Australian Broker Call

Citi rates A2M as Neutral (3) -

In an initial response to today's interim release, Citi analysts find a2 Milk's performance surprised by some 10% to the upside, with better-than-expected margins the key difference.

While the analysts believe management's execution has to be applauded, they also believe multiple longer term risks are emerging on the horizon.

On Citi's observation, market consensus is likely to increase by some 6% post release.

Target price is $10.65 Current Price is $13.63 Difference: minus $2.98 (current price is over target).
If A2M meets the Citi target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.30, suggesting downside of -17.1% (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: 0.4

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

Macquarie rates ADI as Outperform (1) -

First half results were in line with Macquarie's estimates. FY19 guidance for growth of 3-4% is also unchanged.

The leasing up of the BTP vacancy is a positive, the broker observes and, with a relatively conservative balance sheet, further acquisitions are considered likely.

The company has changed its name to APN Industria REIT and the ASX code is now ADI. Macquarie maintains an Outperform rating and $3.00 target.

Target price is $3.00 Current Price is $2.89 Difference: $0.11
If ADI meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 0.9% (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 ADI as Hold (3) -

Industria REIT's first-half result met the broker and management reiterated guidance. As of today, IDR will be changing its name to APN Industria REIT ((ADI)). APN holds a 16% co-investment stake and manages the REIT.

Target price rises to $2.76 from $2.67, the broker noting strong leasing activity in the half. Hold rating retained.

Target price is $2.76 Current Price is $2.89 Difference: minus $0.13 (current price is over target).
If ADI meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.92, suggesting upside of 0.9% (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 ADI as Neutral (3) -

Industria's funds from operations growth was in line with the broker's forecast, as was FY guidance. The market was hoping for greater net tangible asset value growth given the REIT trades at a 7% premium to NTA. Vacancy risk is approaching, the broker notes, given the FY22 expiry of the single-tenant lease at Rhodes.

The broker is prepared to look through this given strength in the office market and notes operationally, Industria continues to gather pace. Growthpoint's ((GOZ)) 18% stake suggests a corporate activity option. Neutral retained, target rises to $2.99 from $2.67.

Target price is $2.99 Current Price is $2.89 Difference: $0.1
If ADI meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 0.9% (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 ALU as Neutral (3) -

The broker describes Altium's result as "faultless", beating on earnings by 8% and featuring strong cash flow conversion. The company is sticking with its "aspirational" target of US$500m in revenue by 2025 on 40% plus margins. So confident has the broker become in management's execution this goal has been assumed in valuation.

This might explain a target price jump to $32.50 from $22.00 but the broker has not piped up since the August result and a Neutral rating is retained as the share price is already there.

Target price is $32.50 Current Price is $33.11 Difference: minus $0.61 (current price is over target).
If ALU meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.50, suggesting downside of -10.9% (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 AMI as Outperform (1) -

First half results were below Macquarie's estimates although the cash performance was in line. The company has committed $20m to explore the Great Cobar deposit as well as $35m for the upgrade to the Peak process plant.

Recent drilling at Peak captives has highlighted the potential for pods of high-grade gold and base metal mineralisation.

Outperform rating maintained. Target rises to $1.00 from $0.95.

Target price is $1.00 Current Price is $0.87 Difference: $0.13
If AMI meets the Macquarie target it will return approximately 15% (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

Deutsche Bank rates ANZ as Hold (3) -

There were no surprises in the first quarter update from Deutsche Bank. The CET1 ratio is solid at 11.3%, placing ANZ above its peers.

The broker notes a mild deterioration in mortgage arrears. Hold rating and $29 target maintained.

Target price is $29.00 Current Price is $27.18 Difference: $1.82
If ANZ meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $28.66, suggesting upside of 5.5% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

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

December quarter credit quality and capital were slightly better than Morgan Stanley expected. This indicates first half cash profit is tracking broadly in line with forecasts.

The home loan portfolio contracted -0.2% versus the prior corresponding quarter, with a reduction in investor and interest-only loans weighing on growth.

Equal-weight rating retained. Target is $26. Industry view: In-Line.

Target price is $26.00 Current Price is $27.18 Difference: minus $1.18 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.66, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Ord Minnett rates ANZ as Accumulate (2) -

Ord Minnett increases net profit forecasts for FY19 because of lower bad and after debt charges but trims FY20 and FY21 estimates by -1-2% because of lower assumed net interest income.

There was nothing in the quarterly report to change the broker's view that the bank is well-positioned to grow earnings at a rate above its peers.

Ord Minnett maintains an Accumulate rating and reduces the target to $31.30 from $32.20.

Target price is $31.30 Current Price is $27.18 Difference: $4.12
If ANZ meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $28.66, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

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

First half results were in line with Macquarie's estimates. FY19 distribution guidance has been reaffirmed.

The broker notes management has executed on its strategy, while underlying conditions for the child care segment are benefiting from a change in the regulatory funding model.

However, given limited returns, the broker downgrades to Neutral from Outperform. Target is reduced to $2.69 from $2.75.

Target price is $2.69 Current Price is $2.57 Difference: $0.12
If ARF meets the Macquarie target it will return approximately 5% (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

Citi rates BHP as Buy (1) -

Broadly in line, such is Citi's conclusion post yesterday's interim results release. Only modest changes have been made to forecasts (as the financial numbers, strictly taken, were slightly lower than expected).

The analysts are holding out for a better second half. Buy rating retained, as well as the $39 price target.

Target price is $39.00 Current Price is $37.94 Difference: $1.06
If BHP meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $36.22, suggesting downside 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: 0.3

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

Credit Suisse rates BHP as Neutral (3) -

First half earnings were slightly softer than Credit Suisse expected. The broker finds its valuation somewhat stretched but believes further capital returns are likely.

Moreover, while spot commodity prices are robust, there is enough to keep shareholders happy. Neutral rating and $34 target maintained.

Target price is $34.00 Current Price is $37.94 Difference: minus $3.94 (current price is over target).
If BHP 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 $36.22, suggesting downside 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: 0.3

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

Deutsche Bank rates BHP as Sell (5) -

First half results were slightly weaker than Deutsche Bank anticipated. Much of the focus was on the operating issues such as the train derailment in the Pilbara and the copper assets.

The company is seeking to lower unit costs and improve productivity. The pay-out on the dividend was slightly ahead of the broker's expectations. Deutsche Bank maintains a Sell rating and $28.30 target.

Target price is $28.30 Current Price is $37.94 Difference: minus $9.64 (current price is over target).
If BHP meets the Deutsche Bank target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.22, suggesting downside 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: 0.3

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

Macquarie rates BHP as Outperform (1) -

First half earnings results beat Macquarie's forecasts in terms of cash flow and the interim dividend. Production and cost guidance is unchanged.

All guidance metrics are unchanged for FY19 and the broker makes modest upgrades to forecasts.

