Australian Broker Call

UBS rates AIZ as Neutral (3) -

UBS lowers estimates by -19% and -28% for FY19 and FY20, respectively, on the back of lower domestic yields and higher medium-term jet fuel costs.

At the moment, the broker considers short-term earnings momentum is winning the battle versus large earnings downgrades created by cyclical pressure on domestic airfares.

The broker maintains a Neutral rating and reduces the target to NZ$2.70 from NZ$3.00.

Current Price is $2.60. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: -0.5

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

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

In response to AMP's result and guidance Citi has cut forecast earnings by -3% in FY19 and -13% in FY20, cut its target to $2.50 from $2.80, and downgraded to Neutral (High Risk).

AMP does appear to offer some longer term value, the broker suggests, but an internal focus and rebasing of underlying earnings expectations mean investors will likely require significant patience before returns emerge. And the risk of regulatory action remains.

Target price is $2.50 Current Price is $2.18 Difference: $0.32
If AMP meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.42, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Credit Suisse rates AMP as Neutral (3) -

2018 underlying profit of $680m was consistent with company's market update on January 25. Credit Suisse observes earnings are being affected by an increase in the cost base and an inability to offset this in prices.

An additional $100m of controllable costs will be worn entirely by investors. Credit Suisse observes moving some items from below the line to above the line is also a strategic way to cut the dividend.

The broker considers earnings risk is still to the downside and maintains a Neutral rating, lowering the target to $2.35 from $2.65.

Target price is $2.35 Current Price is $2.18 Difference: $0.17
If AMP meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.42, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Deutsche Bank rates AMP as No Rating (-1) -

Observation number one: Deutsche Bank has not had a price target for AMP for a while yet, and it doesn't appear any price target or valuation is about to return to its research reports.

The prior Hold rating has also disappeared. Today's research update post yesterday's financial report contains no quantitative commentary.

Current Price is $2.18. Target price not assessed.

Current consensus price target is $2.42, suggesting upside of 11.1% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

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

Morgan Stanley believes re-building AMP will be challenging and the re-basing of costs and earnings is the first step. However, the strategy beyond 2019 is unclear.

The broker liked the fact the wealth front book versus back book fee gap is closing and the outlook for wealth flows appears to be stabilising. However, wealth operating earnings relative to assets under management were down -21.8% in the first half.

The broker maintains an Equal-weight rating and reduces the target to $2.15 from $2.50. Industry view is In-Line.

Target price is $2.15 Current Price is $2.18 Difference: minus $0.03 (current price is over target).
If AMP meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.42, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

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

2018 underlying earnings were in line with guidance. Ord Minnett believes 2019 will be a year of re-building and poses significant challenges.

The broker reduces the rating to Hold from Accumulate, noting the uncertainty in wealth management and the absence of immediate catalysts. Target is reduced to $2.35 from $2.60.

Target price is $2.35 Current Price is $2.18 Difference: $0.17
If AMP meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.42, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates ASX as Sell (5) -

And yet again the ASX delivered a better-than-expected interim performance, but Citi analysts still cannot get past its valuation. Estimates have been lifted by 2%-3% and take some comfort from guidance towards further lower costs.

Citi analysts fully acknowledge the ASX’s defensive qualities on top of its positive leverage to higher market volatility, but they cannot get past the valuation. Sell. Price target lifts to $61.40 from $59.80.

Target price is $61.40 Current Price is $67.94 Difference: minus $6.54 (current price is over target).
If ASX meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $59.40, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

Credit Suisse rates ASX as Underperform (5) -

First half net profit beat Credit Suisse estimates, supported by the BBSW rate, revenue and lower-than-expected depreciation & amortisation.

The broker suggests initiatives being undertaken will maintain growth rather than accelerate it. Estimates for FY19 are upgraded by 4%.

The valuation is considered full and an Underperform rating is maintained. Target is raised to $60 from $55.

Target price is $60.00 Current Price is $67.94 Difference: minus $7.94 (current price is over target).
If ASX meets the Credit Suisse target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $59.40, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

Deutsche Bank rates ASX as Downgrade to Sell from Hold (5) -

Deutsche Bank saw ASX delivering an interim performance in line with expectations. The analysts point out there is impact from the new accounting standard AASB15, but further out this should reduce the volatility of income recognition, on their assessment.

It's the valuation that is a problem, however, and on that basis the stock is receiving a downgrade to Sell from Hold. Target price falls to $57.60 (was $58.50).

Target price is $57.60 Current Price is $67.94 Difference: minus $10.34 (current price is over target).
If ASX meets the Deutsche Bank target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $59.40, suggesting downside of -12.6% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

Macquarie rates ASX as Underperform (5) -

ASX's result largely met the broker's forecast, with better than expected dividend and investment income offsetting weakness in listings, albeit the latter reflected a change in accounting method. Management once again focused on the company's future growth initiatives, but the broker notes these are years away.

Growth initiatives may nevertheless be why the market is affording ASX such a high multiple, which the broker cannot justify. At 26.6x earnings, the stock is trading at a 26% premium to its five-year average and a 46% premium to the All Industrials ex-Banks compared to a 23% average.

Underperform retained. Target rises to $55.50 from $53.50.

Target price is $55.50 Current Price is $67.94 Difference: minus $12.44 (current price is over target).
If ASX meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $59.40, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

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

First half net profit was ahead of Morgan Stanley's estimates and operating earnings (EBITDA) were in line.

The broker considers it a resilient result, despite volatile markets, which highlights the company's defensive qualities.

Equal-weight retained. Target is $64. Industry view: In-Line.

Target price is $64.00 Current Price is $67.94 Difference: minus $3.94 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $59.40, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

Ord Minnett rates ASX as Hold (3) -

First half net profit was below forecasts, because of weaker revenue from listings and issue services. Ord Minnett likes the business model but considers the stock fully valued.

The broker notes the stock is always likely to trade at a premium to what some may believe is an acceptable discounted cash flow valuation, given its earnings streams are highly predictable.

Ord Minnett maintains a Hold rating and raises the target to $65.00 from $63.91.

Target price is $65.00 Current Price is $67.94 Difference: minus $2.94 (current price is over target).
If ASX meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $59.40, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

UBS rates ASX as Sell (5) -

First half results were slightly ahead of UBS estimates, as heightened market volatility assisted both trading activity and interest income.

As market conditions normalise, the broker believes the business will struggle to deliver higher earnings over the coming year.

Sell rating maintained. Target rises to $58.10 from $57.00.

