Australian Broker Call

Citi rates AMP as Buy (1) -

Citi analysts are keeping their fingers crossed the upcoming FY16 release won't reveal any more negative surprises. There is a track record not to be proud of.

If negative surprises can remain absent, the analysts believe the present upswing can continue for the shares. Longer term, the analysts see potential for more good news.

While EPS estimates have been lowered, underlying profits have improved, say the analysts. Buy.

Current Price is $5.00. Target price not assessed.

Current consensus price target is $5.34, suggesting upside of 6.6% (ex-dividends)

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.6

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

Deutsche Bank rates ANZ as Hold (3) -

Deutsche Bank expects the bank sector to offer better prospects in FY17, with growth of around 2% in cash earnings per share on average, albeit still relatively modest.

Although the broker envisages limited benefit to the major banks from higher US bond yields, Australia bank share prices have lagged most global bank sectors and value is still envisaged in pockets.

Hold rating retained. Targets slips to $29.60 from $30.90.

Target price is $29.60 Current Price is $29.15 Difference: $0.45
If ANZ meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $29.18, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

UBS rates ANZ as Neutral (3) -

Headwinds facing Australian banks are well known and UBS believes in recent times many of these factors have eased.

Investment property lending has picked up again, mortgage re-pricing suggests banks are more comfortable with meeting targets, while higher bond yields should reduce pressure on net interest margins.

To reflect the improvements the broker upgrades FY17 forecasts by around 2%. That said, a subdued medium-term growth outlook continues.

Neutral rating and $29 target retained.

Target price is $29.00 Current Price is $29.15 Difference: minus $0.15 (current price is over target).
If ANZ meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.18, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

Morgan Stanley rates ASX as Overweight (1) -

Valuation upside is more limited after the stock returned 22% in 2016, Morgan Stanley believes and, while near-term catalysts are lacking, delays in finalising bank capital rules reduces the upside risk to the 2017 capital raising forecasts.

Nevertheless, in a market trading on elevated multiples, Morgan Stanley believes the stock's defensive beta and growth levers are relatively attractive and it remains its preferred play in the sector. Overweight retained. Target is $53. Industry view: In-Line.

Target price is $53.00 Current Price is $48.86 Difference: $4.14
If ASX meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $45.67, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.4

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

Deutsche Bank rates BEN as Sell (5) -

Deutsche Bank expects the bank sector to offer better prospects in FY17, with growth of around 2% in cash earnings per share on average, albeit still relatively modest.

Australian bank share prices have lagged most global bank sectors and value is still envisaged in pockets.

Sell rating retained. Target  is reduced to $11.30 from $11.40.

Target price is $11.30 Current Price is $12.65 Difference: minus $1.35 (current price is over target).
If BEN meets the Deutsche Bank target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.82, suggesting downside of -14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.9

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

UBS rates BEN as Downgrade to Sell from Neutral (5) -

Headwinds facing Australian banks are well known and UBS believes in recent times many of these factors have eased.

Investment property lending has picked up again, mortgage re-pricing suggests banks are more comfortable with meeting targets, while higher bond yields should reduce pressure on net interest margins.

To reflect the improvements the broker upgrades FY17 forecasts by around 2%. That said, a subdued medium-term growth outlook continues.

Despite the recent pull back the broker believes most of the positive news is factored in and downgrades to Sell from Neutral. Target is raised to $10.00 from $9.50.

Target price is $10.00 Current Price is $12.65 Difference: minus $2.65 (current price is over target).
If BEN meets the UBS target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.82, suggesting downside of -14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.9

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

Deutsche Bank rates BOQ as Hold (3) -

Deutsche Bank expects the bank sector to offer better prospects in FY17, with growth of around 2% in cash earnings per share on average, albeit still relatively modest.

Australia bank share prices have lagged most global bank sectors and value is still envisaged in pockets. Hold rating retained. Target rises to $11.40 from $11.00.

Target price is $11.40 Current Price is $11.90 Difference: minus $0.5 (current price is over target).
If BOQ meets the Deutsche Bank target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.56, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

UBS rates BOQ as Sell (5) -

Headwinds facing Australian banks are well known and UBS believes in recent times many of these factors have eased.

Investment property lending has picked up again, mortgage re-pricing suggests banks are more comfortable with meeting targets, while higher bond yields should reduce pressure on net interest margins.

To reflect the improvements the broker upgrades FY17 forecasts by around 2%. That said, a subdued medium-term growth outlook continues.

Sell rating retained. Target is raised to $10.25 from $10.00.

Target price is $10.25 Current Price is $11.90 Difference: minus $1.65 (current price is over target).
If BOQ meets the UBS target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.56, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Citi rates BSL as Buy (1) -

As the good news keeps on flowing, Citi analysts point out this remains a story of quality with low financial leverage. The analysts state BlueScope seems firmly on track to exceed the magic $1bn EBIT mark this financial year.

Buy rating retained as estimates receive another boost. Price target climbs to $13.34.

Target price is $13.34 Current Price is $11.21 Difference: $2.13
If BSL meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $11.97, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

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

The company has confirmed first half expectations for $600m in EBIT, materially higher than the guidance "of at least $510m" delivered at the AGM in November.

The greatest surprise to Credit Suisse was the uplift in building products, dominated by a stronger performance in US operations from higher steel prices and margins.

The broker downgrades to Neutral from Outperform on valuation grounds and increases the target to $10.70 from $10.30.

Target price is $10.70 Current Price is $11.21 Difference: minus $0.51 (current price is over target).
If BSL meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.97, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

Deutsche Bank rates BSL as Hold (3) -

The company has upgraded its first half EBIT guidance  to $600m. The main drivers of the upgrade include higher steel prices and spreads and the impact of stronger iron ore prices on its iron sands business.

Deutsche Bank upgrades forecasts for all divisions and increases FY17 net profit forecast by 25%. Hold rating retained. Target rises to $10.13 from $8.98.

Target price is $10.13 Current Price is $11.21 Difference: minus $1.08 (current price is over target).
If BSL meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.97, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

Macquarie rates BSL as Outperform (1) -

BlueScope has upgraded first half earnings guidance to $600m from a prior "at least" $510m, beating the broker's $570m forecast. Steel price rises have been sufficient to offset price rises for iron ore/coal inputs.

Those input price rises actually see the broker cut its full year forecasts, but the broker's target rises to $12.70 from $11.00. Despite a solid share price run, valuation remains compelling, the broker suggests, on a discount to global peer basis. Outperform retained.

Target price is $12.70 Current Price is $11.21 Difference: $1.49
If BSL meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $11.97, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

Morgan Stanley rates BSL as Overweight (1) -

The company has upgraded its first half EBIT guidance to $600m because of stronger steel prices and spreads, as well as better-than-expected iron ore prices on export iron sands profitability.

Building products have the largest area of upside versus Morgan Stanley's forecasts, with management noting a particularly strong half in North America.

Morgan Stanley maintains an Overweight rating. Target is $11.49. In-Line industry view maintained.

Target price is $11.49 Current Price is $11.21 Difference: $0.28
If BSL meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $11.97, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

Ord Minnett rates BSL as Upgrade to Accumulate from Hold (2) -

BlueScope has raised its first half earnings guidance by 18% to $600m  driven by improved pricing, spreads and a solid performance from the building products division.

Following the upgrade to guidance, Ord Minnett raises its rating to Accumulate from Hold and the target to $12.50 from $10.20.

Underpinning the broker's view is the fact that the company's low earnings multiples, which more than compensate for earnings volatility, and a rapidly de-gearing balance sheet provide potential for near-term capital management.

Target price is $12.50 Current Price is $11.21 Difference: $1.29
If BSL meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $11.97, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

UBS rates BSL as Buy (1) -

The company expects EBIT for the first half to be around $600m, up from  AGM guidance of "at least" $510m.

The better performance is partly due to stronger steel prices, high realised iron ore prices on iron sands exports and further productivity improvements.

UBS lifts EBIT forecasts by 30-50% for FY17-19.The broker retains a Buy rating and raises the target to $12.90 from $9.60.

Target price is $12.90 Current Price is $11.21 Difference: $1.69
If BSL meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $11.97, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

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

US retailer de-stocking and weak pricing in recycled pallets, along with delayed purchase decisions, have caused the company to issue a warning that it will not achieve forecast profit estimates in FY17. Credit Suisse lowers its FY17 US pallets EBIT estimates by around 15%.

The broker notes it is not clear how severe or how long the de-stocking will be and there is a risk with the new CEO that earnings will get re-based. Rating is lowered to Underperform from Neutral. Target is reduced to $9.80 from $11.30.

Target price is $9.80 Current Price is $10.58 Difference: minus $0.78 (current price is over target).
If BXB meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.83, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.4

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

Deutsche Bank rates CBA as Hold (3) -

Deutsche Bank expects the bank sector to offer better prospects in FY17, with growth of around 2% in cash earnings per share on average, albeit still relatively modest.

Although the broker envisages limited benefit to the major banks from higher US bond yields, Australia bank share prices have lagged most global bank sectors and value is still envisaged in pockets.

Hold rating retained. Target rises to $83.70 from $83.50.

Target price is $83.70 Current Price is $81.77 Difference: $1.93
If CBA meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $78.06, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

UBS rates CBA as Neutral (3) -

Headwinds facing Australian banks are well known and UBS believes in recent times many of these factors have eased.

Investment property lending has picked up again, mortgage re-pricing suggests banks are more comfortable with meeting targets, while higher bond yields should reduce pressure on net interest margins.

To reflect the improvements the broker upgrades FY17 forecasts by around 2%. That said, a subdued medium-term growth outlook continues.

Neutral retained. Target is raised to $78 from $75..

Target price is $78.00 Current Price is $81.77 Difference: minus $3.77 (current price is over target).
If CBA meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $78.06, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Deutsche Bank rates CIM as Sell (5) -

The company has announced an off-market takeover offer for MacMahon Holdings ((MAH)) for the remaining stake it does not own at 14.5c cash per share.

The company has indicated it intends to conduct a strategic review to drive operational efficiencies and improve projects, identifying ways the two companies can benefit from complementary skills and capabilities.

Deutsche Bank retains a Sell rating, given the negative total shareholder return implied by its target price. Target is raised to $27.48 from $27.12.

Target price is $27.48 Current Price is $34.50 Difference: minus $7.02 (current price is over target).
If CIM meets the Deutsche Bank target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.87, suggesting downside of -42.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: -1.0

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

Morgan Stanley rates CPU as Underweight (5) -

Morgan Stanley considers the stock is priced for perfection and envisages a growing disconnect between market valuations and fundamentals.

The broker considers the macro is overplayed, while the swing factor lies with the new US president, Donald Trump, and possible tailwinds from US federal tax cuts and deregulation.

Nevertheless, on all measures the valuation appears stretched, and the broker retains an Underweight rating. Target is raised to $9.60 from $8.80. Industry view: In-Line.

Target price is $9.60 Current Price is $12.68 Difference: minus $3.08 (current price is over target).
If CPU meets the Morgan Stanley target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.02, suggesting downside of -13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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 EPW as Downgrade to Neutral from Buy (3) -

Citi analysts have pulled back the rating to Neutral from Buy. On their observation, the share price has rallied by 50% since July last year. There are issues with management's credibility, given omissions in prior guidance provided, suggest the analysts.

While Citi continues to see value on a longer term horizon, there's now an expectation the twelve months ahead won't be that flash. The new deal (complex and not for everyone to understand, explain the analysts) gets the thumbs up. Target loses 1c to $1.31.

Target price is $1.31 Current Price is $1.32 Difference: minus $0.01 (current price is over target).
If EPW meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.15, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

Macquarie rates EPW as Downgrade to Underperform from Neutral (5) -

ERM Power has made an unusual move in using penalty credits over its inventory to settle 2016 large-scale generation certificate (LGC) obligations. The move should increase earnings and tax, Macquarie notes, yet ERM has not changed earnings guidance.

The broker sees the move as logical, but the absence of an upgrade to Australian gross margins is concerning. Current margins appear thus to be well down on FY16. On that basis, and with no earnings upgrade, Macquarie downgrades to Underperform. Target falls to $1.15 from $1.24.

Target price is $1.15 Current Price is $1.32 Difference: minus $0.17 (current price is over target).
If EPW meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.15, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

Ord Minnett rates IOF as Lighten (4) -

The company's options appear to be either acquiring 50% of the management platform or internalising its management. Ord Minnett holds the view that the joint-venture acquisition has merit and believes the company should pursue it.

ICPF has proposed the sale of a 50% interest in Investa Property Group to Investa Office for $45m and has allowed up until May 31, 2017 to formalise an agreement. Ord Minnett suggests the positives outweigh the negatives which means the transaction is worth doing.

Lighten rating and $4.27 target retained.

Target price is $4.27 Current Price is $4.52 Difference: minus $0.25 (current price is over target).
If IOF meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.33, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.2

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

Citi rates MPL as Neutral (3) -

Citi analysts expect no surprises at the upcoming H1 release. Pre-release mark to market update has added some extra to EPS estimate. Neutral.

Current Price is $2.69. Target price not assessed.

Current consensus price target is $2.67, suggesting downside of -0.8% (ex-dividends)

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Deutsche Bank rates MTR as Sell (5) -

The stock may appear cheaper on spot multiples after a recent de-rating, but Deutsche Bank notes earnings revisions from analysts have been minimal.

As a cyclical stock, the deterioration in momentum, when combined with weak leading indicators, signals earnings quality is questionable. The risk profile remains elevated, in the broker's view.

Sell maintained. Target slips to $2.60 from $3.00.

Target price is $2.60 Current Price is $2.86 Difference: minus $0.26 (current price is over target).
If MTR meets the Deutsche Bank target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.64, suggesting upside of 33.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Deutsche Bank rates NAB as Buy (1) -

Deutsche Bank expects the bank sector to offer better prospects in FY17, with growth of around 2% in cash earnings per share on average, albeit still relatively modest.

Although the broker envisages limited benefit to the major banks from higher US bond yields, Australia bank share prices have lagged most global bank sectors and value is still envisaged in pockets.

Buy rating retained. Target rises to $32.00 from $31.10.

Target price is $32.00 Current Price is $30.04 Difference: $1.96
If NAB meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $29.59, suggesting downside of -2.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

UBS rates NAB as Neutral (3) -

Headwinds facing Australian banks are well known and UBS believes in recent times many of these factors have eased.

Investment property lending has picked up again, mortgage re-pricing suggests banks are more comfortable with meeting targets, while higher bond yields should reduce pressure on net interest margins.

To reflect the improvements the broker upgrades FY17 forecasts by around 2%. That said, a subdued medium-term growth outlook continues.

Neutral retained. Target is raised to $30.00 from $27.50.

Target price is $30.00 Current Price is $30.04 Difference: minus $0.04 (current price is over target).
If NAB meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.59, suggesting downside of -2.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Citi rates OSH as Sell (5) -

The company's market update surprised to the upside for revenues and Citi analysts talk about "timing" making the difference. There is potential for some substantial reserve increases in PNG.

Estimates have gone up, but the new target price only reaches to $6.48 (from $6.18). The analysts note Train 3 PNG LNG expansion might be back on the agenda. Given where the share price trades, no surprise Citi analysts retain their Sell rating.

Target price is $6.48 Current Price is $6.99 Difference: minus $0.51 (current price is over target).
If OSH 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 $7.93, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

This company reports in USD. 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

Credit Suisse rates OSH as Underperform (5) -

A strong December quarter has driven record production, to 30.2mmboe for 2016.

The main takeaway for Credit Suisse was the indication from the NSAI reserve/resource review that a likely upgrade to PNG LNG reserves may come in February.

The broker maintains an Underperform rating and raises the target to $5.90 from $5.80.

Target price is $5.90 Current Price is $6.99 Difference: minus $1.09 (current price is over target).
If OSH meets the Credit Suisse target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.93, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

This company reports in USD. 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

Deutsche Bank rates OSH as Buy (1) -

December quarter production was 9% ahead of Deutsche Bank estimates, on the back of higher contributions from PNG LNG  which achieved a record quarterly rate.

The company has provided 2017 production guidance of 28.5-30.5mmboe and, while this is slightly above the broker's forecasts, estimates are left unchanged as a conservative approach to the decline rate of legacy oil production.

Buy rating retained. Target rises to $8.40 from $8.35.

Target price is $8.40 Current Price is $6.99 Difference: $1.41
If OSH meets the Deutsche Bank target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $7.93, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

This company reports in USD. 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

Macquarie rates OSH as Outperform (1) -

PNG LNG continues to set new records, with Oil Search's Dec Q production, sales and revenue all in line with expectation. A one-off adjustment will nevertheless mean a higher tax rate, the broker notes. Capex came in lower than both the broker's forecast and guidance.

The broker expects higher LNG prices and margins to flow through to the company's first half result, and sees ongoing solid cash flow offsetting the tax hike. Outperform retained. Target falls to $8.40 from $8.50.

Target price is $8.40 Current Price is $6.99 Difference: $1.41
If OSH meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $7.93, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

This company reports in USD. 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

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

Production finished 2016 with a flourish and Morgan Stanley notes reserves will be the focal point for the reporting season, with the company guiding to an uplift for PNG LNG.

Progress on expansion remains dependent on joint-venture partners and related transactions. The broker likes the Muruk discovery, with the potential to add material gas reserves over time.

Morgan Stanley reduces the target to $8.43 from $8.68. Equal-weight rating and In-Line sector view retained.

Target price is $8.43 Current Price is $6.99 Difference: $1.44
If OSH meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $7.93, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

This company reports in USD. 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

Morgans rates OSH as Add (1) -

Morgans remains among the most bullish in the market in terms of a recovery in oil prices but does not necessarily prefer the player with the largest amount of leverage to oil prices.

The broker believes it is better to invest in quality producers such as Oil Search, with strong margins and growth.

2016 production came in above guidance at 30.24mmboe and slightly ahead of the broker's estimates. PNG LNG is seen going from strength to strength. Morgans maintains an Add rating and raises the target to $9.69 from $8.90.