Buoyant iron ore and coking coal prices continue to drive momentum and Macquarie maintains an Outperform rating. Target is $41.

Target price is $41.00 Current Price is $37.94 Difference: $3.06
If BHP meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $36.22, suggesting downside 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: 0.3

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

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

First half results marginally beat Morgan Stanley's estimates. The broker considers the valuation reasonable and the financial risk low.

The broker envisages no major changes to the investment case or forecasts. Equal-weight maintained. Industry view: Attractive.

Current Price is $37.94. Target price not assessed.

Current consensus price target is $36.22, suggesting downside 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: 0.3

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

Morgans rates BHP as Hold (3) -

BHP's first-half result fell just shy of consensus but management guided to a strong second half as it pumps up production to compensate for lost volume in the first half.

Low iron and copper volumes contrasted with a bumper season for Petroleum (up 70% post the divestment of US onshore gas and oil).

The broker notes strong capital discipline (BHP plans no M&A or capital expenditure) and sees little change on the dividend front. Morgans believes a strong second half has already been priced in and cuts the target price to $40.24 from $40.38.

Hold rating retained.

Target price is $40.24 Current Price is $37.94 Difference: $2.3
If BHP meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $36.22, suggesting downside 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: 0.3

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

Ord Minnett rates BHP as Hold (3) -

First half results matched Ord Minnett's forecasts. The broker is attracted to the strong cash flow but notes the stock is trading near valuation.

Ord Minnett observes, after an underwhelming quarter, which highlighted an over-run in costs, the market has adjusted expectations accordingly.

The broker maintains a Hold rating and $36 target.

Target price is $36.00 Current Price is $37.94 Difference: minus $1.94 (current price is over target).
If BHP meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.22, suggesting downside 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: 0.3

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

UBS rates BHP as Buy (1) -

BHP's result was a bit of a miss due to outages. The dividend nevertheless exceeded expectations. Productivity improvements have been stymied by said outages but otherwise guidance is maintained and despite the handouts, gearing is at the lower end of the target range.

Little change to forecasts other than to account for a higher tax rate, offset by lower D&A. BHP continues to benefit from a strong pricing environment, the broker notes, particularly for iron ore and coking coal. Buy and $35 target retained.

Target price is $35.00 Current Price is $37.94 Difference: minus $2.94 (current price is over target).
If BHP meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.22, suggesting downside 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: 0.3

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

UBS rates BIN as Buy (1) -

The broker notes half of Bingo's earnings downgrade reflects the beginning of a softening in residential construction, which will to an extent be offset by infrastructure volumes, and smaller operators can only discount by so much before facing liquidity problems. The other half reflected timing issues, the broker notes.

To that end the broker suggests a halving of the stocks' value in response was an overreaction. The ACCC's delayed decision on the Dial-a-Dump acquisition creates some uncertainty, but there are offsets. Target falls to $2.55 from $3.45. Buy retained.

Target price is $2.55 Current Price is $1.37 Difference: $1.18
If BIN meets the UBS target it will return approximately 86% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 43.6% (ex-dividends)

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 BKL as Sell (5) -

Blackmores H1 results release revealed the company is underperforming sales expectations in the Chinese market, point out Citi analysts. They retain the Sell rating, while reducing the price target by -11% to $89.50 on lowered forecasts.

Citi analysts observe the company did spend more on marketing in H1, but sales growth is still more than likely to slow in H2. Also, the analysts point out Australian health insurance changes effective 1 April 2019 can potentially adversely impact on naturopaths, with flow-on for Blackmores.

Target price is $89.50 Current Price is $88.30 Difference: $1.2
If BKL meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $90.92, suggesting upside of 3.0% (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 BKL as Neutral (3) -

First half sales missed Credit Suisse expectations. The broker is not confident adequate sales momentum can resume in China to the extent it will support forecasts.

The company is guiding to modest revenue growth in FY19, translated to mean around 8%. If sales momentum in China does not resume the broker suspects FY20 estimates could be downgraded.

Neutral maintained. Target is reduced to $100 from $115.

Target price is $100.00 Current Price is $88.30 Difference: $11.7
If BKL meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $90.92, suggesting upside of 3.0% (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 BKL as Downgrade to Neutral from Outperform (3) -

Macquarie was disappointed with the first half result, noting margins contracted. Guidance suggests this is likely to continue in the near term.

The broker observes the company's China business is in a state of flux and sales trends are weakening despite the stronger marketing investment.

Leverage to structural tailwinds remains supportive and the broker envisages scope for improved execution.

Rating is downgraded to Neutral from Outperform. Target is reduced to $95 from $150.

Target price is $95.00 Current Price is $88.30 Difference: $6.7
If BKL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $90.92, suggesting upside of 3.0% (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 BKL as Underweight (5) -

A weak first half, driven by lack of channel clarity in China, may take time to mend, Morgan Stanley suggests. Despite significant downgrades to earnings expectations the broker finds the valuation still too rich, given there is no certainty of an earnings floor.

The company is now increasingly reliant on cost reductions for growth. Morgan Stanley maintains an Underweight rating. Significant negative earnings revisions across FY19-21 lower the broker's target to $75 from $104.

Lower near-term sales forecasts reflect soft trading in China, exacerbated by rising advertising expenditure. Industry view is: Cautious.

Target price is $75.00 Current Price is $88.30 Difference: minus $13.3 (current price is over target).
If BKL meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $90.92, suggesting upside of 3.0% (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 BKL as Upgrade to Hold from Reduce (3) -

Blackmore's first-half result fell shy of the broker, thanks to a weak performance from China and a deterioration in second-quarter and third-quarter sales.

Management guided to a weaker second half and Morgans slashes forecasts -12.9%, -13.4% and -14% across FY19/FY20/FY21.

Target price falls to $86 from $107. Morgans upgrades to Hold from Reduce given the sharp retreat in the share price and notes the stock is still trading at a premium multiple to international peers despite its lower growth outlook.

Target price is $86.00 Current Price is $88.30 Difference: minus $2.3 (current price is over target).
If BKL meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $90.92, suggesting upside of 3.0% (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 BKL as Hold (3) -

First half net profit was below Ord Minnett's forecasts. The main disappointment was in the company's Chinese business, as net sales to consumers implied a material deterioration in growth in the second quarter.

The soft guidance and weak result has led to a significant decline in the share price and Ord Minnett believes the outlook is likely to remain under review until the company shows its China's strategy is working and operating leverage returns.

Hold maintained. Target is reduced to $100 from $130.

Target price is $100.00 Current Price is $88.30 Difference: $11.7
If BKL meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $90.92, suggesting upside of 3.0% (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 BLX as Neutral (3) -

The H1 report seems to have missed expectations. Citi analysts stick with the view this is a well-run retail business, and management should have multiple drivers at its disposal to achieve growth.