Target price is $58.10 Current Price is $67.94 Difference: minus $9.84 (current price is over target).
If ASX meets the UBS target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $59.40, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

Macquarie rates AVN as Neutral (3) -

Aventus Group's result suggests the group is executing well, the broker suggests, but conditions in retail are deteriorating and the balance sheet is highly leveraged, limiting the ability to execute on consolidation. The lease expiry profile has been smoothed, with 14% of the portfolio re-leased over the period on positive spreads with limited incentives.

An 8% yield looks attractive but given balance sheet restraints and a slowing residential cycle the broker retains Neutral. Target rises to $2.10 from $2.05.

Target price is $2.10 Current Price is $2.22 Difference: minus $0.12 (current price is over target).
If AVN meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.21, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgans rates AVN as Add (1) -

Aventus Group's 2019 first-half result pleased the broker, the company reiterating funds from operations guidance of 18.4c.

Morgans believes the group is well placed to navigate cyclical headwinds, noting low vacancy rates and incentives, sustainable rents, the ability to remix tenants, limited new supply, low maintenance and capital expenditure demands and options for consolidation and development. 

The broker tinkers with the target price, lifting it to $2.32 from $2.28. Add rating retained to reflect the 7% yield and strong position as outlined above.

Target price is $2.32 Current Price is $2.22 Difference: $0.1
If AVN meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.21, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates AVN as Neutral (3) -

First half result was slightly ahead of expectations. UBS continues to believe management's asset expertise is the best in class.

Upside would eventuate if the company can illustrate competency as a fully integrated property manager and build out a third-party capital business.

UBS maintains a Neutral rating and reduces the target to $2.20 from $2.21.

Target price is $2.20 Current Price is $2.22 Difference: minus $0.02 (current price is over target).
If AVN meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.21, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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 Underperform from Neutral (5) -

First half results were solid, Credit Suisse notes, and stronger than expected. However, the broker suspects expectations of margin expansion in the medium term are likely to be optimistic.

The broker increases FY19 forecasts by 4%, which implies 12.4% operating earnings (EBIT) growth.

Rating is downgraded to Underperform from Neutral, a valuation-based view given the performance in the share price and considered an opportunity to take profit. Target is raised to $12.59 from $11.69.

Target price is $12.59 Current Price is $14.00 Difference: minus $1.41 (current price is over target).
If BRG meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.19, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Macquarie rates BRG as Neutral (3) -

Breville's result was in line with the broker. Management expects FY earnings growth to be slightly higher than current market consensus of 11%, leading the broker to upgrade to 12.1%.

The upgrade is supported by stronger Global Product growth, stable Distribution, new product development, geographic expansion and the cycling of weaker growth in the same period last year. The broker expects Breville to build value over the medium term but implies the stock has run a bit too far ahead of itself. Neutral retained.

Target rises to $14.77 from $13.18.

Target price is $14.77 Current Price is $14.00 Difference: $0.77
If BRG meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $14.19, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Ord Minnett rates BRG as Downgrade to Accumulate from Buy (2) -

First half net profit was ahead of Ord Minnett's forecast. The broker acknowledges Breville is making genuine improvements and its ambitious plans appear to be working.

This is supported by 9% constant currency growth even against tough comparables. Ord Minnett increases the target to $15.08 from $13.69.

While envisaging potential upside for those willing to take a slightly longer view, the broker downgrades the rating to Accumulate from Buy on valuation grounds.

Target price is $15.08 Current Price is $14.00 Difference: $1.08
If BRG meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $14.19, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

UBS rates BRG as Upgrade to Neutral from Sell (3) -

First half results were ahead of expectations. UBS notes slower growth in North America was far from weak, still delivering 7.1%, and fears around Australian trading were not realised.

While cash flow was soft, the broker notes working capital is being built up in the UK, the US and Europe.

UBS upgrades to Neutral from Sell, believing there are years of growth ahead in Europe. Target is raised to $14.30 from $11.20.

Target price is $14.30 Current Price is $14.00 Difference: $0.3
If BRG meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $14.19, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

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

The company formerly known as Specialty Fashion (now in slimmed down survivor format) reported an interim financial performance some 3% above expectations at Citi. The two key items, according to the analysts, were strong sales growth and steady gross profit margins.

Dividends are back on the agenda, and Citi welcomes the move, adding further capital management may release excess franking credits. Interim dividend of 2.5c was well ahead of Citi's predicted 1.5c, plus shareholders also receive a special 2.5c on top.

Taking it all in, Citi's share price target has risen to $1.45 but the rating is lowered to Neutral from Buy, in reference to the share price rally.

Target price is $1.45 Current Price is $1.41 Difference: $0.04
If CCX meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates CL1 as Downgrade to Reduce from Hold (5) -

Class's 2019 first-half result met the broker but Morgans downgrades to Reduce from Hold, believing free-cash conversion and rising costs point to challenges ahead.

Previously, the broker set the target price on a discounted valuation basis but has shifted to a blended valuation to reflect political (federal election) and regulatory risk.

Target price falls to $1.34 from $1.48.

Target price is $1.34 Current Price is $1.49 Difference: minus $0.15 (current price is over target).
If CL1 meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.59, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Ord Minnett rates CL1 as Hold (3) -

First half operating earnings (EBITDA) were ahead, after adjusting for capitalised costs, and revenue beat forecasts largely because of Ord Minnett's conservative stance on billable funds.

The outlook is positive but the broker considers this largely qualitative, and there is little real insight into the challenge of restoring fund growth back to attractive levels.

Hold rating maintained. Target is reduced to $1.27 from $1.30.

Target price is $1.27 Current Price is $1.49 Difference: minus $0.22 (current price is over target).
If CL1 meets the Ord Minnett target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.59, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

UBS rates CL1 as Buy (1) -

First half results were reasonable, UBS asserts. While risks remain elevated, the broker considers Class a high-quality software business.

The broker remains positive on structural growth and valuation support, despite the risks with management changes.

Buy rating maintained. Target reduced to $2.15 from $2.20.

Target price is $2.15 Current Price is $1.49 Difference: $0.66
If CL1 meets the UBS target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

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

First half results were below Credit Suisse estimates. Integration of Toxfree remains on track and the synergy timeline is unchanged.

While the broker likes the business and the opportunities, the shares are considered fully valued for now.

Credit Suisse downgrades to Neutral from Outperform and raises the target to $2.15 from $2.05.

