Australian Broker Call

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

The share price has recovered towards the target and Morgans moves back to Hold from Add.

The company's restructure and review of operations has been completed and revenue guidance of $21m for FY17 has been provided.  Morgans makes no changes to forecasts. Target is $0.36.

Target price is $0.36 Current Price is $0.35 Difference: $0.015
If AHZ meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

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

Morgans rates AVH as Add (1) -

The first half net loss was slightly ahead of expectations. While the company moved from a distributor to direct sales in some markets, which had a negative impact, Morgans is encouraged by the traction achieved in the Americas.

2017 appears to be a pivotal year and there are numerous catalysts the broker expects could provoke investor interest and a re-rating. Add retained. Target reduced to $0.28 from $0.53.

Target price is $0.28 Current Price is $0.11 Difference: $0.17
If AVH meets the Morgans target it will return approximately 155% (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

Citi rates AWE as Buy (1) -

Citi analysts witnessed the release of weak results. Company management surprised with publicly setting what looks like highly ambitious growth targets for the years ahead.

Citi analysts look back at the last time AWE went public with lofty growth ambitions. It didn't end well. Citi analysts prefer to remain cautious. On their calculations, the current share price ascribes no value for Ande Ande Lumut, hence the obvious catalyst has been identified (alongside Waitsia).

Buy rating retained. Target price loses 2c to 77c.

Target price is $0.77 Current Price is $0.48 Difference: $0.29
If AWE meets the Citi target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $0.58, suggesting upside of 15.7% (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

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

First half results were slightly weaker than forecast. Credit Suisse finds the goals of production and reserves growth set for FY21 hard to conceptualise. It remains unclear as to how much acquisitions will ultimately need to contribute to the goals.

The broker  believes all value lies in non-sanctioned projects and, outside the Tui and Lengo sales, there is little to drive a re-rating.

Credit Suisse upgrades to Neutral from Underperform, as the stock may start to appeal at a corporate level. Target is reduced to $0.50 from $0.65.

Target price is $0.50 Current Price is $0.48 Difference: $0.02
If AWE meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $0.58, suggesting upside of 15.7% (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

Deutsche Bank rates AWE as Hold (3) -

The first half loss was larger than expected. The outlook hinges on new projects or consolidation, Deutsche Bank observes.

 With a declining production base, the broker believes the company is at risk of losing relevance, as corporate overheads are increasingly consuming a larger portion of cash generated upstream.

The broker believes it would make sense for the company to combine with a larger entity with complimentary assets in order to regain scale. Hold retained. Target is reduced to $0.55 from $0.60.

Target price is $0.55 Current Price is $0.48 Difference: $0.07
If AWE meets the Deutsche Bank target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $0.58, suggesting upside of 15.7% (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

Macquarie rates AWE as Underperform (5) -

First half results were better than expected. The company has announced a target of doubling production by FY21. Waitsia remains the focus for 2017 as the company is moving towards a final investment decision on stage two.

Macquarie is concerned about the lack of short-term catalysts and a growth strategy growing forward. Underperform retained. Target is $0.55.

Target price is $0.55 Current Price is $0.48 Difference: $0.07
If AWE meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $0.58, suggesting upside of 15.7% (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

Morgan Stanley rates AWE as Underweight (5) -

While expecting operating cash flow to improve from the levels of the first half, Morgan Stanley still expects the company's net debt position to rise over the next few years.

Clarity on the Ande Ande Lumut project, or acquisitions, could affect the underperformance of the stock, but in the meantime the broker prefers to stay Underweight.

Morgan Stanley does envisage material upside should AWE be successful in commercialising its long-dated projects. Target is reduced to $0.47 from $0.50. Industry view: In-Line.

Target price is $0.47 Current Price is $0.48 Difference: minus $0.01 (current price is over target).
If AWE meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.58, suggesting upside of 15.7% (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 AWE as Upgrade to Buy from Neutral (1) -

AWE's loss was in line with UBS. The upper end of the FY production and sales guidance has been trimmed due to the Tui sale. The Waitsia JV is scheduled to move to font-end engineering design (FEED) in the June quarter.