Alas, post results release forecasts are being scaled back by -4%-8%. New price target is $1.23. While acknowledging the risks seem skewed to the downside for the current financial year, Citi retains its Neutral rating.

Target price is $1.23 Current Price is $1.20 Difference: $0.03
If BLX 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 BLX as Hold (3) -

Beacon Lighting's first-half result met the broker, who commended the stock's ability to gain operating expenditure leverage in the face of softer sales.

Management guided to an unpredictable trading environment, particularly ahead of the election, and forecast flat FY19 profit growth.

The broker cuts earnings-per-share forecasts -6.1%, -8.9% and -8.9% across FY19/FY20/FY21.

Target price eases to $1.30 from $1.32 to reflect a roll-forward of the valuation. Hold rating retained, the broker believing the price-earnings multiple of 14x is fair.

Target price is $1.30 Current Price is $1.20 Difference: $0.1
If BLX meets the Morgans target it will return approximately 8% (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 BOQ as Hold (3) -

Bank of Queensland's pre-announced first-half result was - 9% below consensus and -10% below Morgans.

Morgans notes negative earnings momentum is intensifying due to rising funding costs and price competition. The most recent APRA figures show no growth in the bank's loan book in 2018, and with weak guidance on net interest margins, the outlook is poor and the payout ratio under strain.

The broker slashes earnings-per-share forecasts -10.9%, -12.6% and -13.1%, across FY19/FY20/FY21.

Target price falls to $8.50 from $10.40. Hold rating retained, the broker keeping an eye to funding costs.

Target price is $8.50 Current Price is $8.84 Difference: minus $0.34 (current price is over target).
If BOQ meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.24, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in August.

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 CAJ as Outperform (1) -

Credit Suisse believes the stock is too cheap, as the company's suburban and largely bulk-billed radiology model should hold up a lot better than the multiples suggest. Moreover, there is a healthy balance sheet.

Credit Suisse changes analyst and maintains an Outperform rating and $0.35 target.

Target price is $0.35 Current Price is $0.26 Difference: $0.09
If CAJ meets the Credit Suisse target it will return approximately 35% (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 COH as Downgrade to Neutral from Buy (3) -

Yesterday already, Citi analysts responded they found the interim release a "mixed" result. The key surprise is the impact felt by the launch of the AB HiResUltra3D Cochlear Implant in the USA by competitor Sonova.

Note the analysts: MedEl (another competitor) has had an MRI compatible product for years and it had little impact in the US market. Citi does anticipate a response from Cochlear through development of its own MRI compatible product.

In the meantime, the analysts expect Cochlear to arrest further market share losses with existing products and marketing efforts. Estimates have been lowered by -2%-3%. Price target drops -5% to $190. Recommendation downgraded to Neutral from Buy.

Target price is $190.00 Current Price is $173.82 Difference: $16.18
If COH meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $168.11, suggesting downside of -3.3% (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 COH as Downgrade to Underperform from Neutral (5) -

First half sales were below Credit Suisse estimates, affected by competition. The broker expects market share losses and increased competition will heat up in the second half and into FY20.

Unit sales growth is expected to recover to around 6% in FY20. Factoring in weaker implant sales growth Credit Suisse reduces estimates by -2% for FY19.

In an environment where the company is losing share and the stock is considered overvalued, Credit Suisse downgrades to Underperform from Neutral. Target is reduced to $168 from $195.

Target price is $168.00 Current Price is $173.82 Difference: minus $5.82 (current price is over target).
If COH meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $168.11, suggesting downside of -3.3% (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

Deutsche Bank rates COH as Hold (3) -

Cochlear reported no implant sales growth in the first half, which Deutsche Bank finds overshadowed strong sales upgrades, margin expansion and high cash flow conversion.

The broker suggests the weak implant sales could affect future upgrades sales if not addressed, despite the strong growth in upgrades.

The broker downgrades the target to $168 from $194 and retains a Hold rating.

Target price is $168.00 Current Price is $173.82 Difference: minus $5.82 (current price is over target).
If COH meets the Deutsche Bank target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $168.11, suggesting downside of -3.3% (ex-dividends)

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

Macquarie rates COH as Underperform (5) -

First half net profit was below Macquarie's forecasts, largely because of lower implant unit sales revenue. FY19 guidance has been reaffirmed.

Macquarie observes increased competition in the US and Western Europe is having an impact on implant sales, notwithstanding strong sales of upgrades and ongoing manufacturing efficiencies.

Investment in sales and marketing/R&D should support medium-longer-term growth, in the broker's view. Given a lack of appeal on a PE/growth basis, Macquarie retains an Underperform rating. Target is $170.

Target price is $170.00 Current Price is $173.82 Difference: minus $3.82 (current price is over target).
If COH meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $168.11, suggesting downside of -3.3% (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

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

Unit growth has softened as competitor implants are rolled out. First half unit sales were around -5% below Morgan Stanley's estimates. However, services & upgrades revenue was 10% above forecasts.

Morgan Stanley observes this scenario has occurred before, where market share varies on the back of product cycles. The N7 processor should provide some protection from loss of share in new patients, the broker suggests.

Morgan Stanley retains an Equal-weight rating and reduces the target to $160 from $176. In-Line industry view.

Target price is $160.00 Current Price is $173.82 Difference: minus $13.82 (current price is over target).
If COH meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $168.11, suggesting downside of -3.3% (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

Morgans rates COH as Hold (3) -

Cochlear's first-half result broadly met the broker, reporting double-digit dividend growth, thanks to strong revenue growth, a foreign-exchange tailwind and manufacturing efficiencies.

While the result was solid, Morgans expresses uncertainty around managements competitive and research-and-development leadership, noting no visible timeline to stemming market share losses to competitors.

The broker notes valuation remains extended and eases the share price to $175.90 from $177.80, awaiting a better entry point. Hold rating retained.

Target price is $175.90 Current Price is $173.82 Difference: $2.08
If COH meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $168.11, suggesting downside of -3.3% (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

Ord Minnett rates COH as Lighten (4) -

First half net profit was ahead of Ord Minnett's forecasts. The company now faces a tough 2019 amid competitive challenges that have caused its market lead to erode, the broker notes.

This may be a temporary setback, as the company is almost certain to respond with a new product offering by early 2020.

Earnings growth is expected to be maintained, although Ord Minnett suggests declining unit sales and the legal case regarding intellectual property may test investor nerves.

Ord Minnett maintains a Lighten rating and reduces the target to $155 from $171.

Target price is $155.00 Current Price is $173.82 Difference: minus $18.82 (current price is over target).
If COH meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $168.11, suggesting downside of -3.3% (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

UBS rates COH as Sell (5) -

Cochlear's profit result fell short of the broker but notably unit sales missed forecasts by -10% while service sales beat by 4%. This mix led to strong margins and solid cash conversion.