Target price is $2.15 Current Price is $2.15 Difference: $0
If CWY meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Deutsche Bank rates CWY as Downgrade to Hold from Buy (3) -

Deutsche Bank analysts describe the interim report as a "good beat across the board". Both revenues and margins surprised to the upside. But it's all in the share price already, which is why the Hold rating is now in place (downgrade from Buy). Target price jumps to $2.33.

Target price is $2.33 Current Price is $2.15 Difference: $0.18
If CWY meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 4.6% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates CWY as Outperform (1) -

Cleanaway's result came in well ahead of the broker. A strong margin performance in Solid Waste suggests the company is bedding down contracts while maintaining competitiveness, the broker notes.

This is a positive, along with consistency of earnings potential and opportunities in infrastructure. Despite a strong run, and yesterday's share price response, the broker retains Outperform. Target rises to $2.60 from $2.40.

Target price is $2.60 Current Price is $2.15 Difference: $0.45
If CWY meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgans rates CWY as Add (1) -

Cleanaway's 2019 first-half result broadly met the broker, revenues and costs both outpacing, resulting in a net -1% shortfall to the margin forecast.

Costs aside, earnings growth was strong across all divisions. The CEO pointed out the resilience of revenues in the face of a general economic malaise. On the downside, capital expenditure is forecast to rise in dollar terms: 10% of expanding revenues.

Overall, the broker raises its valuation to $2.01 from $1.94. Add rating retained. Dividend yield forecast to rise 25% to about 2%.

Target price is $2.01 Current Price is $2.15 Difference: minus $0.14 (current price is over target).
If CWY meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.25, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates CWY as Hold (3) -

First half underlying operating earnings were ahead of forecasts. Ord Minnett notes the Toxfree integration still has some way to go, although synergies are already being delivered.

The benefit should be realised over the next 18 months. The broker envisages limited upside potential and maintains a Hold rating and $2.10 target.

Target price is $2.10 Current Price is $2.15 Difference: minus $0.05 (current price is over target).
If CWY meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.25, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

First half results beat expectations. The improvement in the business impressed UBS, as both organic growth and underlying operating leverage were stronger than expected.

Momentum should continue into the second half. The broker continues to highlight the defensive characteristics of the business.

Yet, at current levels, this is largely reflected in the share price and the rating is downgraded to Neutral from Buy. Target is raised to $2.30 from $2.15.

Target price is $2.30 Current Price is $2.15 Difference: $0.15
If CWY meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates FBU as Neutral (3) -

UBS suspects the company's Australian earnings are more likely to halve than double, noting Fletcher Building can ill afford a suspected drop in margins in building materials.

UBS downgrades expectations for construction activity and also removes Formica earnings from its numbers. Neutral maintained. Target is reduced to NZ$5.45 from NZ$6.60.

Current Price is $5.11. Target price not assessed.

Current consensus price target is $4.72, suggesting downside of -7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Citi rates GMG as Buy (1) -

Goodman posted a strong first half result, the broker suggests, and surprised the market with a full-year guidance upgrade. Dividend growth will nonetheless be flat.

The broker lifts forecasts in line with guidance, an increase in assets under management and an increase in development work in progress. Target rises to $14.12 from $11.90. Buy retained.

Target price is $14.12 Current Price is $12.85 Difference: $1.27
If GMG meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $12.45, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

First half results were in line with expectations while guidance has beaten Credit Suisse forecasts. The level of demand for industrial assets remains strong, supported by revaluations, investment and development activity.

The company will reduce its pay-out ratio to the low 50% range in order to sustain higher development work-in-progress in the near term.

The broker expects market conditions to remain positive and upgrades to Outperform from Neutral. Target is raised to $13.22 from $10.84.

Target price is $13.22 Current Price is $12.85 Difference: $0.37
If GMG meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $12.45, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Deutsche Bank rates GMG as Hold (3) -

Goodman Group has delivered yet another upward surprise, while also upgrading guidance for the years ahead. Making the performance even more impressive, Deutsche Bank analysts comment the market already was positioned for a better-than-expected result, and it turned out even better, still.

The six month performance was supported by better than expected development earnings on the back of strong margins and volumes, point out the analysts. Target price moves to $11.52 from $10.36, but the analysts also view most of the surprise as already priced in. Hence the Hold rating remains unchanged.

Target price is $11.52 Current Price is $12.85 Difference: minus $1.33 (current price is over target).
If GMG meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.45, suggesting downside of -3.1% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates GMG as Outperform (1) -

Another stellar result from Goodman Group, the broker claims, marking eight years of guidance beats. All of the REIT's disciplines of Own, Manage and Develop are enjoying a very strong backdrop given increasing tenant demand and elevated capital appetite for completed developments.

In January the broker contemplated a path to a $14 share price. Given a 13% increase in assets under management in the half, this could come early, the broker suggests. Despite yesterday's re-rating the broker retains Outperform. Target rises to $13.51 from $12.62.

Target price is $13.51 Current Price is $12.85 Difference: $0.66
If GMG meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $12.45, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates GMG as Sell (5) -

First half profit was ahead of Ord Minnett's forecast. Earnings growth guidance for the full year has been lifted to 9.5% from 7%.

The broker believes the business is well-positioned and the share price is likely to be supported by earnings and valuation upgrades in the short term.

Still, the broker considers it fundamentally overvalued and maintains a Sell rating. Target is raised to $10.00 from $9.10.

Target price is $10.00 Current Price is $12.85 Difference: minus $2.85 (current price is over target).
If GMG meets the Ord Minnett target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.45, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates GMG as Neutral (3) -

First half earnings were up 9.5%, and guidance for FY19 has been increased to 9.5% growth from 7%.

The company has reduced the pay-out ratio, signalling an intent to take advantage of unprecedented tenant demand while maintaining gearing at less than 10%.

UBS considers this a premium business, albeit with a lofty valuation. The broker maintains a Neutral rating and raises the target to $12.32 from $9.88.

Target price is $12.32 Current Price is $12.85 Difference: minus $0.53 (current price is over target).
If GMG meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.45, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates HSO as Neutral (3) -

The broker has made minimal changes to its Healthscope forecasts post result, and it's all a bit academic given the takeover bid(s).

The broker suggests it is more likely shareholders will accept Brookfield's $2.40 takeover bid rather than Brookfield's scheme of arrangement at $2.50 given the former requires only 50.1% approval to the latter's 75% and rival bidder BGH-AusSuper holds 19%.

Neutral and $2.37 target retained.

Target price is $2.37 Current Price is $2.47 Difference: minus $0.1 (current price is over target).
If HSO 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 $2.43, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Credit Suisse rates HSO as Neutral (3) -

First half earnings were weaker than Credit Suisse expected. Australian hospital revenue grew 3.0%, ahead of industry growth. This comes as the company benefited from the closure of loss-making hospitals, aided by margin expansion.

