are responsible for this.

Buy. Target/Valuation $15.80.

Target price is $15.80 Current Price is $12.94 Difference: $2.86
If SUN meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $14.52, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Credit Suisse rates TAH as Outperform (1) -

First half results were below expectations and Credit Suisse always expected the numbers to be messy. It appears the intense promotional activity did not stimulate turnover and the so-named "generosity" must be sitting in punter accounts.

The broker's comment is: "show us a punter who pockets his winnings". Credit Suisse models 3% wagering revenue growth in the second half and in FY20.

The broker retains an Outperform rating, lowers estimates for FY20 by -4.9%, and the target of $5.05 is unchanged.

Target price is $5.05 Current Price is $4.54 Difference: $0.51
If TAH meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 11.2% (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 TAH as Buy (1) -

The company is reinvesting outsized lotteries earnings into the wagering business to increase market share. Yet Deutsche Bank finds little evidence this is a value-accretive strategy, although acknowledges it is early days.

The broker notes FY20 becomes a critical year when strong lotteries growth is cycled. The company has raised its synergy target to $130-145m.

The broker suggests management must not only achieve these targets but also balance the wagering reinvestment with the lotteries jackpot. Buy rating and $5.35 target retained.

Target price is $5.35 Current Price is $4.54 Difference: $0.81
If TAH meets the Deutsche Bank target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 11.2% (ex-dividends)

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

Macquarie rates TAH as Outperform (1) -

First half results missed expectations. Macquarie expects 7% earnings growth over the next three years with upside risk to synergies and a more rational wagering environment.

The broker considers the stock attractive and retains an Outperform rating. Target is reduced to $5.10 from $5.30.

Target price is $5.10 Current Price is $4.54 Difference: $0.56
If TAH meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 11.2% (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 TAH as Overweight (1) -

First half results were in line with Morgan Stanley's expectations. The company has upgraded its synergy target to $55m in FY19. The broker estimates this could add up to 1-2% to FY21 estimates.

Overweight retained. Target is $5.10. Industry view: Cautious.

Target price is $5.10 Current Price is $4.54 Difference: $0.56
If TAH meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 11.2% (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 TAH as Hold (3) -

Underlying net profit missed Ord Minnett's estimates in the first half. The broker observes Tabcorp is exposed to a declining wagering business and competitive pressures.

Digital lottery sales are providing some relief. This is coupled with a strong dividend yield and guidance.

The broker reduces earnings forecast for FY19 by -5.8%, maintaining a Hold rating and raising the target to $4.50 from $4.40.

Target price is $4.50 Current Price is $4.54 Difference: minus $0.04 (current price is over target).
If TAH meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.05, suggesting upside of 11.2% (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

UBS rates TAH as Buy (1) -

Tabcorp's result missed the broker at the headline but the detail within the numbers was positive. The company's high mulitple monopoly in lotteries grew by 20%, showing "unprecedented" online penetration. Wagering fell -4% but this reflected a hyper competitive period, the broker suggests, in which yields fell across the industry.

The corporate bookmakers report in March, the broker notes, which will provide more clarity on market share and industry profitability. Meanwhile the wagering relaunch of UBET continues and synergy guidance has been upgraded. Buy retained, target falls to $5.20 from $5.30.

Target price is $5.20 Current Price is $4.54 Difference: $0.66
If TAH meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 11.2% (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

Macquarie rates TCL as Downgrade to Neutral from Outperform (3) -

While accounting influenced the first half result, the focus is on cash generation and Macquarie expects the reliance on refinancing as a supplement should diminish in the next two years.

Management has emphasised current project developments and internal opportunities, such as the widening of the M7.

Macquarie makes minor changes to its forecast to reflect weaker traffic at Citylink and marginally lowers the target to $11.89. Rating is downgraded to Neutral from Outperform.

Macro influences are expected to be the major driver of the performance in the near term.

Target price is $11.89 Current Price is $12.20 Difference: minus $0.31 (current price is over target).
If TCL 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 $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

Citi rates TLS as Sell (5) -

Today's release of interim results saw Telstra reducing its half-yearly dividend to 8cps, of which 3cps comes in the form of a "special dividend" (5c is base). Irrespective, the analysts believe it was a "solid" performance amid "very difficult" conditions operationally.

Telstra's bottom line was in line with guidance provided, and slightly better than what Citi was expecting. No guidance has been given on full year dividend, but Citi is expecting no more cut and a flat dividend by year-end (to FY19).

Sell. Target $2.50.

Target price is $2.50 Current Price is $3.14 Difference: minus $0.64 (current price is over target).
If TLS meets the Citi target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.09, suggesting downside of -1.7% (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

Macquarie rates TLS as Underperform (5) -

On Macquarie's early assessment, Telstra's interim performance has been pretty much in-line with expectations, while the cut in dividend was in-line with Macquarie's anticipation, just not in that same balance between ordinary 5c plus a special 3c on top.

In particular the resilience of the mobile operations stands out, in Macquarie's view. With management flagging "further deterioration", Macquarie is suggesting it remains too early as yet to shift away from its Underperform rating. Target $2.80.

Target price is $2.80 Current Price is $3.14 Difference: minus $0.34 (current price is over target).
If TLS meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.09, suggesting downside of -1.7% (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

Macquarie rates URW as Downgrade to Underperform from Outperform (5) -

Following the release of 2018 financials, Macquarie has double-step downgraded to Underperform from Outperform. In an initial response to the release, the analysts note 2019 guidance is -8% below their own forecast, and -13% below market consensus.

The underlying weakness can become a genuine problem, point out the analysts, given elevated gearing of the balance sheet. New target $10.88 (was $13.59).

Target price is $10.88 Current Price is $11.23 Difference: minus $0.35 (current price is over target).
If URW 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 $11.94, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

This company reports in EUR. 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 VAH as Downgrade to Underperform from Neutral (5) -

Management has noted pricing for business travellers has been flat in the past month while the leisure market is down slightly. The company is guiding to at least 7% revenue growth in the third quarter, slowing from the 10% reported in the first half.

While underlying pre-tax profit estimates are reduced by -67% for FY19 Credit Suisse improves forecasts for FY20 and FY21 on lower fuel cost assumptions.

The broker downgrades to Underperform from Neutral and reduces the target to $0.18 from $0.20.

Target price is $0.18 Current Price is $0.20 Difference: minus $0.02 (current price is over target).
If VAH meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.19, suggesting downside of -6.3% (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 VAH as Hold (3) -

First half results were strong, Deutsche Bank observes, and revenue increased 10%, in line with guidance.

The broker notes management is cautious about the outlook, guiding to a 7% improvement in the third quarter revenue, while pointing to the potential impact from the federal election in the fourth quarter.

Hold rating and $0.21 target maintained.

Target price is $0.21 Current Price is $0.20 Difference: $0.01
If VAH meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $0.19, suggesting downside of -6.3% (ex-dividends)

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 VAH as Lighten (4) -

First half net profit was ahead of Ord Minnett's forecasts. The broker expects investors to be pleased by the performance of the domestic operations but still considers the company is facing numerous challenges.

The second half is traditionally a weaker period for the airline industry and the broker believes the current half-year will be no different, estimating a second half underlying pre-tax loss of -$19.6m.

Lighten rating maintained. Target is reduced to $0.18 from $0.20.

Target price is $0.18 Current Price is $0.20 Difference: minus $0.02 (current price is over target).
If VAH meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.19, suggesting downside of -6.3% (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

UBS rates VAH as Sell (5) -

Virgin's 37% increase in profit was slightly below the broker's forecast but the company's strongest profit result in a decade. A record performance in domestic reflected no sign of consumer weakness in the Dec Q, providing more than enough to offset fuel cost headwinds, the broker notes.

Cash flow improved but remains negative, hence management has announced cost saving measures. The broker expects a weaker domestic market in the second half and also adjusts for fuel costs in lowering forecasts. Sell retained, target falls to 18c from 19c.

Target price is $0.18 Current Price is $0.20 Difference: minus $0.02 (current price is over target).
If VAH meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.19, suggesting downside of -6.3% (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 VLW as Hold (3) -

Villaworld's first-half result was in line with guidance but no full-year guidance was forthcoming, citing uncertainty around project timing and sales. The sales run rate was down -50% on the previous half, although pre-sales helped cushion the fall.

Morgans notes a solid balance sheet and that the stock is trading at a -16.5% discount to net tangible asset backing.

Target price rises to $1.90 from $1.87 but Hold rating retained, the broker preferring to wait for the cycle to turn.

Target price is $1.90 Current Price is $1.91 Difference: minus $0.01 (current price is over target).
If VLW meets the Morgans target it will return approximately minus 1% (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

Citi rates WPL as Neutral (3) -

In initial response to today's results release, Citi analysts find the bottom line missing their expectation by some -3%. The company seems to have responded through a larger-than-forecast dividend payout, but Citi analysts respond by asking that key question: is it sustainable?

The analysts observe FY18 payout ratio has now surged to 95%. Citi suggests the payout ratio will have to reset to 80% maximum from here onwards, if the company wants to avoid having to raise capital to finance its growth capex.

Neutral. Target $33.91.

Target price is $33.91 Current Price is $35.64 Difference: minus $1.73 (current price is over target).
If WPL 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 $36.08, suggesting upside of 1.2% (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: 0.6

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

Deutsche Bank rates WPL as Reinstate Coverage with Hold (3) -

Deutsche Bank reinstates coverage with a Hold rating and $33.80 target. The broker believes the balance sheet is well prepared for the three growth projects, allowing the company to maintain a significant dividend.

Target price is $33.80 Current Price is $35.64 Difference: minus $1.84 (current price is over target).
If WPL meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.08, suggesting upside of 1.2% (ex-dividends)

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: 0.6

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