While increased competition and constrained European health budgets were blamed, the broker ponders whether slowing unit sales simply reflect a base that cannot keep growing forever. The infrastructure and process required to facilitate implantation are not always scalable at all clinics. New product launches remain potential key catalysts but in the meantime the broker retains Sell.

Target falls to $158 from $160.

Target price is $158.00 Current Price is $173.82 Difference: minus $15.82 (current price is over target).
If COH meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $168.11, suggesting downside of -3.3% (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

Citi rates COL as Buy (1) -

Coles' maiden financial results release in stand alone-format missed market expectations and softer sales, rising costs and an apparent lack of operating leverage are to blame, Citi comments.

Forecasts have been lowered by -5% for FY19 and by -6% for FY20. Price target drops to $13.40 from $14. Woolworths ((WOW)) is expected to continue performing better.

Longer term, Citi analysts expect Coles' Supermarket margin recovery to commence in 2H20 and take more than five years to return towards normalised levels, defined as 4.9% long term margin. Buy.

Target price is $13.40 Current Price is $11.42 Difference: $1.98
If COL meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $11.92, suggesting upside of 4.4% (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

Credit Suisse rates COL as Underperform (5) -

The company has outlined a number of near and medium-term challenges but has offered few solutions, Credit Suisse observes. Earnings growth is expected to remain weak.

Paradoxically, while wages growth is soft across the economy, constraining spending, higher retail wages are a significant headwind, the broker points out.

Credit Suisse remains happy to be on the sidelines. Underperform rating maintained. Target is raised to $10.84 from $10.68.

Target price is $10.84 Current Price is $11.42 Difference: minus $0.58 (current price is over target).
If COL meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.92, suggesting upside of 4.4% (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

Deutsche Bank rates COL as Hold (3) -

Like-for-like sales growth was weaker than Deutsche Bank expected. The broker believes the company has a lot of work to do and looks for more detail at the strategy briefing in June.

Still, there is no indication there is another large earnings re-set coming. Costs are growing faster than sales and margin dilution is expected to be difficult to avoid.

Hence, Deutsche Bank believes Woolworths ((WOW)) will gain share for some time. Hold rating and $12.50 target maintained.

Target price is $12.50 Current Price is $11.42 Difference: $1.08
If COL meets the Deutsche Bank target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $11.92, suggesting upside of 4.4% (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 COL as Neutral (3) -

While first half supermarket sales growth was strong, Macquarie expected more operating leverage. Cost pressures continue and the broker believes the earnings risk is to the downside.

The stock is trading off its lows from December and the broker suggests earnings headwinds are building. Target is reduced to $12.19 from $13.19. Neutral maintained.

Target price is $12.19 Current Price is $11.42 Difference: $0.77
If COL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.92, suggesting upside of 4.4% (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

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

Morgan Stanley is concerned about near-term earnings as top-line growth is soft and there are continued cost pressures.

Still, the broker is loath to extrapolate the soft results much further and looks ahead to the June strategy briefing, which should provide a clearer view on capital expenditure and initiatives.

Equal-Weight retained. Industry view: Cautious. Target is reduced to $12.00 from $12.50.

Target price is $12.00 Current Price is $11.42 Difference: $0.58
If COL meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $11.92, suggesting upside of 4.4% (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

Morgans rates COL as Hold (3) -

Coles first-half result missed the broker. Liquor was strong but supermarkets disappointed as costs rose (labour costs, the transition to plastic bags and higher energy prices), heralding margin pressure.

The balance sheet was solid although operating cash flow weakened. The group lost market share in NSW - an area of concern for the broker given the long turnaround time to address it.

The broker revises FY19 earnings and net profit after tax forecasts down -7%. Target price falls to $12.15 from $12.37. Hold rating retained.

Target price is $12.15 Current Price is $11.42 Difference: $0.73
If COL meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $11.92, suggesting upside of 4.4% (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

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

First half results were below Ord Minnett's forecasts with weak like-for-like sales growth and rising costs of doing business. As a result, the broker downgrades to Lighten from Hold.

The challenges the retailer faces are worse than the broker had feared and several of these are structural. Target is reduced to $11.00 from $12.25.

Target price is $11.00 Current Price is $11.42 Difference: minus $0.42 (current price is over target).
If COL 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 $11.92, suggesting upside of 4.4% (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

UBS rates COL as Sell (5) -

Coles' result fell short of the broker on higher supermarket costs and lost market share in the second quarter. Liquor did well and cash flow was otherwise strong but margins compressed.

The CEO has announced a "strategy refresh" due to a negative outlook, which the broker assumes means spending money. The broker is positive on the grocery sector in FY19-20 but negative on Coles specifically given required investment and retains Sell, while maintaining Buys on the other two listed supermarkets. Target falls to $11.30 from $11.70.

Target price is $11.30 Current Price is $11.42 Difference: minus $0.12 (current price is over target).
If COL 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 $11.92, suggesting upside of 4.4% (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

Credit Suisse rates CRN as Outperform (1) -

2018 underlying earnings were slightly softer than expected but overshadowed by a maiden dividend of US$0.31, which includes a US $0.25 special dividend.

Credit Suisse finds a bit more colour to the production opportunity. The revised Curragh mine plan is still on target for mid year.

The broker maintains an Outperform rating and reduces the target to $3.80 from $4.10. Pricing remains buoyant and the broker envisages upside to earnings and dividends going forward.

Target price is $3.80 Current Price is $3.65 Difference: $0.15
If CRN meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.85, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates CRN as Add (1) -

Morgans is forecasting a 25%-plus yield over 13 months for metallurgical coal company Coronado Global Resources.

The broker notes the full-year results either met or outpaced its prospectus and Morgan's estimates. The company also announced a special dividend and upgraded production and reserve figures.

Morgans lifts the target price to $4.05 from $3.97 and maintains an Add rating.

Target price is $4.05 Current Price is $3.65 Difference: $0.4
If CRN meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.85, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates CRN as Buy (1) -

Coronado's result beat the prospectus but fell short of the broker. Realised prices exceeded the prospectus but so too did costs given disruptions to the rail network at Curragh. But not only was the ordinary dividend greater than expected, a special came as a complete surprise, to be funded by cash and debt.

FY guidance is ahead of UBS, which notes significant upside were current spot prices to be used in valuation. Buy retained, target rises to $3.70 from $3.60.

Target price is $3.70 Current Price is $3.65 Difference: $0.05
If CRN meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.85, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates CWN as Neutral (3) -

Upon early assessment, it appears the interim result has missed Macquarie's estimate by -4%, and higher costs are among the factors to blame, as well as lower VIP turnover. Macquarie highlights VIP volumes softened through November and December plus the growth comp in 2H19 is genuinely "challenging" at +109% yoy.

The analysts retain a cautious stance and believe market consensus is cum further downgrades.

Target price is $12.65 Current Price is $11.57 Difference: $1.08
If CWN meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $12.88, suggesting upside of 11.3% (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 DMP as Neutral (3) -

Upon early assessment of the interim report release, Citi suggests the report is indicative of slowing growth for the company. The analysts estimate market consensus is likely to reset lower by some -4%-5% for FY19.

Target price is $43.40 Current Price is $44.46 Difference: minus $1.06 (current price is over target).
If DMP meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.99, suggesting upside of 7.9% (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 DMP as Outperform (1) -

In initial response to the release of interim financials, Macquarie analysts find the H1 performance in line, but guidance for full year implies a reset to the lower end of prior guidance. While the latter might come as a disappointment to some, Macquarie counters this stock no longer needs further de-rating.

Target price is $54.00 Current Price is $44.46 Difference: $9.54
If DMP meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $47.99, suggesting upside of 7.9% (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 EHL as Outperform (1) -

First half earnings were largely in line with Macquarie's estimates, although revenue was below.

The broker believes the sell-off in the stock was overdone and the company is well-placed to leverage its diversified asset base in an industry which remains favourable.

Valuation appears undemanding and the broker retains an Outperform rating.

Target is reduced to $3.15 from $4.50, driven by downward revisions to the broker's estimates for earnings per share in FY19 and FY20, which are reduced -17% and -9%, respectively.

Target price is $3.15 Current Price is $2.43 Difference: $0.72
If EHL meets the Macquarie target it will return approximately 30% (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

Morgans rates EHL as Add (1) -

Emeco Holdings' first-half result met the broker, a sharp improvement in earnings margins the highlight, thanks to cost control and productivity gains. Net utilisation rose but several abnormals reduced transparency.

The company also announced it would invest $90m into 35-40 machines - a bring-forward for replacement capital, which will postpone the reinstatement of dividends, hits free-cash generation and de-gearing - a decision Morgans describes as poorly articulated.

The broker cuts utilisation and growth rates assumption, resulting in -7% to -10% cuts to FY19/FY20 earnings forecasts. 

Target price falls to $3 from $3.55. Morgans remains perplexed about the share price discount to value and retains an Add rating.

Target price is $3.00 Current Price is $2.43 Difference: $0.57
If EHL meets the Morgans target it will return approximately 23% (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

UBS rates FLN as Neutral (3) -

It appears Freelancer's result beat the broker on revenues but missed on earnings. Growth is gradually returning to the Marketplace business, the broker notes, and could be driven higher by platform improvements. The broker remains positive on the Enterprise opportunity but the delay reminds new revenue streams can take longer to ramp up than first hoped.

The broker is optimistic on growth but wants to see tangible signs before moving off Neutral. Target falls to 70c from 77c.

Target price is $0.70 Current Price is $0.65 Difference: $0.05
If FLN meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

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

Macquarie rates FMG as Outperform (1) -

Upon initial read post interim report release, Macquarie analysts believe the financial result was better-than-expected, but the real surprise seems to be the 30c special dividend, which is well ahead of Macquarie's expectation for 10c.

Target price is $7.50 Current Price is $6.68 Difference: $0.82
If FMG meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.61, suggesting downside of -16.1% (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: 0.0

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

Morgans rates GDG as Add (1) -

Generation Development Group's strong first-half result fell -20% short of the broker, given a lower than expected life management tax benefit.

Morgans says the good outweighed the bad and expects an upswing now that Project Clearwater's cost pressure has been cycled.

Broker cuts NPAT forecasts -2% to -4% for FY19/FY20 to reflect the tax benefit and likely slightly higher expenses.

Target price falls to $1.06 from $1.18. Add rating retained, the broker believing the stock represents a good long-term earnings growth opportunity.

Target price is $1.06 Current Price is $0.65 Difference: $0.41
If GDG meets the Morgans target it will return approximately 63% (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

Credit Suisse rates IDX as Outperform (1) -

Credit Suisse observes the regulatory outlook is benign and growth is solid. Gearing may be slightly higher than the broker would prefer but the limited capital expenditure is driving solid cash flow generation.

Outperform rating maintained. Target rises to $3.20 from $3.15. The company reports its first half result on February 21.

Target price is $3.20 Current Price is $3.00 Difference: $0.2
If IDX meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.13, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Citi rates IFL as Neutral (3) -

Yesterday already, Citi indicated the released interim report represented a slight miss vis-a-vis market consensus, while labelling it "broadly in line". Yet, the analysts also believe management is doing a commendable job in restoring investor confidence.

Though company-specific risks remain, Citi is also of the view that extreme regulatory risks have now likely moderated. Marking to market leads to minor increases to forecasts. Significant downside risk remains attached to the deal with ANZ Bank ((ANZ)) potentially falling through, remind the analysts.

Neutral, High Risk rating remains in place, while the price target remains at $5.70.

Target price is $5.70 Current Price is $6.12 Difference: minus $0.42 (current price is over target).
If IFL meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.68, suggesting downside of -7.1% (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 IFL as Neutral (3) -

First half results missed Credit Suisse estimates. Commentary regarding the impact of the Hayne Royal Commission was largely in line with the broker's observations.

The broker suspects the higher cost profile is likely to be an ongoing feature of earnings and also synergies are likely to be reduced from the ANZ wealth acquisition.

The broker maintains a Neutral rating and raises the target to $5.60 from $5.30.

Target price is $5.60 Current Price is $6.12 Difference: minus $0.52 (current price is over target).
If IFL meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.68, suggesting downside of -7.1% (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 IFL as Neutral (3) -

First half results were below estimates. Macquarie observes the company has been able to address some areas of uncertainty as well as the elevated level of short interest coming into the result.

However, uncertainty is likely to weigh on the stock and the next major catalyst is the decision by OnePath custodians as to whether the ANZ wealth transaction will go ahead.

The broker maintains a Neutral rating and raises the target to $5.90 from $4.75.

Target price is $5.90 Current Price is $6.12 Difference: minus $0.22 (current price is over target).
If IFL meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.68, suggesting downside of -7.1% (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

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

Morgan Stanley observes progress in addressing APRA's licence conditions and there is greater clarity on the earnings risk from potential changes to legislation.

The best estimate of $5-10m in remediation costs for corporate super and deceased estates was reiterated.

Equal-weight. Target is raised to $5.75 from $5.00. Industry view: In Line.

Target price is $5.75 Current Price is $6.12 Difference: minus $0.37 (current price is over target).
If IFL 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 $5.68, suggesting downside of -7.1% (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 IFL as Neutral (3) -

IOOF's earnings fell -7% short but the broker is heartened by announced new initiatives to improve governance processes and implement a full advice review program, which is seen as a positive strategic step forward.

But it will cost, ensuring further pressure on earnings into FY20. The move will nevertheless leave IOOF better positioned to deal with an increasingly challenging wealth management market, the broker believes. Neutral retained, target rises to $5.47 from $5.00.