Credit Suisse retains a Neutral rating and $2.50 target. The scheme meeting regarding the takeover by Brookfield is expected in May/June.

Target price is $2.50 Current Price is $2.47 Difference: $0.03
If HSO meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.43, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Deutsche Bank rates HSO as Hold (3) -

Deutsche Bank comments released interim report is in line with recent company guidance. The analysts note management has retained guidance for FY19 hospital EBITDA to grow by at least 10%, capex of $190-$200m and D&A of ~$124m.

Current Price is $2.47. Target price not assessed.

Current consensus price target is $2.43, suggesting downside of -1.8% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates HSO as No Rating (-1) -

Healthscope's result was pre-released so no surprises. The broker is advising on the takeover thus is currently restricted form making a recommendation.

Current Price is $2.47. Target price not assessed.

Current consensus price target is $2.43, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

UBS rates HSO as No Rating (-1) -

Operating earnings (EBITDA) were up 7.7% in the first half, driven by 8.8% growth in the hospitals division. FY19 guidance has been reiterated for 10% growth in hospital.

The company has entered into an implementation deed with Brookfield and the scheme meeting is expected to take place in May or June. UBS is currently restricted on providing a rating or target.

Current Price is $2.47. Target price not assessed.

Current consensus price target is $2.43, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates IPH as Neutral (3) -

IPH's headline result was in line but compositional trends were mixed, the broker notes. A&NZ was weaker than expected while Asia outperformed.

The Xenith IP ((XIP)) / Qantm IP ((QIP)) transaction is a key near term catalyst, the broker suggests, with management's enthusiasm for the deal highlighting the importance in driving domestic growth given market structure and maturity. But detail on the acquisition strategy and synergies is limited at this stage. The broker prefers Qantm, noting Xenith IP has a chequered history.

Until more is known the broker retains Neutral. Target rises to $6.00 from $5.50.

Target price is $6.00 Current Price is $5.70 Difference: $0.3
If IPH meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.88, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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) -

IPH returned a 2019 first-half result broadly in line with consensus, save for a $1.4m foreign-exchange hit taken in the corporate division.

The company reported a small rise in interest expense and tax but cash conversion rose to 90% from 86% in the previous first-half.

IPH was busy consolidating acquisitions and improving margins and now, with an increase in its debt facility, the broker expects IPH to be back on the acquisition path.

Target price rises to $6.33 from $6 and Morgans retains an Add rating, noting the stock's strong balance sheet, high cash-flow conversion and the potential on the acquisition consolidation and purchase front.

Target price is $6.33 Current Price is $5.70 Difference: $0.63
If IPH meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.88, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates LNK as Outperform (1) -

The company's interim report missed on higher costs, Macquarie analysts point out in an initial response. Also, they find encouragement by the revenue performance, sustained member growth and unchanged LAS synergies following the sale of the CPCS division.

While operational costs disappointed this half, Macquarie points out synergy targets remain and therefore costs should be better managed in the second half. Another negative seems to be cash conversion. Outperform. Target $8.70.

Target price is $8.70 Current Price is $6.94 Difference: $1.76
If LNK meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $8.33, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Citi rates MFG as Buy (1) -

A stronger than expected result from Magellan and a positive mark to market lead to forecast upgrades from the broker. The fund manager's ability to deliver "alpha" (superior return to the index return) should continue to drive further funds inflows, the broker suggests, and further stock re-rating.

Potential is also apparent in product innovation, the broker notes, with Magellan currently working on a retirement income product which will not be an annuity.

Buy retained, target rises to $35.30 from $31.00.

Target price is $35.30 Current Price is $32.61 Difference: $2.69
If MFG meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $32.67, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Credit Suisse rates MFG as Outperform (1) -

First half results were stronger than expected. Credit Suisse upgrades FY19 estimates by 5% and FY20-21 by 8-9%.

This is based on operating upgrades from the stronger first half and the benefit from high net flow assumptions.

The broker reiterates an Outperform rating and raises the target to $33 from $29.

Target price is $33.00 Current Price is $32.61 Difference: $0.39
If MFG meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $32.67, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

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

Magellan's result beat Macquarie by 3%, reflecting well managed costs. The fund manager continues to deliver strong results, the broker notes, and recent performance metrics should support ongoing funds flows.

But the stock is trading at a 21% premium to ASX listed fund managers against a five-year average of 14%. Macquarie thus downgrades to Neutral on valuation grounds. Target rises to $31.75 from $29.00.

Target price is $31.75 Current Price is $32.61 Difference: minus $0.86 (current price is over target).
If MFG 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 $32.67, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

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

The first half result pleased Morgan Stanley. Flows have recovered in both the retail and institutional channels. Cost guidance is broadly unchanged. However, base fee margins fell around -2 basis points to 63 basis points.

The broker considers the valuation full and remains Equal-weight. Target is raised to $28.60 from $25.00. Industry view: In-Line.

Target price is $28.60 Current Price is $32.61 Difference: minus $4.01 (current price is over target).
If MFG meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.67, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

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

Magellan Financial Group's 2019 first-half result outpaced the broker by 4%, as management fee revenue rose 27% on the previous half and a strong performance from core funds.

The broker notes growth potential, pointing to the stock's balance sheet and new products.

But the stock is trading within Morgan's valuation so the stock is downgraded to Hold from Add, looking for a better entry point.

Target price rises to $33.40 from $28.76.

Target price is $33.40 Current Price is $32.61 Difference: $0.79
If MFG meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $32.67, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Ord Minnett rates MFG as Buy (1) -

The business continues to offer consistent growth at a fair multiple, Ord Minnett observes. First half results beat expectations.

Acquisitions assisted funds management pre-tax profit and funds under management appear set to grow solidly into the second half, comment the analysts.

Ord Minnett envisages long-term upside, supported by flow momentum and investment performance. Buy rating maintained. Target rises to $34.34 from $32.65.

Target price is $34.34 Current Price is $32.61 Difference: $1.73
If MFG meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $32.67, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

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

The company continues to experience a significantly stronger investment performance and fund flow trends versus its listed asset management peers.

UBS believes this momentum is now adequately priced into the stock and downgrades to Neutral from Buy.

First half net profit was ahead of estimates, driven largely by funds management profits. Target is raised to $32.30 from $28.90.