Target price is $9.69 Current Price is $6.99 Difference: $2.7
If OSH meets the Morgans target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $7.93, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

This company reports in USD. 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

Ord Minnett rates OSH as Accumulate (2) -

A strong December quarter performance rounded out a record year for the company with production rates above Ord Minnett's estimates.

The broker is positive on the stock over the medium term because of attractive valuation metrics, low-cost assets and growth through the expansion project but suspects near-term catalysts could be mixed, with a final investment decision on the expansion potentially delayed.

Ord Minnett's Accumulate rating is retained. Target is raised to $8.40 from $7.75.

Target price is $8.40 Current Price is $6.99 Difference: $1.41
If OSH meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $7.93, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

This company reports in USD. 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

UBS rates OSH as Neutral (3) -

December quarter production was ahead of the September quarter and broadly in line with UBS estimates. It was another record quarter for PNG LNG, running at an annualised 8.3mtpa.

PNG LNG gas resources are expected to increase significantly on preliminary indications from the reassessment. UBS believes there is upside in the gas business for shareholders but expects progress on expansion to be slow.

Neutral retained. Target is raised to $7.75 from $7.65.

Target price is $7.75 Current Price is $6.99 Difference: $0.76
If OSH meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $7.93, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

This company reports in USD. 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

Citi rates QBE as Buy (1) -

Market sentiment regarding Trump will continue to move the share price in the short term, point out the analysts. They continue to expect operational improvement plus the possibility of capital initiatives. Buy rating retained with a $13.30 price target.

Citi analysts find the valuation is at present not so compelling, but investors may still reward evidence of operational improvement. Also, QBE should have the luxury of excess capital and Citi speculates whether the upcoming results release might also see the announcement of a share buyback?

Target price is $13.30 Current Price is $12.05 Difference: $1.25
If QBE meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $11.59, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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 RIO as Neutral (3) -

The company has announced the sale of Coal & Allied operations in Australia and Citi analysts, essentially, have grabbed the opportunity to reiterate their view Rio Tinto seems poised to announce a $3bn capital management program at the upcoming FY16 results release.

Target price is $65.00 Current Price is $64.76 Difference: $0.24
If RIO meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $68.02, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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 RIO as Buy (1) -

The company will sell its Coal & Allied to Yancoal Australia ((YAL)) for US$2.45bn. The sale marks the end of the company's gradual exit from thermal coal.

Deutsche Bank estimates proceeds could help reduce net debt, further strengthen the balance sheet, underpin capital returns and lend flexibility to growth projects.

Price target is $66. Buy rating retained.

Target price is $66.00 Current Price is $64.76 Difference: $1.24
If RIO meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $68.02, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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 RIO as Outperform (1) -

As expected, Rio has announced the sale of its Coal & Allied thermal coal assets in the Hunter to Yancoal Aust. The company had previously indicated it did not consider these assets as core, the broker notes. 

The price exceeds the broker's Coal & Allied valuation, albeit the broker is factoring in a coal price well below spot. There are several regulatory hoops to jump through but given Yancoal already operates in the area, the broker does not see a problem. Outperform retained. Target rises to $74 from $73.

Target price is $74.00 Current Price is $64.76 Difference: $9.24
If RIO meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $68.02, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Morgan Stanley rates RIO as Overweight (1) -

The sale of the company's thermal coal operations for US$2.45m generates limited value in Morgan Stanley's view. A reinvestment of capital remains the main value driver.

The broker expects the company to lift the dividend, with the first opportunity being February 8, and a potential buy-back could also be announced. At the current share price the broker does not think a buy-back would add significant value. Reinvestment at a reasonable return or additional dividends would be the most value accretive.

The broker retains Overweight rating and a $71 target. Industry view: Attractive.

Target price is $71.00 Current Price is $64.76 Difference: $6.24
If RIO meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $68.02, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Market Sentiment: 0.7

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

Citi rates RMD as Buy (1) -

On Citi's observation, ResMed released a strong December quarter performance, some 5% above market consensus. The analysts are expecting more growth from the new masks ahead.

FY17-FY19 EPS estimates have lifted by 2-3%. Target price rises to $10.32 from $9.93. Buy rating retained.

Target price is $10.32 Current Price is $8.92 Difference: $1.4
If RMD meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $9.56, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Credit Suisse rates RMD as Outperform (1) -

Second quarter results were ahead of Credit Suisse forecasts. Revenue growth was broad based, with a very strong result from the "rest of the world" in flow generators. This is expected to normalise over ensuing months.

The broker makes minor adjustments to modelling assumptions and maintains an Outperform rating. Target is raised to $9.45 from $9.00.

Target price is $9.45 Current Price is $8.92 Difference: $0.53
If RMD meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $9.56, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Morgan Stanley rates RMD as Overweight (1) -

The surprise in the December quarter for Morgan Stanley was the global devices are taking yet more share and are more than offsetting the disappointment on mask sales.

The broker suspects the current year could be a turning point in the growth trajectory, as an inflection in US reimbursement pressures could make room for prices to move higher. Reception has also been positive so far to the company's new line of masks and a substantially larger installed base is being leveraged compared with two years ago.

Overweight rating. Industry view is In-Line. Price target raised to US$73.10 from US$70.90.

Current Price is $8.92. Target price not assessed.

Current consensus price target is $9.56, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Morgans rates RMD as Add (1) -

Second quarter results were better than Morgans expected, as devices continue to perform strongly and connected care software uptake offset ongoing weakness in masks sales.

The broker notes mask weakness continued to be related to supply rather than demand, as well as a more gradual ramp up ex the US.

The broker adjusts FY17-19 forecasts modestly higher and raises its target to $10.01 from $9.71. Add rating maintained.

Target price is $10.01 Current Price is $8.92 Difference: $1.09
If RMD meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.56, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Ord Minnett rates RMD as Upgrade to Accumulate from Hold (2) -

Ord Minnett considers the company on the cusp of a return to double-digit growth, following the successful launch of its new masks. A refresh of the product should deliver a solid benefit to product mix, supporting a rise in gross margins.

The broker's confidence in the outlook is supported by US political changes, which signal a more benign funding environment and this limits the pressure on prices. The broker raises its recommendation to Accumulate from Hold and the target to $9.50 from $8.25.

Target price is $9.50 Current Price is $8.92 Difference: $0.58
If RMD meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $9.56, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

UBS rates RMD as Buy (1) -

Sales growth in the second quarter was ahead of UBS expectations, boosted by new launches of masks in the US.

UBS adjusts estimates for FY17 and FY18 earnings per share up by 1.6% and 0.3% respectively.

Buy retained. Target is US$78.00.

Current Price is $8.92. Target price not assessed.

Current consensus price target is $9.56, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Macquarie rates SAR as Neutral (3) -

Saracen had pre-released the headline numbers so no surprises in yesterday's official Dec Q report. The ramp-up of Thunderbox and underground assets to 300,000ozpa gold production is as expected. Cash flow is funding exploration and capital growth, the broker notes.

It's a strong production result, the broker suggests, but costs are high. These will fall away in coming quarters but for now the broker retains Neutral and a $1.10 target.

Target price is $1.10 Current Price is $1.17 Difference: minus $0.065 (current price is over target).
If SAR meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates SEH as Buy (1) -

Citi analysts find company's production guidance ok, but the market had expected better things. All in all, the analysts remain of the view liquidity is fine, and the balance sheet probably still needs an equity raise or farm-down to support full field development capex.

Buy rating retained alongside a price target of 17c. Minimal adjustment has been made to forecasts.

Target price is $0.17 Current Price is $0.11 Difference: $0.06
If SEH meets the Citi target it will return approximately 55% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 1.0

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

Macquarie rates SEH as Outperform (1) -

Sino's 2017 guidance features lower production and higher capex than the broker had anticipated. Additional capacity will be brought on line later than expected.

The broker has cut forecast earnings and its target to 20c from 25c, but suggests as long as 2017 guidance is met, Sino should be in a good position in 2018. Outperform retained.

Target price is $0.20 Current Price is $0.11 Difference: $0.09
If SEH meets the Macquarie target it will return approximately 82% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 1.0

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

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

Citi downgrades to Neutral from Buy following a rally in the share price. The analysts have also pushed out some of their production forecasts.

The analysts point out, with mine life at DeGrussa constrained by exploration, developing a new project medium term is necessary.

Current Price is $6.31. Target price not assessed.

Current consensus price target is $6.32, suggesting downside of -4.8% (ex-dividends)

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Credit Suisse rates SFR as Underperform (5) -

December quarter production was solid, in Credit Suisse's view. Gold production is tracking at the top end of guidance and guidance has proven reliable, historically, the broker contends.

The broker's earnings estimates and valuation are influenced by a depressed medium-term copper price assumption. An Underperform rating is retained. Target is $4.35.

Target price is $4.35 Current Price is $6.31 Difference: minus $1.96 (current price is over target).
If SFR meets the Credit Suisse target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.32, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Deutsche Bank rates SFR as Buy (1) -

December quarter production was ahead of Deutsche Bank's numbers. The company also impressed on costs, with an uninterrupted quarter of solid production.

The broker expects first half revenue of $265m and earnings of $38m with a 4c fully franked interim dividend. The  Monty feasibility study should be completed in the current quarter and an investment decision is expected by the end of the half.

Buy rating and $6.90 target retained..

Target price is $6.90 Current Price is $6.31 Difference: $0.59
If SFR meets the Deutsche Bank target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.32, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Macquarie rates SFR as Outperform (1) -

Sandfire delivered a strong Dec Q production result, with lower cash costs and higher cash generation enabling early repayment of debt. The upcoming major catalyst for the stock, the broker notes, is nevertheless the Monty feasibility study release.

The company is in a strong capital position to accelerate Monty development. A solid second half result should see Sandfire play catch-up to the copper price and OZ Minerals ((OZL)), which it has been lagging, the broker suggests. Outperform retained.

Target rises to $7.50 from $7.00.

Target price is $7.50 Current Price is $6.31 Difference: $1.19
If SFR meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $6.32, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

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

Morgan Stanley acknowledges upside risks to its Equal-weight rating, with the Monty feasibility study due this quarter and needing to be factored in.

The broker believes the stock is tracking well against unchanged FY17 guidance, with annualised first half volumes at the upper end of the target range and unit costs below the low end.

Morgan Stanley raises the target to $5.85 from $5.10. Industry view is Attractive..

Target price is $5.85 Current Price is $6.31 Difference: minus $0.46 (current price is over target).
If SFR meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.32, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Morgans rates SFR as Add (1) -

December quarter production was in line with guidance. Morgans upgrades forecast for earnings per share in line with the lift in copper price assumptions.

The broker expects the company to generate enough in gross operating cash flow to ably fund Monty as well as aggressive exploration and dividends.

The broker considers exploration potential is the company's key source of upside and a differentiator. Add retained. Target rises to $6.59 from $5.82.

Target price is $6.59 Current Price is $6.31 Difference: $0.28
If SFR meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.32, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Ord Minnett rates SFR as Hold (3) -

December quarter copper production was in line with Ord Minnett estimates while gold output was a touch higher. FY17 production guidance is unchanged.

The broker acknowledges the solid operations and free cash flow generation as well as a robust balance sheet. Still, a Hold rating is retained  as the stock appears fully valued on a net present value basis. Target is $6.00.

Target price is $6.00 Current Price is $6.31 Difference: minus $0.31 (current price is over target).
If SFR 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 $6.32, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

UBS rates SFR as Buy (1) -

December quarter production was slightly ahead of expectations. The company is on track to meet its  full-year guidance, which does imply a small lift to costs into the June half.

While a lift in cash flows is anticipated, UBS expects funds will be directed to Monty. The broker retains a Buy rating and the target is raised to $7.05 from $6.87.

Target price is $7.05 Current Price is $6.31 Difference: $0.74
If SFR meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.32, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Credit Suisse rates SUN as Outperform (1) -

The reaction to the update was more negative than Credit Suisse had assumed. Yet,  with the cleansing statement now out of the way, the broker remains happy to hold the stock versus other large insurers in coming weeks.

While Suncorp has exceeded its first half natural peril allowance by $40m the broker expects Insurance Australia  Group (( IAG)) will likely exceed its allowance by almost double this amount.

The reaction in the share price confirms the broker's view that the sector is topping and will get hit on disappointment. Outperform rating and $14.20 target  retained.

Target price is $14.20 Current Price is $12.95 Difference: $1.25
If SUN meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $13.52, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Morgans rates VVR as Add (1) -

The company has announced a maiden distribution of 5.28c. Morgans continues to expect the near-term news flow will relate to acquisitions.

The company will announce its maiden full year result on February 23. The broker believes the stock offers an attractive 2017 distribution yield of around 5.9% and retains an Add rating and $2.56 target.

Target price is $2.56 Current Price is $2.28 Difference: $0.28
If VVR meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 1.0

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

Deutsche Bank rates WBC as Buy (1) -

Deutsche Bank expects the bank sector to offer better prospects in FY17, with growth of around 2% in cash earnings per share on average, albeit still relatively modest.

Although the broker envisages limited benefit to the major banks from higher US bond yields, Australia bank share prices have lagged most global bank sectors and value is still envisaged in pockets.

The broker retains a Buy rating for Westpac. Target  is raised to $34.60 from $33.50.

Target price is $34.60 Current Price is $31.65 Difference: $2.95
If WBC meets the Deutsche Bank target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $32.40, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

UBS rates WBC as Buy (1) -

Headwinds facing Australian banks are well known and UBS believes in recent times many of these factors have eased.

Investment property lending has picked up again, mortgage re-pricing suggests banks are more comfortable with meeting targets, while higher bond yields should reduce pressure on net interest margins.

To reflect the improvements the broker upgrades FY17 forecasts by around 2%. That said, a subdued medium-term growth outlook continues.

Buy retained. Target is raised to $33.50 from $33.00.

Target price is $33.50 Current Price is $31.65 Difference: $1.85
If WBC meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $32.40, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Credit Suisse rates WES as Neutral (3) -

Credit Suisse reduces sales growth assumptions for Coles and includes a Bunnings UK forecast to reflect its first estimate of the likely profit trajectory and capital requirements of that business.

The broker expects a more competitive environment will emerge in the supermarkets, introducing uncertainty with respect to profit margins. Credit Suisse estimates GBP450m in capital expenditure over five years to convert the pre-existing Home Base business to Bunnings in the UK.

A Neutral rating is retained and the target is reduced to $41.66 from $41.94.

Target price is $41.66 Current Price is $41.20 Difference: $0.46
If WES meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $41.37, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Credit Suisse rates WOW as Neutral (3) -

There are signs the company is stabilising with improving Australian supermarkets and the likely completion of the sale of the fuel retailing business.Credit Suisse expect significant challenges to continue at Big W..

Approval for the acquisition of the fuel business by BP is emerging as a key variable for the company. Neutral retained. Target is reduced to $24.30 from $24.50.

Target price is $24.30 Current Price is $24.80 Difference: minus $0.5 (current price is over target).
If WOW 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 $22.28, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.4

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

Citi rates WSA as Upgrade to Neutral from Sell (3) -

As the company released a stronger-than-expected December quarter performance, Citi analysts have decided to upgrade to Neutral from Sell. They expect the company to either meet or beat FY17 production guidance and have lifted forecasts.

Estimates have received a boost and this pushes up the price target by 46c to $2.38. On current projections, shareholders should expect resumption of dividend payouts from FY18 onwards.

Target price is $2.38 Current Price is $2.42 Difference: minus $0.04 (current price is over target).
If WSA meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.57, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Credit Suisse rates WSA as Neutral (3) -

December quarter production was strong and guidance is unchanged, Credit Suisse observes. The broker makes minimal changes to estimates.

The company believes it will take several weeks, or even months, before the impact of the amendments to Indonesia's mineral export ban will be realised. Of note, the ban has not been fully relaxed and only selected lower grade laterite ore will be exported by certain operators.

Credit Suisse retains a Neutral rating and $3.25 target.

Target price is $3.25 Current Price is $2.42 Difference: $0.83
If WSA meets the Credit Suisse target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Deutsche Bank rates WSA as Upgrade to Hold from Sell (3) -

December quarter production was ahead of Deutsche Bank's estimates because of strong mined grades. Operating costs were below forecasts.

The broker suspects the company could exceed guidance for the seventh year in a row. The stock trades as a proxy for nickel price sentiment and, given the imminent re-start of Indonesian ore exports, sentiment remains weak.

Whilst uncertainty continues, the broker considers the valuation is less stretched and, while remaining cautious, upgrades to Hold from Sell. Target is $2.40.

Target price is $2.40 Current Price is $2.42 Difference: minus $0.02 (current price is over target).
If WSA 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 $2.57, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Macquarie rates WSA as Neutral (3) -

Western Areas' Dec Q production came in ahead of the broker and cash generation exceeded expectation, although the broker would have expected a bigger cash beat given the level of production. The upcoming Odysseus pre-feasibility study release could be a major catalyst, the broker suggests.

But it's all before a backdrop of the recent lifting of the Indonesian export ban, which saw the broker downgrade to Neutral and warn of material downside risk to earnings. Western Areas is well placed to ride out low nickel prices, which the broker expects will ultimately recover, but for now Neutral retained despite the -26% share price drop. 

Target falls to $2.60 from $2.80.

Target price is $2.60 Current Price is $2.42 Difference: $0.18
If WSA meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

UBS rates WSA as Sell (5) -

The company delivered a very strong result in the December quarter with production 11% ahead of UBS forecasts, led by a lift in grade at both Flying Fox and Spotted Quoll. Moderation is expected into the June half.

UBS suspects investors will move to price nickel equities with a lower implied price, which could see premium valuations unwind, given the mooted changes in Indonesian mining law.

The broker retains a Sell rating and reduces the target to $2.18 from $2.33.

Target price is $2.18 Current Price is $2.42 Difference: minus $0.24 (current price is over target).
If WSA meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.57, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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