Australian Broker Call

Morgans rates ADH as Downgrade to Hold from Add (3) -

The company's market update revealed operating dynamics have improved significantly towards the end of FY17, with Morgans pointing out operational profit (EBIT) is now expected to come in at the top-end of guidance range, adding [this is] "an outcome that looked highly unlikely six months ago".

New price target of $1.35 compares with $1.20 prior but given the share price has moved significantly higher already, the rating has been pulled back to Hold from Add.

The analysts do expect gross margin to be pressured towards the bottom of management's guidance, with the added observation the company will now be cycling a period of poor execution last year. Management's focus is now seen shifting towards further cost productivity tailwinds.

Target price is $1.35 Current Price is $1.27 Difference: $0.075
If ADH meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

UBS rates ADH as Buy (1) -

Adair's problems with bed linen appear to be over, the broker suggests, given June quarter sales growth of 3.8% following two negative quarters.

The broker has lifted forecast earnings but does not see much in the way of FY18 sales growth given weak macro conditions and competition.

Buy retained, target rises to $1.45 from $1.16.

Target price is $1.45 Current Price is $1.27 Difference: $0.175
If ADH meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Credit Suisse rates AGL as Neutral (3) -

Credit Suisse's calculations suggest circa 80% of the increase in wholesale electricity prices has been passed on to retail customers thus far. With wholesale prices weakening, the remaining 20% might not be passed on.

Revised estimates (up) now place forecasts some 9% above market consensus, the analysts note. This despite numerous conservative inputs, they add. Target price drops to $26.50 from $28. Neutral rating retained.

Target price is $26.50 Current Price is $24.76 Difference: $1.74
If AGL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $27.04, suggesting upside of 7.7% (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

Morgan Stanley rates APE as Underweight (5) -

Following a bounce in car sales in May-June, AP Eagers is now set to deliver flat earnings on the first half 2016 rather than an -7-9% fall as previously guided. The broker assumes this still means an -8% loss once acquisitions are accounted for.

The broker also assumes the bump in sales represents dealer clearances of stock that didn't sell earlier in the year when expected. Conditions remain challenging given rising mortgages rates (there is a high correlation) and ASIC now focusing on the industry and its commissions.

Underweight and $6.85 target retained.

Target price is $6.85 Current Price is $8.91 Difference: minus $2.06 (current price is over target).
If APE meets the Morgan Stanley target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.04, suggesting downside of -10.6% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Hold (3) -

The company's market update effectively nullified the profit warning issued in late May. Morgans notes recent industry data support management's assessment that things have improved markedly since.

The broker expects AP Eagers to have enjoyed stronger margins as manufacturers likely responded to softer activity in Jan-Apr via lower bonus hurdles. What makes upgraded guidance even better is that the company is cycling strong growth numbers from twelve months ago, the analysts add.

Estimates have been lifted by circa 2% for FY17-FY19. Target price increases to $9.21 from $8.91. Hold rating retained as share price is considered fair value.

Target price is $9.21 Current Price is $8.91 Difference: $0.3
If APE meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $8.04, suggesting downside of -10.6% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Hold (3) -

Car sales picked up in May-June, leading AP Eagers to upgrade prior guidance of a -7-9% decline in earnings to a flat result. This is pleasing, the broker suggests, but given an uncertain consumer and a decline in M&A opportunities the broker does not see much in the way of growth potential in the near term.

Target rises to $8.10 from $7.60. Hold retained.

Target price is $8.10 Current Price is $8.91 Difference: minus $0.81 (current price is over target).
If APE meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.04, suggesting downside of -10.6% (ex-dividends)

The company's fiscal year ends in December.

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

Deutsche Bank rates BLD as Buy (1) -

On further detailed analysis around the contribution and potential contribution of fly ash to Boral’s business, Deutsche Bank analysts have become even more optimistic.

The analysts note in the past two years 5% per annum fly ash price increases have been achieved. Should this continue, an additional EBIT upside of $68m per annum and valuation upside of $0.64/share will be the result, on Deutsche Bank's calculations.

Additional synergies achieved can potentially add further upside potential. Revised forecasts place Deutsche Bank forecasts now some 11% above market consensus. Buy rating retained. Target price remains unchanged at $7.94.

Target price is $7.94 Current Price is $6.73 Difference: $1.21
If BLD meets the Deutsche Bank target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $7.06, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Credit Suisse rates BTT as Neutral (3) -

June Funds under Management (FuM) proved in line with expectations, with net flows weaker than expected, report analysts at Credit Suisse. Better-than-expected market movements provided the offset.

Performance fees of $9m proved well ahead of the $5m Credit Suisse had penciled in. Estimates have been lifted with the observation that accrued performance fees at JO Hambro in the UK are currently running below expectations.

The valuation is not seen as demanding, but because of downside risk Credit Suisse retains a Neutral rating. Target price remains $11.20.

Target price is $11.20 Current Price is $10.73 Difference: $0.47
If BTT meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $11.82, suggesting upside of 5.0% (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

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

BT saw 3.1% funds inflows in June for 9.4% year on year, exceeding Macquarie's 5% plus performance benchmark. The manager's new strategies are approaching a three-year track record and funds are attracting new flows and generating performance fees.

BT's share price is nevertheless down -16% since the May numbers with the index down only -3%, making the fund manager attractively priced in Macquarie's view. Upgrade to Outperform. Target rises to $12.05 from $11.70.

Target price is $12.05 Current Price is $10.73 Difference: $1.32
If BTT meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $11.82, suggesting upside of 5.0% (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 BTT as Overweight (1) -

BT's fund inflows fell short of the broker in June but grew 3%, with JOHCM the primary driver of flows and margin expansion, particularly in the US. The broker suggests the diversity of growth options on offer remains attractive albeit forex is not working in the fund manager's favour.

Overweight and $13.50 target retained. Industry view In-Line.

Target price is $13.50 Current Price is $10.73 Difference: $2.77
If BTT meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $11.82, suggesting upside of 5.0% (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

Ord Minnett rates BTT as Hold (3) -

Strong flows into the JOHCM fund in the US offset outflows from BT's Aust business in the June Q. Strong market performance and a weaker A$ also supported the results, the broker notes

Strong flows are a positive but earnings remain leveraged to performance fees. The broker retains Hold and a $10.50 target.

Target price is $10.50 Current Price is $10.73 Difference: minus $0.23 (current price is over target).
If BTT meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.82, suggesting upside of 5.0% (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

Credit Suisse rates CAJ as Outperform (1) -

Credit Suisse analysts remain positive on further upside potential for the Capitol Health share price, reporting the industry backdrop remains positive on their indications.

The broker points out, post the sale of the NSW assets, Capitol Health will represent a pure-play exposure on the Victorian radiology market. That latter market is currently growing strongly.

Credit Suisse finds the shares are still "appealing". Outperform rating retained. Target 30c (unchanged).

Target price is $0.30 Current Price is $0.26 Difference: $0.045
If CAJ meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Ord Minnett rates CPU as Hold (3) -

The broker sees the acquisition by US rival Equiniti of Wells Fargo's share registry business as both a positive and a negative for Comptershare's US business (49% of earnings).

On the plus side, Computershare was losing market share to the strongly vertically integrated US investment bank but the broker doesn't see Equiniti as having the same potential clout. On the minus side, Equiniti can now compete in global registry services.

Hold and $13 target retained.

Target price is $13.00 Current Price is $14.75 Difference: minus $1.75 (current price is over target).
If CPU meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.84, suggesting downside of -7.8% (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: 0.3

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

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

Charter Hall Retail is scheduled to report FY17 numbers on August 15. Credit Suisse is anticipating funds from operations (FFO) of $124.2m (30.6cps), 0.6% above guidance of 30.4cps and 0.6% higher than FY16.

The analysts do highlight they continue to view earnings guidance for zero growth as conservative in the context of the quantum of asset sales executed to date. For FY18, the broker has penciled in 31.9c while suggesting a buy-back at current levels looks attractive.

Combining all of the above, and recent share price weakness, the decision was made to upgrade to Neutral from Underperform. Rolling forward the modeling has resulted in the target price increasing to $4.13 from $4.00.

Target price is $4.13 Current Price is $3.94 Difference: $0.19
If CQR meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.28, suggesting upside of 6.6% (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 CSL as Buy (1) -

Citi analysts have specifically looked into prospects for CSL Behring's KCentra, currently the only FDA-approved alternative to plasma for urgent warfarin reversal. The conclusion seems to be that while longer term a steady decline in sales is anticipated, risk in the next few years is for upside surprises.

On current forecasts for KCentra, growth is estimated at 10% in FY18 and 5% in FY19. Post this in-depth survey, however, the analysts suggest these numbers look conservative.

Buy rating retained. Target price $148. No changes made to forecasts at this stage.

Target price is $148.00 Current Price is $129.10 Difference: $18.9
If CSL meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $139.03, suggesting upside of 4.9% (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: 0.6

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

Citi rates CWN as Buy (1) -

While admitting that media speculation about a potential tie-up between Crown and Star Entertainment ((SGR)) is just that, speculation, Citi analysts nevertheless believe the rationale is sound and they wouldn't exclude such a move "over the medium term".

On the analysts' assessment, a cash offer at 30% premium to the Star share price would still be 19-22% accretive for Crown in years two and three post transaction.

For now, small amendments have been made on completion of the share buy back.Target price has lifted to $14.80 from $14.50. Buy.

Target price is $14.80 Current Price is $12.34 Difference: $2.46
If CWN meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $13.29, suggesting upside of 6.8% (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

Citi rates GMG as Neutral (3) -

Goodman will repurchase all Goodman PLUS hybrids ($327m) on 2 October 2017 from existing cash deposits and Citi analysts calculate this will add 1% to estimated FY18 EPS growth; an addition they believe is as yet not incorporated in market consensus forecasts.

Goodman has plenty of cash, enough to cover all debt expiries through to FY21, say Citi analysts. They suggest the next move will be repaying more debt expiries, the most material of which is the Euro Medium Term Notes ($427.6m) currently paying 9.75% p.a and due to expire in 1H19.

The latter could add 4% to FY19 EPS forecasts, calculate the analysts. The underlying suggestion here is Goodman is about to enjoy positive revisions to forecasts. Neutral rating retained. Target $7.74.

Target price is $7.74 Current Price is $7.67 Difference: $0.07
If GMG meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $8.06, suggesting upside of 2.4% (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 GOZ as Sell (5) -

Growthpoint has acquired 360 Capital's 18.2% share of Industria REIT ((IDR)), seeing the majority of the assets being complimentary to it own. The fund has a track record of growing its portfolio through M&A, the broker notes.

A full takeover would be accretive to earnings but not improve portfolio quality in the broker's view, and would push up gearing. Some assets don't fit, and the 21.4% stake owned by APN Property ((APD)) would be a hurdle. The broker prefers to hold Industria.

Sell and $2.90 target retained for Growthpoint.

Target price is $2.90 Current Price is $3.08 Difference: minus $0.18 (current price is over target).
If GOZ meets the UBS 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: -0.5

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

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

Incitec Pivot has spent some $2bn since 2010 on its Moranbah and Louisiana ammonia plants and the cash flow from these investments is expected to flow from FY18, UBS notes. But fertiliser prices have been weak as new supply has entered the market.

The market has adjusted for low prices but the broker expects a through-the-cycle recovery from FY18. A bottoming in prices and the market's under-appreciation of Incitec's planned cost controls leads UBS to upgrade to Buy on an unchanged $4.00 target.

Target price is $4.00 Current Price is $3.40 Difference: $0.6
If IPL meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting upside of 2.9% (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

Morgan Stanley rates MNF as Initiation of Coverage: Overweight (1) -

MNF Group has built its own voice-over-internet network domestically and has now expanded globally. The key differentiation, the broker suggests, is the company's software which it sells to telcos and business customers.

MNF hit profitability in FY09 and has posted a strong track record. The broker sees strong upside potential and has set its target 46% above traded price, at $6.15. Coverage initiated with an Overweight rating. In-Line sector view.

Target price is $6.15 Current Price is $4.34 Difference: $1.81
If MNF meets the Morgan Stanley target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Credit Suisse rates MTS as Neutral (3) -

Credit Suisse analysts have made small reductions to forecasts as they anticipate a slower rate of sales growth for food distribution.

The analysts do see further downside risks to sales growth, while noting earnings are dependent on management achieving cost reduction targets.

Price target has fallen to $2.26 from $2.38. Neutral rating retained.

Target price is $2.26 Current Price is $2.40 Difference: minus $0.14 (current price is over target).
If MTS meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.37, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Citi rates ORG as Buy (1) -

Citi has undertaken a detailed appraisal of Origin's Beetaloo Basin presence with the final outcome that a lot needs to change to make this a valuable and accretive project.

Time to highlight the Buy recommendation remains in place because of anticipated APLNG performance at or above nameplate capacity, stable earnings from Energy Markets’ position of strength and a recovery in oil prices.

The latter should assist in de-gearing the balance sheet. Target $8.59. Origin is projected to start paying a dividend again from FY19 onwards.

Target price is $8.59 Current Price is $6.98 Difference: $1.61
If ORG meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $7.74, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Credit Suisse rates ORG as Neutral (3) -

Credit Suisse's calculations suggest circa 80% of the increase in wholesale electricity prices has been passed on to retail customers thus far. With wholesale prices weakening, the remaining 20% might not be passed on.

After updating its modeling, the analysts point out the present share price for Origin Energy is pricing in an oil price of US$55/bbl and AUD/USD of 0.70. Target price drops to $7.70 from $8.10. Neutral rating retained.

Target price is $7.70 Current Price is $6.98 Difference: $0.72
If ORG meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.74, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Ord Minnett rates PPH as Buy (1) -

Pushpay has had another impressive quarter and the US$25m placement will provide for a step-change in growth profile, the broker suggests. The company is now a dominant new entrant in providing mobile services for US church donations.

Pushpay has a growing share of large churches and is riding a structural shift to online giving. The broker has trimmed its target to $2.52 from $2.74 on the placement and retains Buy.

Target price is $2.52 Current Price is $1.59 Difference: $0.93
If PPH meets the Ord Minnett target it will return approximately 58% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Credit Suisse rates PRU as Outperform (1) -

Credit Suisse has taken the view the bad days are over and Perseus should deliver a second consecutive period of positive free cash flows on July 19. The latter is seen as a potential boost to investor confidence.

The analysts are of the opinion the well articulated mine plan and multi-asset aspiration is achievable, as long as Edikan continues performing. The latter is seen as critical to outlook and plans.

Target remains $0.85. Outperform.

Target price is $0.85 Current Price is $0.28 Difference: $0.57
If PRU meets the Credit Suisse target it will return approximately 204% (excluding dividends, fees and charges).

Current consensus price target is $0.46, suggesting upside of 63.1% (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 RSG as Buy (1) -

Citi retains its Buy rating with the company delivering a "beat" on FY17 guidance, accompanied by strong FY18 guidance, a lift in exploration, plus a reduction of its bullion stockpile, described as "controversial" by the analysts.

Citi makes a point of stating it understands the stockpiling rationale, but the stockbroker nevertheless welcomes more regular gold sales and their "calming effect on earnings". Target $1.90.

Target price is $1.90 Current Price is $1.14 Difference: $0.765
If RSG meets the Citi target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 67.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Macquarie rates RSG as Outperform (1) -

Resolute has pre-released its June Q production numbers that have beaten both guidance and the broker's forecast on both production and cost.

FY18 production guidance for Syama sulphide is substantially higher than the broker's expectation and ongoing exploration continues to produce positive results.

The broker has lifted forecast earnings and its target to $1.90 from $1.80. Outperform retained.

Target price is $1.90 Current Price is $1.14 Difference: $0.765
If RSG meets the Macquarie target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 67.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Ord Minnett rates RWH as Downgrade to Hold from Accumulate (3) -

Royal Wolf's major shareholder, GFN Asia Pacific, has launched a full takeover at $1.83 which the board has recommended. GFN is already on that board given 51% ownership.

For that reason, and given there is no domestic competitor with enough scale to acquire the company, Ords does not see another bid emerging. Target raised to $1.80 from $1.70 and as the market has already caught up, rating dropped to Hold.

Target price is $1.80 Current Price is $1.79 Difference: $0.01
If RWH meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.50, suggesting downside of -16.4% (ex-dividends)

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

UBS rates SDA as Buy (1) -

Speedcast trades at a discount to the market and to global peers, the broker notes. If this gap is closed, the share price could rise to $4.30, the broker calculates. However this will need a demonstrable path back to organic growth.

Stabilisation in the energy market is a key positive, although the broker does not expect anything flash at the first half result given a big skew to second half earnings. Buy retained, target rises to $4.30 from $3.80.

Target price is $4.30 Current Price is $3.81 Difference: $0.49
If SDA meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.59, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Citi rates SGR as Buy (1) -

Citi analysts already called this stock "THE value trade" on the ASX, previously. They have now added yet another positive note following media speculation about a potential tie-up between Star and Crown Resorts ((CWN)).

It is Citi's view such a combination makes both strategic and economic sense delivering estimated 20% EPS accretion for Crown by year two assuming the company pays all cash offer of $6.45, a 30% premium to the last close.

However, there is one sticking point and that is the ACCC regulator, the analysts admit. The tie-up would give the combined entity 90% market share. Buy. Target $6.65.

Target price is $6.65 Current Price is $4.97 Difference: $1.68
If SGR meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $6.07, suggesting upside of 19.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Morgan Stanley rates SUN as Underweight (5) -

The broker assumes Suncorp's catastrophe budget has now likely been exhausted following the Kaikoura earthquake and Cyclone Debbie. Cat losses over the past ten years have averaged 9.1% of premiums and 9.7% over the last five, with FY17 having budgeted for 7.7%.

The broker has thus downgraded its margin assumption by 140 basis points. Underweight and $13.50 target retained. In-Line sector view.

Target price is $13.50 Current Price is $14.80 Difference: minus $1.3 (current price is over target).
If SUN 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 $14.25, suggesting downside of -5.4% (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 SWM as Neutral (3) -

The government in Canberra recently announced it is waiving the TV licence fee for FY17 and Credit Suisse has now updated its modeling. The analysts note operational profit (EBIT) is still expected to drop by -18% this year.

The analysts are of the view that the benefit of the licence fee saving will be partially offset by ongoing decline in newspaper and magazine earnings, as well as higher associate losses.

Also, with competitor Ten Network ((TEN)) moving into receivership, Seven West Media should be a beneficiary of the changing competitive landscape, suggest the analysts. Target 81c (was 85c). Neutral.

Nine Entertainment ((NEC)) remains the broker's top pick in the sector.

Target price is $0.81 Current Price is $0.78 Difference: $0.035
If SWM meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $0.76, suggesting downside of -2.6% (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

Ord Minnett rates TGR as Buy (1) -

Tassal should be able to grow FY18 volumes in Macquarie Harbour on the Environmental Protection Authority's ruling but a reduction is expected for FY19. A more cautious view of the FY19 outlook is behind Tassal's recent -18% fall in share price, the broker believes.

But consensus is not factoring in either of Oakhampton or Storm Bay coming on stream. The broker thus retains Buy and a $5.23 target but concedes there may yet be some short-term share price volatility.

Target price is $5.23 Current Price is $3.80 Difference: $1.43
If TGR meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $4.80, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Citi rates TLS as Sell (5) -

Citi has made the decision to incorporate a dividend cut in its outlook, anticipating Telstra  will cut by -25% from 31cps to 25cps from FY18. The decision was made on the back of the projected earnings hole emerging that on Citi's modeling will see EPS hit a low of 17cps by FY20.

Citi analysts believe shareholders would be better off in the longer run if the dividend was cut now and Telstra directed any excess fund to either share buybacks or growth generating acquisitions.

It remains Citi's view the telco needs to address its longer term capex position to maintain current market share. Meanwhile, competition in the sector will only further intensify. Sell rating maintained alongside a $4 price target.

Target price is $4.00 Current Price is $4.32 Difference: minus $0.32 (current price is over target).
If TLS 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 $4.41, suggesting upside of 1.9% (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

Morgan Stanley rates TWE as Overweight (1) -

Given weak vintages in 2014-15 it appears FY18 will see weaker earnings for Treasury Wines which might suggest a de-rating, but the broker looks to much stronger 2016-17 vintages as providing a far stronger earnings outlook, with the first Diageo vintages being sold.

Asian demand is also booming and the company is only in the first stages of building its Asian business, the broker notes. Overweight and $14.00 target retained.

Target price is $14.00 Current Price is $12.34 Difference: $1.66
If TWE meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $11.93, suggesting downside of -7.6% (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 WES as Neutral (3) -

Credit Suisse notes Wesfarmers shares screen as "cheap" but this should be seen against a background of lively market debates with respect to competition intensity and impact among supermarkets, the sustainability of department store profits, as well as the expansion into the UK.

The analysts have slightly increased expectations which has pushed up the price target to $43.44 (was $42.95). One key difference is that Credit Suisse seems less concerned about department stores than others elsewhere. Neutral rating retained.

Target price is $43.44 Current Price is $40.33 Difference: $3.11
If WES meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $40.46, suggesting downside of -1.9% (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

Credit Suisse rates WOW as Underperform (5) -

Credit Suisse has lifted expectations for food retailing, but the analysts remain more conservative about the likely pace of growth for Woolworths than others elsewhere.

Underlying, the view remains that further reduction in shrinkage rates and improving labour productivity mitigate the impact of cost increases in FY18. Hence why Credit Suisse sticks with its Underperform rating. Price target falls to $24.29 (was $24.83).

Also, the stockbroker is currently ascribing nil value to Big-W, describing it as a loss making, $2bn liability that will only achieve minimal profits if costs can be reduced low enough.

Target price is $24.29 Current Price is $25.68 Difference: minus $1.39 (current price is over target).
If WOW 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 $26.50, suggesting upside of 2.2% (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