Australian Broker Call

UBS rates A2M as Neutral (3) -

UBS observes the first quarter update was positive and FY19 guidance is reiterated. The broker is increasingly confident in its revenue estimates and expects an acceleration in growth amid improving infant formula consumption share.

The main concern centres on recent changes to e-commerce laws in China. Neutral rating maintained. Target is NZ$11.80.

Current Price is $9.60. Target price not assessed.

Current consensus price target is $11.75, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

This company reports in NZD. 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 AMC as Accumulate (2) -

Ord Minnett considers weakness in  North American beverage volumes comes mainly from the underperformance by customers, notably Amcor's largest, PepsiCo. Nielsen data released recently highlights volume growth across key customers and brands was weak in the month to October 6.

Ord Minnett suggests, as this is only one data point, it should be taken in context with other North American projections which currently imply 2% growth in FY19. Accumulate rating and $15.50 target maintained.

Target price is $15.50 Current Price is $13.22 Difference: $2.28
If AMC meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

Citi rates BHP as Buy (1) -

Weaker copper and coal volumes offset higher iron ore and petroleum production in the September quarter. BHP has trimmed FY19 copper guidance by -3% while other guidance has been maintained.

Citi notes upcoming catalysts include potential capital management from the return of US shale sale proceeds. Buy rating and $37.50 target maintained.

Target price is $37.50 Current Price is $33.20 Difference: $4.3
If BHP meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $37.03, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.7

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

Credit Suisse rates BHP as Neutral (3) -

September quarter production was relatively uneventful, Credit Suisse observes. The focus for the near term is on the divestment of the US onshore business, which is expected to be finalised by the end of the month, and then investors await the timing and form of the return of proceeds.

Credit Suisse maintains a Neutral rating and $35 target.

Target price is $35.00 Current Price is $33.20 Difference: $1.8
If BHP meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $37.03, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.7

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

Deutsche Bank rates BHP as Hold (3) -

Hold rating and $36 price target retained post a quarterly production report that, at least in the eyes of Deutsche Bank analysts, didn't contain any real surprises.

Lower guidance for copper is taken into account. Estimates have been slightly reduced.

Target price is $36.00 Current Price is $33.20 Difference: $2.8
If BHP meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $37.03, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.7

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

Macquarie rates BHP as Outperform (1) -

BHP has had a soft start to the year, the broker notes, with weaker copper and coal volumes partially offset by stronger oil production. Operation issues at Spence and Olympic Dam have led to a cut in copper production guidance.

Strong iron ore and coal prices are supporting earnings momentum and with further upside expected Macquarie retains Outperform. The broker expects a major buyback program to follow the completion of the sale of US shale assets. Target unchanged at $40.

Target price is $40.00 Current Price is $33.20 Difference: $6.8
If BHP meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $37.03, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.7

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

Morgans rates BHP as Add (1) -

BHP has maintained production guidance, outside of a small downgrade to copper following unexpected outages at Olympic Dam and Spence. Morgans observes an extended up cycle in resources amid sustained capital discipline and healthy demand.

The main issue at the upcoming board meeting is how the company will distribute proceeds from the divestment of US oil & gas assets. Morgans hopes the proceeds will be split between a special dividend and a buyback. Add rating maintained. Target is raised to $40.02 from $37.55.

Target price is $40.02 Current Price is $33.20 Difference: $6.82
If BHP meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $37.03, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.7

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

Ord Minnett rates BHP as Accumulate (2) -

Ord Minnett was disappointed with the downgrade to copper but does not consider it material, lowering FY19 net profit forecasts by -1%. Copper and coal production missed the broker's forecasts in the September quarter, mainly because of maintenance and plant outages.

The broker considers the stock attractive based on valuation and shareholder returns and maintains an Accumulate rating and $38 target.

Target price is $38.00 Current Price is $33.20 Difference: $4.8
If BHP meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $37.03, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.7

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

UBS rates BHP as Buy (1) -

Production in the September quarter was in line with expectations. Outages at Olympic Dam and Spence were well flagged, and copper guidance is lowered -3% as a result of the Spence outage.