The sell-off following AWE's weak quarterly production report was overdone, the broker believes. Newsflow on Waitsia will be the key catalyst going forward. De-risking the project would provide for valuation upside. UBS thus upgrades to Buy.

Target falls to 63c from 65c.

Target price is $0.63 Current Price is $0.48 Difference: $0.15
If AWE meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $0.58, suggesting upside of 15.7% (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

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

Financial results missed on just about every metric. Citi analysts observe mined ore is increasingly sulphide while the mill is optimised to process a higher oxide blend. New crushing capacity will likely be added to lift sulphide recovery, they add.

Citi has downgraded to Neutral from Buy. Price target declines by -9c to 32c. The analysts note management kept CY17 volume guidance for 140-150koz at AISC US$830-930/oz.

Target price is $0.32 Current Price is $0.28 Difference: $0.035
If BDR meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 18.8% (ex-dividends)

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 BSE as Buy (1) -

First half results were largely in line. Ord Minnett likes the attractive valuation and strong leverage to an improving mineral sands market, especially in ilmenite where pricing momentum has been robust.

The broker maintains a Speculative Buy rating and raises the target to $0.40 from $0.34.

Target price is $0.40 Current Price is $0.28 Difference: $0.125
If BSE meets the Ord Minnett target it will return approximately 45% (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 CAT as Add (1) -

First half results were slightly better than expected. Morgans believes the company's investment appeal would be greatly boosted by the signing of further league-wide deals in FY17 as it would boost recurring revenues from FY18 onwards.

Guidance has been reaffirmed for full year revenue in a range of $61-65.5m and a small positive underlying EBITDA.

Morgans maintains an Add rating. Target is raised to $4.43 from $4.32.

Target price is $4.43 Current Price is $2.29 Difference: $2.14
If CAT meets the Morgans target it will return approximately 93% (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 CMW as Underperform (5) -

First half profit was ahead of estimates. Credit Suisse was surprised that the company reiterated FY17 guidance for earnings per share of no less than 8.34c, given the strong contribution from one-off transaction income.

On the broker's estimates the company will not exceed FY16 earnings per share (9.4c) until FY20. Underperform retained. Target rises to $0.97 from $0.91.

Target price is $0.97 Current Price is $0.99 Difference: minus $0.015 (current price is over target).
If CMW meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.95, suggesting downside of -4.2% (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

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

Revenue of $12m in the first half was up 53.5%, supported by significant growth in contributions from sites acquired in FY16.

Morgans observes an overhang on the share price until the Terranora re-development begins to bear fruit and reduces the net debt to more reasonable levels.

The share price weakness results in a lift in the broker's recommendation to Add from Hold. Target is reduced to $0.72 from $0.84.

Target price is $0.72 Current Price is $0.43 Difference: $0.29
If EGH meets the Morgans target it will return approximately 67% (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

Macquarie rates GTN as Outperform (1) -

First half results were ahead of expectations. Local currency revenue growth of 41% was driven by an improvement in all metrics.

Macquarie believes the US presents a material long-term opportunity but the magnitude of the investment alters the near-term earnings risk.

The broker's Outperform rating takes a 12-18-month view. At that point in time the broker believes the company will be passed the peak of its US investment and sales momentum will be building. Target is $3.65.

Target price is $3.65 Current Price is $2.60 Difference: $1.05
If GTN meets the Macquarie target it will return approximately 40% (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

Citi rates HVN as Sell (5) -

Citi analysts saw a "solid" performance. Forecasts have been bumped up by 5-6%, though this is driven primarily by higher property earnings and lower interest costs.

However, LFL sales growth is slowing and this is the trend Citi analysts are focused on. The analysts expect sales to slow to 3.3% over the balance of 2H17 and to 2.5% in FY18.

Citi also believes Australian EBIT margins are close to their cyclical peak. With cyclical and competitive downside risks on the horizon, Citi sticks with a Sell rating. Price target lifts 20c to $4.80.

Target price is $4.80 Current Price is $5.15 Difference: minus $0.35 (current price is over target).
If HVN 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 $5.00, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.4

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

Credit Suisse rates HVN as Underperform (5) -

Credit Suisse found the first half results solid and attaches a strong macro overlay to its outlook on the basis that the franchise segment profitability is strongly linked to NSW housing wealth, which is expected to moderate over the medium term.

The broker upgrades forecast for FY17 on the back of a more positive impact than had been expected from the weather and the closure of Masters. Target rises to $5.12 from $4.97. Underperform retained.

Target price is $5.12 Current Price is $5.15 Difference: minus $0.03 (current price is over target).
If HVN meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.00, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.4

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

Deutsche Bank rates HVN as Buy (1) -

First half results were slightly ahead of expectations.  Australia produced double-digit earnings growth and there were robust results from offshore retailing.

Deutsche Bank observes margins are still expanding, demonstrating the benefits from the efficiency initiatives. The broker remains critical of the exposure to agriculture and mining but continues to expect strong results from the core business.

Buy retained. Target is reduced to $5.75 from $6.00.

Target price is $5.75 Current Price is $5.15 Difference: $0.6
If HVN meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.00, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.4

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

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

First half was strong, the company has started the second half well and Macquarie finds the interim result hard to fault. Yet, the broker observes some signs of the cyclical highs being reached.

Macquarie's lower valuation reflects an assumption that margins will revert back to long-run averages by FY19. Despite the company's superb execution in recent years the broker considers the risks to be building and suspects the macro will now become a headwind.

Rating is downgraded to Underperform from Neutral. Target is reduced to $5.05 from $5.38.

Target price is $5.05 Current Price is $5.15 Difference: minus $0.1 (current price is over target).
If HVN meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.00, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.4

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

Morgan Stanley rates HVN as Underweight (5) -

First half results signal to Morgan Stanley the growth is slowing. Analysis of the drivers of the franchisee business in Australia show cost reductions have been the primary driver of profit growth, and this lever is therefore not available should the housing cycle slow.

The broker expects FY17 will prove to be the peak of the cycle and investors should pay a discounted multiple. Morgan Stanley retains an Underweight rating and raises the target to $4.30 from $4.20. Industry view: In-Line.

Target price is $4.30 Current Price is $5.15 Difference: minus $0.85 (current price is over target).
If HVN meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.00, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.4

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

Ord Minnett rates HVN as Downgrade to Lighten from Hold (4) -

First half underlying profit before tax was below forecasts. Ord Minnett observes the factors that have supported earnings growth are moderating. In addition, the next leg of cost savings is less certain and the amount of capital employed is now rising.

These factors reduce the valuation of the stock and the broker downgrades to Lighten from Hold. Target is reduced to $4.60 from $4.75

Target price is $4.60 Current Price is $5.15 Difference: minus $0.55 (current price is over target).
If HVN meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.00, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.4

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

UBS rates HVN as Buy (1) -

Harvey Norman's underlying result came in 7% ahead but the quality was mixed, the broker suggests. The second quarter saw momentum slowing and impairments were taken. The broker has nevertheless upgraded forecasts.

The company is executing well in its core businesses and laying the foundation for future upside, the broker suggests, but sizeable impairments and concern over a housing slowdown will likely limit upside. Buy retained. Target falls to $5.40 from $5.70.

Target price is $5.40 Current Price is $5.15 Difference: $0.25
If HVN meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.00, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.4

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

Ord Minnett rates LEP as Lighten (4) -

First half distributable profit was in line. The portfolio is now valued at $1bn, driven by increasing rents and a stable capitalisation rate of 5.53%.

Yet, Ord Minnett envisages better value elsewhere in the sector and maintains a Lighten rating. Target is reduced to $3.70 from $3.73.

Target price is $3.70 Current Price is $4.30 Difference: minus $0.6 (current price is over target).
If LEP meets the Ord Minnett target it will return approximately minus 14% (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

Credit Suisse rates LLC as Outperform (1) -

First half results were above expectations. The investment division provided the biggest positive surprise for Credit Suisse, reflecting stronger management fee and cornerstone income and higher than expected retirement gains.

The broker lifts FY17-19 estimates by 2-3%. Target is raised to $17.50 from $17.00. Outperform maintained.

Target price is $17.50 Current Price is $15.23 Difference: $2.27
If LLC meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $16.54, suggesting upside of 8.1% (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

Ord Minnett rates MIL as Buy (1) -

First half EBITDA was up 31% and broadly in line with pre-Airlite guidance. Ord Minnett is confident that FY17 guidance can be achieved as the underlying business is delivering reasonable profit growth.

Buy rating retained. Target rises to $1.83 from $1.64.

Target price is $1.83 Current Price is $1.64 Difference: $0.19
If MIL meets the Ord Minnett target it will return approximately 12% (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

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

The company's downgrade to production guidance reflects increased risk shorter term, Citi analysts suggest, but assuming short term issues are successfully addressed, current share price weakness shall represent a buying opportunity longer term.

Citi upgrades to Buy/High Risk with a target of $3.90, down from $4.75 prior. As the company wants to avoid a new capital raising to fund the planned doubling of production capacity, Citi is now assuming a six months delay.

Target price is $3.90 Current Price is $3.08 Difference: $0.82
If ORE meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $4.46, suggesting upside of 42.8% (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

Deutsche Bank rates ORE as Buy (1) -

First half net profit was above estimates. The company has flagged a -20% downgrade to FY17 production guidance because of problems with the lithium inventory within the brine ponds.

This is not a long-term concern but Deutsche Bank is extremely disappointed, given this half had promised increased production and cash flow.

Nevertheless, the company does not need to raise capital in the short term and the broker maintains a Buy rating. Target is reduced to $4.10 from $4.50.

Target price is $4.11 Current Price is $3.08 Difference: $1.03
If ORE meets the Deutsche Bank target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $4.46, suggesting upside of 42.8% (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

UBS rates ORI as Sell (5) -

Orica has outperformed the market by 8% since its result release last November on the assumption earnings are significantly leveraged to commodity prices, the broker notes. Yet the broker points out Orica's exposure to volumes is late-cycle given typical 3-4 year contracts.

The broker lifts forecast earnings on an assumed increase in explosives demand but remains cautious over competition and retains a Sell rating. Target rises to $16.60 from $15.00.

Target price is $16.60 Current Price is $18.29 Difference: minus $1.69 (current price is over target).
If ORI meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.45, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates QBE as Hold (3) -

The UK authority has released its decision on the statutory discount rate used to determine lump-sum payments in relation to personal injury claims. This will result in a one-off increase to QBE's net central estimate of outstanding claims.

While this occurrence was well flagged by the company, the impact largely falls to the FY17 bottom line and was not in FY17 guidance, Morgans observes.

The broker downgrades FY17 estimates for earnings per share by -15% but marginally lifts future years. Hold rating retained. Target is reduced to $13.06 from $13.29.

Target price is $13.06 Current Price is $12.31 Difference: $0.75
If QBE meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $13.17, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in December.

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 RAN as Add (1) -

Morgans does not believe the 2016 result was indicative of future earnings potential. The result was affected by sub-scale operations, product development and testing.

The broker continues to forecast break-even in FY17. While the expansion remains on track the broker retains an Add rating and $1.65 target.

Target price is $1.65 Current Price is $1.21 Difference: $0.44
If RAN meets the Morgans target it will return approximately 36% (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

Citi rates RSG as Buy (1) -

As the company decided to stack up on bullion, in order to easily raise cash when it is needed later on, Citi analysts argue the healthy performance and solid fundamentals the company finds itself in were not reflected in reported financials.

The analysts expect Resolute Mining to eventually draw down on its pile of gold to fund further capex at Syama and Ravenswood. Buy/High Risk rating retained. Target price $2, up 1c.

Target price is $2.00 Current Price is $1.61 Difference: $0.39
If RSG meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

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

Morgans rates RVA as Add (1) -

2016 net operating loss was broadly in line. Morgans continues to await the CE Mark approval, which would allow Fantom to be sold in the EU and other countries.

The broker believes the company is an unfortunate victim of recent changes to the EU regulatory landscape and is now at the mercy of a dwindling cash supply, but this should support operations through the first quarter.

The broker remains confident in the receipt of the CE Mark, estimating first sales in the second quarter, and management's ability to effectively re-capitalise. Add rating retained. Target is reduced to $1.50 from $1.75.

Target price is $1.50 Current Price is $1.02 Difference: $0.48
If RVA meets the Morgans target it will return approximately 47% (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

Citi rates SCO as Buy (1) -

It appears the H1 report turned out "slightly below forecasts", yet Citi analysts also spotted enough evidence of renewed momentum in the business. Given the patchy past months, management awaits the task to restore investor confidence, they suggest.

Minor changes have been made to forecasts. Target price drops by -2% to $3.50. Buy rating retained with the analysts pointing at the prospective dividend yield in FY18 as one reason to remain supportive.

Target price is $3.50 Current Price is $2.67 Difference: $0.83
If SCO meets the Citi target it will return approximately 31% (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 SDA as Outperform (1) -

2016 earnings were in line with expectations. Credit Suisse observes the company has a number of drivers of potential upside, including a material recovery in the oil & gas sector, incremental revenue and cost synergies from the Harris integration and market share gains in energy and maritime.

Despite the stretched balance sheet and near-term headwinds in energy-related markets the broker considers the stock inexpensive and maintains an Outperform rating and $4.10 target.

Target price is $4.10 Current Price is $3.58 Difference: $0.52
If SDA meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.36, suggesting upside of 21.2% (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

Macquarie rates SDA as Outperform (1) -

2016 net profit was ahead of Macquarie's estimates. No formal guidance for FY17 was provided, although management suggested the Harris acquisition is performing as expected.

The broker believes demand for remote communications and bandwidth will continue to grow strongly. Market share growth and industry consolidation opportunities also underpin the broker's confidence in the stock.

Outperform retained. Target is reduced to $4.83 from $5.33.

Target price is $4.83 Current Price is $3.58 Difference: $1.25
If SDA meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $4.36, suggesting upside of 21.2% (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

Morgans rates SDA as Add (1) -

2016 results were in line with expectations. Morgans now includes the Harris acquisition in forecasts, as it settled earlier than expected.

Normalised forecast earnings per share are upgraded by 5.7% and 9.0% for FY17 and FY18 respectively. The risks relate to the company's ability to successfully integrate key acquisitions.

Morgans retains an Add rating and raises the target to $4.72 from $4.58.

Target price is $4.72 Current Price is $3.58 Difference: $1.14
If SDA meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $4.36, suggesting upside of 21.2% (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

UBS rates SDA as Buy (1) -

Net of forex gains, Speedcast's result was in line with the broker. Revenues were nevertheless lower than forecast and underlying margins were flat.

Extracting the impact of acquisitions leaves 2-3% organic revenue growth, the broker calculates, in line with guidance but lower than previous years.

Buy and $3.80 target retained.

Target price is $3.80 Current Price is $3.58 Difference: $0.22
If SDA meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.36, suggesting upside of 21.2% (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 SFH as Downgrade to Neutral from Buy (3) -

Citi analysts seem content with the reported financials. The stand-out achievement was a recovery in margins and the analysts believe there is more to come on this account.

They have lowered the probability of a take-over to 70% from 90%. Downgrade to Neutral given the share price is near the price target of 70c. Estimates have been reduced. DPS has been scrapped for FY17 and reduced to 3c for FY18.

Target price is $0.70 Current Price is $0.63 Difference: $0.075
If SFH meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $0.68, suggesting upside of 14.4% (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

Morgans rates SHJ as Add (1) -

First half results impressed Morgans. With a renewed focus on productivity the broker envisages the company should be able to improve not only its P&L performance but cash flow as well.

External factors are still expected to have an impact, given the competitive landscape. Target is reduced to $1.05 from $1.21. Add retained.

Target price is $1.05 Current Price is $0.65 Difference: $0.4
If SHJ meets the Morgans target it will return approximately 62% (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 SHV as Upgrade to Add from Hold (1) -

First-half results were weaker than expected, with an adverse carry over of last year's crop at a lower realised almond price.

The company has upgraded its FY17 production estimate but, because of a lower almond price, Morgans has reduced its net profit forecast by 25%.

The broker upgrades profit forecast from FY18 onwards, to account for the acquisition of the Jubilee almond orchards. Following material share price weakness, the broker believes the valuation is now attractive and upgrades to Add from Hold. Target is reduced to $6.05 from $6.90..

Target price is $6.05 Current Price is $5.21 Difference: $0.84
If SHV meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

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 SHV as Neutral (3) -

Select Harvests' result was reasonable, the broker suggests, given falling almond prices and a miss on the original crop estimate. FY16 trading gains for the food division were not repeated.

The key takeaways were further acquisition of both almond bearing and non-almond bearing acreage, and a distribution deal in China. The stock lives and dies on the almond price, the forecast for which the broker has cut. Neutral retained.

Target falls to $5.43 from $6,.65.

Target price is $5.43 Current Price is $5.21 Difference: $0.22
If SHV meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

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

Citi rates SPO as Neutral (3) -

Ignoring one-offs, Citi analysts found the H1 financial performance yet another grave disappointment. All of a sudden, concerns about debt are back to the fore.

Probably the most damaging sentence in today's report: "we see no compelling investment rationale presenting for SPO regardless of how cheap it may appear on a highly uncertain earnings outlook".

What really upset the analysts is the repeated failures to deliver on promises made to the investment community. Rating moves to Neutral/High Risk from Neutral. Target tumbles to 79c from $1.07.

Target price is $0.79 Current Price is $0.82 Difference: minus $0.03 (current price is over target).
If SPO meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.75, suggesting downside of -2.2% (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 SPO as Downgrade to Sell from Hold (5) -

First half results were much weaker than expected. Margins were lower and a $420m impairment suggests to Deutsche Bank earnings prospects are less than management previously envisaged.

The broker remains cautious about the high debt levels and downgrades to Sell from Hold amid concerns over the balance sheet. Target is reduced to $0.63 from $1.07.

Target price is $0.63 Current Price is $0.82 Difference: minus $0.19 (current price is over target).
If SPO meets the Deutsche Bank target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.75, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

Macquarie rates SPO as Neutral (3) -

First half results were below expectations. Gearing and cash flow were broadly in line with Macquarie's estimates so the dividend reduction is considered sensible in the circumstances.

Revenue is expected to remain under pressure in the second half and Macquarie emphasises the turnaround under new management will not be quick as the company deals with legacies of the past.

FY17, FY18 and FY19 forecasts for earnings per share are reduced by -20%, -18% and -15% respectively. Neutral retained. Target is reduced to $0.84 from $1.02.

Target price is $0.84 Current Price is $0.82 Difference: $0.02
If SPO meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $0.75, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

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

First half results were broadly in line with expectations. Infrastructure revenue was up 36.5%.

Morgans finds there is better clarity into FY18 and, after the passage of a weak first half, rolls forwards multiples and moves the rating back to Add from Hold.

The broker believes the stock provides investors with a cheap exposure to the infrastructure theme. Target is raised to $1.17 from $0.86.

Target price is $1.17 Current Price is $0.88 Difference: $0.29
If SWL meets the Morgans target it will return approximately 33% (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

UBS rates TCH as Neutral (3) -

Touchcorp's earnings came in slightly below the broker.

The Afterpay relationship has positive implications for medium term earnings growth, the broker suggests, but the time and cost of integrating some 2000 merchants will come at the expense of other opportunities and offer risk in FY17.

The broker has cut forecast earnings but increased its target to $1.40 from $1.15. neutral retained.

Target price is $1.40 Current Price is $1.35 Difference: $0.055
If TCH meets the UBS target it will return approximately 4% (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

Morgans rates TPE as Add (1) -

2016 results were lower than forecast. Morgans observes the company is in a transition period and a stronger 2017 is expected.

The company has announced the receipt of all necessary permits and licenses to import up to 2000 tonnes of poppy straw from Hungary during 2017. This will provide an additional 35-45 tonnes of narcotic raw material.

Morgans emphasises the stock is only appropriate for investors with a higher risk profile. Add rating and $3.54 target maintained.

Target price is $3.54 Current Price is $2.75 Difference: $0.79
If TPE meets the Morgans target it will return approximately 29% (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

Morgans rates VTG as Add (1) -

First half results were broadly in line with forecasts. Morgans believes the stock represents solid value with significant growth strategies in place and supported by net cash and strong cash flow.

Despite competitive pressures that are evident in the consumer telecommunication segment, the company is confident in retail channel growth over the medium term.

Morgans maintains a Add rating and raises the target to $4.10 from $4.00.

Target price is $4.10 Current Price is $3.17 Difference: $0.93
If VTG meets the Morgans target it will return approximately 29% (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 WLD as Hold (3) -

First-half results were below expectations. The company is expected to be loss-making in FY17 and not return to profitability until the fourth quarter.

In light of the earnings volatility, concerns over the balance sheet and the potential for an emergency re-capitalisation Deutsche Bank reduces the target to $0.21 from $0.30. Hold retained.

Target price is $0.21 Current Price is $0.17 Difference: $0.04
If WLD meets the Deutsche Bank target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $0.26, suggesting upside of 38.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

Morgans rates WLD as Reduce (5) -

Following a weaker-than-expected first half result, Morgans makes large downgrades to forecasts. The broker now expects an underlying loss of -$29.6m in FY17. A return to profitability is expected in FY19.

While operating conditions are challenging and the balance sheet severely stretched, the broker maintains a Reduce rating on the stock and lowers the target to $0.15 from $0.25.

The key upside risk is a material decline in Australian cattle prices and a restoration of the balance sheet. As Australia's largest exporter of livestock, the company has substantial leverage to lower cattle prices and a larger herd.

Target price is $0.15 Current Price is $0.17 Difference: minus $0.02 (current price is over target).
If WLD meets the Morgans target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.26, suggesting upside of 38.7% (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 WOR as Neutral (3) -

Press reports suggest Dar Group has bought 13.5% of WorleyParsons at around $10.35 a share. Dar Group previously made a bid for the company which the board declined to engage.

In conversations with shareholders Credit Suisse notes most would like to have the company bolster its balance sheet and wonders whether the company's best form of defence would be to raise equity instantly and dilute the Dar Group shareholding.

The broker believes the stock should be up more heavily on the back of this development and finds it hard to form a stronger view without knowing more about Dar Group. Neutral rating and $8.50 target retained.

Target price is $8.50 Current Price is $10.65 Difference: minus $2.15 (current price is over target).
If WOR meets the Credit Suisse target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.87, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Macquarie rates WOR as Upgrade to Neutral from Underperform (3) -

Dar Group has taken a strategic interest in WorleyParsons. Macquarie believes this unexpected corporate move has lifted the investment case and likely put a floor under the share price at around $10.

Macquarie envisages a relatively low probability of a competing bid from the company's larger listed peers.The broker believes the fundamentals are likely to be less relevant in the short term, such as prior concerns regarding weak first-half cash flow and higher-than-expected net debt.

Macquarie upgrades to Neutral from Underperform. Target is raised to $10.50 from $8.28.

Target price is $10.50 Current Price is $10.65 Difference: minus $0.15 (current price is over target).
If WOR meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.87, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Morgan Stanley rates WOR as Overweight (1) -

Dar Group, a Dubai based contractor, has secured around 13% of WorleyParsons. Speculation suggests the stake will be held as an investment and is not a precursor to a full takeover. The company is yet to comment on the transaction.

The stake, Morgan Stanley believes, underpins value in the stock around the purchase price - reportedly at $10.35 - and highlights a view that the hydrocarbons engineering cycle is bottoming.

Independent of the development, Morgan Stanley continues to expect a gradually improving macro environment and the benefit of the company's substantial restructuring should deliver a materially improved earnings profile in FY18.

Overweight rating and Cautious industry view are retained. Target is $11.94.

Target price is $11.94 Current Price is $10.65 Difference: $1.29
If WOR meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.87, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Macquarie rates WSA as Neutral (3) -

The company has sold two tenements at Forestania that have lithium potential to Kidman Resources ((KDR)).

The company will receive 1.5% gross revenue royalty over any lithium production and $150/t for every lithium oxide deposit that is defined as JORC reserves. The company retains the nickel rights over the tenements.

Macquarie considers the decision to monetise the lithium potential as a positive as no value had been ascribed to this in estimates. The nickel price and the uncertainty in the Philippines continue to weigh on the share price. Neutral rating and $2.60 target retained.

Target price is $2.60 Current Price is $2.37 Difference: $0.23
If WSA meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.55, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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