Target price is $32.30 Current Price is $32.61 Difference: minus $0.31 (current price is over target).
If MFG meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.67, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Macquarie rates MPL as Neutral (3) -

In an initial appraisal of today's released interim report, Macquarie analysts note it looks like a quality beat; better than expected to the tune of circa 8.5%. Management continues to target cost reductions and sees potential for up to two small acquisitions, point out the analysts.

Declared dividend seems higher than what Macquarie was anticipating. The Neutral rating remains, because of Labor. The analysts highlight the potential of capped pricing (if labor wins the Federal election) creates significant margin risks for the Health Insurance industry, something one cannot simply dismiss. Target $2.65.

Target price is $2.65 Current Price is $2.84 Difference: minus $0.19 (current price is over target).
If MPL meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.52, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Citi rates NCM as Buy (1) -

Newcrest's profit on gold production beat the broker by 11% and is over 100% up on what was a weak first half last year. The stock has rallied 19% in three months against a backdrop of sector M&A but in the broker's view remains inexpensive compared to mid and large cap peers.

2019 should prove to be "catalyst-rich", the broker suggests. Buy retained, target rises to $29.00 from $27.35.

Target price is $29.00 Current Price is $24.91 Difference: $4.09
If NCM meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $23.30, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: -0.3

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

Credit Suisse rates NCM as Underperform (5) -

First half net profit was ahead of Credit Suisse estimates. FY19 guidance is unchanged for 2.35-2.6m ounces at all-in sustaining cost of US$772/oz.

No impairments were incurred. Underperform and $20.30 target retained.

Target price is $20.30 Current Price is $24.91 Difference: minus $4.61 (current price is over target).
If NCM meets the Credit Suisse target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.30, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Deutsche Bank rates NCM as Hold (3) -

A US$18m FX gain and lower costs helped the company beat Deutsche Bank's expectation with its interim release, but adoption of the AASB15 accounting standard is translating into higher tax for the years ahead, which seems to be a minor disappointment.

In addition, the analysts found cash flow was light on working capital expansion, with FY20 and FY21 EPS estimates falling -5% and -4% respectively. Hold. Target $24.

Target price is $24.00 Current Price is $24.91 Difference: minus $0.91 (current price is over target).
If NCM 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 $23.30, suggesting downside of -6.5% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Macquarie rates NCM as Underperform (5) -

Newcrest's earnings were in line with expectation but cash was softer and net debt higher than forecast. Ore reserves decreased by -13% (gold) and -34% (copper), with the broker noting production at Cadia is set to decline in coming years as grades diminish, but management continues to favour organic growth and exploration over M&A.

Underperform and $20 target retained.

Target price is $20.00 Current Price is $24.91 Difference: minus $4.91 (current price is over target).
If NCM meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.30, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Ord Minnett rates NCM as Hold (3) -

First half earnings were ahead of forecasts. Newcrest expects working capital to unwind in the second half which, along with higher gold prices, should support stronger second half cash flow.

Ord Minnett believes, hence, the company is well-positioned to continue shareholder returns and pursue growth. Hold rating and $25 target maintained.

Target price is $25.00 Current Price is $24.91 Difference: $0.09
If NCM meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $23.30, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

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

First half results were in line with forecasts. Newcrest now appears expensive to UBS, trading around 10% above valuation.

The broker believes the premium to the rest of the market is not justified, as production is likely to peak in the next two years.

UBS downgrades to Sell from Neutral and reduces the target to $24.00 from $24.50.

Target price is $24.00 Current Price is $24.91 Difference: minus $0.91 (current price is over target).
If NCM meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.30, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Macquarie rates NGI as Outperform (1) -

Navigator's result was in line with guidance. Outlook commentary was more positive, the broker notes, with a new client mandate of $300m announced. An attractive 10x multiple suggests to the broker the market is not factoring in stablisation.

But net flows and cost performance will be necessary to drive valuation upside. Outperform retained, target rises to $3.45 from $3.36.

Target price is $3.45 Current Price is $3.38 Difference: $0.07
If NGI meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 1.0

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

Ord Minnett rates NGI as Buy (1) -

First half results were broadly in line with expectations. A recent mandate win is considered a highlight. Earnings are expected to increase modestly into FY20.

Over the next 12 months the broker anticipates more detail on the platform services offering, which provides a further source of potential upside. Buy rating and $4 target maintained.

Target price is $4.00 Current Price is $3.38 Difference: $0.62
If NGI meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 1.0

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

Credit Suisse rates OML as Outperform (1) -

Credit Suisse makes a change in analyst, noting the bear arguments around the stock are reasonably straightforward: that it overpaid for the Adshel assets, gearing is on the high side and the media market is weakening.

Nevertheless, the broker considers the stock still appears quite cheap and retains an Outperform rating. Target is reduced to $5.35 from $5.80.

Target price is $5.35 Current Price is $3.89 Difference: $1.46
If OML meets the Credit Suisse target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $5.24, suggesting upside of 34.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.9

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

Morgans rates OTW as Add (1) -

Over The Wire's 2019 first-half result outpaced the broker by 5%.

Management's forecast of 18% or greater organic growth for FY19 and 20% for FY20 onwards pretty much aligned with the broker so the target price remains steady at $5.77.

Broker retains an Add rating, pointing to the 20% return on capital, good cash flow and earnings growth, strong equity holding by management (47%) and possible upside from future acquisitions, which would likely be funded by debt rather than a raising given the strong balance sheet.

Target price is $5.77 Current Price is $4.99 Difference: $0.78
If OTW meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates S32 as Buy (1) -

South32 posted a clear beat of forecasts. Margins managed to improve despite rising costs, the broker notes, given favourable currency moves. Operating expense is revised down for the same reason, while capex guidance has also been lowered.

The broker makes modest forecast adjustments to account for cost guidance and forex. Target rises to $4.40 from $4.30. Buy retained.

Target price is $4.40 Current Price is $3.82 Difference: $0.58
If S32 meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.99, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.7

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

Credit Suisse rates S32 as Outperform (1) -

Credit Suisse found the first half result hard to fault. The broker suggests more could have been returned to shareholders, although understands that US$510m of committed returns are still to come.

The broker remains bearish on steel demand but is comfortable keeping the diversified miner as a top pick. Outperform rating and $4 target maintained.

Target price is $4.00 Current Price is $3.82 Difference: $0.18
If S32 meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.99, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.7

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

Deutsche Bank rates S32 as Buy (1) -

Deutsche Bank believes South32 delivered result better than expectations, also marked by the absence of negative surprises. EPS forecast increases by 3% for FY19. Target price and rating unchanged at $4.15 and Buy respectively.

Target price is $4.15 Current Price is $3.82 Difference: $0.33
If S32 meets the Deutsche Bank target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.99, suggesting upside of 4.5% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.7

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

Macquarie rates S32 as Outperform (1) -

South32's earnings result beat the broker by 4%. Cash flow also beat but the dividend fell short. Improved performances at Worsley and Illawarra has seen the earnings share of Australian assets rise to 80% from 50% in FY18, the broker notes. Meanwhile cost guidance has been lowered to reflect weaker operating currencies elsewhere.

Weaker currencies, along with buoyant coal and manganese prices, continue to underpin earnings momentum, while the sale of the South African coal business would be a positive catalyst, the broker suggests. The dividend is disappointing but implies the buyback will have to be stepped up to meet capital management targets.

Outperform retained, target rises to $4.00 from $3.80.

Target price is $4.00 Current Price is $3.82 Difference: $0.18
If S32 meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.99, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.7

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

Morgans rates S32 as Hold (3) -

South32's 2019 first-half result outpaced the broker by 8%, recording a 34% expansion in underlying earnings before interest tax depreciation and amortisation of 34%, thanks to strength in the Illawarra, Cannington, GEMCO and SA thermal coal operations.

The standout was the surprise US1.7c special dividend and on the downside were concerns about tailing dams following a review.

The company will either improve or divest underperforming assets.

Target price inches up to $3.49 from $3.47. Hold rating retained.

Target price is $3.49 Current Price is $3.82 Difference: minus $0.33 (current price is over target).
If S32 meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.99, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.7

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

Ord Minnett rates S32 as Hold (3) -

First half results were ahead of forecasts. Ord Minnett found the result hard to fault but notes the stock is now trading slightly above valuation, leading to a steady Hold rating. Target is raised to $3.60 from $3.30.

Target price is $3.60 Current Price is $3.82 Difference: minus $0.22 (current price is over target).
If S32 meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.99, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.7

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

UBS rates S32 as Buy (1) -

Interim results beat UBS estimates. The capitalisation of US$20m in exploration also helped. Production guidance has been reiterated for all operations.

The broker is surprised the company did not top up its on market buyback program and suspects it is awaiting further cash in the bank.

Buy rating maintained. Target is raised to $4.30 from $4.10.

Target price is $4.30 Current Price is $3.82 Difference: $0.48
If S32 meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.99, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.7

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

Morgan Stanley rates SHL as Overweight (1) -

Sonic Healthcare has reiterated FY19 guidance amid a capital raising. The company will report first half earnings on February 20.

The broker envisages FY19 growth will be tempered by fee reductions and the company will need to affirm it is on track at the first half result in order to outperform.

Overweight retained. Target is reduced to $26.40 from $27.70. Industry view: In Line.

Target price is $26.40 Current Price is $23.71 Difference: $2.69
If SHL meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $25.21, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Credit Suisse rates SUL as Neutral (3) -

First half results were ahead of expectations. Credit Suisse believes the result is a potential catalyst to re-set some aspects of the company strategy and rebuild investor confidence.

Super Retail possesses a solid, but mature, business in automotive, while there are some challenges and opportunities in sports and leisure.

Credit Suisse maintains a Neutral rating and raises the target to $7.92 from $7.75.

Target price is $7.92 Current Price is $7.75 Difference: $0.17
If SUL meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $8.74, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

First half results were in line with Morgan Stanley's estimates. Sales were softer than expected, offset by stronger margins. While the second half started off well, the broker suspects promotions assisted sales.

Morgan Stanley also suspects the new CEO may instigate margin re-investment, which could put pressure on valuation.

Equal-weight maintained. Target is raised to $8.20 from $7.40. Industry View: Cautious.

Target price is $8.20 Current Price is $7.75 Difference: $0.45
If SUL meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $8.74, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates SUN as Buy (1) -

In the wake of Suncorp's earnings result the broker has cut FY20-21 forecast earnings to reflect an increased natural hazards allowance and associated increase in reinsurance cost. The question is: Is the earnings downgrade sufficiently balanced out by a resultant decrease in earnings volatility?

The broker retains Buy, noting the stock looks inexpensive, but disagreeing with management that a 10% return on equity is still achievable any time soon given both increased reinsurance costs and higher than expected regulatory costs stemming from the RC. Target falls to $14.40 from $14.60.

Target price is $14.40 Current Price is $13.12 Difference: $1.28
If SUN meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $13.91, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Credit Suisse rates SUN as Neutral (3) -

First half cash earnings were below Credit Suisse forecasts. The broker notes the company has an ongoing debate with analysts around the adequacy of its natural hazards allowance and, hence, its true underlying earnings.

Suncorp has flagged an intention to increase its allowance by $100m in FY20 and buy stop-loss protection for $200m above this point.

The broker supports management's actions but, following a period of ongoing premium rate increases and general weakness in the economy, the ability to re-price further for increased costs is considered limited.

Neutral rating and $13.25 target maintained.

Target price is $13.25 Current Price is $13.12 Difference: $0.13
If SUN meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $13.91, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Deutsche Bank rates SUN as Buy (1) -

Deutsche Bank believes Suncorp's result beat market expectations, while declared dividend of 26c was smack bang in-line. As has become custom at the bankinsurer, results were impacted by natural hazards costs above allowance, plus extra regulatory costs.

Target $14.70 (was $14.40). Buy.

Target price is $14.70 Current Price is $13.12 Difference: $1.58
If SUN meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $13.91, suggesting upside of 6.0% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Macquarie rates SUN as Underperform (5) -

It is unclear how Suncorp's result fared against the broker's forecast. Management upgraded savings expectations from the Business Improvement Program but given total FY cost guidance remains in place, the broker sees downside risk to margins. Hazards allowance and reinsurance spend are beneficial in lowering earnings volatility, the broker suggests, but require some 180 basis points of repricing just to stand still.

The broker retains Underperform, noting that a higher cost base compared to expectation, slowing bank growth and losses in general insurance mean challenges remain before Suncorp can achieve 10% return on equity. Target falls to $12.40 from $12.75.

Target price is $12.40 Current Price is $13.12 Difference: minus $0.72 (current price is over target).
If SUN meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.91, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

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

Morgan Stanley believes fixing the catastrophe budget in FY20 presents a headwind to underlying margins. The company is reducing the time series to capture the increasing event frequency. In doing so the FY20 budget lifts to $820m.

The broker was pleased with the outlook for underlying margin expansion in New Zealand. However, Morgan Stanley struggles with the cost and complexity of the multi-brand offering and the challenges to realising benefits from its marketplace strategy.