Olympic Dam is expected to recommence surface operations at the end of October, ramping up to full capacity in November. Spence should be back up by the end of the year. The onshore US sale process is on track and expected to be completed by the end of the month.

UBS maintains a Buy rating and $35.50 target.

Target price is $35.50 Current Price is $33.20 Difference: $2.3
If BHP meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $37.03, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.7

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

Macquarie rates BLD as Outperform (1) -

Boral has announced the sale of its Blocks business in Texas, which the broker sees as a positive development in the context of considering its strategic position on its plasterboard JV, given the proceeds of the sale at a solid price will help shore up the balance sheet.

Boral has recently been de-rated in line with sagging US home builder stocks but the broker believes the market will remain supportive, notwithstanding a recent lull in growth. Outperform and $8.05 target retained.

Target price is $8.05 Current Price is $6.21 Difference: $1.84
If BLD meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $7.54, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Morgan Stanley rates BLD as Overweight (1) -

Boral will sell its US block business for US$156m. Morgan Stanley believes the sale comprises a healthy multiple relative to valuation. The transaction is only small but should help to de-leverage the balance sheet.

Separately, the company has also indicated an expanded plasterboard joint venture or 100% ownership is being considered.

Overweight rating. Target is $8.00 and Industry view is Cautious.

Target price is $8.00 Current Price is $6.21 Difference: $1.79
If BLD meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $7.54, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

UBS rates BLD as Neutral (3) -

Boral has sold its US block business for US$156m. The business was part of the company's North American construction materials segment along with fly ash. UBS believes a sale will simplify the division, which now contains five businesses.

Boral also has the option to purchase the remaining 50% interest in the plasterboard JV and the broker expects an announcement in December-January. While the sale of the block business helps the balance sheet, UBS does not rule out more divestment, as Boral remains highly geared post the acquisition of Headwaters.

Neutral rating maintained. Target is reduced to $6.94 from $7.00.

Target price is $6.94 Current Price is $6.21 Difference: $0.73
If BLD meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.54, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Citi rates BSL as Sell (5) -

The company has acquired a 15.8% stake in Steel & Tube but has no intention of making a bid. Citi believes the move will provide a block to any takeover of a key customer as well as remove the risk of customer concentration. It also provides an opportunity to participate in any break up of Steel & Tube.

Sell rating and $15 target maintained.

Target price is $15.00 Current Price is $15.54 Difference: minus $0.54 (current price is over target).
If BSL 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 $19.65, suggesting upside of 26.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Credit Suisse rates BSL as Outperform (1) -

BlueScope Steel has acquired 15.8% of NZ steel distributor, Steel & Tube, which Credit Suisse believes is a strategic move to resist consolidation in the market.

The company relies predominantly on third-party steel distributors for its NZ route to market and, the broker notes, the withdrawal by Fletcher Building ((FBU)) created the opportunity.

BlueScope Steel should be able to generate a dividend in addition to securing its route to market, the broker surmises. Outperform and $19 target retained.

Target price is $19.00 Current Price is $15.54 Difference: $3.46
If BSL meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $19.65, suggesting upside of 26.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Ord Minnett rates CCP as Accumulate (2) -

Ord Minnett notes the drop in the company's share price on news that the Australian Labor Party will propose an inquiry into the parts of the financial system not addressed by the Hayne Royal Commission.

The broker remains comfortable that Credit Corp's business model will generate strong returns in the medium term. The company's consumer leading business does not offer 'payday' loans and, as long as it does not generate a significant return from loans to credit-impaired consumers, the customer proposition is considered valid. Accumulate rating and $22 target maintained.

Target price is $22.00 Current Price is $19.99 Difference: $2.01
If CCP meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Citi rates CGF as Buy (1) -

Citi believes the 7% growth experienced in first quarter retail annuity sales was reasonably strong and should, to some extent, alleviate concerns about the outlook. Fixed term annuities were up 25% while lifetime annuities were up 6%.

A higher allocation to equities from property assets instead of fixed income should lead to some margin benefit, the broker suggests. Buy rating maintained. Target rises to $13.10 from $13.00.

Target price is $13.10 Current Price is $11.51 Difference: $1.59
If CGF meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $11.67, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Credit Suisse rates CGF as Neutral (3) -

Credit Suisse notes Australian sales growth offset weakness in Japan. Ex Japan sales were up 20% in the September quarter.

The company has also demonstrated the benefit of new distribution agreements, the broker points out. FY18 net profit estimates are raised 1.1%, driven by a small increase in the annuity business.

Neutral rating and $12 target maintained.

Target price is $12.00 Current Price is $11.51 Difference: $0.49
If CGF meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $11.67, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Deutsche Bank rates CGF as Hold (3) -

Challenger's 1Q19 sales update came with company management reiterating earnings guidance for the full year, observe analysts at Deutsche Bank.

They also note strong demand for Australian fixed term annuities, which grew by 25% on pcp, while Japanese sales were down -52% in the quarter to $100m.

Hold rating retained. Target $11.35.

Target price is $11.35 Current Price is $11.51 Difference: minus $0.16 (current price is over target).
If CGF meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.67, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates CGF as Outperform (1) -

Challenger reported net book growth of 3.1% in the Sep Q, underpinned by annuity sales. An announced annuity partnership with Netwealth ((NWL)) should support growth, the broker notes.

Guidance for 8-12% FY19 profit growth has been maintained and the broker retains Outperform. Target rises to $12.50 from $12.40.

Target price is $12.50 Current Price is $11.51 Difference: $0.99
If CGF meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $11.67, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgan Stanley rates CGF as Underweight (5) -

Morgan Stanley was forecasting quality and mix to deteriorate in the September quarter but notes the trend is worse than expected. Weakness in Japanese sales was offset by shorter-dated domestic term sales. Lifetime sales were below estimates despite the campaigns ahead of the changes to means tests on July 1, 2019.

Challenger also announced plans to expand distribution via the NetWealth ((NWL)) platform. Underweight rating. Target is $10.50. Industry view: In-line.

Target price is $10.50 Current Price is $11.51 Difference: minus $1.01 (current price is over target).
If CGF meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.67, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Ord Minnett rates CGF as Lighten (4) -

Challenger has maintained guidance for normalised net profit growth of 8-12% in FY19. Ord Minnett believes the company's FY19 targets will be tough to achieve and there could be margin pressures.

The broker also believes the capital raised in FY18 will have been fully deployed by the end of FY19. Lighten rating and $9.55 target maintained.

Target price is $9.55 Current Price is $11.51 Difference: minus $1.96 (current price is over target).
If CGF meets the Ord Minnett target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.67, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

UBS rates CGF as Neutral (3) -

First quarter life annuity sales and net book growth were broadly in line with UBS estimates. With risks to the life business margins still skewed to the downside UBS retains a Neutral rating.

The broker notes an increasing skew to shorter duration and lower margin products was also evident in fixed term annuity sales, as domestic sales rose 25% but 20-year Japanese annuities declined -52%. Target is $11.65.

Target price is $11.65 Current Price is $11.51 Difference: $0.14
If CGF meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $11.67, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates CLW as Underperform (5) -

Charter Hall Long WALE REIT has announced the acquisition of one new industrial and one new office asset to be partly funded by a capital raising along with debt. A combined weighted average lease expiry of 15.3 years lifts net WALE to 11.5%, the broker notes.

The acquisitions are strategically sound and guidance has been tightened to the top end of the range, but the broker sees a 6.6% FY19 yield as suggesting a full price with limited balance sheet capacity for further acquisitions. Underperform retained. Target falls to $3.75 from $3.77.

Target price is $3.75 Current Price is $4.08 Difference: minus $0.33 (current price is over target).
If CLW meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.10, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

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

Guidance has been reiterated in constant currency terms, although Morgan Stanley notes current FX rates potentially detract -US$60m. Fundamentals are strong and, despite slightly softer forecasts, the broker envisages potential for upside to guidance.

Capital expenditure is expected to remain elevated as CSL aims to expand capacity. The broker reduces the target to $189 from $193. Equal weight retained. Industry view: In-line.

Target price is $189.00 Current Price is $188.81 Difference: $0.19
If CSL meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $216.08, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Macquarie rates DMP as Outperform (1) -

The broker sees mixed signals from the quarterly result of Domino's Pizza's master franchisor in the US. Domino's US reported weaker sales growth in Europe, but the broker notes Domino's Oz acquisition conversions on the continent are still in the early stages.

Domino's US reported strength in Asia Pacific, which is positive for Domino's Oz in A&NZ and Japan. The broker expects Domino's Oz to enjoy double digit earnings growth ahead and likely more accretive acquisitions. Outperform and $57 target retained.

Target price is $57.00 Current Price is $54.28 Difference: $2.72
If DMP meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $48.74, suggesting downside of -10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Ord Minnett rates DMP as Lighten (4) -

The implication of September quarter results from Domino's Pizza Inc is for some weakness for Domino's Pizza Enterprises' markets in Europe.

Ord Minnett notes the French market has been difficult for some time and could be one where same store sales turn negative, however, some further detail may be provided at the upcoming investor site visit. Lighten rating and $42.50 target.

Target price is $42.50 Current Price is $54.28 Difference: minus $11.78 (current price is over target).
If DMP meets the Ord Minnett target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $48.74, suggesting downside of -10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgans rates GDF as Add (1) -

The company has raised $25m via a placement, with proceeds to be used to pay down debt. Distribution guidance remains unchanged and implies a yield of 7.3%.

Morgans notes the focus for the near term is on the leasing outcome of the Botanicca 9 asset, which is under construction and due to be completed at the end of FY19.

Morgans maintains an Add rating and reduces the target to $1.29 from $1.31.

Target price is $1.29 Current Price is $1.25 Difference: $0.04
If GDF meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

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

Over the past two years the company's margin in commercial lines has not improved to the extent Credit Suisse had expected, despite premium rate increases. The broker suspects a large part of the reason stems from the exit of the Swann business.

With some of the distortions to historical margins now explained, the broker is more comfortable about the guidance set by the company for FY19. Further capital management is also considered likely and Credit Suisse allows for a further $600m, 50:50 special dividend to buyback.

A pullback in the share price provides an opportunity at an attractive entry point and the broker upgrades to Outperform from Neutral. Target is steady at $7.90.

Target price is $7.90 Current Price is $7.24 Difference: $0.66
If IAG meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.70, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Citi rates MHJ as Downgrade to Sell from Neutral (5) -

Citi analysts had already expressed their concerns about what precisely was unfolding at the jewellery retailer and Michael Hill's trading update validated those concerns.

The broker has responded by cutting the price target to $0.65 from $0.95 and by downgrading the rating to Sell from Neutral.

Despite year-on-year comparables becoming easier, Citi analysts have no more confidence left this company's performance can improve materially in the short term.

Target price is $0.65 Current Price is $0.68 Difference: minus $0.03 (current price is over target).
If MHJ meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.73, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates NAB as Add (1) -

Morgans remains unconcerned about the issue of customer remediation, albeit envisages risk for additional provisions from the major banks. The broker does not expect the additional provisions to hamper the ability of banks to reach the 'unquestionably strong' CET1 benchmark by January 2020 in an orderly manner.

The broker reduces FY18 estimates for cash earnings by -4.4% because of the additional charges announced by National Australia Bank. Add rating maintained. Target is $32.50.

Target price is $32.50 Current Price is $25.74 Difference: $6.76
If NAB meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $29.68, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Citi rates OZL as Buy (1) -

September quarter production was robust and Carrapateena is on track. Citi suspects the company can beat its guidance for 2018 copper production.

The next potential catalyst, Citi expects, is a site tour of Prominent Hill and Carrapateena in mid-November.

The broker maintains a Buy rating and raises the target to $12.30 from $12.15.

Target price is $12.30 Current Price is $8.95 Difference: $3.35
If OZL meets the Citi target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $10.68, suggesting upside of 19.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Credit Suisse rates OZL as Neutral (3) -

The September quarter produced a solid performance and Carrapateena is on schedule. Credit Suisse does, however, have questions regarding Antas and Brazil.

The broker's concern centres on whether the Antas reserve, while tiny, is materially overstated. If such is the case, then Credit Suisse is less confident about the integrity of the claims regarding the other less-understood assets in the Avanco portfolio.

The broker maintains a Neutral rating and $9.50 target.

Target price is $9.50 Current Price is $8.95 Difference: $0.55
If OZL meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.68, suggesting upside of 19.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Macquarie rates OZL as Outperform (1) -

OZ Minerals' Sep Q copper/gold production exceeded the broker's forecast by 6%. Operating costs at Carrapateena increased but in line with expectation. An upgrade to Prominent Hill production and cost guidance also met expectation.

With Prominent Hill underground now up and running, management can focus on the company's several organic growth projects, the broker notes. Carra remains on track.

Outperform retained, target rises to $11.60 from $11.30.

Target price is $11.60 Current Price is $8.95 Difference: $2.65
If OZL meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $10.68, suggesting upside of 19.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Ord Minnett rates OZL as Hold (3) -

In the wake of a solid September quarter, Ord Minnett remains attracted to the company's growth profile and exposure to long-term copper markets. Still, there appears to be relatively high execution risk and the market is paying full value for most development projects.

The broker is also concerned about the cost escalation at Carrapateena. A Hold rating is maintained and the target is raised to $9.70 from $9.50.

Target price is $9.70 Current Price is $8.95 Difference: $0.75
If OZL meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $10.68, suggesting upside of 19.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

UBS rates OZL as Buy (1) -

September quarter production was slightly ahead of expectations. Management now expects 2018 to be at the upper end of the 100-110,000t guidance. Carrapateena is on schedule for first production in the fourth quarter of 2019.

UBS continues to suggest the market is too cautious regarding the copper price and development risks and believes there are many upcoming positive catalysts. Buy rating maintained. Target is reduced to $10.50 from $11.00.

Target price is $10.50 Current Price is $8.95 Difference: $1.55
If OZL meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $10.68, suggesting upside of 19.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Macquarie rates PLS as Outperform (1) -

Pilbara achieved strong production and processing in the Sep Q as the ramp-up phase continues, the broker notes. The Pilgangoora plant has reached nameplate capacity for 24 hour periods and full ramp-up is expected by year end.

First shipment in the quarter was a milestone, with grade exceeding specification. Management is already focusing on stage 2, for which funding will be key, but given the success so far of stage 1 the broker sees offtake agreements as a near certainty.

Outperform and $1.20 target retained.

Target price is $1.20 Current Price is $0.78 Difference: $0.42
If PLS meets the Macquarie target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $1.08, suggesting upside of 37.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

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

Morgans initiates coverage with an Add rating and $7.70 target. Pinnacle is a multi-affiliate investment management firm with an interest in 12 boutique investment managers.

Despite being expensive on a short-term basis, Morgans believes the company has the ability to deliver structurally higher earnings that are not totally based on market performance.

The broker is cognisant of the re-rating recently experienced and acknowledges earnings need to grow into the current valuation.

Target price is $7.70 Current Price is $6.70 Difference: $1
If PNI meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates PPT as Neutral (3) -

Citi found the first quarter update weak, reflected in small redemptions from a large number of clients in Australian equities. Moreover, the global share fund still failed to attract inflows.

While the stock offers an attractive dividend yield, the sub-optimal investment performance and volatile markets temper the near term upside, in the broker's opinion. Neutral retained. Target is reduced to $38.70 from $45.00.

Target price is $38.70 Current Price is $35.80 Difference: $2.9
If PPT meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $43.18, suggesting upside of 20.6% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Credit Suisse rates PPT as Neutral (3) -

Funds under management as of the end of September were down -2% because of $1bn in net outflows. Credit Suisse observes six consecutive quarters of outflows have amounted to around 15% of funds under management over the last 18 months.

The broker downgrades estimates for earnings per share by -6% in FY19 and -8% for FY20-21 and suggests the weak performance could make it challenging for the incoming CEO to execute a turnaround in organic growth.

Neutral rating maintained. Target is reduced to $41 from $45.

Target price is $41.00 Current Price is $35.80 Difference: $5.2
If PPT meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $43.18, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

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

Net outflows in the September quarter were -$1.0bn, largely driven by the lower margin institutional business. By asset class, outflows were mainly in Australian equities and this represents the eighth consecutive quarter of negative flows.

Morgan Stanley notes the update could imply -3-4% downgrades to earnings in FY19, although the composition suggests the potential for a better fee margin.

Equal-weight rating. Target is $48. Industry view: In-line.

Target price is $48.00 Current Price is $35.80 Difference: $12.2
If PPT meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $43.18, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

UBS rates PPT as Sell (5) -

The company experienced its sixth consecutive quarter of net outflows in September from the key investments division. Redemptions were primarily in Australian equities.

UBS expects outflows to continue over the medium term and contribute to negative earnings over FY19 and FY20. The broker also envisages downside risk to consensus expectations, exacerbated by the recent pullback in markets. Sell rating and $41.50 target maintained but under review.

Target price is $41.50 Current Price is $35.80 Difference: $5.7
If PPT meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $43.18, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Macquarie rates RHC as Outperform (1) -

The broker notes Ramsay's share of NHS elective procedures undertaken by private hospitals in the UK has fallen, alongside lower NHS funding, as waiting lists rise. Overall trends have nevertheless improved on FY18, when a hospital was closed, and Ramsay has increased its share of the private market.

More broadly, the broker's Outperform rating is underpinned by expected contributions from brownfield developments, operational efficiencies and the completion of the Capio acquisition. Target unchanged at $68.50.

Target price is $68.50 Current Price is $54.13 Difference: $14.37
If RHC meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $57.53, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Credit Suisse rates SBM as Neutral (3) -

The most significant update from the September quarter production report is the exploration success at both Simberi and Gwalia.

Credit Suisse notes significant intersections at Gwalia demonstrate an unexpected flattening of the ore body and the continuity of high grades while Simberi continues to intersect multiple high-grade sulphide zones.

Neutral and $3.85 target retained.

Target price is $3.85 Current Price is $3.92 Difference: minus $0.07 (current price is over target).
If SBM meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.17, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates SBM as Outperform (1) -

St Barbara had already released some numbers but the ultimate Sep Q production result was in line with the broker's expectation. Simberi grades provided the highlight.

The broker maintains Outperform and a $4.50 target but warns the Sep Q will probably be St Barbara's strongest in FY19 given softening grades at Gwalia and production disruption from the extension project. The broker continues to believe a sulphide project at Simberi is likely.

Target price is $4.50 Current Price is $3.92 Difference: $0.58
If SBM meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.17, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates SBM as Accumulate (2) -

Ord Minnett envisages the potential to extend reserves as a further endorsement of the value proposition of the stock, which is now 17% cash-backed yet lags ASX peers.

Recent drilling at Gwalia impressed the broker and the budget for the current year has been lifted. Along with sulphide drilling at Simberi this could be a meaningful catalyst over the next six months, in the broker's opinion. Accumulate rating and $4.60 target maintained.

Target price is $4.60 Current Price is $3.92 Difference: $0.68
If SBM meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.17, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates SEK as Accumulate (2) -

Ord Minnett takes the opportunity to reiterate its view on the stock as one of its top picks in the Australian technology, media and telecoms sector. The broker believes investor concerns regarding increased reinvestment are unwarranted, given management's record of delivering outsized returns.

The broker estimates 14% compound annual growth in underlying net profit over the next three years. Accumulate rating and $24 target reiterated.

Target price is $24.00 Current Price is $19.30 Difference: $4.7
If SEK meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $20.65, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

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

Morgans expects 10.9% growth in operating earnings in FY19, which requires around 5.7% growth from the base business. The broker expects the company to reduce its debt position materially and open the door for an increased pay-out ratio in future.

The company's ability to generate working capital efficiencies will continue to fund investment in stores and refurbishment as well as digital. With around 14% upside to the target, raised to $10.44 from $9.86, and a 5.7% dividend yield, Morgans upgrades to Add from Hold.

Target price is $10.44 Current Price is $9.35 Difference: $1.09
If SUL meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.85, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Deutsche Bank rates TAH as Buy (1) -

It is the view of Deutsche Bank analysts that if Tabcorp’s AGM highlighted anything, it is that the integration of the Tatts acquisition is progressing well.

The analysts believe Tabcorp has had a strong start to the year. Buy rating and $5.50 price target retained.

Target price is $5.50 Current Price is $4.83 Difference: $0.67
If TAH meets the Deutsche Bank target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.26, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Macquarie rates TRS as Neutral (3) -

The Reject Shop has blamed an "extremely weak retail environment" due to increased competition and deep supermarket discounting despite "strong marketing and merchandise plans and in-store execution".

No mention of the bricks & mortar chain not offering online sales.

The broker has slashed earnings by over -40% and dropped its target to $2.82 from $5.45, hoping for a Happy Christmas. Neutral retained on the damage already being done yesterday.

Target price is $2.82 Current Price is $2.63 Difference: $0.19
If TRS meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.46, suggesting upside of 69.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

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

The company has downwardly revised guidance for first half net profit to $10-11m, as comparable sales for the first 15 weeks of FY19 fell -2.4%. The company has noted early trading of Christmas merchandise has been positive but the soft retail environment and increased competition instills caution.

Morgan Stanley finds it hard to envisage positive catalysts over the full year, as in FY17 and FY18 first half net profit accounted for more than 100% of the full year.

Target is $6.10. Equal-weight rating retained. In-Line industry view.

Target price is $6.10 Current Price is $2.63 Difference: $3.47
If TRS meets the Morgan Stanley target it will return approximately 132% (excluding dividends, fees and charges).

Current consensus price target is $4.46, suggesting upside of 69.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

UBS rates TRS as No Rating (-1) -

UBS notes trading has stepped down materially over recent weeks and the company has downgraded first half guidance. The Reject Shop cites promotional intensity as the reason but UBS suggests a move by supermarkets to 'every day low prices' could be a larger factor in the weakness.

The downgrade raises further questions around the sustainability of the company's business model, the broker suggests. Buy rating and $6.50 target are under review.

Target price is $6.50 Current Price is $2.63 Difference: $3.87
If TRS meets the UBS target it will return approximately 147% (excluding dividends, fees and charges).

Current consensus price target is $4.46, suggesting upside of 69.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates TWE as Sell (5) -

A review of wine industry data across the company's key markets shows softer volume trends although pricing has improved, Citi observes. The broker considers it too early to call out an earnings risk but believes the skew is to the downside.

Citi retains a price target of $14.50 and Sell rating.

Target price is $14.50 Current Price is $16.97 Difference: minus $2.47 (current price is over target).
If TWE meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.32, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

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

Credit Suisse notes US retail sales data reflects a surprisingly resilient performance. Treasury Wines volumes were down -2% over the month ending October 6 but a significant improvement and the best performance since the company started selling direct to national accounts. The broker suspects the company's September promotion in the US has been quite profitable.

Credit Suisse upgrades to Neutral from Underperform in response to a drop in the share price. A respectable performance in North America will help achieve FY19 operating earnings guidance, the broker suggests. Target is steady at $16.45.

Target price is $16.45 Current Price is $16.97 Difference: minus $0.52 (current price is over target).
If TWE 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 $18.32, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Ord Minnett rates WEB as Upgrade to Buy from Hold (1) -

Ord Minnett has downgraded estimates for earnings per share to reflect lower growth assumptions for the B2B business as well as marginally lower volumes in the B2C division. FY19 and FY20 estimates are downgraded by -7% and -4% respectively.

The broker upgrades its recommendation to Buy from Hold and remains confident in the medium-term growth outlook, also believing the decline in the stock has created an opportunity. Target is reduced to $16.80 from $17.46.

Target price is $16.80 Current Price is $14.42 Difference: $2.38
If WEB meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $17.28, suggesting upside of 19.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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