Australian Broker Call

Morgans rates ALL as Add (1) -

Morgans found the investor briefing useful as it outlined the strategy and provided further details on the acquisitions of Plarium and Big Fish. For North America, the company is looking to increase scale in adjacent markets.

Strong growth is anticipated in the digital segment and mobile is the key driver. Given strong forecasts for double-digit growth in earnings per share over the next few years Morgans retains an Add rating. Target is raised to $30.41 from $27.22.

Target price is $30.41 Current Price is $28.21 Difference: $2.2
If ALL meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $29.46, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Citi rates AMC as Neutral (3) -

Shares have underperformed the market and are now in value territory, Citi believes. Because of rising raw material costs and a weak North American beverage market company downgrades FY18 guidance. Citi notes this is the third reduction in six months.

Citi considers the issues in North America in emerging markets are temporary but until these stabilise or a catalyst emerges the stock is likely to be cheap. Neutral rating maintained. Target is reduced to $14.85 from $15.00.

Target price is $14.85 Current Price is $13.52 Difference: $1.33
If AMC meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.4

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

Credit Suisse rates AMC as Neutral (3) -

Credit Suisse notes the challenges have extended into the second half and modestly downgrades earnings. The broker notes rising raw material prices and a lag in recovery in emerging markets in the March quarter.

Weak beverage volumes also affected North America's rigid plastics. Some of the issues are considered temporary while others are a function of more entrenched market conditions, in the broker's opinion.

The broker maintains a Neutral rating and $14.20 target.

Target price is $14.20 Current Price is $13.52 Difference: $0.68
If AMC meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.4

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

Deutsche Bank rates AMC as Buy (1) -

Deutsche Bank notes the company has modestly downgraded its outlook versus its view in February, as higher raw material costs are expected to have an additional impact in the second half. Lower-than-anticipated North American beverage volumes are also a contributor.

The broker believes these factors have been excessively discounted into the share price and retains a Buy rating. Target is $17.80.

Target price is $17.80 Current Price is $13.52 Difference: $4.28
If AMC meets the Deutsche Bank target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 12.7% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.4

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

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

The FY18 update pointed to a deterioration in trading conditions since the first half, Morgan Stanley notes. Importantly, the company is adjusting prices and expects to recover the input costs over time.

Nevertheless, the broker suggests this places guidance for modest growth in flexibles at risk in the short term.

Equal-weight. Target is $14.80. Cautious industry view.

Target price is $14.80 Current Price is $13.52 Difference: $1.28
If AMC meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.4

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

Morgans rates AMC as Hold (3) -

The trading update highlighted for Morgans a number of short-term headwinds for the second half including higher raw material costs, weaker beverage volumes in North America and variable trading conditions in emerging markets.

While the valuation appears attractive the earnings growth outlook is uncertain and, as a result, the broker prefers to wait for a stabilising of performance before taking a more positive view. Hold rating is maintained. Target reduced to $13.74 from $14.40.

Target price is $13.74 Current Price is $13.52 Difference: $0.22
If AMC meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.4

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

Ord Minnett rates AMC as Accumulate (2) -

Ord Minnett observes, following recent share price weakness, Amcor is now trading at a significant discount relative to its historical performance and the All Industrials index.

The issues weighing on the business related to raw materials, customer underperformance and weak emerging market demand are considered largely temporary. Growth is expected to improve through FY19-20.

Accumulate rating maintained. Targets lowered to $15.50 from $16.20.

Target price is $15.50 Current Price is $13.52 Difference: $1.98
If AMC meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.4

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

Morgans rates ANZ as Add (1) -

First half cash earnings were broadly in line with forecasts. Asset quality and capital were the strong points and Morgans reiterates the view that benign asset quality poses upside risk for FY18 earnings.

Add rating retained. Target at $30.

Target price is $30.00 Current Price is $27.66 Difference: $2.34
If ANZ meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $29.59, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Credit Suisse rates AQG as Outperform (1) -

March quarter operations were strong, as Credit Suisse expected. Oxide production is heavily weighted to the first half before depletion in the second half as production transitions to sulphides.

The catalysts for the second half include the completion of the sulphide development and the ramp up from the September quarter.

Outperform rating and $5.30 target maintained.

Target price is $5.30 Current Price is $2.31 Difference: $2.99
If AQG meets the Credit Suisse target it will return approximately 129% (excluding dividends, fees and charges).

Current consensus price target is $4.00, suggesting upside of 73.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 1.0

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

UBS rates AQG as Buy (1) -

Alacer Gold's production from oxides in the quarter easily beat the broker's forecast, but all rests on the sulphide project, which is now 85% complete and over-funded. Attention now turns to ramp-up, but weighing on investors' minds, the broker believes, is the greater complexity and thus risks associated with sulphide versus oxide production.

It will be a slow ramp-up but as risks reduce, the chance of a re-rating increases, hence the broker suggests the current share price offers an attractive entry point. Buy and $3.60 target retained.

Target price is $3.60 Current Price is $2.31 Difference: $1.29
If AQG meets the UBS target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $4.00, suggesting upside of 73.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 1.0

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

Macquarie rates ARB as Outperform (1) -

The company provided a positive trading update at the Macquarie conference. Macquarie notes domestic conditions are supportive while exports continue to benefit from expanded distribution.

The broker believes this is a high-quality business with an enviable track record and maintains an Outperform rating. Target is raised to $24.50 from $21.00.

Target price is $24.50 Current Price is $22.23 Difference: $2.27
If ARB meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $20.21, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgan Stanley rates AST as Underweight (5) -

The company has announced its intention to de-list from the Singapore Stock Exchange in the interests of administrative simplicity. No material impact on earnings or cash flow is expected.

Morgan Stanley notes FY18 results will be reported on May 14 when the company will also provide FY19 distribution guidance. Underweight rating and $1.71 target maintained. Industry view: Cautious.

Target price is $1.71 Current Price is $1.75 Difference: minus $0.04 (current price is over target).
If AST 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 $1.76, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

UBS rates CSL as Buy (1) -

Earnings reports from drug companies Merck and GSK showed strong growth for Gardasil and Cervarix, translating into around US$35m in royalties for CSL, in line with the broker's expectations. Meanwhile, US industry data show strong IG growth is still evident.

The broker retains Buy and a $175 target for CSL.

Target price is $175.00 Current Price is $169.55 Difference: $5.45
If CSL meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $168.25, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

Credit Suisse rates FXJ as Neutral (3) -

Credit Suisse increases FY18 estimates for operating earnings by 5% on the back of higher forecasts for metro media and Stuff NZ.

The company has stated that the contribution from print and distribution consolidation with News Corp ((NWS)) and the Google program sales partnership are expected to contribute materially to the FY19 performance in metro media.

Credit Suisse retains a Neutral rating and raises the target to $0.80 from $0.75.

Target price is $0.80 Current Price is $0.76 Difference: $0.04
If FXJ meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $0.79, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Deutsche Bank rates FXJ as Buy (1) -

The company's trading update revealed a better-than-expected revenue trend and performance in metro media. Management has pointed to some stabilising of print advertising and positive early signs from the partnership with Google.

Deutsche Bank's earnings changes now reflect an expectation that revenue will only be down -2% in the second half. Buy rating maintained. Target is $0.85.

Target price is $0.85 Current Price is $0.76 Difference: $0.09
If FXJ meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $0.79, suggesting upside of 3.3% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Macquarie rates FXJ as Outperform (1) -

The trading update for the first 17 weeks of the second half revealed to Macquarie a material improvement in trends, amid continued strong growth in Domain ((DHG)).

Trends in publishing were also an unexpected positive for the broker. Macquarie maintains an Outperform rating and raises the target to $0.81 from $0.79.

Target price is $0.81 Current Price is $0.76 Difference: $0.05
If FXJ meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.79, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

UBS rates FXJ as Buy (1) -

Fairfax surprised with its trading update by highlighting a significant slowing in the pace of metro media revenue decline in the quarter, suggesting revenue growth has actually turned positive in recent weeks. The company cited the contribution from the Google deal as a driver but the broker notes a big jump in bank advertising as they went into damage control.

This should normalise, the broker assumes, while Google and a possible printing JV with New Corp ((NWS)) could materially contribute to FY19 metro earnings, management suggested. Buy and 75c target retained.

Target price is $0.75 Current Price is $0.76 Difference: minus $0.01 (current price is over target).
If FXJ 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 $0.79, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

UBS rates GMA as Neutral (3) -

Genworth reported softer delinquencies and a March Q loss ratio above the 40-50% target but FY guidance has been maintained, the broker notes. Three new business initiatives provided for a spike in gross written premium in the quarter but will reduce the predictability and visibility of earnings for the next few quarters.

The broker makes no change to forecasts other than to adjust for a reduction in the buyback. Neutral and $2.30 target retained.

Target price is $2.30 Current Price is $2.38 Difference: minus $0.08 (current price is over target).
If GMA meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

UBS rates GTY as Buy (1) -

Gateway has downgraded FY18 settlements guidance to 230-240 from a prior ~250 which, the broker notes, implies 116 settlements in the second half, down from 119 in the first, and down from 149 in the second half 2017. However the broker's valuation is primarily driven by the growing rental stream which remains intact a 4% growth.

Target falls to $2.10 from $2.30 on lowered settlement assumptions but Buy retained.

Target price is $2.10 Current Price is $1.80 Difference: $0.3
If GTY meets the UBS target it will return approximately 17% (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

Deutsche Bank rates IVC as Sell (5) -

The trading update highlighted a sharp decline in March quarter volumes which can only partly be explained by site closures for refurbishment, Deutsche Bank observes.

The broker suggests the worrying fall in core Australasian volumes is likely the result of a weaker market as well as market share losses. Deutsche Bank maintains a Sell rating and reduces the target to $10.80 from $12.00.

Target price is $10.80 Current Price is $12.00 Difference: minus $1.2 (current price is over target).
If IVC meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.29, suggesting upside of 2.4% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Macquarie rates IVC as Neutral (3) -

FY18 guidance has been revised down with operating EBITDA now expected to be in line with FY17. Macquarie believes the company's Protect & Grow strategy is essential for long-term growth but will cause business disruption as additional sites are revamped.

The broker retains a Neutral rating and reduces the target 11% to $12.71 while downgrading FY18 estimates for earnings per share by -5% and FY19 by -2%.

Target price is $12.71 Current Price is $12.00 Difference: $0.71
If IVC meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $12.29, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

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

The disruption to the business from the capital expenditure program has been greater than expected and Morgan Stanley reduces forecasts for earnings per share by -6% for 2018-20.

The broker's main concern is that 43% of the volume decline in the March quarter could not be attributed to intentional one-off closures. Market share loss appears to have accelerated, excluding the impact of refurbishing initiatives.

Target is reduced to $12.60 from $15.70. Rating is downgraded to Equal-weight from Overweight. In-Line industry view.

Target price is $12.60 Current Price is $12.00 Difference: $0.6
If IVC meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $12.29, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Morgans rates IVC as Hold (3) -

The company's trading update highlighted a weak start to the year with funeral volumes down -6.7% in the first quarter. As a result, management has downgraded guidance for FY18 underlying operating earnings to be in line with FY17.

Morgans considers the stock expensive until there is evidence of an improvement in the earnings profile and maintains a Hold rating. Target is reduced to $12.24 from $14.45.

Target price is $12.24 Current Price is $12.00 Difference: $0.24
If IVC meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $12.29, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Ord Minnett rates IVC as Lighten (4) -

Management has downgraded FY18 operating earnings guidance as the business faces weaker trading conditions and progresses with its refurbishment plans.

While the stock has de-rated significantly over the past six months, given the execution risk the business still faces in the near term, Ord Minnett maintains a Lighten rating. Target is lowered to $11.50 from $13.25.

Target price is $11.50 Current Price is $12.00 Difference: minus $0.5 (current price is over target).
If IVC 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 $12.29, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

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

The broker believes InvoCare's Protect & Grow strategy offer long term opportunities but in the short term, the negative impact of closures is greater than expected. Market share losses, a slow domestic death rate and the temporary closure of Singapore all contributed, UBS notes.

The strategy is a good one but the new growth profile is yet to be proven and will require more capital. The broker is thus cautious but given share price weakness upgrades to Neutral. Target falls to $12.65 from $13.65.

Target price is $12.65 Current Price is $12.00 Difference: $0.65
If IVC meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $12.29, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Citi rates JBH as Sell (5) -

Citi is surprised by the timing of the downgrade to FY18 earnings guidance, given the seasonally quiet period in March and April. The core JB Hi-Fi business continues to perform and the broker forecasts 11% earnings growth in FY18.

However, Citi expects the market will remain focused on the risks from The Good Guys. The broker believes this round of irrational pricing behaviour is driven by a desire from JB Hi-Fi and Harvey Norman ((HVN)) to gain market share ahead of Amazon developing a significant presence in Australia.

The broker maintains a Sell rating and reduces the target to $20.50 from $21.20.

Target price is $20.50 Current Price is $23.33 Difference: minus $2.83 (current price is over target).
If JBH meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.82, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Deutsche Bank rates JBH as Buy (1) -

Deutsche Bank observes underlying sales trends accelerated for both JB Hi-Fi and The Good Guys in the March quarter but suggests Harvey Norman ((HVN)) is giving The Good Guys a hard time in an effort to capitalise on the disruption stemming from the ownership change.

The broker retains a Buy rating on JB Hi-Fi given the depressed valuation and continued strength of the brand. However, Harvey Norman is a preferred exposure in the sector.

Current Price is $23.33. Target price not assessed.

Current consensus price target is $25.82, suggesting upside of 10.7% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Macquarie rates JBH as Outperform (1) -

The company has reduced FY18 net profit guidance to $230m. The Good Guys was affected by industry declines and Macquarie anticipates continued margin pressure going forward. JB Hi-Fi sales growth remains at strong levels.

The broker maintains an Outperform rating and reduces the target to $28.80 from $31.30.

Target price is $28.80 Current Price is $23.33 Difference: $5.47
If JBH meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $25.82, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Morgan Stanley rates JBH as Overweight (1) -

The company has lowered FY18 net profit guidance to $230m which, Morgan Stanley suggests, implies a -2-4% cut. Unfavourable weather and heightened price competition in home appliances affected The Good Guys performance.

By comparison the performance of JB Hi-Fi was strong and in line with the broker's expectations. Target is $32. Overweight rating. Cautious industry view.

Target price is $32.00 Current Price is $23.33 Difference: $8.67
If JBH meets the Morgan Stanley target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $25.82, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Morgans rates JBH as Hold (3) -

The March quarter trading update revealed strength in JB Hi-Fi sales while The Good Guys showed some improvement. The company downgraded FY18 net profit guidance to $230m, attributed to further investment in The Good Guys following "unfavourable weather and heightened price conditions".

Sales guidance is maintained. The broker cannot help but be concerned that the cooling housing market could have further downside implications for The Good Guys. Hold rating maintained. Target is reduced to $25.57 from $27.05.

Target price is $25.57 Current Price is $23.33 Difference: $2.24
If JBH meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $25.82, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Ord Minnett rates JBH as Accumulate (2) -

The company has reaffirmed FY18 sales guidance at the March quarter update, although downgraded net profit guidance because of gross margin pressures at The Good Guys as a result of a more aggressive home appliance market.

The downgrade disappointed Ord Minnett, given the company's prior confidence that acquisition synergies would address any industry challenges and the negative effect of earnings downgrades. The broker maintains an Accumulate rating and lowers the target to $28.00 from $31.50.

Target price is $28.00 Current Price is $23.33 Difference: $4.67
If JBH meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $25.82, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

UBS rates JBH as Neutral (3) -

JB Hi-Fi's trading update came with a -3% cut to FY profit guidance, reflecting weaker margins for The Good Guys. JB Hi-Fi stores continue to preform well but new iPhone sales are now tapering off, the broker notes.

The broker has trimmed earnings forecasts to below consensus, reflecting a more cautious view as the industry continues to shift to online. The company is well placed to maintain or grow market share but is facing margin pressure. Share price weakness nevertheless keeps the broker on Neutral.

Target falls to $24.50 from $25.40.

Target price is $24.50 Current Price is $23.33 Difference: $1.17
If JBH meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $25.82, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Macquarie rates NAB as Outperform (1) -

In an initial assessment of today's interim report release, Macquarie analysts believe the financial numbers made public can be best labelled as "in-line". The analysts point at stable underlying margins versus weaker than expected credit growth.

Keeping a lid on cost growth seems to have been the magic trick, with the analysts observing management seems to indicate costs will rise from here. In addition, Wealth Management is out.

Macquarie retains the view there is value in the local banking sector, with NAB rated Outperform, alongside a target of $32 (down -50c from February).

Target price is $32.00 Current Price is $29.48 Difference: $2.52
If NAB meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $31.62, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

UBS rates NAB as Sell (5) -

In an initial response to NAB's interim results release, banking analysts at UBS talk about "subdued result with revenue trends continuing to slow". It appears though the numbers release were slightly better than what UBS had penciled in.

MLC should be divested before the end of calendar 2019. There is some concern that, with a weaker revenue outlook, the benefits of the large restructuring may be less than NAB anticipates, suggests UBS.

Valuation and price target at $27.50 are unlikely to change, report the analysts. Sell.

Target price is $27.50 Current Price is $29.48 Difference: minus $1.98 (current price is over target).
If NAB meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.62, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

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

FY18 results were strong and supported by a large cotton crop, Morgans notes. However, dry conditions and reduced dam levels will likely reduce the size of the 2019 crop. Morgans makes material downgrades to forecasts as a result.

Given the initial outlook for FY20 is challenging, the broker downgrades to Hold from Add. Target is reduced to $0.51 from $0.54.

Target price is $0.51 Current Price is $0.54 Difference: minus $0.03 (current price is over target).
If NAM meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in February.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

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

Credit Suisse raises long-term forecasts to reflect a more efficient allocation of programming resources following the company's capture of the Australian Open tennis rights and the relinquishing of its long-held domestic cricket rights.

The broker increases FY18 TV advertising market growth forecasts to 2.0% from 1.2%.

Rating is upgraded back to Outperform from Neutral as the broker now believes the business remains in an upgrade cycle. Target is raised to $2.60 from $2.35.

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

Current consensus price target is $1.98, suggesting downside of -23.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

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

The Queensland Supreme Court has set aside the Land Court decision on Acland stage 3 and referred it back for further consideration. Morgans considers this a significant win for the company in what has been a 10-year approvals process.

Despite this news the broker notes the market ascribes no value to Acland 3, implying a free option on a potential positive outcome for investors. Rating is upgraded to Add from Hold and the target to $2.36 from $2.23.

Target price is $2.36 Current Price is $2.27 Difference: $0.09
If NHC meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.47, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Citi rates QAN as Buy (1) -

March quarter revenue was up 7.5% on the prior year. Citi is less confident about the outlook for the international and freight businesses but expects rational markets in domestic can prevail, while earnings growth from loyalty will remain strong. The broker forecasts FY18 underlying pre-tax profit of $1.61bn.

While the business faces a number of cost headwinds in FY19, particularly fuel, the broker suggests the domestic businesses are well-positioned to offset these. Buy rating maintained. Target is raised to $7.90 from $7.50.

Target price is $7.90 Current Price is $6.16 Difference: $1.74
If QAN meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $6.72, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Credit Suisse rates QAN as Outperform (1) -

Qantas has guided for FY18 pre-tax profit of $1.55-1.6bn, citing a strong performance in the March quarter. The company has ordered an additional six B787-9 aircraft to replace remaining 747s in the fleet.

Credit Suisse is more confident that the business can offset higher fuel costs in FY19 and reiterates an Outperform rating. Target is raised to $7.15 from $6.90.

Target price is $7.15 Current Price is $6.16 Difference: $0.99
If QAN meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.72, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Deutsche Bank rates QAN as Hold (3) -

Deutsche Bank notes solid results in the March quarter and finds it hard to fault management on execution.

The broker maintains a Hold rating and continues to believe the positive operating environment is largely factored into the share price. Target is raised to $6.60 from $6.30.

Target price is $6.60 Current Price is $6.16 Difference: $0.44
If QAN meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.72, suggesting upside of 9.1% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates QAN as Outperform (1) -

March quarter trading was above Macquarie's expectations. The broker notes the stock is trading at a discount to its long-term average and comparable peers despite the domestic operating environment improving and the international business returning to profitability.

The broker maintains an Outperform rating and $7.42 target.

Target price is $7.42 Current Price is $6.16 Difference: $1.26
If QAN meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.72, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Ord Minnett rates QAN as Sell (5) -

March quarter trading and full year profit guidance were in line with Ord Minnett's expectations. The broker is concerned that the current share price does not reflect the dynamic nature of the airline operating environment.

Fragile demand, uncertainty in both domestic and international market capacity and a significant rise in oil prices comprise the broker's concerns. Ord Minnett maintains a Sell rating with a $4.75 target.

Target price is $4.75 Current Price is $6.16 Difference: minus $1.41 (current price is over target).
If QAN meets the Ord Minnett target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.72, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

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

Qantas' March quarter revenue performance beat expectations and management expects momentum to continue into the June Q, albeit at a more moderate pace. UBS has lifted earnings forecasts.

The increase is offset by factoring in higher oil prices, although Qantas' 70% hedge tempers the impact. A greater impact is nevertheless priced into latter years. UBS has lifted its target to $6.50 from $6.35 but with the share price already strong, the broker pulls back to Neutral.

Target price is $6.50 Current Price is $6.16 Difference: $0.34
If QAN meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.72, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Deutsche Bank rates RHC as Hold (3) -

The company has entered into a JV with Ascension to procure savings in selected product categories as well as, later, exploring broader business development opportunities. Initial savings are expected to be slightly positive to earnings in the short term.

Ascension is the world's largest Catholic health system and includes St Vincent's in Australia. Hold rating and $68.61 target maintained.

Target price is $68.61 Current Price is $63.72 Difference: $4.89
If RHC meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $69.75, suggesting upside of 9.5% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

UBS rates SRV as Neutral (3) -

Servcorp has downgraded FY18 profit guidance by -23% to -15% below the broker's forecast due to widening losses in the US and softer numbers in Saudi Arabia and Singapore. New guidance suggests to the broker the expected turnaround in earnings has now been pushed out a further 12 months.

The UK and Japan continue to perform well and a review of US operations is underway. The broker retains Neutral, awaiting evidence of earnings stabilisation. Target falls to $4.35 from $5.15.

Target price is $4.35 Current Price is $4.42 Difference: minus $0.07 (current price is over target).
If SRV meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Citi rates WOW as Buy (1) -

Woolworths reported total sales from continuing operations of $14.2bn in the March quarter, up 4.3%. Citi considers this a good result, given the higher base that was cycled.

Solid momentum is expected to continue in food and liquor. The broker estimates earnings-per-share growth of 11% in FY18 and 13% for FY19.

Buy rating with a price target of $30.30.

Target price is $30.30 Current Price is $28.38 Difference: $1.92
If WOW meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $27.79, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Credit Suisse rates WOW as Neutral (3) -

Credit Suisse is conscious that expectations remain high for the company's food business with respect to margin expansion, which is likely to be the main reason for a growing difference between its forecasts and consensus.

The broker suggests Big W is a relatively important variable in the medium term outlook. Whilst the rate of sales decline decelerated, the business remains on track for an operating earnings loss well in excess of -$100m.

Credit Suisse suggests sustainable re-positioning requires consistent revenue growth in a crowded department store market. Neutral rating maintained. Target is raised to $25.96 and $25.45.

Target price is $25.96 Current Price is $28.38 Difference: minus $2.42 (current price is over target).
If WOW meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.79, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Deutsche Bank rates WOW as Buy (1) -

Deutsche Bank notes the Australian food business outperformed in the March quarter with the underlying trend even better than the headline suggests. While Big W remains tough, the broker believes the market is already capitalising sufficient operating losses.

Buy rating and $30 target maintained.

Target price is $30.00 Current Price is $28.38 Difference: $1.62
If WOW meets the Deutsche Bank target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $27.79, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Macquarie rates WOW as Underperform (5) -

Macquarie observes momentum continued in supermarkets, liquor and hotels in the March quarter while sales declined at Big W.

Woolworths performance remains ahead of the comparable performance at Coles ((WES)) in the first half but the trend is slowing, the broker notes.

Sales of seasonal apparel disappointed at Big W on the back of unseasonably warm autumn weather and the impact of school holidays not aligning with Easter.

Underperform rating and $26.16 target maintained.

Target price is $26.16 Current Price is $28.38 Difference: minus $2.22 (current price is over target).
If WOW meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.79, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Morgan Stanley rates WOW as Underweight (5) -

Morgan Stanley notes supermarket conditions were benign in the March quarter which drove a solid improvement in food and liquor sales. However, comparable transaction growth slowed and the broker expects this to moderate further as the company laps more difficult comparable periods.

Comparable sales growth at Big W turned negative amid price reductions, timing changes of school holidays and unfavourable weather. The broker notes the last time Big W posted a positive comparable quarter was back in FY09.

Target is $23. Underweight retained as the broker believes consensus is too optimistic on a margin recovery. Industry view: Cautious.

Target price is $23.00 Current Price is $28.38 Difference: minus $5.38 (current price is over target).
If WOW meets the Morgan Stanley target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.79, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Morgans rates WOW as Upgrade to Hold from Reduce (3) -

March quarter sales were slightly better than Morgans expected. Big W was relatively weak, affected by the timing of New Year's Day and the shift of the school holidays in NSW.

Morgans rolls forward its model for FY19 and increases the target to $25.87 from $22.62. Given a forecast 12-month total shareholder return of -4% the broker upgrades the rating to Hold from Reduce. Morgans retains a preference for Wesfarmers ((WES)).

Target price is $25.87 Current Price is $28.38 Difference: minus $2.51 (current price is over target).
If WOW meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.79, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Ord Minnett rates WOW as Accumulate (2) -

Ord Minnett observes a turnaround in the company's food business continues and, while like-for-like sales growth has stayed strong, this should moderate as tough comparables are cycled in 2018.

The broker remains confident that investments in the cost of doing business, such as digital and service, are sound uses of sales growth. Accumulate rating maintained. Target is raised to $31 from $29.

Target price is $31.00 Current Price is $28.38 Difference: $2.62
If WOW meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $27.79, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

UBS rates WOW as Buy (1) -

Woolworths' March Q sales growth was better than the broker expected, indicating supermarket momentum has continued despite cycling tougher prior comparables. Big W missed slightly but guidance is unchanged.

The outlook for grocery is improving, the broker suggests, underpinned by signs of easing price deflation and a more rational approach to growth. Undemanding valuations suggests the sector is well positioned to outperform, and Woolworths is the broker's preferred exposure. Buy retained.

Target rises to $30.00 from $28.90.

Target price is $30.00 Current Price is $28.38 Difference: $1.62
If WOW meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $27.79, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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