Target price is $5.47 Current Price is $6.12 Difference: minus $0.65 (current price is over target).
If IFL meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.68, suggesting downside of -7.1% (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 INA as Hold (3) -

Ingenia Communities first-half result met the broker and management reiterated FY19 guidance for 15% to 20% growth in earnings before interest and tax and 5-10% EPS growth.

Despite softer housing conditions, the company is progressing towards its settlement target of 350 and the balance sheet is solid.

But the broker notes challenging conditions ahead and eases earnings-per-share forecasts -1.4%, -7.7% and -6.4% across FY19/FY20/FY21.

Target price eases to $3.24 from $3.25. Hold rating retained.

Target price is $3.24 Current Price is $3.19 Difference: $0.05
If INA meets the Morgans 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:

Market Sentiment: 0.0

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

Credit Suisse rates ISU as Neutral (3) -

First half results exceeded Credit Suisse estimates and improved margins stood out.

The broker notes regulatory change is still affecting a number of industry verticals and earnings are skewed to the second half, although the company has taken steps to improve the latter.

Amid residual risks to forecasts, Credit Suisse maintains a Neutral rating. Target is raised to $0.86 from $0.84.

Target price is $0.86 Current Price is $0.76 Difference: $0.1
If ISU meets the Credit Suisse target it will return approximately 13% (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

Citi rates MGX as Neutral (3) -

Citi analysts have updated their estimates for the price of iron ore, and the impact for a small producer such as Mt Gibson is nothing short of "dramatic". Substantially higher cash projections also open up opportunities for capital management.

Citi's valuation jumps to $0.78 from $0.53 and the analysts have raised their price target to $0.80 from $0.53. Neutral/High Risk rating retained.

Target price is $0.80 Current Price is $0.71 Difference: $0.09
If MGX meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Market Sentiment: 0.5

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

Macquarie rates MGX as Outperform (1) -

First half results beat Macquarie's estimates. First ore from Koolan island is delayed to April. The broker expects the company to generate positive free cash flow from FY20 onwards.

Upside at the current iron ore price is evident. Outperform rating and $0.78 target maintained. The broker increases estimates for earnings per share by around 21% for FY19.

Target price is $0.78 Current Price is $0.71 Difference: $0.07
If MGX meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

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

Citi rates MND as Neutral (3) -

As reported in yesterday's entry, Citi analysts spotted a better-than-expected performance. Alas, they also believe improving dynamics for Monadelphous have already been priced in, hence the Neutral rating remains in place.

The analysts note the shares trade at a premium vis-a-vis peers. Estimates have been lifted by 5-15%. Price target lifts to $16.80, up 17%.

Target price is $16.80 Current Price is $17.88 Difference: minus $1.08 (current price is over target).
If MND meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.38, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Citi rates MND as Neutral (3) -

As reported in yesterday's entry, Citi analysts spotted a better-than-expected performance. Alas, they also believe improving dynamics for Monadelphous have already been priced in, hence the Neutral rating remains in place.

The analysts note the shares trade at a premium vis-a-vis peers. Estimates have been lifted by 5-15%. Price target lifts to $16.80, up 17%. Engineering Construction revenue is projected to grow at 27% CAGR over FY19–FY21, but risks are not far off, according to the analysts.

Target price is $16.80 Current Price is $17.88 Difference: minus $1.08 (current price is over target).
If MND meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.38, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Credit Suisse rates MND as Neutral (3) -

First half results were slightly ahead of Credit Suisse estimates. The company has secured $770m in contracts since the start of FY19.

Credit Suisse believes a big opportunity exists for Monadelphous to capitalise on the iron ore replacement mine cycle.

The broker retains a Neutral rating, as the stock trades on elevated multiples. Target is raised to $16.80 from $15.10.

Target price is $16.80 Current Price is $17.88 Difference: minus $1.08 (current price is over target).
If MND meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.38, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Deutsche Bank rates MND as Sell (5) -

First half results beat guidance and Deutsche Bank was impressed by the margin expansion. The company has been able to replace most of the revenue now the Ichthys contract has been completed.

Deutsche Bank retains a Sell rating, given the valuation. Target is $13.30.

Target price is $13.30 Current Price is $17.88 Difference: minus $4.58 (current price is over target).
If MND meets the Deutsche Bank target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.38, suggesting downside of -8.4% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Macquarie rates MND as Neutral (3) -

First half net profit was 13% above Macquarie's forecasts. Maintenance and industrial business drove the momentum.

The broker notes sequential margin improvement, which represents the first form of margin stabilisation in two years.

Maintenance is now at record levels and and represents 63% of group revenue, which the broker believes is a more reliable and high-value earnings stream relative to construction.

Neutral maintained. Target rises to $17.45 from $15.02.

Target price is $17.45 Current Price is $17.88 Difference: minus $0.43 (current price is over target).
If MND meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.38, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Ord Minnett rates MND as Lighten (4) -

First half net profit was below Ord Minnett's forecasts. Revenue was slightly stronger than expected, driven by growth in maintenance.

The broker envisages scope for continued contract wins but factors a significant amount of growth already into forecasts.

Lighten rating maintained. Target rises to $14.95 from $13.02.

Target price is $14.95 Current Price is $17.88 Difference: minus $2.93 (current price is over target).
If MND meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.38, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

UBS rates MND as Buy (1) -

Monadelphous posted a solid result, ahead of the broker. The decline in revenues was less than guidance suggested and a recovery in margins is noteworthy. FY19 revenue decline guidance is also not as bad as the broker had forecast.

Declines reflect a contractor in a transition year, the broker notes, as the big LNG projects reach completion to be soon be replaced by iron ore sustaining & replacement capex. The outlook for tenders is strong. Buy retained, target rises to $19.00 from $17.60.

Target price is $19.00 Current Price is $17.88 Difference: $1.12
If MND meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $16.38, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Credit Suisse rates OGC as Underperform (5) -

2018 earnings were below Credit Suisse estimates. Costs were ahead of forecasts, most significant at Haile. The broker notes mine life extensions across all operations.

2019 all-in sustaining cost guidance is US$850-900/oz. The decline in the share price has meant the stock stands out as a materially less expensive option versus its peers.

Credit Suisse maintains an Underperform rating and $4 target.

Target price is $4.00 Current Price is $4.73 Difference: minus $0.73 (current price is over target).
If OGC meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.84, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

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: 0.1

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

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

1300 Smiles' solid first-half result met the broker. Morgans notes the stock is on track for FY19 and leaves forecasts unchanged but upgrades to Add from Hold noting the retreat in the share price.

Target price is steady at $6.85.

Target price is $6.85 Current Price is $6.30 Difference: $0.55
If ONT meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Credit Suisse rates ORE as Outperform (1) -

The company has downgraded FY19 production expectations because of heavy rainfall. Guidance has been revised to approximately the same as that achieved in FY18.

Credit Suisse observes the potential for a knock-on impact in FY20. The weather-related downgrade highlights the need for execution of the pond and plant enhancements at Olaroz to reduce variability, in the broker's view.

Outperform rating and $5.15 target maintained.

Target price is $5.15 Current Price is $3.20 Difference: $1.95
If ORE meets the Credit Suisse target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 58.9% (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 ORE as Neutral (3) -

Production is being downgraded because of unseasonal rainfall. Production in FY19 will now be flat versus FY18. This is a -12% reduction to Macquarie's forecasts.

Until contracts for 2019 are locked in and debt for the expansion is secured, Macquarie believes the risks are not yet worth the potential upside and maintains a Neutral rating. Target is reduced to $3.30 from $3.40.

Target price is $3.30 Current Price is $3.20 Difference: $0.1
If ORE meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 58.9% (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 ORE as Equal-weight (3) -

The company has downgraded production guidance for FY19 to be in line with the prior year, because of higher-than-expected rainfall.

Morgan Stanley is disappointed with what it calculates is a -12% downgrade to production guidance, as this shows there is still some way to go in sorting out the issues in the stage I circuit.

Equal-weight rating, $3.80 target and Attractive industry view maintained.

Target price is $3.80 Current Price is $3.20 Difference: $0.6
If ORE meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 58.9% (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 OSH as Neutral (3) -

Citi analysts have been re-modeling, and revisiting their assumptions for Oil Search. The end result is that the price target has moved up to $7.91 from $7.47.

The analysts see plenty of catalysts on the horizon to get this share price moving. In the meantime, Neutral rating retained.

While Citi retains a positive view on PNG LNG, and a potentially larger stake/involvement for Oil Search, the analysts also remain of the view a cautious stance towards LNG markets remains most appropriate. Citi believes equity markets look complacent on demand and long-term contract pricing.

Target price is $7.91 Current Price is $8.18 Difference: minus $0.27 (current price is over target).
If OSH meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.65, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

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: 0.5

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

Credit Suisse rates OSH as Neutral (3) -

2018 net profit slightly missed expectations, mainly because of costs. 2019 production is disproportionately weighted to the company operated assets and Credit Suisse conservatively forecasts 4.2mmboe.

Given the spot price weakness in LNG the broker reduces 2019 and 2020 revenue estimates by -2%.

Neutral rating maintained and the target is raised to $7.50 from $7.40. Positive near-term catalysts include an upgrade to Alaskan reserves and the option to sell down a stake.

Target price is $7.50 Current Price is $8.18 Difference: minus $0.68 (current price is over target).
If OSH meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.65, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

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: 0.5

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

Deutsche Bank rates OSH as Buy (1) -

2018 net profit was -5% below Deutsche Bank's expectations. The broker has a Buy rating and target of $9.

Target price is $9.00 Current Price is $8.18 Difference: $0.82
If OSH meets the Deutsche Bank target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 5.8% (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: 0.5

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

Macquarie rates OSH as Outperform (1) -

The outlook in 2019 is for slightly higher operating and capital expenditure and most of this will go towards sustaining oil volumes.

Despite concerns regarding a potential equity raising, Macquarie believes Oil Search will not require additional capital for both Alaska and the PNG expansion, unless the oil price drops to levels below US$40/bbl.

Outperform maintained. Target is reduced to $9.10 from $9.15.

Target price is $9.10 Current Price is $8.18 Difference: $0.92
If OSH meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

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: 0.5

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

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

2018 net profit was slightly below Morgan Stanley's estimates, affected by higher D&A and finance costs.

Key to the stock's performance is the timing of LNG expansion and the broker found limited new information about this in the results. The stock is expected to perform better once the timelines for expansion are firmed.

The broker retains an Equal-weight rating. Target is $8. Industry view is In-Line.

Target price is $8.00 Current Price is $8.18 Difference: minus $0.18 (current price is over target).
If OSH meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.65, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

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: 0.5

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

Morgans rates OSH as Add (1) -

Oil Search's full-year result fell shy of the broker on net profit after tax but sharply outpaced on margins, allowing it to lift the dividend payout ratio to 47%.

Net debt declined and liquidity set at $US1.5bn - US$601m in cash and US$900m in undrawn debt. Morgans says the stock remains attractive, expecting expansion in Papua New Guinea and, possibly, Alaska.

Add rating retained. Price target eases to $10.62 from $10.66.

Target price is $10.62 Current Price is $8.18 Difference: $2.44
If OSH meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

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: 0.5

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

Ord Minnett rates OSH as Buy (1) -

2018 net profit was below Ord Minnett's forecasts because of higher-than-expected depreciation charges. Operating earnings were in line with estimates.

The PNG LNG expansion program has been hampered by delays but the difficult processes are now behind the partners and the broker observes the path to a final investment decision is clearer.

Appraisal work being conducted in Alaska could mean sizeable upgrades to the reserve as well.

Buy rating maintained. Target is raised to $8.60 from $8.50.

Target price is $8.60 Current Price is $8.18 Difference: $0.42
If OSH meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

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: 0.5

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

UBS rates OSH as Neutral (3) -

It was a shaky start to the year for Oil Search but a strong finish, the broker notes, as higher realised prices have offset the earlier impact of the earthquake in PNG. The result nevertheless fell short of estimates, but the key takeaway for the broker was news of progress on the PNG expansion.

There have been a number of delays over the years but the broker is now confident expansion will move to front-end engineering design (FEED) by mid-2019. Neutral retained, target rises to $8.50 from $8.20.

Target price is $8.50 Current Price is $8.18 Difference: $0.32
If OSH meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

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: 0.5

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

Citi rates SAR as Sell (5) -

Citi analyst put together a rather "soft" interim performance with the fact the share price has rallied hard over the past three months and conclude Saracen Mineral shares seem overpriced.

They are happy to stick with their Sell rating. Target price does move higher; $2.60 versus $2.10 previously. All eyes now on what the company can achieve in terms of exploration, suggest the analysts.

Target price is $2.60 Current Price is $3.06 Difference: minus $0.46 (current price is over target).
If SAR meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 SAR as Outperform (1) -

First half earnings were weaker than expected. Additional costs from the processing of third-party ore affected the broker's estimates.

The broker expects the need for third-party ore to fall away as it is displaced by ore from Whirling Dervish. Outperform rating and $3.30 target maintained.

Target price is $3.30 Current Price is $3.06 Difference: $0.24
If SAR meets the Macquarie target it will return approximately 8% (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

Macquarie rates SDF as Outperform (1) -

On Macquarie's early read, the interim performance proved some 5% better-than-expected, while the interim dividend of 3.2c is also better than the 3c expected. Management has not changed FY19 guidance, previously upgraded at the November AGM, remind the analysts.