Equal-weight. Target is reduced to $12.50 from $14.00. In-Line sector view.

Target price is $12.50 Current Price is $13.12 Difference: minus $0.62 (current price is over target).
If SUN meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.91, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Morgans rates SUN as Add (1) -

Suncorp's 2019 first half romped in 3% ahead of consensus, but the broker remains unconvinced, noting higher regulatory costs and the company's decision to sharply raise its FY20 hazard allowances/reinsurance to even out earnings volatility (which the broker believes is a good decision), and lack of transparency on the longer term margin front.

On the upside, general insurance margins rose, operating expenses fell, top growth rose, the capital position is good, commercial insurance profitability improved and the return on equity target was reaffirmed (excluding hazards).

The difficult operating income pressured loan growth, the bank reporting a high cost to income ratio of 56% (50% target). The broker reduces the target price to $14.78 from  $15.41, but maintains an Add rating, noting the stock is trading at 13x price-earnings multiple for FY10 and that Suncorp is well positioned for a turn in the operating cycle.

Target price is $14.78 Current Price is $13.12 Difference: $1.66
If SUN meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $13.91, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Ord Minnett rates SUN as Hold (3) -

First half results were ahead of expectations. Ord Minnett notes weak revenue growth at the bank and general insurance level but mixed margin trends.

The company is increasing allowances for FY20, although this is likely to pose a headwind to underlying margin guidance in the broker's opinion.

While earnings certainty from the catastrophe program will go some way to re-rating, offsetting this are trends in the bank segment, which have proved very tough.

Hold retained and the target is reduced to $14.24 from $14.47.

Target price is $14.24 Current Price is $13.12 Difference: $1.12
If SUN meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $13.91, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

UBS rates SUN as Buy (1) -

First half net profit was ahead of UBS estimates. The focus has shifted to FY20 and the approach the company is taking to address its inadequate natural hazards allowance.

The $100m lift to $820m for FY20 has exceeded UBS estimates. The broker maintains a Buy rating and reduces the target to $15.00 from $15.80.

Target price is $15.00 Current Price is $13.12 Difference: $1.88
If SUN meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $13.91, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

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

First half results beat Credit Suisse forecasts, confirming the view that the company will benefit from high harvest volumes and still enjoy strong pricing.

The broker continues to believe the market dynamics for salmon are supportive and believes the targets for prawns, if achieved, will materially boost earnings.

The broker downgrades to Neutral from Outperform as the valuation is back in line with the long-run average. Target is raised to $5.15 from $4.90.

Target price is $5.15 Current Price is $4.81 Difference: $0.34
If TGR meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.86, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates TGR as Hold (3) -

Tassal Group's 2019 first-half result met the broker. 

Morgans notes the company expects higher prawn and salmon volumes and less domestic competition.

Target price rises to $5.10 from $4.60. Hold rating retained.

Target price is $5.10 Current Price is $4.81 Difference: $0.29
If TGR meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.86, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Ord Minnett rates TGR as Lighten (4) -

First half results were ahead of Ord Minnett's forecasts and cash flow was well ahead. One area of concern is the shifting of the growth profile to prawns from salmon.

Management has guided to salmon volume growth slowing to 3-4% in FY20, despite the strong market dynamics. At the same time the untested prawns business is being ramped up.

Ord Minnett considers the risk/reward ratio unattractive and maintains a Lighten rating. Target is reduced to $3.88 from $4.05.

Target price is $3.88 Current Price is $4.81 Difference: minus $0.93 (current price is over target).
If TGR meets the Ord Minnett target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.86, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

UBS rates TGR as Buy (1) -

First half results were stronger than expected. Cash generation stood out, although UBS suggests full year conversion is likely to be under 100%.

The broker considers the prawn targets aggressive but a potential source of earnings upside in the medium term.

Buy rating maintained with a $5.30 target.

Target price is $5.30 Current Price is $4.81 Difference: $0.49
If TGR meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.86, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates TLS as Sell (5) -

Citi provided a first-glance response to Telstra's result yesterday and today retains a Sell rating. However, closer scrutiny has uncovered the broker upped earnings forecasts, largely due to a better margin result in fixed lines than expected. This provides for a target increase to $2.70 from $2.50

Mobiles should see a decline through to FY20, the broker suggests. Telstra has put its faith in 5G but the broker sees competition as the biggest issue. Management expects fixed line margins to regress to zero post-NBN unless wholesale prices are cut or retail price increases can be pushed through. All up, the broker sees two more years of earnings declines ahead.

Target price is $2.70 Current Price is $3.19 Difference: minus $0.49 (current price is over target).
If TLS meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.15, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Credit Suisse rates TLS as Neutral (3) -

First half earnings were broadly in line with Credit Suisse estimates. Despite the better-than-expected mobile numbers, management has indicated the market remains highly competitive.

No specific dividend guidance was provided for FY19 but the first half was lower than the broker expected.

Management has noted that, post the NBN roll-out, operating earnings (EBITDA) need to be in the $7-8 bn range for a $0.16 dividend to be paid.

Neutral rating maintained and the target is raised to $3.15 from $3.10.

Target price is $3.15 Current Price is $3.19 Difference: minus $0.04 (current price is over target).
If TLS 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 $3.15, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Deutsche Bank rates TLS as Buy (1) -

Deutsche Bank has been on the supportive side of the market when it comes to Telstra, and the analysts seem pleased with yesterday's interim report release, noting better-than-expected performance in both Mobile and Fixed, good progress on cost-out targets, and an in-line dividend (suggesting the cut was as expected).

The analysts do acknowledge others might have been disappointed because of the weaker-than-expected NAS margin and free cash flow. Deutsche Bank sees Telstra as a company in transition, with strong fundamental support because of cost-out initiatives.

Most importantly, the analysts remain convinced Telstra will beat market expectations going forward, including on dividends. Deutsche Bank has penciled in 18c compared with 16c elsewhere. Buy rating retained. Target remains $3.70.

Target price is $3.70 Current Price is $3.19 Difference: $0.51
If TLS meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting downside of -1.2% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Macquarie rates TLS as Underperform (5) -

Telstra's result was in line with expectation. Mobile trends were more robust in the period than the broker expected but things will get tougher from here -- it's just a question of how much. Mobiles need to be the key driver of future earnings growth so 5G delivery is critical.

Fixed line revenue and margin pressures will continue apace, the broker warns, with the NBN rollout. The broker does not see valuation support on the current earnings trajectory and retains Underperform. Target rises to $2.90 from $2.80.

Target price is $2.90 Current Price is $3.19 Difference: minus $0.29 (current price is over target).
If TLS meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.15, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgan Stanley rates TLS as Underweight (5) -

First half numbers appear in line with expectations while FY19 guidance has been reiterated.

No full year distribution guidance has been provided, although the $0.08 in the first half implies a full year payment of $0.16 versus Morgan Stanley's expectation of $0.18.

Underweight rating. Target is $2.60. Industry view: In-Line.

Target price is $2.60 Current Price is $3.19 Difference: minus $0.59 (current price is over target).
If TLS meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.15, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgans rates TLS as Add (1) -

Telstra's 2019 first-half result edged out the broker, despite the expected weakness in financials, but the dividend disappointed. Morgans expected 8.5c and got 8c.

The broker lifts earnings-per-share forecasts 9% for FY19/FY20 and the target price rises to $3.62 from $3.50 based on valuation.

Add rating retained to account for a potential share price re-rating should earnings stabilise.

Target price is $3.62 Current Price is $3.19 Difference: $0.43
If TLS meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Ord Minnett rates TLS as Accumulate (2) -

First half net profit was slightly below Ord Minnett's forecast. The interim dividend was also short of expectations.

The numbers were positive for mobile, double estimates, while margins were in line.

Ord Minnett now models a steady $0.16 annual dividend, believing this to be sustainable through to the end of the migration to the NBN.

Accumulate rating maintained and the target is raised to $3.55 from $3.50.

Target price is $3.55 Current Price is $3.19 Difference: $0.36
If TLS meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

UBS rates TLS as Neutral (3) -

First half results were in line with UBS estimates. The company has re-based its dividends, the broker suggests, to $0.16 for the full year.

As to whether this can be sustained, the company believes long-term EBITDA of $7-8bn could support such a profile.

Neutral rating and $3 target maintained.

Target price is $3.00 Current Price is $3.19 Difference: minus $0.19 (current price is over target).
If TLS meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.15, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Citi rates TWE as Sell (5) -

Treasury Wines reported a "meaningful" acceleration in pricing growth in the half, the broker suggests, leading to 19% earnings growth. However this was offset by surprisingly higher cost-of-goods-sold and operating costs, leading to modest forecast downgrades for the FY.

The broker notes the company's cash flow conversion is poor and while low conversion is typical in beverage businesses, Treasury Wines is 20% more expensive on a free cash flow yield basis than the average of peers. Sell retained.

Target rises to $14.90 from $14.50.

Target price is $14.90 Current Price is $16.20 Difference: minus $1.3 (current price is over target).
If TWE 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 $17.74, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

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

The company missed the broker's expectations and cash flow in the first half, although there was a 25% increase in receivables outstanding, much of which was paid down in January.

The broker finds some signs of falling prices in the Penfolds luxury range, and there is a risk that the market may struggle to absorb the double-digit uplift in supply.

However, the continued expansion of the range in China should allow for very strong growth.

Credit Suisse upgrades to Outperform from Neutral and raises the target to $19.85 from $16.45. The company expects to grow operating earnings by 15-20% in FY20.

Target price is $19.85 Current Price is $16.20 Difference: $3.65
If TWE meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $17.74, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Deutsche Bank rates TWE as Hold (3) -

Deutsche Bank seems to be of the view the interim report was strong, and yet another sign management is excellent on delivering on promises and growth potential, but a weak cash generation functions as a firm reminder this stock is trading at a market premium.

Deutsche Bank suggest weak cash reminds investors that were things to go pear shaped at some stage, they can turn ugly pretty quickly. The analysts are talking potential for "material downside". Hold rating retained. Target $16 (was $15.50).

Target price is $16.00 Current Price is $16.20 Difference: minus $0.2 (current price is over target).
If TWE meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.74, suggesting upside of 9.5% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Macquarie rates TWE as Outperform (1) -

Following Treasury Wine's result the broker retains Outperform, noting FY earnings growth guidance meets expectation. FY20 guidance removes uncertainty with regard the 2017 vintage.

The China growth story is not getting old, the broker believes, with the company now aiming to expand its distribution in Chinese cities and increase French-sourced investments. Margin expansion in the Americas is expected from FY20. At 21x, the stock is trading at a multi-year low valuation. Target rises to $19.02 from $18.43.

Target price is $19.02 Current Price is $16.20 Difference: $2.82
If TWE meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $17.74, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Morgan Stanley rates TWE as Downgrade to Equal-weight from Overweight (3) -

Morgan Stanley believes the brand is being stretched more and suspects the need to put away large volumes is likely to slow growth. While America represents a good story, the broker believes this is captured in expectations.

Meanwhile, luxury inventory is rising. As the valuation now appears fair, the broker downgrades to Equal-weight from Overweight. Industry view: Cautious. Price target $17.

Target price is $17.00 Current Price is $16.20 Difference: $0.8
If TWE meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $17.74, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Morgans rates TWE as Add (1) -

Treasury Wine Estates's reported a 2019 first-half result in line with the broker and guidance. The company reiterated 2019 guidance for 25% earnings growth (broadly meeting consensus), with all divisions trading at, if not above, expectations.

On the downside, operating cash flow fell -49.4% thanks to weak cash-flow conversion at 53%, which was partly related to timing.? FY20 earnings guidance of 15% to 20% growth broadly met consensus.

Broker maintains an Add rating, believing the stock is trading at a discount to its medium-term average forward price-earnings multiple. Target price rises to $18.65 from $17.20.

Target price is $18.65 Current Price is $16.20 Difference: $2.45
If TWE meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $17.74, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

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

First half underlying net profit was below Ord Minnett's forecast. Despite strong execution and EBITS growth, the broker observes growth rates are becoming more dependent on vintage, which affects the multiple.

Moreover, incremental EBITS growth generates less cash and this reduces valuation support. Ord Minnett downgrades to Hold from Accumulate and reduces the target to $17.50 from $20.00.

Target price is $17.50 Current Price is $16.20 Difference: $1.3
If TWE meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $17.74, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

UBS rates TWE as Buy (1) -

First half earnings were up 18% at the headline and all divisions were ahead of expectations. While UBS is comfortable with the drivers of such a strong result, increased pressure to meet cash conversion guidance is considered likely.

The broker forecasts 25% growth in FY19 EBITS, in line with guidance, and 21% growth in FY20. Buy rating. Target is reduced to $19.00 from $20.40.

Target price is $19.00 Current Price is $16.20 Difference: $2.8
If TWE meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $17.74, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20: