Australian Broker Call

Citi rates A2M as Buy (1) -

Upon first glance, Citi analysts note today's H1 release showed core net profits no less than 8% above expectations, with both sales growth and margins surprising to the upside. a2 Milk continues to gain market share in China, they point out.

The company is now also looking at building its own manufacturing capacity and Citi is not a fan, arguing this changes the capital-light nature of the business to date. Losses in the US have widened.

Citi suggests the company's outlook for FY20 looks conservative. The shares are likely to react positively, on the broker's assessment.

Target price is $17.45 Current Price is $15.75 Difference: $1.7
If A2M meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $15.44, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

This company reports in NZD. 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 ABC as Upgrade to Neutral from Sell (3) -

Citi's statement is one for the ages: Adelaide Brighton "posted its weakest result in a decade and expects 2020 to fall a further 10%". Luckily, for loyal shareholders, the analysts also think improvement is on the horizon.

About the result released, the verdict is: FY19 is in-line (with prior profit warning), but FY20 guidance is (yet another) miss.

It is Citi's view that the next upturn in construction activity is not likely to materialise before 2021. The analysts laud the fact the company's balance sheet has been restored, allowing the board to reinstate dividend payments, after having scrapped the interim payout earlier.

On the assumption most of the bad news is now reflected in the share price, Citi upgrades to Neutral from Sell. Target price unchanged at $3. Forecasts have been reduced on weaker-than-expected guidance.

Target price is $3.00 Current Price is $3.06 Difference: minus $0.06 (current price is over target).
If ABC 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 $3.09, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Credit Suisse rates ABC as Underperform (5) -

2019 results were in line with Credit Suisse estimates. The final dividend was a surprise, although in line with consensus.

The broker finds little cause for optimism in 2020 but acknowledges the company's outlook is realistic. The broker anticipates a more benign housing recovery in 2021 than many forecast.

Underperform rating maintained. Target is reduced to $2.60 from $2.70.

Target price is $2.60 Current Price is $3.06 Difference: minus $0.46 (current price is over target).
If ABC meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.09, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Macquarie rates ABC as Upgrade to Neutral from Underperform (3) -

Adelaide Brighton's -36% fall in profit was not quite as bad as Macquarie had forecast. The loss was driven by lower volumes, reduced pricing and higher input costs. 2020 guidance is for a further -10% fall but the broker is forecasting below guidance due to ongoing complexities.

That said, the stock has fallen -24% since Macquarie downgraded to Underperform last month and with earnings expectations now re-based, residual risks are better balanced, the broker believes. Upgrade to Neutral from Underperform. Target falls to $3.00 from $3.30.

Target price is $3.00 Current Price is $3.06 Difference: minus $0.06 (current price is over target).
If ABC meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.09, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

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

2019 results were in line with guidance on expectations. Morgan Stanley expects investor demand to improve once the impact of the implied downgrade to 2020 has passed.

The broker believes it is too early to take a more positive stance but upgrades to Equal-weight from Underweight. Target is $3. Industry view: Cautious.

Target price is $3.00 Current Price is $3.06 Difference: minus $0.06 (current price is over target).
If ABC 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 $3.09, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

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

2019 results were in line with expectations. Cash flow and dividend were a positive surprise for Morgans.

The broker considers the risk/award profile now more attractive, which compensates for the structural challenges facing the business.

Rating is upgraded to Add from Hold. With the market likely to take time to gain confidence in the earnings recovery, the broker suggests investors accumulate the stock. Target is reduced to $3.30 from $3.65.

Target price is $3.30 Current Price is $3.06 Difference: $0.24
If ABC meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Ord Minnett rates ABC as Hold (3) -

2019 net profit was in line with Ord Minnett's forecasts. Guidance for 2020 net profit is -5% below the broker's estimates.

Ord Minnett refrains from moving to a more positive rating, given the soft demand and price outlook in the near term and the risks around further cement import competition in South Australia and NSW.

Hold maintained. Target is reduced to $3.20 from $3.70.

Target price is $3.20 Current Price is $3.06 Difference: $0.14
If ABC meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

UBS rates ABC as Buy (1) -

2019 net profit was in line with guidance and UBS estimates. Despite more challenging conditions in the second half, the broker notes some improvement in performance.

The broker suggests 2020 guidance is conservative, with the company expecting the improvement in housing will not occur until the end of 2020.

UBS retains a Buy rating, as the business is highly leveraged to housing activity and the market is at a positive inflection point. Target is reduced to $3.50 from $3.80.

Target price is $3.50 Current Price is $3.06 Difference: $0.44
If ABC meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Macquarie rates ADI as Neutral (3) -

APN Industria REIT's funds fom operations beat the broker by 2%, largely due to an amortisation adjustment. FY guidance was reaffirmed. Following the recent equity raising, gearing has fallen to below management's target range.

This implies balance sheet capacity that can be deployed into acquisitions. The REIT has a strong track record of accretive acquisitions, the broker notes. The largest near term headwind nevertheless is the impending vacancy of Link at Rhodes in FY22, which accounts for 12% of portfolio income. Neutral retained, target rises to $3.10 from $2.88.

Target price is $3.10 Current Price is $3.10 Difference: $0
If ADI meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Ord Minnett rates ALG as Hold (3) -

Ord Minnett notes the shares have fallen significantly since the coroner's report on the Dreamworld tragedy in 2016.

The broker believes this slump in the shares has been excessive relative to the maximum penalties arising from breaches of industrial regulations, although there is now a risk of further negative publicity which limits the potential upside.

The broker reduces the target to $1.15 from $1.35. Hold maintained.

Target price is $1.15 Current Price is $1.00 Difference: $0.15
If ALG meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting upside of 43.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Morgans rates AMS as Add (1) -

First half operating earnings (EBITDA) were in line with forecasts. Atomos has noted some disruptions from coronavirus but expects manufacturing will continue as usual in the fourth quarter, at this stage.

Strong revenue growth is still expected in FY20. Morgans notes the stock has fallen materially on the back of disruption fears yet, while there may be some short-term volatility, the long-term fundamentals are unchanged.

Add maintained. Target is reduced to $1.53 from $1.64.

Target price is $1.53 Current Price is $0.98 Difference: $0.55
If AMS meets the Morgans target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Ord Minnett rates AMS as Buy (1) -

First half results missed Ord Minnett's forecasts in terms of margins, although revenue was strong. The release of Neon has been delayed further into late FY20, leading the broker to downgrade forecasts.

The broker is encouraged by the company's position in the market but the delays and the product discounting strategy are considered likely to affect the perception of the business quality.

Ord Minnett moves to a Speculative Buy rating from Buy and reduces the target to $1.50 from $1.75.

Target price is $1.50 Current Price is $0.98 Difference: $0.52
If AMS meets the Ord Minnett target it will return approximately 53% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Morgans rates ATL as Hold (3) -

First half results were in line with recent guidance. The company now expects a second-half loss of -$3-4m, reflecting the impact of the bushfires and coronavirus on rental earnings amid persistently tough margins in RV sales markets.

The timing of a recovery is difficult to forecast, Morgans points out and, acknowledging its valuation is likely to be understated should headwinds clear, uncertainty is still elevated. Hold rating maintained. Target rises to $0.36 from $0.35.

Target price is $0.36 Current Price is $0.33 Difference: $0.03
If ATL meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgans rates AVG as Hold (3) -

First half results were soft because of increased costs, albeit slightly stronger than Morgans expected. FY20 guidance is revised slightly with net profit growth expected to be 20-25%.

Given the challenging year ahead, Morgans maintains a Hold rating. Forecasts are largely unchanged over FY20-22. Target is reduced to $0.48 from $0.49.

Target price is $0.48 Current Price is $0.47 Difference: $0.01
If AVG meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Citi rates BKL as Neutral (3) -

The good news is that Blackmores' new strategy seems sensible and it might actually turn around the company's operational performance, comment analysts at Citi. They still need to see evidence of tangible improvement before turning more positive on the stock.

Earnings estimates have been reduced by -19% and -6% respectively for FY21 and FY22. Price target loses -7% to $72.80. Neutral rating maintained.

Target price is $72.80 Current Price is $66.60 Difference: $6.2
If BKL meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $65.97, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Citi rates BUB as Buy (1) -

Reading between the lines, the interim result didn't quite match Citi's expectations, plus management at Bubs signalled more investments will be required to grab that future growth potential. Citi analysts have incorporated the two, which results in lower forecasts.

New price target is $0.90, down from $1.05. Rating remains Buy, partially carried by the view this company is, simply put, a logical take over target for a larger player in the infant formula market.

Citi analysts emphasise the fact that Bubs is a promising brand, but also a small company. Growth is expected to accelerate in H2, partially carried by increased reach through Woolworths, on top of new distribution in Hong Kong and Vietnam.

Target price is $0.90 Current Price is $0.71 Difference: $0.19
If BUB meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 Hold (3) -

First half underlying operating earnings (EBITDA) were behind Ord Minnett's forecasts. The broker notes a conscious desire to create more specialisation, evidenced by the growth initiatives as well as the acquisition of Fowler Simmons Radiology.

The broker expects a greater return on investment and enhanced value for shareholders as a result. Hold maintained. Target is raised to $0.28 from $0.24.

Target price is $0.28 Current Price is $0.30 Difference: minus $0.02 (current price is over target).
If CAJ meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Morgans rates CAT as Add (1) -

The company has outlined a new business strategy, aiming to phase out capital sales and move most customers to subscriptions.

Morgans suspects this will cause a short-term hiatus in revenue and lead to some confusion for investors and the market may need reassuring regarding the financial outlook.

The company remains comfortable with the market consensus forecasts for FY20 and still aims to be cash flow positive in FY21.

Morgans retains an Add rating and reduces the target to $1.87 from $2.19.

Target price is $1.87 Current Price is $1.63 Difference: $0.24
If CAT meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates CGC as Neutral (3) -

Upon first assessment, Citi analysts believe Costa Group's H1 financials are in line with earlier provided guidance, while forward looking guidance by management essentially excludes any negatives emanating from China, which might prove cautious.

Citi analysts do not think market consensus will change much post this release, but the cautious outlook might keep the buyers at bay.

The company is positive about mushrooms and berries, not so much on citrus and China blueberries, the analysts observe. China is now a "meaningful" factor for the company, Citi analysts repeat company management's own terminology.

Target price is $2.80 Current Price is $2.99 Difference: minus $0.19 (current price is over target).
If CGC meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.90, suggesting downside of -2.9% (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

UBS rates CRN as Neutral (3) -

2019 results were in line with expectations, although the dividend is lower than UBS expected and appears to be a conservative stance given current market conditions.

The company has extended its credit line to US$500m to fund the extension at Curragh. This is considered a positive, as investors appear to be increasingly concerned about a coal company's ability to fund its business. Neutral rating and $2.05 target maintained.

Target price is $2.05 Current Price is $1.66 Difference: $0.39
If CRN meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting upside of 61.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Macquarie rates CTX as Neutral (3) -

Caltex Australia reported better than expected, with operating conditions improving. Strategic changes are progressing as planned, the broker notes. The broker lifts earnings forecasts due to improvement in Convenience and expected recovery in regional refining margins.

Beyond that, it's all about corporate interest. Caltex Australia intends to pursue a spin-off of its property portfolio and return capital to shareholders but takeover bids remain in play. These at least provide for limited downside, the broker notes. Neutral retained, target rises to $35.25 from $34.50.

Target price is $35.25 Current Price is $33.75 Difference: $1.5
If CTX meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $34.60, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

2019 results were in line with Morgan Stanley's estimates. Weak aviation fuel was a surprise, down -4.7% compared with industry volumes which were down more like -1%, and the broker has little doubt volumes will be weaker over the next 12 months.

A similar trend around commercial diesel is playing out. Refining remains volatile but the outlook is expected to improve. Target is $34. Industry view is In-Line. Equal-weight.

Target price is $34.00 Current Price is $33.75 Difference: $0.25
If CTX meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $34.60, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Citi rates EVT as Neutral (3) -

Reading between the lines, Event Hospitality & Entertainment's interim report has failed to live up to Citi's expectations. Earnings forecasts have been cut by between -7%-9% and the price target lost -12% to $12.65.

Ironically, Citi analysts comment how the shares look "cheap", as per always on their observation, but that would be ignoring the fact the core businesses are facing both structural and cyclical headwinds.

Citi believes these headwinds will prove important for the share price over the next 12 months. Neutral rating retained.

Target price is $12.65 Current Price is $11.63 Difference: $1.02
If EVT meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Macquarie rates FCL as Outperform (1) -

Fineos Corporation's result beat the broker on 44% growth in Services revenue. Software revenue grew 27% and GP margins were stable. FY revenue guidance has been upgraded and the broker lifts its forecasts by 5%. Management highlighted a healthy pipeline of potential contracts for FY20 and beyond.

The result supports the broker's investment case given a beat on revenue growth, profitability growth, new contract wins and the healthy pipeline. Outperform retained, target rises to $4.30 from $3.75.

Target price is $4.30 Current Price is $3.72 Difference: $0.58
If FCL meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Ord Minnett rates FCL as Buy (1) -

The company provided a strong result in the first half with an upgrade and another new business win.

Ord Minnett's FY21 revenue forecasts are now 18% above where it initiated five months ago.

A Buy rating is reiterated. Target is raised to $3.95 from $3.55.

Target price is $3.95 Current Price is $3.72 Difference: $0.23
If FCL meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates FLT as Neutral (3) -

Upon first glance, Citi reports today's interim performance matches the downgraded guidance provided on February 7. FY20 guidance has been downgraded to a range of $240m-300m, below market consensus.

On the analysts' count, Flight Centre has now downgraded FY20 guidance for the sixth time. They advise investors shouldn't hope for too optimistic an outcome between now and June. Having said this, Citi also suspects most of the negatives are by now priced in.

Target price is $41.60 Current Price is $34.28 Difference: $7.32
If FLT meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $43.27, suggesting upside of 26.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Credit Suisse rates HLS as Neutral (3) -

The first half result was broadly in line with expectations. A cash bid of $3.40 a share has been launched by Partners Group, a Swiss firm. Credit Suisse assesses the bid is unlikely to be met with enthusiasm by Healius.

The company has indicated an intention to divest either all or part of its medical centres. Credit Suisse retains a Neutral rating and raises the target to $3.35 from $3.00.

Target price is $3.35 Current Price is $3.09 Difference: $0.26
If HLS meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.33, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates HLS as No Rating (-1) -

Healius' profit fell -2% short of the broker. FY guidance has been slightly tightened at the low end of the range. Weak cash flow trends continued, the broker notes, while GP recruitment numbers fell short of GP exits. Medical centres were the primary driver of lower earnings.

The broker is currently restricted from making a recommendation.

Current Price is $3.09. Target price not assessed.

Current consensus price target is $3.33, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgan Stanley rates HLS as No Rating (-1) -

First half earnings were generally below expectations. The investment in medical centres has been postponed until the company can be sure there are adequate returns on the investment.

Morgan Stanley cannot provide a rating or target at present. In-Line sector view.

Current Price is $3.09. Target price not assessed.

Current consensus price target is $3.33, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

UBS rates HLS as No Rating (-1) -

First half revenue was ahead of UBS estimates while underlying earnings were in line. The broker makes minor changes to modelling assumptions.

UBS is restricted on providing a rating and target at present.

Current Price is $3.09. Target price not assessed.

Current consensus price target is $3.33, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Credit Suisse rates HMC as Neutral (3) -

Credit Suisse observes management is delivering on its strategy in the first half result. The broker upgrades FY20 estimates by 10%. Full stabilised occupancy is assumed by FY23.

A statutory loss is still expected in FY20 but the broker envisages scope for attractive earnings and dividend growth. Neutral rating maintained. Target edges down to $3.89 from $3.90.

Target price is $3.89 Current Price is $3.83 Difference: $0.06
If HMC meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Ord Minnett rates HMC as Hold (3) -

First half results were below forecasts. Ord Minnett found the results messy, largely because the company has lifted prospectus guidance by 10% for FY20.

The three active developments, totalling around $35m in capital expenditure with a target yield of 7%, are expected to open in FY21. The broker retains a Hold rating and $3.70 target.

Target price is $3.70 Current Price is $3.83 Difference: minus $0.13 (current price is over target).
If HMC meets the Ord Minnett 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 FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgans rates ITG as Add (1) -

Morgans observes the first result as a stand-alone ASX-listed company was well ahead of forecasts. The statutory result, for two months, follows the de-merger from Cardno ((CDD)).

Asia-Pacific was strong with some margin expansion while the Americas was negatively affected by the performance of the T2 business. Add rating maintained. Target rises to $0.57 from $0.54.

Target price is $0.57 Current Price is $0.44 Difference: $0.13
If ITG meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates IVC as Neutral (3) -

For Citi's initial assessment, see Broker Call Report yesterday. The FY19 performance beat expectations, and management will be providing forward looking guidance at the AGM in May. Citi analysts have made small adjustments to their forecasts.

Reduced spending on capex assists with the price target lifting to $14.50 from $13.75. Neutral rating (unchanged) is a reflection of balanced risks versus rewards, explain the analysts.

Citi analysts note InvoCare has to date spent $130m on its brand optimisation program plus $90m on a series of acquisitions. While a large portion of the capex might end up being "maintenance" rather than an investment in future growth, the analysts still believe more benefits from these investments should be forthcoming.

Target price is $14.50 Current Price is $14.96 Difference: minus $0.46 (current price is over target).
If IVC meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.24, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Macquarie rates IVC as Outperform (1) -

InvoCare's profit beat the broker but operating earnings were in line with forecast, which the broker considers a solid result given lower than expected industry volumes. Singapore has been a standout since reopening and Memorial Parks posted a strong result.

The company has been able to mitigate a drag on volumes due to some sites being down for renovation, the broker notes, and the drag will reverse into FY21. Earnings visibility and defensive characteristics make InvoCare an attractive proposition in the current market. Outperform retained, target rises to $15.70 from $15.60.

Target price is $15.70 Current Price is $14.96 Difference: $0.74
If IVC meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $14.24, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

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

Earnings slightly missed expectations in 2019. Morgan Stanley observes the accounts continue to be clouded by changes to the standards.

The company has decided to slow down the rolling out of of the more capital intensive elements of its improvement program.

Equal-weight rating. Target is $13. In-Line industry view.

Target price is $13.00 Current Price is $14.96 Difference: minus $1.96 (current price is over target).
If IVC meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.24, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

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

2019 results, which were better-than-expected, were supported by rebound in the number of deaths after a soft 2018, amid a strong performance from renovated sites and contributions from acquisitions.

Management continues to expect the number of deaths to revert back to the long-term trend. Morgans upgrades to Add from Hold, given increased confidence in the growth outlook. Target rises to $15.87 from $13.63.

Target price is $15.87 Current Price is $14.96 Difference: $0.91
If IVC meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $14.24, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Ord Minnett rates IVC as Hold (3) -

2019 earnings were slightly ahead of forecasts. The positive reaction to the result was likely, in Ord Minnett's view, a result of a large short position in the stock and the fact no capital raising was announced.

Management's execution on its brand optimisation program remains critical over the next couple of years, in the broker's view.

Hold maintained. Target is raised to $14.00 from $13.50.

Target price is $14.00 Current Price is $14.96 Difference: minus $0.96 (current price is over target).
If IVC meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.24, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

UBS rates IVC as Sell (5) -

2019 results were largely in line at the top line but underlying operating earnings missed UBS estimates.

The broker continues to flag the fact that associated returns from the P&G strategy appear to be taking longer to materialise and the valuation remains stretched.

Sell rating maintained. Target is reduced to $12.35 from $12.70.

Target price is $12.35 Current Price is $14.96 Difference: minus $2.61 (current price is over target).
If IVC meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.24, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Morgans rates KPG as Add (1) -

First half results were solid, Morgans observes. Strong revenue growth of 23% reflects the delivery of the company's growth strategy.

Two acquisitions were announced, with a Melbourne acquisition expanding the presence in the CBD. The other was a "tuck-in" acquisition in the Blue Mountains. Morgans expects 2-4 acquisitions per annum from the company.

Kelly Partners has outlined a five-year growth strategy, intending to double consolidated group revenue and operating earnings. Morgans retains an Add rating and raises the target to $1.17 from $1.02.

Target price is $1.17 Current Price is $0.89 Difference: $0.28
If KPG meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Credit Suisse rates MHJ as Outperform (1) -

First half results were slightly below expectations. Credit Suisse notes the company is cycling a very weak prior corresponding half.

Gross margins declined, and management is attempting to balance sales momentum and margin realisation. Markets with better momentum such as Canada and New Zealand are expected to improve.

The company is considered likely to further invest in price to defend its market share in Australia. Outperform rating maintained. Target is raised to NZ$1.00 from NZ$0.87.

Current Price is $0.59. Target price not assessed.

Current consensus price target is $0.72, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Macquarie rates MHJ as Outperform (1) -

Michael Hill International posted strong sales growth in the first half, offset by a sharp contraction in margins due to the gold price and currency. It is not clear how this measured up against the broker's forecast. Management had intended the period to be one of chasing revenue growth and market share at the expense of margins, but in the second half the focus will shift back to margin expansion.

Early signs are that business repositioning is gaining traction, and the balance sheet is strong. Earnings will be volatile as integration plays out, the broker warns, but "the ultimate prize is clear". Outperform and 75c target retained.

Target price is $0.75 Current Price is $0.59 Difference: $0.16
If MHJ meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $0.72, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Morgans rates MHJ as Hold (3) -

First half results were ahead of forecasts. Morgans believes management is doing a good job in terms of repositioning the business for sales growth but suspects the top-line outlook will remain challenging.

The company has outlined a number of initiatives for the second half and reiterated its cost reduction strategy. Hold rating maintained. Target is reduced to $0.61 from $0.67.

Target price is $0.61 Current Price is $0.59 Difference: $0.02
If MHJ meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.72, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Morgans rates MME as Add (1) -

First half results were in line with forecasts. Morgans lowers FY20 and FY21 forecasts for earnings per share by -15% and -3% respectively because of higher second half loan impairment expense forecasts.

The broker considers the business is well-positioned to take market share going forward and retains an Add rating. Target is reduced to $2.01 from $2.06.

Target price is $2.01 Current Price is $1.66 Difference: $0.35
If MME meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Morgan Stanley rates MNF as Overweight (1) -

The company is shifting to a higher growth, annuity model but Morgan Stanley assesses this is a rocky road. Gross profit was below expectations in the first half. The broker expects growth will be ongoing but re-bases estimates in FY20.

Morgan Stanley was surprised by the lift in the dividend after a capital raising to "strengthen the balance sheet " and accelerate regional expansion.

The broker suspects the capital raising was effectively a dilution event, used in part to return cash to shareholders.

Overweight retained. Target is reduced to $5.40 from $6.40. Industry view: In-Line.

Target price is $5.40 Current Price is $4.19 Difference: $1.21
If MNF meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates NAN as Sell (5) -

Nanosonics reported in-line, on Citi's assessment, with North America compensating for disappointing growth in the rest of the world. Higher costs had been anticipated.

A little more disconcerting, maybe, is that management seems to have pushed out the timing for the launch of the new platform technology.

Citi analysts intend to query the company about the latter, whenever they get the opportunity. In the meantime, Sell rating retained on valuation. Target price stable at $4.40.

Target price is $4.40 Current Price is $6.80 Difference: minus $2.4 (current price is over target).
If NAN meets the Citi target it will return approximately minus 35% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.42, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

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

First half results were below forecasts. Downside risks come from pricing pressures as hospital budgets remain tight.

The market remains focused on the commercial launch of the technology platform, expected in FY21.

Morgans revises down near-term forecasts to reflect the delay in new product revenue but increases longer-term assumptions.

Rating is upgraded to Add from Hold. Target is raised to $7.36 from $6.14.

Target price is $7.36 Current Price is $6.80 Difference: $0.56
If NAN meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.42, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

UBS rates NAN as Buy (1) -

Nanosonics' first half result was stronger than UBS estimated. The Trophon installed base grew 17%. The broker lifts FY20 estimates for operating earnings (EBITDA) by 9%.

The company did not announce a new product, but continues to flag the opportunity amid commercialisation in FY21. UBS maintains a Buy rating and raises the target to $7.50 from $7.25.

Target price is $7.50 Current Price is $6.80 Difference: $0.7
If NAN meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.42, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Credit Suisse rates NEC as Outperform (1) -

First half results were ahead of estimates. However full year guidance is slightly lower than Credit Suisse anticipated with the company now expecting operating earnings to be broadly in line with FY19.

Management has outlined plans to reduce the TV cost base by around -$100m over the next three years, by rationalising international content, rolling off one-off sports events and moving to new premises that are more efficient.

Outperform rating maintained. Target is steady at $2.15.

Target price is $2.15 Current Price is $1.71 Difference: $0.44
If NEC meets the Credit Suisse target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $2.20, suggesting upside of 28.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Macquarie rates NEC as Outperform (1) -

It is not made clear how Nine Entertainment's result stacked up against the broker's forecast but commentary is positive and an Outperform rating is retained. TV, radio and the Domain Group ((DHG)) stake dragged in the first half but Stan and video on demand were key positives.

TV has been challenging for the last 18 months but cost-outs and market share gains mean the business is well placed for any improvement in advertising demand, while earnings are protected if there's no improvement, the broker notes. Stan has built a solid earnings platform and Domain is set to benefit from a housing recovery. Target unchanged at $2.05.

Target price is $2.05 Current Price is $1.71 Difference: $0.34
If NEC meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.20, suggesting upside of 28.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Morgan Stanley rates NEC as Overweight (1) -

First half results were in line with expectations. Nine Entertainment now envisages FY20 EBITDA similar to FY19.

Morgan Stanley retains a positive thesis that is not based on free-to-air TV or radio assets, which are considered to be in structural decline. The broker is bullish on streaming/digital media assets.

Overweight. Target is $2.30. Industry view: Attractive.

Target price is $2.30 Current Price is $1.71 Difference: $0.59
If NEC meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $2.20, suggesting upside of 28.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Ord Minnett rates NEC as Buy (1) -

First half net profit was behind Ord Minnett's forecasts. FY20 guidance is downgraded because of the weak advertising market, offset by the unveiling of the $100m free-to-air cost savings which have been under consideration for some time.

Ord Minnett believes the share price has hit a trough in terms of the market cycle, sentiment and valuation. Buy rating maintained. Target is raised to $2.50 from $2.35.

Target price is $2.50 Current Price is $1.71 Difference: $0.79
If NEC meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $2.20, suggesting upside of 28.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

UBS rates NEC as Buy (1) -

The company has slightly downgraded expectations but UBS suspects investors were expecting worse. The broker found the first half results mixed.

UBS notes that metro TV advertising markets declined -10.6% in January and most commentary suggests markets remained short and weak in February.

Hence, the broker envisages risk to second half assumptions. Buy rating and $2 target maintained.

Target price is $2.00 Current Price is $1.71 Difference: $0.29
If NEC meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.20, suggesting upside of 28.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Macquarie rates NSR as Underperform (5) -

National Storage REIT's underlying earnings fell -3% short of the broker. FY guidance was reaffirmed. The portfolio's gross lettable area has grown by 32% in the past two and a half years, the broker notes, yet rents have only grown 20%, suggesting portfolio returns are declining. Organic growth is subdued and dividends are only 49% covered by cash.

Yet the broker believes the market is already factoring in the highest possible bid price emerging from the three suitors currently undertaking due diligence. Underperform retained, target falls to $2.25 from $2.29.

Target price is $2.25 Current Price is $2.35 Difference: minus $0.1 (current price is over target).
If NSR meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.33, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.5

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

Morgan Stanley rates NSR as No Rating (-1) -

First half results revealed underlying earnings of $34.5m. Full year guidance of 4% growth in earnings per share has been reiterated. However, the caveat is that takeover discussions may affect the timing of revenue related to new developments.

Morgan Stanley is acting as adviser to Public Storage and cannot provide a rating or target at present. Industry view is In-Line.

Current Price is $2.35. Target price not assessed.

Current consensus price target is $2.33, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.5

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

Morgans rates NSR as Hold (3) -

Storage revenue was up 18% in the first half, reflecting both organic growth and new acquisitions. In the near term the focus is on M&A, with the company vetting three proposals. All groups are undertaking due diligence.

Morgans retains a "business as usual" valuation of $1.82 but raises the target to the highest proposed cash offer of $2.40 (from $1.73). Hold maintained.

Target price is $2.40 Current Price is $2.35 Difference: $0.05
If NSR meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.5

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

Ord Minnett rates NSR as No Rating (-1) -

First half underlying earnings were weaker than Ord Minnett expected. This stemmed from guidance for a 56% skew to the second half.

The company is currently dealing with non-binding proposals from three parties which are conducting due diligence. Ord Minnett is restricted on research and cannot provide a recommendation or target.

Current Price is $2.35. Target price not assessed.

Current consensus price target is $2.33, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.5

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

Macquarie rates PNV as Outperform (1) -

Polynovo's revenues were slightly below forecast while profit missed on higher operating expenditure. Increased opex and capex reflect ongoing investment to support current and future growth opportunities, the broker notes.

The broker sees the company as well positioned to increase share in approved markets based on a differential product offering, with upside on offer from expansion into new geographies. The broker also sees the potential for NovaSorb technology to be used in other applications. Outperform retained, target rises to $2.80 from $2.30.

Target price is $2.80 Current Price is $2.47 Difference: $0.33
If PNV meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Macquarie rates PPC as Upgrade to Outperform from Neutral (1) -

Peet & Co's first half earnings were 10% above Macquarie and management indicated it was not comfortable with current FY consensus forecasts. Sales volumes increased 52% in the half.

The broker forecasts a -36% fall in profit in FY20 due to a slowdown in sales in FY19, but expects earnings to bottom ahead of a step-change in FY22. FY20 earnings risk prompted a downgrade to Neutral last month but with confidence growing and an improving residential market, the broker upgrades back to Outperform. Target rises to $1.41 from $1.25.

Target price is $1.41 Current Price is $1.31 Difference: $0.1
If PPC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Macquarie rates REG as Underperform (5) -

We might assume from a retained Underperform rating and a target price cut to $1.77 from $2.25 that Regis Healthcare's result didn't wow the broker, despite no indication being given.

The broker believes asset utilisation is the key, with funding overplayed. Oversupply by the industry is causing more competition and lower asset utility relative to funding.

The industry is facing challenging times and the company's level of gearing makes it difficult for the broker to feel comfortable. Equity risk is considered to the downside.

Target price is $1.77 Current Price is $1.96 Difference: minus $0.19 (current price is over target).
If REG meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.04, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Morgans rates REG as Hold (3) -

First half results were slightly below forecasts. Management has decided to stall further aged care developments and review its program.

Morgans considers this a sensible decision in the light of industry headwinds. FY20 guidance has been reaffirmed and occupancy is expected to improve in the second half.

Morgans retains a Hold rating and reduces the target to $2.18 from $2.67.

Target price is $2.18 Current Price is $1.96 Difference: $0.22
If REG meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.04, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Ord Minnett rates REG as Hold (3) -

First half net profit was below forecasts. Ord Minnett considers this a clear reflection of the inadequacy of the current funding regime, combined with occupancy challenges.

Moreover, the broker suspects that the required uplift in the second half will prove challenging.

Nevertheless, the operations are assessed to be quality and an improved debt position should ensure the company is well-positioned when refunding reforms are announced.

Hold maintained. Target is reduced to $2.10 from $2.50.

Target price is $2.10 Current Price is $1.96 Difference: $0.14
If REG meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.04, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

UBS rates REG as Neutral (3) -

First half results were broadly in line with UBS estimates. Average occupancy declined to 90.4%.

For the first time, Regis Healthcare has noted that consumers on home care waiting lists are delaying entry into residential aged care, anticipating increased availability of packages. UBS does not expect this will normalise in the near term.

The broker retains a Neutral rating. Target is reduced to $2.10 from $2.80.

Target price is $2.10 Current Price is $1.96 Difference: $0.14
If REG meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.04, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Credit Suisse rates RIC as Neutral (3) -

The first half result was flat, and slightly below estimates. The company has taken steps to reduce overheads through its restructure and exit of under utilised or loss-making areas. Short-term benefits are expected from reduced annualised costs although there is an upfront outlay.

However, while underlying operations appears solid, Credit Suisse finds it hard to ascertain the growth outlook going forward. Hence, a Neutral rating is maintained. Target is reduced to $0.95 from $1.05.

Target price is $0.95 Current Price is $0.90 Difference: $0.05
If RIC meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Citi rates RIO as Neutral (3) -

Citi summarises the release of FY19 financials with earnings in-line, the dividend declared missed bullish market expectations, and then there were further impairments, and no further share buyback extension.

Citi analysts have made small adjustments to forecasts only post the release. Rating remains Neutral. Target price hasn't moved from $100.

Target price is $100.00 Current Price is $90.18 Difference: $9.82
If RIO meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $99.89, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.1

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

Credit Suisse rates RIO as Underperform (5) -

2019 results were largely in line and there is no change to production guidance although there is plenty of caution, Credit Suisse observes, because of coronavirus uncertainty.

The market backdrop is overshadowing what was a clean result, the broker points out. While Credit Suisse does not change its view that the share price has been too high for a period of time, market volatility is likely to drive sentiment for some time.

Still, the business looks well-positioned to withstand any sustained correction. Underperform rating maintained. Target is $94.

Target price is $94.00 Current Price is $90.18 Difference: $3.82
If RIO meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $99.89, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Macquarie rates RIO as Outperform (1) -

Rio Tinto's result was solid, with all major metrics in line with the broker. The company decided not to offer a special dividend due to uncertainty created by the virus, which is no surprise, and the broker notes Rio is well placed for increased capital management once the risk subsides.

Buoyant iron ore prices, well above the broker's forecast, and currency tailwinds underscore earnings upside potential. Outperform retained. Target falls to $106 from $107.

Target price is $106.00 Current Price is $90.18 Difference: $15.82
If RIO meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $99.89, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

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

Operating earnings (EBITDA) were slightly ahead of Morgan Stanley's estimates in 2019. The dividend was slightly lower but the broker does not consider this a negative, given the coronavirus uncertainty.

2020 guidance is for unit costs of US$14-15/wmt. Equal-weight rating retained. Industry view is In-Line. Target is $94.50.

Target price is $94.50 Current Price is $90.18 Difference: $4.32
If RIO meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $99.89, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Morgans rates RIO as Hold (3) -

Net profit was in line with expectations. The company has also announced it will spend -US$1bn over the next five years on climate-related issues.

Rio Tinto expects the impact from coronavirus in the first quarter is likely to be followed by a period of strong Chinese stimulus if the virus is contained in the second quarter.

Morgans considers the business has solid fundamentals and any volatility is likely to be a buying opportunity. However, a Hold rating is retained in the meantime. Target is raised to $97.25 from $95.89.

Target price is $97.25 Current Price is $90.18 Difference: $7.07
If RIO meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $99.89, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Ord Minnett rates RIO as Accumulate (2) -

2019 net profit was broadly in line with Ord Minnett's forecasts. The broker lowers 2020 estimates based on higher costs and lower iron ore volumes.

Nevertheless, the stock's metrics are considered compelling and the broker retains an Accumulate rating. Target dips to $110 from $112.

Target price is $110.00 Current Price is $90.18 Difference: $19.82
If RIO meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $99.89, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

UBS rates RIO as Neutral (3) -

2019 earnings were in line with UBS estimates. The broker notes the absence of a top up of the buyback or a special dividend.

It is unclear whether this is related to general uncertainty or the fact that Chinalco's shareholding is approaching the Australian government's ceiling of 15% as a result of the recent buybacks.

Production and capital expenditure guidance is unchanged. Neutral rating and $97.50 target maintained.

Target price is $97.50 Current Price is $90.18 Difference: $7.32
If RIO meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $99.89, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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 SDF as Buy (1) -

Steadfast Group lifted its FY20 guidance with the release of H1 financials, and Citi had been expecting the company would do exactly that. History backs management to achieve a better performance in H2, acclaim the analysts.

Citi observes operational momentum is strong, while noting management at Steadfast remains confident of at least two more years of favourable market dynamics. Buy rating retained, while the target price lifts to $4.40 from $4.35.

Both EPS and DPS forecasts have increased.

Target price is $4.40 Current Price is $3.68 Difference: $0.72
If SDF meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.27, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

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

First half results beat Credit Suisse estimates. The broker appreciates the fact the business is setting up for sustainable earnings, but growth remains below what can be expected in a positive premium rate environment.

Following the recent outperformance of the share price and lower underlying growth, Credit Suisse downgrades to Neutral from Outperform. Target is $4.

Target price is $4.00 Current Price is $3.68 Difference: $0.32
If SDF meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.27, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Ord Minnett rates SDF as Accumulate (2) -

First half net profit was in line with Ord Minnett's forecasts. There was strong growth from acquisitions amid muted organic growth.

The broker still believes the stock offers considerable earnings momentum in a hard commercial insurance market and there is potential upside from acquisitions. Accumulate maintained. Target is $4.28.

Target price is $4.28 Current Price is $3.68 Difference: $0.6
If SDF meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.27, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Ord Minnett rates SLK as Buy (1) -

The interim result reflected a company in transition, Ord Minnett observes. The highlight was the long-awaited turnaround in the Captain Cook Cruise division in NSW and Western Australia.

The broker remains confident in the investment view and retains a Buy rating. Target is raised to $5.82 from $5.67.

Target price is $5.82 Current Price is $4.33 Difference: $1.49
If SLK meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

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

First half results were stronger than UBS expected, driven by 300 basis points of margin expansion. Outperformance in Southeast Asia was the highlight, which was partly offset by widening losses in the US.

UBS considers the US business challenged but a potential upside catalyst if it can be turned around. Rating is upgraded to Buy from Neutral and the target is raised to $5.10 from $4.80.

Target price is $5.10 Current Price is $4.10 Difference: $1
If SRV meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

UBS rates VAH as Neutral (3) -

First half underlying pre-tax profit was below UBS forecasts. The main contributor to the decline in profit was an increase in unit costs, impacted by enterprise bargaining agreements and contracts signed in the past.

UBS does not expect a meaningful improvement in the remainder of FY20. The company has started to reduce its cost base in an attempt to improve cash flow.

Virgin Australia will remove an additional seven A320's from the fleet which implies capacity in FY21 could be down -5%. The majority of the retirements are in Tiger Air, where up to -40% of the fleet has been, or will be, removed from service.

Neutral rating maintained. Target is reduced to $0.12 from $0.16.

Target price is $0.12 Current Price is $0.12 Difference: $0
If VAH meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.5

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

Ord Minnett rates VVA as Buy (1) -

Ord Minnett observes high-intensity growth amid accretive acquisitions and believes management executed incredibly well in the first half.

The broker upgrades operating earnings (EBITDA) estimates for FY20 by 2%.

Ord Minnett finds the stock compelling with growth at a cheap price. A Buy rating is retained with the target raised to $3.80 from $3.65.

Target price is $3.80 Current Price is $2.50 Difference: $1.3
If VVA meets the Ord Minnett target it will return approximately 52% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates WOW as No Rating (-1) -

For Citi's initial assessment of Woolworths' interim performance, see yesterday's Broker Call Report. A solid, slight improvement on market consensus is mixed with rising risks, according to the analysts.

Risks stem from a not-to-be-missed material slow-down in supermarket sales momentum, against a background of rising costs. Coles ((COL)) now has the upper hand, the analysts suggest.

One of the positives is that Big W is back in the black with Citi suggesting industry competition seems to be easing. No rating or price target.

Current Price is $40.12. Target price not assessed.

Current consensus price target is $39.83, suggesting downside of -0.7% (ex-dividends)

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

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

Despite the softer outlook, Credit Suisse does not believe there are issues of underperformance and the stock is a good place to be in a market that is likely to favour quality.

Credit Suisse upgrades to Neutral from Underperform although prefers Coles ((COL)) on valuation. Target is raised to $39.70 from $35.63.

The scale of wage under-payment continues to disappoint. There was a deceleration in comparable store sales growth in Australian food and continuing high capital expenditure in the first half. The second half is expected to be a challenging period for expenses.

Target price is $39.70 Current Price is $40.12 Difference: minus $0.42 (current price is over target).
If WOW meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.83, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Macquarie rates WOW as Outperform (1) -

Woolworths posted a beat on profit, with all divisions either in line or ahead. Big W stood out, beating on earnings, while Liquor was in line as the company chose not to join peers in aggressive clearance activity, the broker notes.

Staff remediation costs and bushfire impact have dragged early in the second half, but the broker believes Woolworths is best-placed to execute on its strategy in the long term. Outperform retained, target rises to $43.50 from $42.40.

Target price is $43.50 Current Price is $40.12 Difference: $3.38
If WOW meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $39.83, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

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

Gross margins in Australian food were strong in the first half, offsetting a weaker-than-expected like-for-like sales profile. EBIT was ahead of estimates.

Morgan Stanley assesses the medium-term margin profile is underpinned by continued improvement in stock losses, efficiencies and cost reductions.

Equal-weight rating maintained. Target is raised to $38.50 from $36.50. Industry view: Cautious.

Target price is $38.50 Current Price is $40.12 Difference: minus $1.62 (current price is over target).
If WOW meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.83, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Morgans rates WOW as Hold (3) -

First half results were ahead of expectations. All operating divisions performed better than Morgans expected. However, Australian food had a slower start to the second half, with like-for-like sales up just 2%.

This is a concern for Morgans as cost headwinds appear to continue. The broker considers the stock fully valued and maintains a Hold rating. Target rises to $38.13 from $35.89.

Target price is $38.13 Current Price is $40.12 Difference: minus $1.99 (current price is over target).
If WOW meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.83, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Ord Minnett rates WOW as No Rating (-1) -

First half net profit was slightly ahead of Ord Minnett's forecasts. However, on a note of caution, food like-for-like sales growth slowed in the second quarter to 3.8%.

This has slowed further to 2% early in the third quarter, the broker adds. Ord Minnett cannot provide a rating or target at present.

Current Price is $40.12. Target price not assessed.

Current consensus price target is $39.83, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

UBS rates WOW as Neutral (3) -

UBS found the first half result strong, although the dividend and outlook were disappointing. Sales and gross margin were highlights while costs disappointed, particularly in Australian food.

The broker believes management is taking a long-term view of how the business is run, but there are several issues emerging from the result.

Capital management  is considered too low and capital expenditure, where Woolworths is investing more in its business, is not delivering clear signs of winning market share. Neutral maintained. Target rises to $39.30 from $36.80.

Target price is $39.30 Current Price is $40.12 Difference: minus $0.82 (current price is over target).
If WOW meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.83, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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