Australian Broker Call

Citi rates A2M as Sell (5) -

Citi's read through from the quarterly result of peer Nuchev ((NUC)) is the daigou channel is likely to remain challenged over the short-term. Also, cross border E-commerce (CBEC) is seen to be a key channel for growth, once inventory issues are resolved.

The broker maintains its Sell rating for a2 Milk, as there's considered downside risk to medium-to-long term margins. This is because the company is considered likely to increase its focus on the China offline channel, where it will need to increase investment to compete.

Citi retains its $6.05 target price.

Target price is $6.05 Current Price is $6.00 Difference: $0.05
If A2M meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.43, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

This company reports in NZD. 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 AIM as Add (1) -

Morgans assesses a better-than-expected fourth quarter result from AI-Media Technologies, with a beat on revenue and free cash flow. 

While the company completed one large and two small acquisitions in FY21, the broker sees further acquisitions as likely in the medium term. Now free cash generative, the company is estimated to be attractively priced.

Morgans retains it Add rating and lifts its target price to $1.44 from $1.38, after increasing its FY21 and FY22 EPS forecasts by around 5%.

Target price is $1.44 Current Price is $0.92 Difference: $0.52
If AIM meets the Morgans target it will return approximately 57% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgans rates AND as Add (1) -

Ansarada Group reported a very good fourth quarter, with records across the board, according to Morgans. There was positive free cash flow in both the third and fourth quarters FY21, resulting in a $22.6m cash balance.

The broker points out International now accounts for 46% of total revenue. Deferred revenue grew 23% half-on-half, while revenue booked grew 16%. 

Morgans upgrades FY22 EPS forecasts by 2% and rolls forward the valuation by 12 months, resulting in a lift in its target price to $1.68 from $1.55. The Add rating is maintained.

The analyst sees the company as an attractive investment, due to being a beneficiary of the surge in M&A, tenders and governance, which should lead to impressive growth.

Target price is $1.68 Current Price is $1.52 Difference: $0.16
If AND meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates BHP as Outperform (1) -

BHP Group has made a CAD325m cash offer for Noront Resources, which has been recommended by the board. The offer is a 69% premium to the closing price and 75% more than the proposed indicative offer by Wyloo Metals.

Noront Resources owns the Eagle's Nest nickel/copper/PGM project and some other exploration projects in Canada.

Macquarie, although surprised by the bid, believes the move highlights the company's increasing emphasis on battery minerals exposure. Outperform maintained. Target is $60.

Target price is $60.00 Current Price is $53.36 Difference: $6.64
If BHP meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $50.53, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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 BOQ as Outperform (1) -

Credit Suisse believes the market is undervaluing Bank of Queensland's ME Bank acquisition. Given ME is a purely digital, cloud-based, all-mortgage business, the broker believes synergy expectations of 25% are too low, forecasting 35%.

Given ME relies on term deposit funding, once absorbed into the larger regional ME should be able to provide more competitive rates, resulting in a net interest margin uplift.

The broker increases FY22-23 earnings forecasts by 11-13% and its target to $11.50 from $10.00, Outperform retained.

Target price is $11.50 Current Price is $8.97 Difference: $2.53
If BOQ meets the Credit Suisse target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $10.09, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Citi rates BSL as Buy (1) -

In the wake of second half unaudited results, management noted “the business has gone from strength to strength and all operating
segments have delivered significantly better results than FY20”.

Citi retains its Buy rating and raises the target price to $27.50 from $25. The company expects expects earnings (EBIT) for FY21
to be around $1.72bn, which implies to the broker second half earnings at near $1.2bn.

Management highlighted ongoing strong domestic demand plus high North Star steel spreads.

Target price is $27.50 Current Price is $24.43 Difference: $3.07
If BSL meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $26.12, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

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

Ahead of its results on August 16, BlueScope Steel has signalled FY21 EBIT of $1.72bn. Australia is a key driver of the upgrade, as more high-value product is being sold.

North Star earnings are lower than Macquarie expected, mainly because of larger discounts to the benchmark than had been anticipated, although current spreads still point to very strong profitability.

The main issue is the sustainability of current steel prices, particularly in the US, and the broker emphasises historical correlations between steel prices and the stock's performance are high.

Rating is downgraded to Neutral from Outperform and the target is raised to $26.20 from $25.40.

Target price is $26.20 Current Price is $24.43 Difference: $1.77
If BSL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $26.12, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgan Stanley rates BSL as Overweight (1) -

Morgan Stanley notes US prices and spreads have continued to rally and the second half upgrade underpins its positive view on the stock. The broker envisages further upside to earnings in FY22.

Among the reasons why Morgan Stanley reiterates an Overweight rating are robust domestic demand, spot steel prices, a 20% free cash flow yield in FY22 and an expected $500m buyback at the August result.

Target is raised to $28.50 from $27.00. The industry view is In-Line.

Target price is $28.50 Current Price is $24.43 Difference: $4.07
If BSL meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $26.12, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Ord Minnett rates BSL as Buy (1) -

FY21 guidance is for EBIT of $1.72bn, ahead of Ord Minnett's prior estimates. The broker now expects significant capital returns will be announced with the results, comprising an $0.82 final dividend and $500m share buyback.

Ord Minnett believes the stock still offers significant upside potential and the upcoming result should also provide further detail on North Star phase 2 along with decarbonisation initiatives. Buy rating retained. Target is raised to $34 from $29.

Target price is $34.00 Current Price is $24.43 Difference: $9.57
If BSL meets the Ord Minnett target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $26.12, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Citi rates BUB as Sell (5) -

Citi's read through from the quarterly result of peer Nuchev ((NUC)) is the daigou channel is likely to remain challenged over the short-term. Also, cross border e-commerce is seen to be a key channel for growth, once inventory issues are resolved.

Citi reiterates its Sell rating and $0.35 target price for Bubs Australia. The analyst would turn more positive on the stock should there be
more traction from the new Daigou 2.0 strategy, and more evidence of sustainable geographic expansion.

Target price is $0.35 Current Price is $0.45 Difference: minus $0.1 (current price is over target).
If BUB meets the Citi target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -1.0

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

Morgan Stanley rates CBA as Underweight (5) -

Morgan Stanley expects underlying trends will be solid at the second half result but this should be overshadowed by the impact of lockdowns on the outlook.

Commonwealth Bank will report its results on August 11. The main areas of focus are expected to be revenue momentum, capital management and commentary on the potential implications of lockdowns.

Underweight rating and $89 target retained, given high expectations and full trading multiples. Industry view: In-line.

Target price is $89.00 Current Price is $100.71 Difference: minus $11.71 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $89.25, suggesting downside of -10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.5

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

Morgans rates CBL as Add (1) -

Control Bionics posted its fourth quarter cashflow report, which was in-line with Morgans expectations. Cash receipts were $1.0m, up 36% quarter-on-quarter, with the majority of receipts coming from the US, while net cash outflow was -$1.1m.

Cash on hand was $12.3m, which the analyst considers is more than sufficient to continue its investment into sales, marketing and operational infrastructure and people. Continued sales growth is expected in subsequent quarters.

The broker makes no changes to forecasts or valuation and maintains its Speculative Buy, while adjusting its target price to $1.42 from $1.43.

Target price is $1.42 Current Price is $0.63 Difference: $0.79
If CBL meets the Morgans target it will return approximately 125% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgans rates CHL as Initiation of coverage with Add (1) -

Morgans initiates coverage on Camplify Holdings with an Add recommendation, and notes shares are trading at an around -40% discount to the broker’s target price of $1.88.

The company operates one of Australia’s leading peer-to-peer marketplace platforms connecting RV owners and small/medium-sized enterprises to potential hirers. 

The platform provides an end-to-end solution to both parties of the transaction including RV discovery, bookings and payment, insurance facilitation and customer support. The company has a domestic fleet of around 6,200 RVs, and 130,000 members. 

The operations are across multiple geographies, including Australia, New Zealand and UK/Europe, which have circa 93%, 2.5% and 4.5%, respectively, of forecast FY21 gross transaction value (GTV).

Target price is $1.88 Current Price is $1.30 Difference: $0.58
If CHL meets the Morgans target it will return approximately 45% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates COH as Sell (5) -

In a report on the highest-multiple stocks in the Healthcare sector, Citi concludes the market is paying a high price today for very
strong earnings growth, with little margin for error from external shocks.

The broker's discounted cash flow valuation for Cochlear is below the current share price, which is implying a medium-term (years 6-10) growth rate of 14%. This compares to the 10 year EPS compound annual growth rate (CAGR) of 7.5% pre covid.

Citi retains its Sell rating and $200 target price.

Target price is $200.00 Current Price is $243.20 Difference: minus $43.2 (current price is over target).
If COH meets the Citi target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $217.30, suggesting downside of -10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.1

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

Citi rates COL as Neutral (3) -

In a review of the Retail sector prior to August results, Citi believes lockdowns will constrain demand despite positive underlying factors supporting latent demand. Guidance by management for FY22 is not expected.

Beyond FY22, the broker estimates sales and earnings will begin to normalise, and retailers should start to unwind the strong performance seen between actual FY19 and forecast FY22.

Coles Group reports on Wednesday August 18, and Citi expects FY21 sales of $38.5bn and profit of $986m. The broker revises up forecasts to reflect recent lockdowns impacts and a view of underlying outperformance for grocery as a result.

Citi retains its Neutral rating and raises its target price to $18.10 from $17.20.

Target price is $18.10 Current Price is $17.70 Difference: $0.4
If COL meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $17.87, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Macquarie rates COL as Outperform (1) -

Macquarie reviews the outlook for Coles Group ahead of the results on August 18. Momentum is expected to have improved although current trading is likely to have been negatively affected by the lockdowns, relative to Metcash ((MTS)) and Woolworths ((WOW)).

This will be one of the main issues in the results along with any commentary on capital expenditure and cost management, Macquarie asserts. Outperform retained. Target is $17.30.

Target price is $17.30 Current Price is $17.70 Difference: minus $0.4 (current price is over target).
If COL 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 $17.87, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Ord Minnett rates CPU as Downgrade to Lighten from Hold (4) -

Ahead of the FY21 results on August 11, Ord Minnett's main concerns relate to the elevated share price and the earnings expectations for FY22 along with reduced yield curves.

While interest-rate sensitivity is favourable, yields are falling and, even if cash rates rose 1%, the broker calculates Computershare is trading on a price/earnings multiple of 17x.

Gearing is already elevated and the company has flagged significant integration costs that will add further pressure. Ord Minnett downgrades to Lighten from Hold while raising the target to $15.00 from $14.60.

Target price is $15.00 Current Price is $16.18 Difference: minus $1.18 (current price is over target).
If CPU meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.07, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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 CQE as Downgrade to Hold from Accumulate (3) -

June revaluations have increased 7.5% across childcare and 11.1% for the Brisbane bus terminal, resulting in higher management fees. Ord Minnett reviews interest costs and also factors in the announcement of a special distribution of 4c per security the second half.

As a result forecasts for earnings per security are reduced by -3.2-4.5% across FY22-24. The broker considers the stock high-quality but believes the positives are now priced in and downgrades to Hold from Accumulate. Target is steady at $3.40.

Target price is $3.40 Current Price is $3.49 Difference: minus $0.09 (current price is over target).
If CQE 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 FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Ord Minnett rates DXS as Hold (3) -

Dexus will acquire APN Property ((APD)) and has also acquired a stake in the Capital Square Tower 1 property in Perth. The APN Property transaction will cost $315m and is scheduled to be finalised on August 13, subject to court approval.

The 49% stake in Capital Square Tower 1 has been obtained by investing $552m. Dexus will purchase the asset on a yield of 5.1%. Across the two transactions $870m in debt has been deployed.

These acquisitions, along with other recent moves, will have a meaningful impact on earnings ensuring growth in FY22, Ord Minnett asserts. Hold maintained. Target rises to $10.90 from $10.80.

Target price is $10.90 Current Price is $10.29 Difference: $0.61
If DXS meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.62, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Ord Minnett rates EVT as Buy (1) -

Ord Minnett observes the company has provided a bearish outlook for its Australasian cinemas, hotels and the Thredbo property.

The broker highlights the divestment of non-core property assets has realised $79.6m in proceeds to date, a 60% increase on independent valuations.

This provides clear evidence of what the broker always suspected, that the true value of the portfolio is well above book value.

Ord Minnett suggests the market is significantly discounting future earnings capability and retains a Buy rating. Target is raised to $13.96 from $13.02.

Target price is $13.96 Current Price is $11.83 Difference: $2.13
If EVT meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Citi rates FPH as Sell (5) -

In a report on the highest-multiple stocks in the Healthcare sector, Citi concludes the market is paying a high price today for very
strong earnings growth, with little margin for error from external shocks.

The broker's discounted cash flow valuation for Fisher & Paykel Healthcare is below the current share price, which is implying a medium-term (years 6-10) growth rate of 17%.

This rate is considered lofty when compared to the 10 year EPS compound annual growth rate (CAGR) of 12% pre covid, notes the analyst. Citi retains its Sell rating and NZ$27 target price.

Current Price is $30.13. Target price not assessed.

Current consensus price target is $29.50, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

This company reports in NZD. 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 HVN as Buy (1) -

In a review of the Retail sector prior to August results, Citi believes lockdowns will constrain demand despite positive underlying factors supporting latent demand. Guidance by management for FY22 is not expected.

Beyond FY22, the broker estimates sales and earnings will begin to normalise, and retailers should start to unwind the strong performance seen between actual FY19 and forecast FY22.

Harvey Norman reports on August 31. Citi expects FY21 earnings (EBIT) of $1,077m, with system sales up 14%, with income from Australian franchisees to be the main driver. Citi retains its $6 target price and Buy rating.

Target price is $6.00 Current Price is $5.72 Difference: $0.28
If HVN meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.86, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Ord Minnett rates IGO as Lighten (4) -

In a quick response to IGO's quarterly report, released earlier today, Ord Minnett finds the company had a strong finish to FY21. The broker retains a positive view on the performance, even though the outlook for FY22 looks rather weak.

The company has guided towards a lower production ahead, in combination with significantly higher costs and higher capex.

Ord Minnett has yet to incorporate the recent asset sale and acquisition in its modeling, but does hold a positive view on the acquisition of Silver Knight from Creasy Group for $45m.

Target price is $4.30 Current Price is $9.08 Difference: minus $4.78 (current price is over target).
If IGO meets the Ord Minnett target it will return approximately minus 53% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.40, suggesting downside of -17.0% (ex-dividends)

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Citi rates JBH as Neutral (3) -

In a review of the Retail sector prior to August results, Citi believes lockdowns will constrain demand despite positive underlying factors supporting latent demand. Guidance by management for FY22 is not expected.

Beyond FY22, the broker estimates sales and earnings will begin to normalise, and retailers should start to unwind the strong performance seen between actual FY19 and forecast FY22.

Although largely pre-reported, JB Hi-Fi will report on August 16. The broker estimates are above consensus for FY22, reflecting high demand, due to entrenched work-from-home arrangements necessitating a home office, and housing cycle tailwinds for The Good Guys.

Citi retains its $54 target and Neutral rating.

Target price is $54.00 Current Price is $50.00 Difference: $4
If JBH meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $52.39, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates KLL as Outperform (1) -

Around 108,000 of sulphate of potash has been pumped from the bore fields at Beyondie, which remains on budget and on schedule for first production in the September quarter.

Macquarie considers this a key catalyst, noting the first quarter will be busy. Toll Mining has advised it is unable to provide proposed back loading services and Kalium Lakes will now assess alternatives. Outperform rating and $0.40 target maintained.

Target price is $0.40 Current Price is $0.22 Difference: $0.18
If KLL meets the Macquarie target it will return approximately 82% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates NST as Buy (1) -

At a strategy day, Citi felt updates to merger synergies were overshadowed by below-market-expectations production growth in FY22/23. The broker's target price falls to $11.50 from $12.90, after reducing its earnings (EBITDA) forecasts for FY21/22 by -17% and -12%. 

The conservative growth plan resolves around KCGM and Thunderbox operations, driving annual production to over 2moz in FY26, explains the analyst.

Target price is $11.50 Current Price is $9.81 Difference: $1.69
If NST meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $12.51, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Macquarie rates NWH as Outperform (1) -

NRW Holdings has been awarded the $26.5m storage facility extension contract at Nanmuldi and the $60m solar farm contract at Koodaideri.

While cautious about margin compression in the short term Macquarie believes the company will continue to benefit from a large order book and tender pipeline.

This should enable solid revenue and earnings growth over the medium term. Target is raised to $2.15 from $2.10 and an Outperform rating is maintained.

Target price is $2.15 Current Price is $1.72 Difference: $0.43
If NWH meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Ord Minnett rates ORA as Hold (3) -

Ahead of the FY21 results on August 19 Ord Minnett forecasts net profit of $157m, up 22.9%.

The main issues the broker will focus on are the extent to which Orora is benefiting from strong demand for corrugated board in the US, along with the traction on repricing contracts. There is also the issue of whether management will consider further buybacks.

Hold maintained. Target rises to $3.30 from $3.00.

Target price is $3.30 Current Price is $3.48 Difference: minus $0.18 (current price is over target).
If ORA meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.20, suggesting downside of -10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Credit Suisse rates OSH as Neutral (3) -

Oil Search's Alaskan asset is "tracking in line with original expctations from a technical and permitting perspective", according to management, but not in a funding/commercial perspective, the broker believes.

As the Alaska narrative deteriorates ahead of a hoped for sell-down, this would make the Santos ((STO)) offer appear more attractive, the broker suggests, but also make Santos more wary. With Woodside Petroluem ((WPL)) sniffing around as well, the stock is supported.

But would fall into a hole if suitors deserted. The broker maintains a Neutral rating, cutting its target to $3.82 from $3.86.

Target price is $3.82 Current Price is $3.93 Difference: minus $0.11 (current price is over target).
If OSH meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.57, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Macquarie rates OSH as No Rating (-1) -

The June quarter production numbers were ahead of Macquarie's expectations in terms of both production and revenue. The company is intent on de-risking the Alaskan oil project and seeking funding as well as an infrastructure partner to reduce the upstream expenditure burden.

The Papua LNG project is likely to head to FEED in 2022 and, with a tightening global LNG market, is considered a candidate for a final investment decision in 2023. Macquarie is restricted and cannot provide a rating or target at present.

Current Price is $3.93. Target price not assessed.

Current consensus price target is $4.57, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

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

June quarter production revealed rising oil prices that complemented the PNG LNG performance. Morgan Stanley notes Oil Search has guided to slightly higher operating costs.

The focus is now on engagement with the Santos ((STO)) merger offer. Outside of the merger, the broker is looking for updates on the Alaskan sales process and whether the company will now sell a larger stake, given the transition in CEO.

Equal-weight. Target is $4.50. Industry view: Attractive.

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

Current consensus price target is $4.57, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Morgans rates OSH as Add (1) -

Morgans assesses a good second quarter on balance, with recovering oil and LNG prices overwhelming lower production. August 24 results are awaited, with a focus on any update related to execution for the Pikka development.

The broker highlights average realised prices were ahead of estimates, which resulted in a 10% beat in revenue versus the analyst’s forecast.

Morgans maintains its Add rating and lowers its target price to $4.60 from $4.70. The analyst still sees long-term value upside on offer albeit with higher risk, and notes the majority of company value is still driven by the two existing Exxon-operated LNG trains at PNG LNG.

Target price is $4.60 Current Price is $3.93 Difference: $0.67
If OSH meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.57, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Ord Minnett rates OSH as Buy (1) -

June quarter production was ahead of Ord Minnett's forecasts. The PNG LNG operation continues to perform, with production well above nameplate despite a scheduled shutdown.

The broker expects the market will be focused on the ongoing discussions with Santos ((STO)) and believes a merger of the two companies is more likely than not. Buy retained. Target is reduced to $5.50 from $5.60.

Target price is $5.50 Current Price is $3.93 Difference: $1.57
If OSH meets the Ord Minnett target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $4.57, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

UBS rates OSH as Buy (1) -

Second quarter production was 10% ahead of the UBS estimate, as planned maintenance at PNG LNG was completed early. Revenues were a 17% beat, due to strong realised pricing and effective inventory management of LNG storage at Caution Bay in PNG.

Management reaffirmed 2021 production and capex guidance though other operating cost guidance was increased by $10m to $155-175m. This reflects higher royalties and levies, due to higher realised pricing.

The broker maintains its Buy rating. It's thought merger discussions and progress towards a 15% sell-down of equity in Pikka will support the share price. UBS lifts its target price to $4.65 from $4.60.

Target price is $4.65 Current Price is $3.93 Difference: $0.72
If OSH meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.57, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Citi rates OZL as Buy (1) -

Overall, Citi assesses a good June quarter for OZ Minerals, which benefited from higher gold credits. The broker's $27 target price and Buy rating remain unchanged.

Carrapateena grades improved 29% quarter-on-quarter, while Prominent Hill reported record annualised production, and copper production guidance was unchanged. C1 cost guidance fell on higher gold production.

Citi has updated gold prices believing they have peaked, but are unlikely to fall rapidly.

Target price is $27.00 Current Price is $23.48 Difference: $3.52
If OZL meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $24.20, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Credit Suisse rates OZL as Underperform (5) -

OZ Minerals' June quarter copper production was in line but gold beat expectation on higher stockpile grades, which also reduced net costs. The bad news is an increase to sustaining capex at Carrapateena.

Management put this down to underdevelopment in the prior quarter, hence only a timing issue, but did acknowledge higher ground support costs.

The broker lifts its target to $21.55 from $19.70 but maintains Underperform as this is still short of the trading price, albeit noting earnings upside at current spot prices.

Target price is $21.55 Current Price is $23.48 Difference: minus $1.93 (current price is over target).
If OZL meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.20, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Macquarie rates OZL as Outperform (1) -

June quarter production was strong and better than Macquarie expected. This has enabled the company to upgrade guidance by 6-7% to 205-228,000 ounces for 2021.

Macquarie upgrades earnings forecasts as a result. The expansion study on Prominent Hill will be released in the third quarter as well is a study update on West Musgrave, both considered near-term catalysts. The broker retains an Outperform rating and $31 target.

Target price is $31.00 Current Price is $23.48 Difference: $7.52
If OZL meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $24.20, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Morgan Stanley rates OZL as Overweight (1) -

Copper production at Carrapateena and Prominent Hill in the June quarter were both stronger. Gold production guidance for 2021 has been increased by 7%.

The reason for the increase is better grades from stockpiles although Morgan Stanley warns there is a risk this reverses over the remainder of the year.

If higher gold recoveries from the cave development can be maintained post 2021 the broker considers this would be a "positive surprise".

Overweight rating. Target price is $25.40. Industry view: Attractive.

Target price is $25.40 Current Price is $23.48 Difference: $1.92
If OZL meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $24.20, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Morgans rates OZL as Hold (3) -

Morgans lifts its target price to $24.44 from $22, largely due to stronger copper price assumptions, after a robust second quarter, which highlighted operating cost resilence. Higher gold production was offset by higher Carrapateena capex.

The broker thinks the likely board approval for the Prominent Hill expansion in the third quarter is a momentum catalyst, despite being baked into valuations. Morgans maintains its Hold rating, but awaits for opportunities on weakness.

The analyst feels a scarcity of comparable high-quality pure copper plays justifies a 5% premium in deriving the target price.

Target price is $24.44 Current Price is $23.48 Difference: $0.96
If OZL meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $24.20, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Citi rates PMV as Neutral (3) -

In a review of the Retail sector prior to August results, Citi believes lockdowns will constrain demand despite positive underlying factors supporting latent demand. Guidance by management for FY22 is not expected.

Beyond FY22, the broker estimates sales and earnings will begin to normalise, and retailers should start to unwind the strong performance seen between actual FY19 and forecast FY22.

Premier Investments reports in September. The broker retains its Neutral rating and $27.40 target price. The broker notes operating performance has been exceptional so far and occupancy expense rebasing lower should provide a structural boost to earnings.

Target price is $27.40 Current Price is $27.47 Difference: minus $0.07 (current price is over target).
If PMV meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.22, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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) -

Morgan Stanley notes potentially negative headlines could emanate from media reports. The UK Financial Conduct Authority (FCA) is conducting a probe into the timing of disclosures on the value of Rio Tinto's Oyu Tolgoi project in Mongolia in 2018/19. 

This pertains to the -US$1.2-1.9bn capital expenditure overrun and consequent delays. Separately, management has committed to
spending -US$2.4bn to develop the Jadar lithium-borates project in Serbia, which the broker had expected.

Morgan Stanley's Equal-weight rating and $129 target price are retained. Industry view is In-Line. 

Target price is $129.00 Current Price is $132.47 Difference: minus $3.47 (current price is over target).
If RIO meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $135.43, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Citi rates RMD as Neutral (3) -

In a report on the highest-multiple stocks in the Healthcare sector Citi concludes the market is paying a high price today for very
strong earnings growth, with little margin for error from external shocks.

The broker's discounted cash flow valuation for ResMed is close to the current share price, which is implying a medium-term (years 6-10) growth rate of 11%. 

When compared to peers, this is considered to look reasonable, especially when compared to the 10 year EPS compound annual growth rate (CAGR) of 14% pre covid, notes the analyst. Citi retains its Neutral rating and $32.50 target price.

Target price is $32.50 Current Price is $34.80 Difference: minus $2.3 (current price is over target).
If RMD meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.85, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Macquarie rates SBM as Underperform (5) -

St Barbara released its June quarter production report and Macquarie, upon initial assessment thinks it's a rather mixed performance.

The broker notes gold production proved -5% below expectation while all-in costs (AISC) of A$1,623/oz was 9% better than expected.

Importantly, as the broker highlights, the Simberi operation has been granted conditional approval to recommence production. Processing is expected to restart in late-2QFY22.

Underperform rating and $1.70 target.

Target price is $1.70 Current Price is $1.78 Difference: minus $0.08 (current price is over target).
If SBM 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 upside of 33.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Credit Suisse rates SGR as Neutral (3) -

Having been under restriction, likely related to Star Entertainment's prior interest in Crown Resorts ((CWN)), the broker reinstates coverage. The Neutral rating is retained with target dipping to $3.95 from $4.00.

Star is now close to offering value, the broker suggests. The late 2022 opening of Queenswharf and generally buoyant gaming market offer upside, although execution risk, regulatory risk and lockdown issues weigh. The broker cuts earnings forecasts substantially in FY22-23.

Target price is $3.95 Current Price is $3.55 Difference: $0.4
If SGR meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.21, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Ord Minnett rates SKI as Hold (3) -

Spark Infrastructure Group has received a revised take-over proposal of $2.89 per share from its suitor, a consortium combining Ontario Teachers Pension Plan and Kravis Kohlberg & Roberts (KKR).

Ord Minnett estimates this new bid values the company at 1.45x its regulated asset base, while also implying a weighted average cost of capital (WACC) of 3.1%.

Even though management at the helm is counting on strong growth in the asset base in the years ahead, Ord Minnett still believes the revised offer price looks "fair".

Target price is $2.73 Current Price is $2.60 Difference: $0.13
If SKI meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting downside of -6.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Citi rates SUL as Buy (1) -

In a review of the Retail sector prior to August results, Citi believes lockdowns will constrain demand despite positive underlying factors supporting latent demand. Guidance by management for FY22 is not expected.

Beyond FY22, the broker estimates sales and earnings will begin to normalise, and retailers should start to unwind the strong performance seen between actual FY19 and forecast FY22.

Super Retail Group reports on August 18. Citi forecasts earnings (EBIT) of $472m in FY21, up 78% versus the previous corresponding period, given a strong demand backdrop and gross profit margin uplift, even as operating costs begin to normalise.

The broker retrains its Buy rating and $14.40 target price.

Target price is $14.40 Current Price is $13.59 Difference: $0.81
If SUL meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $13.54, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Macquarie rates TAH as Resume Coverage with Outperform (1) -

Macquarie resumes coverage with an Outperform rating and $6.55 target. The broker assesses the de-merger of the lotteries and Keno business is undervalued.

While wagering and gaming sentiment is poor Macquarie suggests this should not detract from the upside in the lotteries and Keno business, noting under several scenarios very little is being paid for wagering and gaming.

Target price is $6.55 Current Price is $4.89 Difference: $1.66
If TAH meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $5.46, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Credit Suisse rates TPW as Outperform (1) -

Temple & Webster's FY21 result reflected consistent execution, the broker suggests. FY22 has kicked off on a flyer thanks to the lockdowns, although sales growth is evident across all states. Margins remain on target despite elevated port and storage costs.

There is strong potential for business to expand, the broker suggests, as a result of increasing online penetration and opportunity to gain incremental market share as the company invests in marketing and advertising to drive an improvement in brand awareness.

Outperform retained, target rises to $14.62 from $12.67.

Target price is $14.62 Current Price is $12.47 Difference: $2.15
If TPW meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $14.41, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Macquarie rates TPW as Neutral (3) -

Macquarie notes the reinvestment strategy is continuing to deliver for Temple & Webster, driving gains in market share. The broker believes investors understand the permanent gains from acceleration through the pandemic have been captured and the key issue is the longer-term earnings potential.

FY21 results were in line with expectations and FY22 guidance is ahead of estimates. Revenue has grown 39% in the period to July 24. Macquarie retains a Neutral rating and raises the target to $12.60 from $10.90.

Target price is $12.60 Current Price is $12.47 Difference: $0.13
If TPW meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $14.41, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgan Stanley rates TPW as Overweight (1) -

After FY21 results, Morgan Stanley raises its target price to $16 from $15, and suggests the group is on-track to reach $1bn in revenue in 4-5 years. It's thought sales can continue growing at around 30% per year, supported by the reinvestment program.

The broker highlights accelerating sales growth, starting with greater than 20% in April 2021, then 26% in the fourth quarter FY21 (when stores were mostly open), and now 39% at the start of the first half of FY22.

The analyst increases earnings (EBITDA) forecasts by 8% for FY222 and 5% for FY23, thanks to strong sales momentum. Morgan Stanley retains its Overweight rating. Industry view: In-Line.

Target price is $16.00 Current Price is $12.47 Difference: $3.53
If TPW meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $14.41, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgans rates VHT as Add (1) -

Morgans assesses momentum continues to build with record cash receipts and growing annual recurring revenue (ARR), after Volpara Health Technologies posted its first quarter cashflow report.

The broker highlights the focus on risk assessment and genetics has been enhanced with the recent CRA Health acquisition and collaboration with Invitae Corporation.

Morgans makes no changes to forecasts and maintains its $1.87 target price and Add rating.

Target price is $1.87 Current Price is $1.14 Difference: $0.73
If VHT meets the Morgans target it will return approximately 64% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Macquarie rates VUK as Neutral (3) -

Performance in the June quarter was underpinned by improving margins and write-backs, Macquarie observes. The main area of concern is market share losses.

While recognising the potential for a re-rating over the medium term the broker notes the stock is not markedly cheaper than UK bank peers and the upside is likely to be driven by a broader sector recovery. Neutral maintained. Target is $4.30.

Target price is $4.30 Current Price is $3.64 Difference: $0.66
If VUK meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.88, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.0

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

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

West African Resources is on track for 2021 guidance, with production at Sanbrado in the June quarter up 14%.

Macquarie continues to expect progressive improvement in cash generation yet downgrades to Neutral from Outperform following recent strength in the share price. Target is steady at $1.15.

Target price is $1.15 Current Price is $1.04 Difference: $0.11
If WAF meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Citi rates WES as Sell (5) -

In a review of the Retail sector prior to August results, Citi believes lockdowns will constrain demand despite positive underlying factors supporting latent demand. Guidance by management for FY22 is not expected.

Beyond FY22, the broker estimates sales and earnings will begin to normalise, and retailers should start to unwind the strong performance seen between actual FY19 and forecast FY22.

Wesfarmers reports on Friday August 27. Citi expects FY21 earnings (EBIT) of $3.6bn in FY21, 14% growth on the previous corresponding period. This is estimated to result from growth in DIY and trade, and a good sales performance at Officeworks and Kmart.

Citi retains its Sell rating and raises its target price to $47 from $45.

Target price is $47.00 Current Price is $62.32 Difference: minus $15.32 (current price is over target).
If WES meets the Citi target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $53.73, suggesting downside of -12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Credit Suisse rates WTC as Upgrade to Outperform from Neutral (1) -

Ahead of WiseTech Global's earnings report, the broker has lifted its target to $34 from $32 and upgraded to Outperform from Neutral.

The broker believes covid has structurally benefited the Cargowise proposition and notes near term trading appears strong, supported by global trade volumes. The broker has set its FY21 revenue forecast at the top end of guidance and expects solid FY22 guidance.

Target price is $34.00 Current Price is $30.52 Difference: $3.48
If WTC meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $33.23, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Credit Suisse rates XRO as Outperform (1) -

The broker has reiterated its Outperform rating on Xero and lifted its target to $160 from $130, maintaing Xero as its top tech sector pick. Average revenue per unit will swing from headwinds in FY21 to tailwinds in FY22, led by near term price rises,

The broker is upbeat on the Planday opportunity and the subscriber growth outlook remains strong. Earnings forecasts have been upgraded given two months of strong sales growth since the broker last reviewed the stock.

Target price is $160.00 Current Price is $141.06 Difference: $18.94
If XRO meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $124.50, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: -0.2

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