Target price is $3.90 Current Price is $2.94 Difference: $0.96
If SDF meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $3.26, suggesting upside of 10.9% (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 SFR as Neutral (3) -

Sandfire Resources' H1 performance fell well short (-19%) of Citi's expectations, but the analysts comment this stock tends to be an ideal vehicle to trade near-to-medium prospects for the price of copper.

Production should improve in H2, while Citi analysts retain longer term concerns relating to mine life. Neutral, High Risk recommendation remains in place. Target price rises to $8.40 from $7.60.

Target price is $8.40 Current Price is $7.92 Difference: $0.48
If SFR meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.46, suggesting downside of -5.8% (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 SFR as Downgrade to Underperform from Neutral (5) -

First half net profit was less than expected, largely because of higher exploration expenditure. FY19 guidance is unchanged.

Gold prices remain above cost assumptions and support higher gold credits against copper costs, the broker observes.

Credit Suisse downgrades to Underperform from Neutral on valuation grounds and reduces the target to $6.15 from $6.75.

Target price is $6.15 Current Price is $7.92 Difference: minus $1.77 (current price is over target).
If SFR meets the Credit Suisse target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.46, suggesting downside of -5.8% (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 SFR as Hold (3) -

First half net profit was below Deutsche Bank's expectations. The dividend is lower, which the broker believes is unjustified.

Deutsche Bank is monitoring the progress at Black Butte and notes, while the company is investing heavily in exploration at Doolgunna, a production gap is looking likely.

Hold rating and $7.25 target.

Target price is $7.25 Current Price is $7.92 Difference: minus $0.67 (current price is over target).
If SFR meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.46, suggesting downside of -5.8% (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 SFR as Downgrade to Neutral from Outperform (3) -

First half earnings were below Macquarie's estimates because of higher exploration expense.

The company is actively looking for acquisitions to solve its limited mine life and in the absence of a deal Macquarie struggles to find a positive catalyst.

A lack of exploration success at DeGrussa is also a concern and the broker downgrades to Neutral from Outperform. Target is reduced to $7.80 from $8.10.

Target price is $7.80 Current Price is $7.92 Difference: minus $0.12 (current price is over target).
If SFR meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.46, suggesting downside of -5.8% (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 SFR as Overweight (1) -

First half earnings were better than Morgan Stanley estimated. The dividend was lower than expected.

The broker points out the company appears to have kept its pay-out ratio stable, instead of maintaining the absolute level of the dividend, despite having capacity to pay more.

First stope ore from Monty is expected in February and first production ore in the March quarter. Overweight rating and $8.65 target. Industry view is Attractive.

Target price is $8.65 Current Price is $7.92 Difference: $0.73
If SFR meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.46, suggesting downside of -5.8% (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 SFR as Hold (3) -

First half results were ahead of Ord Minnett's forecasts. The broker believes the company has been consistent in its operations while the Black Butte project provides a platform for growth.

The stock is trading at fair value and the broker maintains a Hold rating. Target is raised to $7.40 from $7.00.

Target price is $7.40 Current Price is $7.92 Difference: minus $0.52 (current price is over target).
If SFR meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.46, suggesting downside of -5.8% (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 SFR as Sell (5) -

Sandfire's profit fell well short of the broker, primarily due to exploration and evaluation costs required to address the company's mine life issue. Life left for the WA mine is now less than four years, thus management is looking to regional exploration, permitting Black Butte in the US and various ore and tailings options in WA.

Monty will drive a 20% growth in production from FY20 but, in the meantime, extending mine life remains a key issue for the broker. Sell retained, target falls to $6.70 from $6.80.

Target price is $6.70 Current Price is $7.92 Difference: minus $1.22 (current price is over target).
If SFR meets the UBS target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.46, suggesting downside of -5.8% (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 SGF as Buy (1) -

On initial assessment of yesterday's released interim report, Citi analysts responded by stating SG Fleet has not been able to match their expectations, but the result is largely in-line with market consensus. Today's follow-up report doesn't contain any quantitative assessment vis-a-vis expectations.

The analysts do highlight organic growth is being incrementally harder to come by, and it remains a big call to assume regulatory impacts have by now passed the worst point. Citi analysts hang on to a more constructive longer term view.

Hence, Buy rating remains in place. Estimates have been lowered by double digit percentages. Price target drops -24% to $3.13.

Target price is $3.13 Current Price is $2.59 Difference: $0.54
If SGF meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.89, suggesting upside of 11.7% (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

Macquarie rates SGF as Outperform (1) -

First half net profit was slightly below Macquarie's forecasts. The company expects the first:second half split will be closer to that achieved in previous years, which implies $63.9m for reported net profit in FY19.

Macquarie reduces FY19 estimates for earnings per share by -9.1% and FY20 by -12.8%.

Target is reduced to $2.95 from $3.77. An increased discount reflects the level of macro uncertainty in the automotive sector. Outperform maintained.

Target price is $2.95 Current Price is $2.59 Difference: $0.36
If SGF meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.89, suggesting upside of 11.7% (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 SGF as Underweight (5) -

First half results were slightly below Morgan Stanley's estimates. The result is difficult to interpret and the broker finds the skew to the second half for underlying net profit challenging to conceptualise.

Downside risk is heightened, in the broker's view. Underweight maintained. Target is $2.60. Industry view is In-Line.

Target price is $2.60 Current Price is $2.59 Difference: $0.01
If SGF meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.89, suggesting upside of 11.7% (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

Macquarie rates SGM as Outperform (1) -

In initial response to the released results, Macquarie finds the performance marks a "miss". Management's guidance implies challenging times are here to stay. The analysts highlight cash flow was "really weak" during the half.

Target price is $14.65 Current Price is $11.66 Difference: $2.99
If SGM meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $11.94, suggesting upside of 2.4% (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 SGM as Buy (1) -

The company had pre-released, but today's interim report still disappointed, indicate Ord Minnett analysts upon first glance. It appears higher tax is to blame. The analysts seem to draw some optimism from management's cautious optimism towards the future.

Target price is $11.50 Current Price is $11.66 Difference: minus $0.16 (current price is over target).
If SGM meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.94, suggesting upside of 2.4% (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 SGP as Neutral (3) -

Upon initial read of released interim financials, Macquarie analysts highlight FFOps of 16.8c was down -6.7% vs the pcp and -9% below the broker's own expectations. Also, management has revised FY guidance towards the lower end of the prior range.

Target price is $3.71 Current Price is $3.68 Difference: $0.03
If SGP meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.99, suggesting upside of 8.3% (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 SHL as Hold (3) -

Upon first read, Ord Minnett calls the interim report broadly in line, despite the reported result missing by -2% with acquisition and restructuring costs to blame, as these were only partially offset by lower D&A and a slightly lower tax rate.

The analysts note underlying guidance has been maintained at 3-5% constant currency EBITDA growth.

Target price is $24.10 Current Price is $24.30 Difference: minus $0.2 (current price is over target).
If SHL meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.21, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20: