Australian Broker Call

Citi rates A2M as Upgrade to Buy from Neutral (1) -

Citi has upgraded its rating to Buy from Neutral while increasing its price target by no less than 41% to $5.15. Consider this a mea culpa from a team of analysts who had been the bears in the market when it comes to selling milk and milk products into the Chinese market.

Underlying the above changes, the analysts lifted FY18 EPS estimate by 34%. The justification given is the out of stocks situation that a2 Platinum has experienced since March. This, say the analysts, indicates demand remains stronger than expected.

Target price is $5.15 Current Price is $4.16 Difference: $0.99
If A2M meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $5.15, suggesting upside of 22.5% (ex-dividends)

Forecast for FY17:

Forecast for FY18:

This company reports in NZD. 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 ACX as Overweight (1) -

Morgan Stanley expects the company will re-invest to drive top-line growth towards the 20% long-term guidance.

The broker notes consensus has sales growth missing guidance in every forward year but has margin expansion of 600 basis points to FY19 and believes this is unrealistic. Instead, Morgan Stanley expects margin to be reinvested to drive sales growth.

Overweight retained. Industry view is In-line. Target is $5.05.

Target price is $5.05 Current Price is $3.66 Difference: $1.39
If ACX meets the Morgan Stanley target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $4.15, suggesting upside of 11.5% (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 ANN as Sell (5) -

Citi research has drawn focus to the fact that organic growth has been largely absent at Ansell for quite some time.

This leads to the analysts' preference for the company to use the proceeds from the Wellness division sale to buy back shares instead of trying to add yet more acquisitions.

Sell rating retained. Target unchanged at $20.

Target price is $20.00 Current Price is $21.73 Difference: minus $1.73 (current price is over target).
If ANN meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.74, suggesting upside of 3.8% (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: -0.2

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

Macquarie rates BIN as Outperform (1) -

Changes to landfill levies in Queensland, on balance, are likely to be positive for the company, in Macquarie's opinion.

The stock has sold off on the prospect of negative news associated with an investigation into the waste industry. Macquarie considers the reaction in the stock overdone on the basis of current facts.

Outperform rating and $2.33 target.

Target price is $2.33 Current Price is $1.85 Difference: $0.48
If BIN meets the Macquarie target it will return approximately 26% (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

Morgans rates CCP as Hold (3) -

Credit Corp's 20% profit growth was broadly in line with the broker's expectations. FY18 guidance of 9-14% growth looks readily achievable. 

The company's medium term organic growth outlook is strong and highly visible now that current strategies are starting to materialise in the US and mature in Lending, the broker suggests. Hold retained on relatively fair value. Target rises to $19.50 from $19.35.

Target price is $19.50 Current Price is $18.09 Difference: $1.41
If CCP meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

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

Ord Minnett rates CCP as Accumulate (2) -

FY17 underlying net profit of $55.2m was up 20.1% and slightly above Ord Minnett's forecasts. The broker highlights the more diversified business.

The company has deployed capital into its US PDL and consumer lending divisions in the face of increased pressure on the Australian PDL business, maintaining return-on-equity targets.

Ord Minnett notes the company has long held a desire for the US business to account for a meaningful proportion of group earnings and remains optimistic on the outlook. Accumulate rating retained.  Target is raised to $19.00 from $18.50.

Target price is $19.00 Current Price is $18.09 Difference: $0.91
If CCP meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

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

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

Following the June quarter trading update Credit Suisse upgrades earnings estimates by 1-4%. The broker observes strong execution on the cost restructuring story while revenues remain intact. Bad debts are low and stable.

Rating is upgraded to Outperform from Neutral. Target is $5.25.

Target price is $5.25 Current Price is $4.41 Difference: $0.845
If CYB meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 4.4% (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 CYB as Neutral (3) -

Management has provided an agreement to close the defined benefit pension plan to further accruals. Macquarie also observes a good pick up in loan growth in the third quarter, led by owner-occupied mortgages. Cost savings are also running ahead of guidance.

Macquarie retains a Neutral rating on the stock and reduces the target to $4.88 from $4.95. FY17 earnings per share estimates are raised by 6% and FY18 by 2% on the back of the revisions to costs.

Target price is $4.88 Current Price is $4.41 Difference: $0.475
If CYB meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 4.4% (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

Morgans rates CYB as Hold (3) -

CYBG posted 5.8%pa mortgage growth in the nine months to June, up from 4.9%pa for the first half. The broker is nevertheless more excited about the prospect of IRB accreditation.

The bank reported a tier one capital ratio of 12.4% but the broker is mindful of the fact stricter IRB requirements may detract from any capital release. Hold and $4.83 target retained.

Target price is $4.83 Current Price is $4.41 Difference: $0.425
If CYB meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 4.4% (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

Morgans rates FDV as Add (1) -

Frontier's portfolio of online advertising portals performed well in June Q, posting revenue growth of 69% mostly thanks to real estate commissions. The strong A$ is nevertheless providing a headwind, the broker notes.

The broker lifts its target to 77c from 76c and retains an Add (High Risk) rating.

Target price is $0.77 Current Price is $0.73 Difference: $0.04
If FDV meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

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

UBS rates FLN as Downgrade to Neutral from Buy (3) -

First half results were materially below UBS expectations. Job conversion issues affected the marketplace division and the take rate also fell.

The broker is positive on the longer-term potential of the business but recognises, at this stage, a lack of revenue growth will be a key consideration for investors.

Rating is downgraded to Neutral from Buy. Target is reduced to $0.70 from $1.50.

Target price is $0.70 Current Price is $0.50 Difference: $0.2
If FLN meets the UBS target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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

Ord Minnett rates FMG as Accumulate (2) -

The company will re--purchase the Solomon power station for US$348m. This will remove a lease liability of just over US$300m, attracting financing costs of 11-13%. In sourcing the power plant should, therefore, incrementally lower the company's costs.

This represents a sensible use of cash flow, in Ord Minnett's opinion. The company sold the power plant in 2012 for US $300m as it was under pressure for cash flow.

Separately, the company has also noted that the South Hedland power station has not yet satisfied requisite performance criteria. While legal issues continue the company will continue to purchase electricity from other generators. Ord Minnett finds it unclear why this situation has emerged but does not consider it material.

Target is $6.50. Accumulate rating retained.

Target price is $6.50 Current Price is $5.82 Difference: $0.68
If FMG meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.73, suggesting upside of 0.8% (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

Morgans rates IPH as Add (1) -

The broker believes the strong A$ is the reason for recent weakness in the IPH share price and the broker has also dropped its target to $5.51 from $6.47. But an Add rating is retained on a below market multiple and attractive 5.2% yield.

The broker sees weakness as a buying opportunity given IPH's strong balance sheet and significant debt capacity allows for accretive acquisitions.

Target price is $5.51 Current Price is $4.45 Difference: $1.06
If IPH meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $5.54, suggesting upside of 26.1% (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

Deutsche Bank rates ISD as Buy (1) -

Deutsche Bank finds the investment qualities that underpin the stock still in evidence, notwithstanding competitive and execution issues. The company remains the leading media monitoring business in Australia and still has a dominant market share, reminds the broker.

Continuing losses in King Content may be a poor reflection on the company but they do not change the broker's view on the value of the group. FY17 guidance has been downgraded, with revenue of $155m expected and EBITDA of $41.5m.

The broker retains a Buy rating and reduces the target to $2.40 from $2.55.

Target price is $2.40 Current Price is $1.76 Difference: $0.64
If ISD meets the Deutsche Bank target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $2.07, suggesting upside of 14.2% (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

Macquarie rates ISD as Outperform (1) -

The company has downgraded FY17 team guidance and now expects underlying EBITDA of $41.5m. The board has written down the remaining value of King Content to zero, which will result in a -$37.8m impairment.

Macquarie believes closing or selling King Content would be a positive move. Nevertheless, the main focus is on Australasia where revenue has gone backwards in the second half.

The broker suspects that, after three successive downgrades, it will takes time to rebuild investor confidence but continues to envisage value over the next 12 months.

Outperform retained. Target is reduced to $2.00 from $2.10.

Target price is $2.00 Current Price is $1.76 Difference: $0.24
If ISD meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.07, suggesting upside of 14.2% (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

UBS rates ISD as Neutral (3) -

A disappointing and difficult fourth quarter has affected FY17 guidance and disappointed UBS. FY17 EBITDA guidance of $41.5m implies a -6% miss to the broker's prior earnings forecasts.

Going forward, the broker believes the company is in a better position, as it has a stronger competitive offering and ability to increase prices.

The stock does not look expensive on an FY18 price/earnings ratio of 12.3x and UBS recognises there may be value appeal but, without seeing the full composition of the result, maintains a Neutral recommendation. Target is reduced to $1.80 from $1.90.

Target price is $1.80 Current Price is $1.76 Difference: $0.04
If ISD meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.07, suggesting upside of 14.2% (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

Morgans rates LVH as Add (1) -

LiveHire will team with Randstad to build a talent community for accounting and finance professionals in Singapore, making Randstad the company's first major Asian client. If successful, the broker would expect a further rollout across Asia of LiveHire's model.

No change to forecasts at present. Add and 68c target retained.

Target price is $0.68 Current Price is $0.65 Difference: $0.03
If LVH meets the Morgans target it will return approximately 5% (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

Deutsche Bank rates MIN as Buy (1) -

Both of the company's lithium assets exceeded Deutsche Bank's expectations in the June quarter.

Mount Marion spodumene production was 45% ahead of the broker's estimates. The broker's valuation increases by 10% with the larger Wodgina plant and longer mine life after a 64% upgrade to resources.

Buy rating retained. Target is raised to $13 from $12.

Target price is $13.00 Current Price is $12.78 Difference: $0.22
If MIN meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $13.60, suggesting upside of 7.9% (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 MNS as Downgrade to Underperform from Outperform (5) -

Changes to Tanzanian law have had negative impact on the share prices of many companies with exposure to the country.

Magnis Resources has continuing uncertainty relating to its special mining licence and mineral development agreements, with the potential for the government to increase its free-carried share to 16%.

A lack of progress at Nachu and confusing messages leaves Macquarie to question the direction of the company. Downgrade to Underperform from Outperform. Target is reduced to $0.30 from $1.05.

Target price is $0.30 Current Price is $0.48 Difference: minus $0.18 (current price is over target).
If MNS meets the Macquarie target it will return approximately minus 38% (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: -1.0

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

Ord Minnett rates MPL as Hold (3) -

Ord Minnett believes  FY17 is a re-investment year for the company and does not expect any signs of growth in the share price until volume trends improve. The broker maintains a Hold rating and raises the target to $3.00 from $2.95.

Target price is $3.00 Current Price is $2.77 Difference: $0.23
If MPL meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.69, suggesting downside of -2.6% (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 NHF as Accumulate (2) -

Ord Minnett observes the company has performed well since its last result and remains positive on FY18 guidance, observing some upside to consensus forecasts.

The broker believes that margins will remain strong in FY18 and growth be much faster versus the industry on the back of strong marketing expenditure.

Ord Minnett retains an Accumulate recommendation and raises the target to $6.10 from $5.90.

Target price is $6.10 Current Price is $5.73 Difference: $0.37
If NHF meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.34, suggesting downside of -6.8% (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

Citi rates NVT as Neutral (3) -

Navitas' FY17 release missed expectations and Citi analysts have lowered forecasts for the years ahead, now not expecting growth to return until FY19.

The analysts also highlight negative enrolment trends in the US. Neutral rating retained, but the target price drops to $4.80 from $5.30.

Target price is $4.80 Current Price is $4.47 Difference: $0.33
If NVT meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.48, suggesting upside of 4.4% (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 NVT as Underperform (5) -

FY17 results were soft, with FY17 EBITDA down -6%, but broadly in line with Credit Suisse estimates. The company has disclosed that FY17 includes $10m in EBITDA from the closed Macquarie and Curtain Sydney campuses that will disappear going forward.

Credit Suisse observes the stock is often classed as a growth stock and trades on an accordingly rich multiple, yet FY17 earnings per share were below FY11 and the broker expects earnings to take another step down in FY18.

The broker questions whether a stock with a long track record of disappointing earnings deserves a premium to the market and retains an Underperform rating. Target is reduced to $3.80 from $4.00.

Target price is $3.80 Current Price is $4.47 Difference: minus $0.67 (current price is over target).
If NVT meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.48, suggesting upside of 4.4% (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 NVT as Hold (3) -

FY17 results were lower than Deutsche Bank estimated, affected by the adverse ruling in the UK VAT case and lower university partnership margins.

Changes to the broker's estimates reflect the results as well as the quantification of the impact of closing colleges and the adult migrant English program reduction in FY18.

Hold rating retained.  Target is reduced to $4.30 from $4.70.

Target price is $4.30 Current Price is $4.47 Difference: minus $0.17 (current price is over target).
If NVT 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 $4.48, suggesting upside of 4.4% (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

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

FY17 EBITDA was in line with guidance but below Macquarie's forecasts. The broker transfers coverage of the stock to another analyst and downgrades the rating to Neutral from Outperform. Target is lowered to $4.51 from $5.00.

Although industry conditions remain favourable the broker observes a number of company-specific headwinds will affect FY18. Reduced AMEP contracts and a cessation of income from closed colleges leads to a downgrade to FY18 forecasts for earnings per share by -14.2%.

Target price is $4.51 Current Price is $4.47 Difference: $0.04
If NVT meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.48, suggesting upside of 4.4% (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

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

The company has reiterated its 2020 targets but Morgan Stanley observes the absence of guidance for 2018 is a departure from prior practice. FY17 results were below expectations, with revenue down -5% and EBITDA down -6%.

The broker suggests consensus expectations for FY18 EBITDA of $162m, up 4.5%, may prove optimistic.

Equal-weight rating retained. Target is $4.95. Industry view: Attractive.

Target price is $4.95 Current Price is $4.47 Difference: $0.48
If NVT meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.48, suggesting upside of 4.4% (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

UBS rates NVT as Neutral (3) -

FY17 results were below expectations. Normalised EBITDA was down -4% year-on-year. UBS observes the business still has to cycle $24m of EBITDA from lost contracts in FY18.

UBS downgrades forecasts for earnings per share by -9% in FY18-20. Neutral rating retained. Target is reduced to $4.50 from $5.00.

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

Current consensus price target is $4.48, suggesting upside of 4.4% (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 PMV as Outperform (1) -

Credit Suisse believes the risks remain favourably skewed for the company. Base case earnings and valuation are reduced to take into account a likely reduction in online channel profitability and stranded store costs.

The broker does not include any unannounced expansion for Smiggle in forecasts. Outperform retained. Target is reduced to $15.04 from $15.38.

Target price is $15.04 Current Price is $13.70 Difference: $1.34
If PMV meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $15.44, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in July.

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

Ord Minnett rates REA as Re-instate Coverage with Hold (3) -

Ord Minnett reinstates coverage with a Hold rating and $70 target. The company is considered a leader in its segment, and able to stave off numerous competitors because of its strong network.

Core businesses are maturing and the company will need to look for growth outside of this by moving down the value chain and expanding internationally, in the broker's opinion.

Online advertising expenditure in Australia is expected to surpass 50% of total advertising expenditure this year and Ord Minnett expects this will continue to drive strong top-line growth for online classified advertising companies.

Target price is $70.00 Current Price is $69.97 Difference: $0.03
If REA meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $67.40, suggesting downside of -2.2% (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

Ord Minnett rates SEK as Re-instate Coverage with Accumulate (2) -

Ord Minnett reinstates coverage with an Accumulate rating and $20 target. The company is considered a leader in its segment, and able to stave off numerous competitors because of its strong network.

Core businesses are maturing and the company will need to look for growth outside of this by moving down the value chain and expanding internationally, in the broker's opinion.

Online advertising expenditure in Australia is expected to surpass 50% of total advertising expenditure this year and Ord Minnett expects this will continue to drive strong top-line growth for online classified advertising companies.

Target price is $20.00 Current Price is $17.22 Difference: $2.78
If SEK meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $16.60, suggesting downside of -5.5% (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 SGR as Buy (1) -

The Queensland government has terminated the proposed ASF integrator resort development on the Gold Coast Spit.

Deutsche Bank believes this is a minor positive for Star Entertainment although the government has not ruled out a future development on the Gold Coast. Nevertheless, it reduces the likelihood that a competing casino will be built.

Buy rating retained. Target is $5.95.

Target price is $5.95 Current Price is $5.04 Difference: $0.91
If SGR meets the Deutsche Bank target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $6.13, suggesting upside of 17.7% (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

UBS rates SGR as Buy (1) -

UBS expects product expansion at Sydney and the Gold Coast should now be a material driver of growth. The broker upgrades normalised forecasts for earnings per share by 2-5% over FY18-20 to reflect this upside.

The Queensland government has terminated the proposed ASF development on the Gold Coast Spit and will move forward with a community-lead masterplan. UBS believes this is a significant positive for Star Entertainment, given the competitive threat that was posed by development at the Spit.

UBS retains a Buy rating and raises the target to $6.23 from $5.76.

Target price is $6.23 Current Price is $5.04 Difference: $1.19
If SGR meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $6.13, suggesting upside of 17.7% (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 SYR as Downgrade to Neutral from Outperform (3) -

Commissioning has begun at Balama and initial sales contracts have been formalised but delays to construction of some key components have pushed first production to October.

Macquarie now takes a more conservative view on the ramp up. The broker expects the next 12 months will present plenty of technical challenges. Rating is downgraded to Neutral from Outperform. Target is reduced to $3.20 from $3.60.

Target price is $3.20 Current Price is $2.81 Difference: $0.39
If SYR meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.61, suggesting upside of 72.0% (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

Morgans rates TCL as Hold (3) -

Ahead of Transurban's earnings result, the broker has increased its target to $11.97 from $11.93.The broker expects low double digit growth in earnings but will be more focused on FY18 dividend guidance, for which the broker forecasts 56c.

Hold retained.

Target price is $11.97 Current Price is $11.47 Difference: $0.5
If TCL meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $12.19, suggesting upside of 5.2% (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

Morgans rates VRT as Hold (3) -

Ahead of Virtus' result the broker has lowered its target to $5.43 from $5.54 to reflect data from Medicare that suggests IVF cycles are returning to more normal levels. The near term outlook is subdued and the broker expects cautious FY18 commentary.

Hold retained.

Target price is $5.43 Current Price is $5.63 Difference: minus $0.2 (current price is over target).
If VRT meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.39, suggesting upside of 14.6% (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 - Cessation of coverage

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