Australian Broker Call

Citi rates AAD as Buy (1) -

Sales momentum slowed at the end of FY18 at Main Event. Citi lowers FY19 forecasts but expects Main Event to deliver sales growth of 1%, supported by an improved US casual dining sector.

The broker suspects theme parks have likely found a base and earnings should improve, although the rate of recovery in the short term could be adversely affected by the ongoing coronal inquest, management changes and loss of share to Village Roadshow ((VRL)). Buy rating maintained. Target rises to $2.40 from $2.35.

Target price is $2.40 Current Price is $1.95 Difference: $0.45
If AAD meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Deutsche Bank rates AAD as Hold (3) -

The company's trading update highlighted an improved second half at Main Event and a return to top-line growth. Recovery at Dreamworld continues to be challenging but Deutsche Bank expected this would take some time.

Deutsche Bank maintains a Hold rating and $1.95 target.

Target price is $1.95 Current Price is $1.95 Difference: $0
If AAD meets the Deutsche Bank target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting upside of 3.4% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Macquarie rates AAD as Neutral (3) -

The FY18 update was weaker than Macquarie expected with significant impairments being flagged. The broker believes downside risks continue, with Main Event momentum questionable and the recovery in theme parks elusive.

The broker acknowledges potential corporate appeal but evidence of an improved operating performance is required given the limited options for re-rating. Target is reduced to $1.90 from $2.05 and a Neutral rating is maintained.

Target price is $1.90 Current Price is $1.95 Difference: minus $0.05 (current price is over target).
If AAD meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.02, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Credit Suisse rates AMP as Outperform (1) -

Around one third of AMP's earnings is derived from its platform business, the broker notes. MySuper is about 10% of assets under management and here AMP has significantly cut its fees. Outside of MySuper the broker sees fees as competitive already, and thus in less need of negative adjustment.

The broker has already cut its target to $4.50 following the restructure announcement. Outperform retained.

Target price is $4.50 Current Price is $3.44 Difference: $1.06
If AMP meets the Credit Suisse target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $4.00, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

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

Breville is well positioned to benefit from omni-channel retailing and an increased focus on customer experience, Credit Suisse notes, but to achieve sales growth the company will need to increase share in a highly competitive market against a backdrop of weak discretionary spending.

There is also a risk of higher costs in Europe as Breville transitions to a direct supplier model, and risks from potential US tariff extensions. Ahead of the company's earnings result the broker downgrades to Neutral from Outperform. Target falls to $11.60 from $13.50.

Target price is $11.60 Current Price is $11.08 Difference: $0.52
If BRG meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $13.09, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates CWN as Neutral (3) -

Macquarie believes Victorian EGM revenue growth in the second half should be considered a positive read for Crown Melbourne, given the main gaming floor exhibits a similar trajectory. The broker also believes the local market has benefited from recent reforms and is cycling a soft comparable period.

Macquarie has a Neutral rating and $14.30 target for Crown.

Target price is $14.30 Current Price is $13.59 Difference: $0.71
If CWN meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $13.37, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

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

Credit Suisse rates CYB as Outperform (1) -

Clydesdale provided a "low surprise" trading update, the broker notes, with FY18 guidance reiterated. The broker expects a relatively benign market reaction with the Virgin Money acquisition to be the primary driver of share price movement.

Outperform and $6.00 target retained.

Target price is $6.00 Current Price is $5.96 Difference: $0.04
If CYB meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.25, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

This company reports in GBP. 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 CYB as Hold (3) -

The bank's trading update was largely in line with expectations with the highlight for Morgans being the expectation of IRB accreditation for SME lending occurring much earlier than previously anticipated. The offer for Virgin Money continues to progress.

Morgans reduces underlying EPS forecasts for FY18 by -0.2%, largely because of the lower net interest margin forecast. The broker maintains an Add rating and $6.25 target.

Target price is $6.25 Current Price is $5.96 Difference: $0.29
If CYB meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.25, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

This company reports in GBP. 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 DCN as Buy (1) -

Mount Morgans achieved gold production of 34,000 ounces in its first full operating quarter, in line with estimates. Deutsche Bank is impressed by the effort, given just a year ago the asset was still being constructed.

As operations ramp up the broker expects the free cash flow yield to lift to over 10% in FY19 and over 15% from FY20. Buy rating and $3.30 target maintained.

Target price is $3.30 Current Price is $2.86 Difference: $0.44
If DCN meets the Deutsche Bank target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Morgan Stanley rates ELO as Overweight (1) -

Fourth quarter receipts exceeded Morgan Stanley's expectations, up 86%. FY18 receipts were up 55%.

Given the level of detail in the disclosure and the fact the company is in its prospectus period, the broker envisages reduced scope for disappointment in FY18.

Overweight rating, In-Line industry view and $6.30 target maintained.

Target price is $6.30 Current Price is $6.40 Difference: minus $0.1 (current price is over target).
If ELO meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

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

Deutsche Bank rates GPT as Hold (3) -

GPT has revalued 52 properties with gains driven by the office segment. The revaluation results in an uplift of $457m, or a 3.7% increase from the December 31 2017 book value.

Hold rating retained. Price target is raised to $5.19 from $5.04.

Target price is $5.19 Current Price is $5.14 Difference: $0.05
If GPT meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.23, suggesting upside of 1.7% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Morgans rates GWA as Hold (3) -

Morgans expects FY18 EBIT to be up 3% when the company reports on August 16. GWA has traditionally been strong in the residential, multi-residential and commercial new building segments. The company envisages the renovations market as a growth opportunity and there are a number of initiatives underway.

Morgans believes the sole focus on bathrooms and kitchens will bring longer-term benefits but in the short term there are risks around housing market sentiment. Hold rating is maintained. Target is reduced to $3.30 from $3.62.

Target price is $3.30 Current Price is $3.34 Difference: minus $0.04 (current price is over target).
If GWA meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.48, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Citi rates HSO as Neutral (3) -

Healthscope has sold its Asian pathology business for $279m. Citi notes net debt will reduce in FY19 resulting in net debt/EBITDA of around 2.8x, which is a far more comfortable position for the company after several years of high capital expenditure.

After the divestment, Australian hospitals will contribute around 86% of operating earnings and NZ pathology around 14%. Healthscope is also completing a strategic review of the hospital property portfolio. Neutral rating and $2.20 target.

Target price is $2.20 Current Price is $2.21 Difference: minus $0.01 (current price is over target).
If HSO meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.34, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

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

Credit Suisse rates HSO as Neutral (3) -

Healthscope has sold its Asian pathology business to private equity for what the broker considers a reasonable price. The company expects to book a gain of sale of ~$165m in FY19. The money will be used to pay down debt and fund brownfield expansion.

The broker reduces forecasts by -5% to account for lost earnings. Neutral and $2.36 target retained.

Target price is $2.36 Current Price is $2.21 Difference: $0.15
If HSO meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.34, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

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

Deutsche Bank rates HSO as Hold (3) -

Healthscope will sell its Asian pathology operations for $279m. The transaction is expected to generate a pre-tax gain of $165m and be completed by August 18.

Proceeds will be used to pay down debt and fund expansion. Deutsche Bank maintains a Hold rating and $2.30 target.

Target price is $2.30 Current Price is $2.21 Difference: $0.09
If HSO meets the Deutsche Bank target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.34, suggesting upside of 5.9% (ex-dividends)

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

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

The sale of the Asian pathology operations ameliorates the risks to the balance sheet, in Morgan Stanley's view. The broker still expects challenges to earnings in the private hospital segment in FY19.

The broker suggests near-term fundamentals will take a back seat to the reorganising of assets, and a premium is likely to remain in the shares. Equal-weight. Target is $2.23. Industry view is In-Line.

Target price is $2.23 Current Price is $2.21 Difference: $0.02
If HSO meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.34, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

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

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

Competition in the advised platform market was always going to emerge, Credit Suisse suggests, but BT Panorama's ((WBC)) price cuts came sooner and are larger than expected, followed by AMP ((AMP)) for MySuper. While the broker still sees significant growth for emerging platforms, price competition will lead to churn and margin compression.

The broker has reduced earnings forecasts for Hub24 and cut its target to $13.20 from $14.10. Downgrade to Neutral from Outperform.

Target price is $13.20 Current Price is $11.44 Difference: $1.76
If HUB meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Credit Suisse rates IFL as Outperform (1) -

Competition in the advised platform market was always going to emerge, Credit Suisse suggests, but BT Panorama's ((WBC)) price cuts came sooner and are larger than expected, followed by AMP ((AMP)) for MySuper. While the broker still sees significant growth for emerging platforms, price competition will lead to churn and margin compression.

Platform only accounts for some 40% of IOOF's earnings, but another 40% from Advice is also at risk, the broker suggests. Target falls to $10.90 from $12.00, Outperform retained.

Target price is $10.90 Current Price is $9.16 Difference: $1.74
If IFL meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $10.90, suggesting upside of 19.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Citi rates IGO as Neutral (3) -

The reserve grade at Nova has been trimmed, which reduces valuation and Citi's target to $5.00 from $5.20. On the positive side, the broker asserts Nova remains a high-margin operation with excellent exploration potential. Independence Group will spend $47-54m on exploration in FY19, focusing on Nova.

Citi notes reports that major shareholder Mark Creasy has made a nickel/copper discovery around 25km from Nova and, if this stacks up, expects Independence would very much like to treat ore through its mill. Citi maintains a Neutral rating on valuation.

Target price is $5.00 Current Price is $4.47 Difference: $0.53
If IGO meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.71, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates IGO as Underperform (5) -

Macquarie was surprised by the downgrade to the Nova reserve grade and lowers its medium-term production outlook for nickel and copper by -17% and -20% respectively. Macquarie had expected a reduction in grade at Nova but the magnitude was greater than anticipated.

The broker maintains an Underperform rating and reduces the target to $4.50 from $5.00.

Target price is $4.50 Current Price is $4.47 Difference: $0.03
If IGO meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.71, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

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

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

The company's production report signals costs in FY18 were higher while guidance for Nova in FY19 is lower. This follows the reserve update showing reduced grades. Production beyond FY19 is likely to be flat, Morgan Stanley estimates.

Equal-weight rating and $4.45 target maintained. Industry view is: In-Line.

Target price is $4.45 Current Price is $4.47 Difference: minus $0.02 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.71, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates KLL as Outperform (1) -

The company has updated on the Beyondie bankable feasibility study, which remains on track for the September quarter.

Macquarie suspects there could be upside risk to its base case assumptions, given the work completed to date on recovery rates and bore flow rates. Outperform and 60c target retained.

Target price is $0.60 Current Price is $0.50 Difference: $0.1
If KLL meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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 NWL as Downgrade to Underperform from Neutral (5) -

Competition in the advised platform market was always going to emerge, Credit Suisse suggests, but BT Panorama's ((WBC)) price cuts came sooner and are larger than expected, followed by AMP ((AMP)) for MySuper. While the broker still sees significant growth for emerging platforms, price competition will lead to churn and margin compression.

The broker has reduced earnings forecasts for Netwealth and cut its target to $7.35 from $7.90. Downgrade to Underperform from Neutral.

Target price is $7.35 Current Price is $7.55 Difference: minus $0.2 (current price is over target).
If NWL meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.78, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.7

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

Citi rates PLS as Buy (1) -

Post the June quarter operations update, Citi analysts make minor changes to forecasts, because of changes in FX forecasts. Pilgangoora stage 1 is on track and FID for stage 2 is expected in the September quarter. Citi's main assumptions for the project are unchanged.

All in all, the analysts seem to have adopted a "she'll be right mate" view. Buy/High Risk rating and $1.05 price target retained.

Target price is $1.05 Current Price is $0.91 Difference: $0.14
If PLS meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting upside of 20.9% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Credit Suisse rates PLS as Outperform (1) -

Pilbara Minerals June Q report confirmed that which was already known, the broker notes, being a material resource upgrade and first concentrate production. The focus is now on the Sep Q. A decision on the funding and investment of the stage 2 expansion is expected in the quarter.

Outperform and $1.15 target retained.

Target price is $1.15 Current Price is $0.91 Difference: $0.24
If PLS meets the Credit Suisse target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Morgans rates PWH as Add (1) -

Morgans expects FY18 results on August 27 will be driven by further growth in motor sports, automotive aftermarket and emerging technologies.

The broker expects FY18 net profit of $11.3m, implying 21% growth. Add rating maintained. Target is raised to $3.40 from $3.10.

Target price is $3.40 Current Price is $2.82 Difference: $0.58
If PWH meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates QBE as Outperform (1) -

Macquarie reviews the first week of offshore results ahead of the company's first half result on August 16. Feedback is mixed, with mid-sized US peril claims and lower crop pricing balanced by an improvement in premium rates and running yields.

The broker maintains an Outperform rating, given portfolio remediation has begun and the buyback continues. Target is raised to $11.80 from $11.70.

Target price is $11.80 Current Price is $10.12 Difference: $1.68
If QBE meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $11.11, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Macquarie rates RIO as Outperform (1) -

Macquarie expects first half underlying earnings of US$4.8bn and iron ore is expected to account for around 60%. Net debt is expected to remain around US$4bn and, as cash from asset sales is still pending, an increase in the buyback is considered unlikely.

Rio Tinto will release its first half results on August 1. Target price of $94 and Outperform rating maintained.

Target price is $94.00 Current Price is $80.45 Difference: $13.55
If RIO meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $89.44, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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 SIL as Add (1) -

The company's business update showed margins, working capital and acquisitions are in line with expectations. Morgans observes there is significant progress being made since the company listed, and despite some timing issues around settlement it remains on track to achieve forecasts.

FY19 guidance is for net profit of at least $6m, excluding any contributions from acquisitions. Add rating and $1.40 target maintained.

Target price is $1.40 Current Price is $0.93 Difference: $0.47
If SIL meets the Morgans target it will return approximately 51% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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 SYR as Outperform (1) -

Syrah's June Q production met the bottom end of the lowered guidance range. FY guidance has been downgraded, pushing the company's expected cash breakeven timing to late in the second half rather than mid, the broker notes.

Outperform and $6.60 target retained.

Target price is $6.60 Current Price is $2.93 Difference: $3.67
If SYR meets the Credit Suisse target it will return approximately 125% (excluding dividends, fees and charges).

Current consensus price target is $4.50, suggesting upside of 53.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Deutsche Bank rates SYR as Buy (1) -

Syrah produced 21,000t of graphite in the June quarter, slightly below estimates. Guidance for 2018 is downgraded to 135-145,000t. The company now expects to be positive on cash flow in late 2018.

Deutsche Bank's valuation is -6% lower after updating the 2018-20 production profile and realised price assumptions. Buy rating maintained and target is $4.20.

Target price is $4.20 Current Price is $2.93 Difference: $1.27
If SYR meets the Deutsche Bank target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $4.50, suggesting upside of 53.6% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Macquarie rates SYR as Outperform (1) -

Processing at Balama continues to be difficult, although the June quarter production of 21,200t of graphite concentrate beat Macquarie's expectations. Syrah has revised down 2018 production guidance to 135-145,000t.

Macquarie builds more conservatism into long-term forecasts but still believes Balama will generate cash early in 2019. Target is reduced to $4.40 from $5.00. Outperform maintained.

Target price is $4.40 Current Price is $2.93 Difference: $1.47
If SYR meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $4.50, suggesting upside of 53.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

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

Production in the first half was -18% below Morgan Stanley's estimates. Guidance for FY18 has been revised down to 135-145,000t. C1 costs are forecast to reach US$430-450/t by the end of 2018.

Morgan Stanley continues to expect that achieved prices are likely to be lower in order to gain market share. Equal-weight retained for Syrah Resources. Target is $3.15. Industry view is In-Line.

Target price is $3.15 Current Price is $2.93 Difference: $0.22
If SYR meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.50, suggesting upside of 53.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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