Australian Broker Call

Citi rates A2M as Downgrade to Sell from Buy (5) -

Citi believes the best days are behind the company and downgrades to Sell from Buy. A substantial path for growth continues but the outlook is considered increasingly risky amid a resurgence of Chinese brands and increasing geopolitical risks.

The broker acknowledges use of the cash balance for acquisitions and/or capital management remains the biggest risk to the view.

Citi reduces FY21 and FY22 net profit estimates by -3% to reflect the lower sales and earnings outlook for China along with pressure on Australasian earnings from FY22 amid structural decline in the daigou channel. Target is reduced to $17.20 from $21.50.

Target price is $17.20 Current Price is $18.25 Difference: minus $1.05 (current price is over target).
If A2M 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 $17.35, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.0

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

Credit Suisse rates A2M as Upgrade to Outperform from Neutral (1) -

Credit Suisse notes a2 Milk's FY20 result was solid and broadly on expected lines. The company expects strong revenue growth to continue in FY21 along with some capex into milk processing and IT.

The company clarified it will continue to prioritise growth over return to shareholders.

Driven by attractive growth prospects and strong valuation support, Credit Suisse upgrades its rating to Outperform from Neutral with the target price increasing to NZ$22.55 from NZ$17.65.

Current Price is $18.25. Target price not assessed.

Current consensus price target is $17.35, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.0

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

Macquarie rates A2M as Outperform (1) -

a2 Milk's 32% profit increase came in towards the top end of the guidance range. The company continues to execute strongly with accelerating revenue addition and strengthening margins, the broker notes.

Macquarie sees scope for upside from new products/markets and capital deployment.

The broker believes outlook commentary was conservative and sees avenues for material upside. Outperform and $21.25 target retained.

Target price is $21.25 Current Price is $18.25 Difference: $3
If A2M meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $17.35, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.0

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

Morgans rates A2M as Hold (3) -

While the 22 Milk company reported a very strong result, it fell short of high expectations, according to Morgans.

The broker notes the balance sheet is in a very strong position with NZ$854.2m net cash position. Total infant formula (IF) sales rose 33.8% with strong growth in China label sales.

The company expects continued strong revenue growth and an earnings (EBITDA) margin of 30-31% in FY21.

Given the softer-than expected result, higher depreciation and amortisation and lower net interest income, the analyst has reduced profit (NPAT) estimates by around -2% for FY21-FY23.

The Hold rating is maintained. The target price is decreased to $18.35 from $18.41.

Target price is $18.35 Current Price is $18.25 Difference: $0.1
If A2M meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $17.35, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.0

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

UBS rates A2M as Buy (1) -

Results for FY20 support UBS' belief in the company's ability to produce strong growth in FY21. Key infant formula growth drivers are intact and this underpins a three-year earnings growth rate of 17%.

UBS reiterates a Buy rating and raises the target to NZ$22.70 from NZ$22.00.

Current Price is $18.25. Target price not assessed.

Current consensus price target is $17.35, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.0

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

Ord Minnett rates ABP as Accumulate (2) -

Abacus Property Group's FY20 funds from operations were slightly below Ord Minnett's forecast led by lower depreciation and amortisation add-backs. The broker considers the REIT attractively priced with a balance sheet that is in good shape.

The REIT did not provide any FY21 guidance due to the pandemic and the broker expects the lockdowns in Melbourne and New Zealand will weigh on FY21.

Ord Minnett maintains its Accumulate rating with the target price lowered to $3 from $3.10.

Target price is $3.00 Current Price is $2.62 Difference: $0.38
If ABP meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.88, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Macquarie rates ADI as Neutral (3) -

APN Industria REIT's funds fom operations fell short of expectation due to higher than expected rent relief. Guidance to flat growth in FY21 is also below forecast. At 96%, cash collection was a positive but leasing risk persists and uncertainty remains, the broker warns.

There is upside on offer from leasing, deployment and the buyback, but on the balance of uncertainties the broker retains Neutral. Target falls to $2.64 from $2.77.

Target price is $2.64 Current Price is $2.42 Difference: $0.22
If ADI meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.62, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgans rates ADI as Add (1) -

The FY20 result for APN Industria REIT was in-line with Morgans forecasts. FY21 guidance for funds from operations (FFO) and DPS is to be broadly in-line with FY20.

Morgans states near term uncertainty is focused around the impacts from the code of conduct/covid-19 on earnings and distributions and the likely tougher leasing market.

The Add rating is maintained. The target price is decreased to $2.60 from $2.68.

Target price is $2.60 Current Price is $2.42 Difference: $0.18
If ADI meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.62, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Macquarie rates AIA as Outperform (1) -

Upon initial assessment, Macquarie believes the FY20 performance is broadly in-line. No final dividend was announced.

No guidance was forthcoming either; too much uncertainty. Macquarie notes the balance sheet is strong, with closing net debt of NZ$1.38bn, down -36% on pcp, supported by recent NZ$1.2bn equity raising.

Current Price is $5.81. Target price not assessed.

This company reports in NZD. 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

Citi rates AMC as Buy (1) -

Free cash flow beat estimates in FY20. Citi observes Amcor has benefited from a benign raw material environment and executed well over FY20.

Demand has been weak in Latin America although trends in July/August appear to be improving.

Guidance in FY21 for growth of 5-10% implies more than a 5% increase in Bemis synergies. The broker assesses more buybacks could occur in FY21, either that or Amcor becomes more active in M&A. Buy rating maintained. Target rises to $17.25 from $15.50.

Target price is $17.25 Current Price is $15.76 Difference: $1.49
If AMC meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $16.84, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

UBS rates AMC as Neutral (3) -

FY20 results were slightly ahead of UBS estimates. Growth was largely underpinned by Bemis synergies, low interest rates and buyback accretion.

Amcor has guided to 5-10% constant currency growth in FY21. UBS suspects the company will continue to prioritise dividends as a key component of its capital return strategy. Target is raised to $15.90 from $14.60. Neutral retained.

Target price is $15.90 Current Price is $15.76 Difference: $0.14
If AMC meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $16.84, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Citi rates ANZ as Buy (1) -

Cash earnings were materially ahead of estimates in the third quarter and the bank has declared a deferred $0.25 interim dividend will now be paid.

Market revenue was exceptionally strong in the quarter but elsewhere earnings were weak, led by a sharp decline in institutional lending. Citi upgrades FY20 estimates by 9% but downgrades FY21-22 by -13-11%.

Citi suspects the market may have under appreciated the implications for FY21 profitability as lending declines. Buy rating retained. Target is reduced to $23.75 from $24.75.

Target price is $23.75 Current Price is $18.68 Difference: $5.07
If ANZ meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $21.35, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Credit Suisse rates ANZ as Outperform (1) -

ANZ Banking Group’s third-quarter update has been received positively by the market, observes Credit Suisse, which appears to be paying for headline capital and declaration of the interim dividend. 

The broker still feels there is material provision build ahead. Even then, the bank is expected to be strongly profitable and Credit Suisse increases its earnings growth forecast for FY20 by 5%.

The broker retains its Outperform rating with a target price of $26.20.

Target price is $26.20 Current Price is $18.68 Difference: $7.52
If ANZ meets the Credit Suisse target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $21.35, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Macquarie rates ANZ as Neutral (3) -

ANZ Bank's quarterly numbers looked terrific -- robust revenue growth, a low impairment charge, an actual dividend, reiterated cost
control -- but revenue growth was entirely driven by proprietary trading in a surging market, the broker notes, and this element is highly volatile and thus low quality.

Outside of market trading, revenue fell -15%. Given ongoing revenue pressures and uncertainty stemming from rising provisions, the broker sees limited scope for a near-term re-rating and retains Neutral. Target falls to $18.00 from $18.25.

Target price is $18.00 Current Price is $18.68 Difference: minus $0.68 (current price is over target).
If ANZ 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 $21.35, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Morgan Stanley rates ANZ as Overweight (1) -

Third quarter cash profit was well ahead of Morgan Stanley's estimates. Markets income and lower loan losses offset a large margin decline.

An interim dividend of 25c will be paid which equates to around 46% of first half statutory profit, on the broker's calculations.

Overweight. Target is increased to $20 from $19.90. Industry view is In-Line.

Target price is $20.00 Current Price is $18.68 Difference: $1.32
If ANZ meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $21.35, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Morgans rates ANZ as Add (1) -

ANZ Bank announced third quarter unaudited cash earnings of $1.597bn. As Morgans expected, an interim dividend of 25cps fully franked was declared.

The broker notes an exceptionally strong performance for Markets income, but the net interest margin (NIM) was dragged down by a build-up of liquid assets, a lower interest rate environment, competition and retention pricing, and a reduction in unsecured personal lending.

The bank's credit impairment charge of - $500m was lower than the analyst expected.

Morgans makes minor revisions down for EPS forecasts and emphasises there are downside risks to earnings and dividend forecasts as a result of covid-19.

The Add rating is maintained. The target price is unchanged at $21.

Target price is $21.00 Current Price is $18.68 Difference: $2.32
If ANZ meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $21.35, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Ord Minnett rates ANZ as Hold (3) -

ANZ Bank's June quarter cash net profit was well ahead of the numbers required to achieve Ord Minnett's second-half cash earnings of $2.123bn. An interim dividend was declared which the broker considers an unexpected positive.

Revenue growth excluding one-offs was 4% but if the contribution from the markets business is also excluded, there would have been a fall of -4%, points out the broker.

Due to concerns about the bank's revenue and return on equity outlook, Ord Minnett maintains its Hold rating with the target price falling to $19.50 from $20.

Target price is $19.50 Current Price is $18.68 Difference: $0.82
If ANZ meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $21.35, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

UBS rates ANZ as Buy (1) -

Third quarter cash net profit was ahead of expectations. ANZ Bank will pay a belated interim dividend of $0.25 for the first half after deferring this in May.

UBS questions whether this is a prudent move as Australia enters the deepest recession in a lifetime and 12% of mortgages and 14% of business loans remain on repayment deferrals.

The broker asserts shareholders should not necessarily expect dividends to be paid during recessions or times of elevated uncertainty. The broker also questions whether being overweight institutional is an advantage for ANZ Bank.

UBS maintains its Buy rating with a target price of $21.

Target price is $21.00 Current Price is $18.68 Difference: $2.32
If ANZ meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $21.35, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Morgan Stanley rates APT as Overweight (1) -

Afterpay has revised up FY20 guidance, expecting underlying operating earnings of $44m because of lower credit losses. Morgan Stanley expects a positive reaction in the share price.

The broker suspects the company was running the business with conservative credit settings or a margin for error in the June half and could have produced even higher revenue growth if economic conditions were more certain.

Morgan Stanley retains its Overweight rating with a target price of $101. Industry view: In-line.

Target price is $101.00 Current Price is $74.90 Difference: $26.1
If APT meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $67.92, suggesting downside of -15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Ord Minnett rates ARB as Hold (3) -

ARB Corp's FY20 net profit is ahead of Ord Minnett's forecast. A fully franked final dividend of 21c was announced which too was ahead of the broker's estimated 19c.

The market liked the result, observes the broker, and with international travel likely to be delayed more, demand for the company's products is expected to increase.

ARB Corp is considered a high-quality business led by seasoned management but the broker does not see a material upside to the share price at current valuation levels.

Ord Minnett retains its Hold rating with the target price increasing to $20.50 from $17.50.

Target price is $20.50 Current Price is $23.99 Difference: minus $3.49 (current price is over target).
If ARB meets the Ord Minnett target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.45, suggesting downside of -8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Citi rates BAP as Buy (1) -

FY20 results were ahead of expectations. Citi observes Bapcor is a key beneficiary of changes in consumer behaviour as a result of the pandemic.

Like-for-like sales momentum has continued strongly during July but Citi expects this will slow over the next five months. The broker upgrades FY21 and FY22 estimates by 13% and 6%, respectively. Buy rating retained. Target rises to $7.76 from $6.85.

Target price is $7.76 Current Price is $6.90 Difference: $0.86
If BAP meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.75, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates BAP as Outperform (1) -

Bapcor's FY20 operating income was 3% ahead of Credit Suisse's estimate with strong cash flows. Credit Suisse believes Bapcor incorporates both quality and momentum at a discount to the market.

The broker finds it hard to find faults with the result. Led by key demand drivers, it appears Bapcor can sustain above-trend sales more than its small-cap retail peers which, the broker indicates, points towards a strong FY21. 

Outperform rating maintained. Target rises to $8.40 from $7.20.

Target price is $8.40 Current Price is $6.90 Difference: $1.5
If BAP meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $7.75, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgan Stanley rates BAP as Overweight (1) -

FY20 results, in particular net profit, were ahead of recent guidance and the broker's estimates, and the July trading update shows high growth rates from May/June were sustained.

No FY21 guidance was provided. A further update is expected at the AGM in October. Overweight. Target is increased to $8.45 from $7.50. Industry view: In-line.

Target price is $8.45 Current Price is $6.90 Difference: $1.55
If BAP meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $7.75, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgans rates BAP as Add (1) -

Bapcor’s FY20 profit result was circa 3% above Morgans estimates.

No FY21 guidance was given, however, a strong trading update was provided for July, which management expects has been driven by increased consumer cash availability, reports the broker.

The analyst expects FY21 to be a strong year of growth for the company and forecasts 18.4% profit (NPAT) growth.

Morgans views the company as a stock for all seasons with defensive attributes, but also currently enjoying a strong demand uptick from pandemic related trends that may endure for longer than some expect.

The Add rating is maintained. The target price is increased to $7.47 from $6.38.

Target price is $7.47 Current Price is $6.90 Difference: $0.57
If BAP meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $7.75, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

UBS rates BAP as Buy (1) -

FY20 results were ahead of UBS estimates. Five-year growth targets have been reiterated. Same-store sales accelerated in May-June, with momentum carrying into July.

UBS expects growth rates will moderate from now on but remains positive on the automotive aftermarket relative to the broader economy.

FY21-23 estimates are lifted by 2-4%. Buy rating retained. Target rises to $7.50 from $7.00.

Target price is $7.50 Current Price is $6.90 Difference: $0.6
If BAP meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.75, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates BXB as Buy (1) -

Citi takes a more cautious view on the CHEP EMEA business, which is likely to continue to experience pandemic-related disruptions. The outlook for CHEP Americas and Asia Pacific is more positive.

Revenue growth of 2.1% is forecast in FY21. The most critical component of the outlook is cost control, in the broker's view. Buy rating retained. Target is reduced to $12.90 from $13.15.

Target price is $12.90 Current Price is $11.26 Difference: $1.64
If BXB meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $12.30, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.7

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

Macquarie rates BXB as Outperform (1) -

Brambles' numbers for actual profit growth (+4%) and constant currency profit growth were roughly in line with forecasts and within guidance, finds Macquarie.

The broker forecasts 2% profit growth in FY21, in line with guidance. The company is well placed to deliver growth even
through a recession, the broker notes, given it is largely exposed to consumable products.

The broker forecasts a three-year compound growth rate of 5% and notes the stock is trading in line with its average PE. Capital management is ongoing, and Brambles is one of few companies offering actual guidance. Outperform and $12.35 target retained.

Target price is $12.35 Current Price is $11.26 Difference: $1.09
If BXB meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $12.30, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.7

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

Morgan Stanley rates BXB as Overweight (1) -

FY20 results were in line with guidance. Morgan Stanley notes cash flow has substantially improved and the buyback is to resume.

In an uncertain environment the broker believes Brambles is well situated. The company has guided to improved underlying margins and underlying earnings growth of 0-5% in FY21.

Overweight. Target is $13. Industry view is In-Line.

Target price is $13.00 Current Price is $11.26 Difference: $1.74
If BXB meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $12.30, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.7

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

Morgans rates BXB as Hold (3) -

The FY20 result was broadly in-line with Morgans expectations.

The broker notes key positives were strong cashflow, the balance sheet remains healthy and US margins remain on track to meet the target for FY22. The negative was that return on invested capital (ROIC) was lower in all regions.

Management has guided to FY21 constant currency growth of 0-4% and underlying earnings (EBIT) growth of 0-5%.

The Hold rating is maintained. The target price is increased to $12.05 from $12.04.

Target price is $12.05 Current Price is $11.26 Difference: $0.79
If BXB meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $12.30, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.7

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

UBS rates BXB as Neutral (3) -

Earnings growth in FY20 of 4% was in line with forecasts and recent guidance. The highlight was an improvement in cash flow.

Guidance for FY21 has been set for 0-5% growth, with the wide range reflecting extreme volatility and customer demand, UBS assesses.

The broker notes, in particular, a significant increase in lumber costs and a lack of relief from wage inflation as possible headwinds.

Neutral rating retained. UBS would prefer a cheaper entry price. Target is reduced to $11.00 from $11.10.

Target price is $11.00 Current Price is $11.26 Difference: minus $0.26 (current price is over target).
If BXB 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 $12.30, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.7

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

Credit Suisse rates CAR as Neutral (3) -

Carsales.com's FY20 result was in-line with its guidance and just ahead of Credit Suisse's forecast. The broker points out dealer leads continue to track well into FY21 and are growing strongly in all states except Victoria.

Melbourne restrictions will impact the company's FY21 numbers but won't be as severe as FY20, believes the broker.

Neutral maintained. Target rises to $18.80 from $16.60. 

Target price is $18.80 Current Price is $20.23 Difference: minus $1.43 (current price is over target).
If CAR meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.34, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Macquarie rates CAR as Neutral (3) -

Carsales' -6.2% fall in earnings is considered by the broker to be a solid result under the circumstances. The company remains a core and dominant platform for driving used car sales for dealers, the broker suggests, believing this will continue to be the case as auto markets recover.

But, as is a theme of this result season, when? The outlook is robust but it all depends on the duration of the virus. To that end no guidance was provided. The broker retains Neutral, lifting its target to $19.30 from $18.00 on increased latter year earnings forecasts.

Target price is $19.30 Current Price is $20.23 Difference: minus $0.93 (current price is over target).
If CAR meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.34, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Morgan Stanley rates CAR as Overweight (1) -

Morgan Stanley observes the pandemic is changing consumer behaviour and car ownership has increased. If this persists for some time, or becomes permanent, then the broker suspects the market is underestimating Carsales.com's revenue inflation and profit leverage.

FY20 numbers were in line and there was no specific guidance, although July dealer lead volumes were noted as strong. Overweight rating and the target price is increased to $19 from $17. Industry view: Attractive.

Target price is $19.00 Current Price is $20.23 Difference: minus $1.23 (current price is over target).
If CAR 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 $19.34, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

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

Morgans describes the Carsales.com FY20 result as good in challenging times and FY21 should show continued growth on a normalised basis.

A strong end of year and July trading confirms to the analyst used car conditions are buoyant.

The broker highlights international businesses now represent 24% of 'look through' revenue for the company, with these businesses being the dominant portals in their geographies.

The rating is lowered to Hold from Add. The target price is increased to $19.17 from $14.58.

Target price is $19.17 Current Price is $20.23 Difference: minus $1.06 (current price is over target).
If CAR meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.34, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Ord Minnett rates CAR as Hold (3) -

Carsales' FY20 result was ahead of Ord Minnett's forecast and highlights the resilience of the company and its ability to deal with the pandemic. Tailwinds in the form of a reluctance to use public transport and government stimulus also helped, reports the broker.

Revenue forecasts for FY21-23 have been reduced slightly while operating margin forecasts have been increased to account for reduced costs.

While acknowledging the company deserves a premium valuation, the broker maintains its Hold rating due to the prevailing uncertainty. Target price rises to $20.26 from $17.06.

Target price is $20.26 Current Price is $20.23 Difference: $0.03
If CAR meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $19.34, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

UBS rates CAR as Neutral (3) -

FY20 results were in line with guidance. UBS upgrades FY21 forecasts slightly and makes more material upgrades to FY22. The latter is driven by a combination of higher SK Encar growth, higher lead growth assumptions and contributions from new products.

The pandemic has arguably put the company in a better structural position, the broker asserts, with domestic audience metrics improving compared with competitors. Neutral retained. Target is raised to $19.50 from $16.00.

Target price is $19.50 Current Price is $20.23 Difference: minus $0.73 (current price is over target).
If CAR meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.34, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Citi rates CCL as Buy (1) -

Coca-Cola Amatil today released H1 financials and Citi, upon initial assessment, reports EBIT is -7% below its own forecast, while better revenue and improved volumes in 2H20 should result in small consensus upgrades post release.

High costs, depreciation and amortisation; they all impacted on the interim financials, report the analysts.

Target price is $9.85 Current Price is $8.87 Difference: $0.98
If CCL meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.25, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Ord Minnett rates CHC as Accumulate (2) -

Initial assessment by Ord Minnett of Charter Hall's FY20, released today, shows the numbers are better-than-expected. Guidance for the year ahead looks a lot better than the broker's estimate, and slightly better than market consensus.

Target price is $11.50 Current Price is $11.25 Difference: $0.25
If CHC meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $10.95, suggesting downside of -8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

UBS rates COL as Neutral (3) -

FY20 results were in line with expectations. The main positive was -$250m in cost reductions with a further -$250m expected in FY21.

Offsetting this was up to $75m of supply chain implementation costs in FY22. UBS upgrades FY21-23 estimates by 1-4%.

The broker remains positive on the sector but retains a Neutral rating, preferring Woolworths ((WOW)). Target is raised to $17.90 from $15.00. Neutral maintained.

Target price is $17.90 Current Price is $18.95 Difference: minus $1.05 (current price is over target).
If COL meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.47, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Credit Suisse rates CRN as Outperform (1) -

Coronado Global Resources' capital raising took place at the bottom of the coal cycle, comments Credit Suisse. But the broker thinks this will remove the immediate risk to the company's balance sheet and lift the free float to circa 44% from circa 20%.

For investors willing to have pure-play coal exposure, this stock is worth considering, suggests the broker. Met coal prices are not expected to recover until the first half of FY21 and in such a scenario, cash preservation will be the key for Coronado, according to the broker.

Outperform rating retained. Target reduced to $1.60 from $1.90.

Target price is $1.60 Current Price is $0.69 Difference: $0.91
If CRN meets the Credit Suisse target it will return approximately 132% (excluding dividends, fees and charges).

Current consensus price target is $1.51, suggesting upside of 118.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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 CRN as Buy (1) -

First half earnings dropped -158% amid a weak metallurgical coal market. In order to pay down debt and improve the balance sheet the company has announced a fully underwritten $250m equity raising.

Following the capital raising the banking syndicate has agreed to extend the covenant waiver until September 30, 2021.

However, the facility will reduce in size to US$475m. UBS retains a Buy rating but reduces the target to $1.30 from $1.60.

Target price is $1.30 Current Price is $0.69 Difference: $0.61
If CRN meets the UBS target it will return approximately 88% (excluding dividends, fees and charges).

Current consensus price target is $1.51, suggesting upside of 118.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

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

FY20 net profit was in line with Citi's estimates. The broker considers the FY21 net profit forecasts ($2.1-2.27bn) are achievable only of plasma collections improve over the course of the year.

Still, the broker remains positive about the control of the pandemic globally and sets its net profit estimates near the top of the range. Citi downgrades to Neutral from Buy and reduces the target to $320 from $334.

Target price is $320.00 Current Price is $312.05 Difference: $7.95
If CSL meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $309.68, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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 CSL as Outperform (1) -

CSL's FY20 net profit was 2% above Credit Suisse's estimate with an in-line operating income (EBIT). The broker considers the result to demonstrate robust demand and resilience in all business lines despite the pandemic.

Plasma collections declined by -5% in FY20 and while the broker notes some improvement since June-end, a quick recovery is not expected. The first half of FY21 will see collections down -17%, forecasts the broker. 

CSL guided towards a net profit of US$2,100-2,265m versus the broker's US$2,248m in FY21.

Credit Suisse believes the company remains a high-quality defensive stock commanding a dominant position in a niche industry and retains its Outperform rating. Target is raised to $333 from $320.

Target price is $333.00 Current Price is $312.05 Difference: $20.95
If CSL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $309.68, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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 CSL as Neutral (3) -

CSL's FY20 result was largely in line with the broker but FY21 guidance fell short. The broker sees a continuation of solid growth for Seqirus over its forecast period, and a recovery for CSL Behring in FY22.

However in the near term, plasma collection provides uncertainty as the virus persists.

The broker also sees several catalysts for competitor pipeline products expected over the balance of 2020-21. Neutral retained, target rises to $295.00 from $293.50.

Target price is $295.00 Current Price is $312.05 Difference: minus $17.05 (current price is over target).
If CSL meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $309.68, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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 CSL as Equal-weight (3) -

FY21 guidance is for growth of 0-8% in net profit and 6-10% in revenue. Plasma collections were down -5% over FY20 and Morgan Stanley suspects collections were down at least -50% in the June quarter.

The broker notes CSL has built inventory which may meet any shortfall but there is still some risk depending on the duration of reduced collections.

Equal-weight rating. The target price is increased to $282 from $265. Industry view: In-line.

Target price is $282.00 Current Price is $312.05 Difference: minus $30.05 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $309.68, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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 CSL as Hold (3) -

CSL's FY20 results were solid and roughly in-line, with better-than-guided (NPAT) profit (which was helped by lower tax), strong sales across key products and good operating leverage, reports Morgans.

A final dividend of US$1.07 was declared.

The broker believes the company faces challenges in plasma collections due to the evolving pandemic and soft guidance by the company reflects the plasma supply/demand imbalance.

This imbalance may persist longer than the market anticipates as donor behaviour isn't easily swayed, notes the analyst. Morgans FY21-22 NPAT estimates decrease up to -4.1%.

The Hold rating is maintained. The target price is increased to $306.74 from $299.70.

Target price is $306.74 Current Price is $312.05 Difference: minus $5.31 (current price is over target).
If CSL meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $309.68, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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 CSL as Hold (3) -

Ord Minnett reports CSL's FY20 result was below its forecast, noting a final dividend of US$1.07 (unfranked) was declared. This takes the full-year payout to US$2.02 per share.

The broker points out the dip in plasma collections since the pandemic will affect supply by early 2021. Additionally, FY22 earnings could also be affected due to impact of the pandemic on collections.

The company's FY21 net profit guidance range at 8% is higher than its usual 2-5% which, the broker adds, reflects uncertainty over short term collections.  

Ord Minnett maintains its Hold recommendation with the target price increasing to $285m from $280m.

Target price is $285.00 Current Price is $312.05 Difference: minus $27.05 (current price is over target).
If CSL meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $309.68, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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 CSL as Buy (1) -

FY20 results were in line with expectations. FY21 net profit guidance reflects uncertainty regarding the pace of recovery in plasma collections, UBS observes.

Revenue growth of 7% and net profit growth of 4% is forecast. The broker retains a Buy rating and raises the target to $346 from $320.

Target price is $346.00 Current Price is $312.05 Difference: $33.95
If CSL meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $309.68, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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 CTD as Neutral (3) -

Corporate Travel Management's FY20 result is strong amid challenging conditions, observes Credit Suisse. The broker is pleased with the sequential improvement in the June quarter trends.

Pursuing accretive acquisitions makes for a sensible strategy, believes the broker, given momentum is in the company's favour.   

Credit Suisse maintains its Neutral rating with the target price increasing to $14 from $12.

Target price is $14.00 Current Price is $13.43 Difference: $0.57
If CTD meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $16.44, suggesting upside of 24.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Macquarie rates CTD as Neutral (3) -

The highlight of Corporate Travel Management's result was a much better than feared June quarter compared to the update management provided on May 7, the broker notes.

The earnings loss was only -$3m per month against -$5-10m guidance, revenue was up $11.5m/m against $2-5m/m and the cash balance was $60m compared to $30m on May 7.

July has seen further improvement, driven by domestic travel and market share gains, and Europe has also begun to pick up, the broker observes.

Government wage support nevertheless helped, and from here on significant uncertainty remains with regard FY-21-22 corporate travel. Target rises to $14.40 from $9.00, Neutral retained.

Target price is $14.40 Current Price is $13.43 Difference: $0.97
If CTD meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $16.44, suggesting upside of 24.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgan Stanley rates CTD as Overweight (1) -

The cash balance at the end of FY20 was well ahead of expectations. Morgan Stanley notes the stock is up more than 50% in August as investors obtain clarity on liquidity and cash burn metrics.

To date, it appears to the broker the company has weathered conditions not only better than the market expected but also better than peers.

Corporate Travel remains well-positioned to achieve profitability in terms of free cash flow and, despite the rally in the stock, the broker still envisages upside.

Target is raised to $15.00 from $13.50. Overweight rating reiterated. Industry view is In-Line.

Target price is $15.00 Current Price is $13.43 Difference: $1.57
If CTD meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $16.44, suggesting upside of 24.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

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

The FY20 result of Corporate Travel Management beat Morgans forecasts on most key metrics, particularly cashflow and balance sheet strength.

The fourth quarter was materially stronger, according to the broker, with Europe and the US the strongest contributors to group revenue.

The broker expects earnings may not return to FY19 levels until FY23.

The rating is downgraded to Hold from Add, as the stock has rallied 64% since being upgraded to an Add in early August. The target price is increased to $14.20 from $12.85.

Target price is $14.20 Current Price is $13.43 Difference: $0.77
If CTD meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $16.44, suggesting upside of 24.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Ord Minnett rates CTD as Buy (1) -

Corporate Travel Management’s FY20 result was ahead of Ord Minnett's estimates. The broker highlights the company's strategy of going hard and early, on realising the pandemic posed a serious threat, worked well, says the broker.

After the initial period of pent up demand, the broker expects the recovery to be slow. Investors should take the opportunity to build a stake in anticipation of positive catalysts in the next 6-12 months, the broker suggests.

Ord Minnett maintains its Buy rating with the target price increasing to $15.51 from $12.97.

Target price is $15.51 Current Price is $13.43 Difference: $2.08
If CTD meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $16.44, suggesting upside of 24.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Citi rates CWN as Neutral (3) -

Peering through near-term volatility Citi concludes operating risks remain high, with the closure of Crown Melbourne and the opening of Sydney amid closed borders.

With FY23 earnings in view, Citi believes the stock is appealing in a more normal environment. As a result, a Neutral rating is retained despite a -24% downgrade to FY21 operating earnings estimates. Target is reduced to $9.90 from $10.00.

Target price is $9.90 Current Price is $9.80 Difference: $0.1
If CWN meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $10.56, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Credit Suisse rates CWN as Outperform (1) -

Credit Suisse suspects Crown's recovery will extend to FY23 driven by the lockdown in Melbourne and the economic impact of the pandemic. 

On the bright side, the broker notes the company has well-positioned casino properties to capture a consumer recovery. Also, the cash burn from capex in FY21 will be offset by proceeds from the apartment sale.

The broker forecasts no debt in FY22. 

Mostly driven by its balance sheet, the broker continues to rate the stock Outperform with the target price increased to $11.20 from $10.80.

Target price is $11.20 Current Price is $9.80 Difference: $1.4
If CWN meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $10.56, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Macquarie rates CWN as Outperform (1) -

Crown Resorts' result was in line with recent guidance and significantly impacted by the virus. FY21-22 remains too uncertain for the broker to be in any way confident about forecasts, but there is no reason any structural damage has been done.

To that end, when the recovery comes, it will be swift, first domestically and then internationally as borders reopen.

It is management's strategy and approach to capital allocation which underpins the broker's investment thesis, not near-term earnings.

On an attractive valuation, the broker retains Outperform. Target falls to $11.00 from $11.40.

Target price is $11.00 Current Price is $9.80 Difference: $1.2
If CWN meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $10.56, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Morgan Stanley rates CWN as Overweight (1) -

FY20 results were in line with expectations. Morgan Stanley is not surprised there was no final dividend. Mass revenue was down -27% and VIP -47% because of travel restrictions.

No outlook was provided, as usual. Melbourne remains challenged. Still, with no remaining project risk once Sydney opens in December Morgan Stanley remains Overweight. Target is $12. Industry view: Cautious.

Target price is $12.00 Current Price is $9.80 Difference: $2.2
If CWN meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $10.56, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Ord Minnett rates CWN as Hold (3) -

Crown Resorts reported normalised net profit of $161m which is above Ord Minnett's forecast of $143m. No final dividend was announced which the broker thinks will continue till the second half of FY21.

Operating income (EBITDA) is predicted to decline by -31.2% due to Melbourne closures. The broker considers the Barangaroo opening in December a key catalyst.

Hold reiterated with target price increased to $8.60 from $8.50.

Target price is $8.60 Current Price is $9.80 Difference: minus $1.2 (current price is over target).
If CWN meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.56, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

UBS rates CWN as Buy (1) -

Operating earnings in FY22 were in line with UBS forecasts. The broker observes FY21 has started well for Perth with the main gaming floor revenue up 18%

 However, an earnings recovery largely depends on the pandemic situation in Victoria and the timing around a re-opening of Crown Melbourne, which the broker expects in November.

Buy rating retained. Target is raised to $10.65 from $9.90.

Target price is $10.65 Current Price is $9.80 Difference: $0.85
If CWN meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $10.56, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Citi rates DMP as Sell (5) -

FY20 results revealed impressive growth in Japan. While there was a boost to demand from Covid-19 restrictions there were also higher costs.

Same-store sales growth was 11% in the first seven weeks of FY21 and is expected to slow to 5% by the December quarter.

However, a lack of operating leverage raises questions for Citi, given the stock's lofty 44x PE ratio. Target is increased to $59.60 from $55.20. Sell retained.

Target price is $59.60 Current Price is $83.70 Difference: minus $24.1 (current price is over target).
If DMP meets the Citi target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.70, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.4

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

Credit Suisse rates DMP as Underperform (5) -

The highlight of Domino's Pizza Enterprises' FY20 result was the lack of operating leverage, which has also left Credit Suisse somewhat puzzled. Apart from this, the broker feels there was a lot to like in the result.

Strong tailwind is expected in FY21 as the company continues to benefit from store openings and the substitution of dine-in. Even then, the broker struggles to match the share price with valuation and notes no clear catalysts that could be driving the price.

Credit Suisse retains its Underperform rating with the target raised to $60.21 from $53.19.

Target price is $60.21 Current Price is $83.70 Difference: minus $23.49 (current price is over target).
If DMP meets the Credit Suisse target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.70, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.4

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

Macquarie rates DMP as Neutral (3) -

The FY20 result from Domino's Pizza was all about the second half. Restrictions drove significant sales growth across all regions that were able to remain trading, the broker notes, but while revenues benefited, the cost of doing business in a covid world and the need to support locked down franchisees crunched margins and led to an actual earnings loss.

A bullish outlook from management overshadows the soft result, but the broker sees the outlook as more beholden to uncertainty. All up the business has been a virus winner, but on a 38x forward PE "flawless execution" of the company's strategy will be required to justify the price, the broker warns.

Neutral and $77.30 target retained.

Target price is $77.30 Current Price is $83.70 Difference: minus $6.4 (current price is over target).
If DMP 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 $68.70, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.4

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

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

FY20 net profit and operating earnings were in line with expectations. The stock has outperformed the market since the peak in February and against this backdrop Morgan Stanley expects the momentum into FY21 should be well received.

Equal-weight rating. Target is $55. Industry view is Cautious.

Target price is $55.00 Current Price is $83.70 Difference: minus $28.7 (current price is over target).
If DMP meets the Morgan Stanley target it will return approximately minus 34% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.70, suggesting downside of -20.2% (ex-dividends)

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.4

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

Morgans rates DMP as Hold (3) -

The FY20 result for Domino’s Pizza was a 2% beat on Morgans profit (NPAT) forecast, with the performance of Japan largely offsetting covid-19 disruptions in Australia, New Zealand and Europe.

Japan was clearly the strongest division with 26% network sales translating to around 42% earnings (EBITDA) growth, notes the broker.

The analyst explains operating cashflow was strong, with around 113% cash conversion, which saw net debt reduce and a dividend of 52.6cps declared.

Recent strong growth trends have continued into FY21 and Morgans forecasts around 15% earnings (EBIT) growth in FY21.

The Hold rating is maintained. The target price is increased to $81.29 from $63.22.

Target price is $81.29 Current Price is $83.70 Difference: minus $2.41 (current price is over target).
If DMP 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 $68.70, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.4

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

Ord Minnett rates DMP as Hold (3) -

Domino’s Pizza Enterprises' FY20 net profit was up 3.2% and in-line with Ord Minnett's forecast. A final dividend of 52.6c (fully franked) was declared, below the broker's estimated 55c.

The broker is confident operating income (EBITDA) will grow due to the pandemic attracting more customers and drive operating income margin expansion.

Ord Minnet maintains its Hold rating with the target price increasing to $77.50 from $70.

Target price is $77.50 Current Price is $83.70 Difference: minus $6.2 (current price is over target).
If DMP 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 $68.70, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.4

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

UBS rates DMP as Sell (5) -

FY20 results were softer than expected. However, the outlook is considered positive. UBS estimates second half underlying operating earnings grew 7%.

Estimates are broadly unchanged. The broker considers the positive aspects have been priced into the stock and retains a Sell rating, noting a lack of catalysts over the short term. Target is raised to $70 from $64.

Target price is $70.00 Current Price is $83.70 Difference: minus $13.7 (current price is over target).
If DMP meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.70, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.4

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

Morgans rates DTL as Hold (3) -

There were no surprises for Morgans in the Data#3 FY20 results, as they were pre-released. The second half dividend of 8.8cps was in-line with the broker’s forecast.

The company didn’t provide tangible guidance for FY21 and the broker assumes 9% EPS growth year on year, with a stronger than usual skew to the second half.

The Hold rating is maintained. The target price is increased to $5.39 from $5.04.

Target price is $5.39 Current Price is $5.35 Difference: $0.04
If DTL meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Citi rates DXS as Neutral (3) -

FY20 results were below Citi's estimates. The FY20 distribution was revised up to 50.3c to be in line with free cash flow.

The stock has underperformed the sector and is trading below long-term averages given the uncertain outlook.

Declining office asset values and potential structural change are the broker's main concerns. Neutral retained. Target is reduced to $9.11 from $9.44.

Target price is $9.11 Current Price is $8.48 Difference: $0.63
If DXS meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $9.69, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Credit Suisse rates DXS as Outperform (1) -

Dexus Property Group's FY20 result was in-line with Credit Suisse's forecasts even though covid-19 related rent relief and provisions dragged down growth by -4.7%. The broker thinks the true impact of the pandemic will be felt in FY21.

The company expects vacancy levels will rise with rents declining in the Sydney and Melbourne markets but management remains confident in the long term fundamentals of its office portfolio.

Despite short term uncertainties, the broker is of the view Dexus's low gearing gives it the capacity to withstand a slowdown.

Outperform maintained. Target is reduced to $9.92 from $10.37.

Target price is $9.92 Current Price is $8.48 Difference: $1.44
If DXS meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $9.69, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Macquarie rates DXS as Neutral (3) -

Dexus Property's FY20 funds from operations fell -2.3% short of the broker's forecast due to rent relief. No FY21 guidance was offered.

Operationally the result was solid, the broker suggests, but leasing completed in the June quarter was minimal and early signs in FY21 suggest it's getting hard out there for landlords. 

Cyclical and structural headwinds persist and asset sales have diluted earnings, but the balance is asset value support and capital management potential. Neutral retained, target falls to $8.80 from $9.23.

Target price is $8.80 Current Price is $8.48 Difference: $0.32
If DXS meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.69, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Morgan Stanley rates DXS as Overweight (1) -

FY20 results were in line and the company collected 92% of the June quarter rent. Morgan Stanley notes the strong balance sheet and the trading profits already secured.

The broker was disappointed no FY21 guidance was provided and the unknowns include the potential for further asset recycling and the 25% of Melbourne exposures that expire in FY21.

At least the business is still collecting rent and converting billing to cash so Morgan Stanley retains an Overweight rating. Target is reduced to $10.20 from $11.00. Industry view is In-Line.

Target price is $10.20 Current Price is $8.48 Difference: $1.72
If DXS meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $9.69, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Ord Minnett rates DXS as Upgrade to Accumulate from Hold (2) -

Dexus Property Group’s FY20 underlying funds from operations were slightly below Ord Minnett's forecast. A dividend of 23c (20% franked) was declared, taking the full-year payout to 50.3c.

No dividend guidance has been given for FY21 due to uncertainty on rent collections. Even so, the broker expects dividends to stabilise at 50-52c in FY22.

Taking a contrarian view of the group following its FY20 results, Ord Minnett upgrades its rating to Accumulate from Hold with the target price increasing to $9.65 from $9.10.

Target price is $9.65 Current Price is $8.48 Difference: $1.17
If DXS meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $9.69, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

UBS rates DXS as Buy (1) -

FY20 results were in line with expectations. Office portfolio metrics deteriorated marginally, as expected. FY21 guidance was not provided, given the prevailing uncertainty.

UBS observes the listed market is becoming increasingly cautious about the "working from home" idea amid a rapidly deteriorating economic backdrop.

The broker estimates a sale of Grosvenor Place at book value would dilute free funds from operations by -3%. Using $550m of the proceeds for a buyback would add back 4% but UBS suspects investors may prefer to preserve capital at the current time.

UBS retains a Buy rating and reduces the target to $10.47 from $10.77.

Target price is $10.47 Current Price is $8.48 Difference: $1.99
If DXS meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $9.69, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Macquarie rates EHE as Neutral (3) -

Estia Health's earnings would have fallen -24% in the second half FY20 from the first were it not for government support. Headwinds will continue into FY21, the broker notes, given occupancy issues in Victoria.

Aged care is one of the most challenged sectors dealing with the virus. Financial viability of the sector is concerning to the broker, but Estia’s scale and balance sheet provide means to weather the implications.

Estia Health remains the broker's preference in the space and hope is for pragmatic outcomes from the Royal Commission. Target rises to $1.70 from $1.57, Neutral retained.

Target price is $1.70 Current Price is $1.49 Difference: $0.21
If EHE meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.54, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Ord Minnett rates EHE as Hold (3) -

Estia Health reported a contraction in earnings in FY20. This did not surprise Ord Minnett who expects the decline to continue in FY21.

Even with a poor short term outlook, the broker believes the pandemic has increased the chances of the Royal Commission calling for significant reforms along with the necessary increase in funding.

For now, Ord Minnett prefers to wait on the sidelines due to the potential for more deterioration if the pandemic flares up again.

Hold rating retained. Target is lowered to $1.40 from $1.65.

Target price is $1.40 Current Price is $1.49 Difference: minus $0.09 (current price is over target).
If EHE meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.54, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Citi rates FBU as Neutral (3) -

Citi forecasts FY21 earnings (EBIT) growth of 9%, assuming 9% of overall cost savings are retained. Commercial construction is expected to slow further.

The broker retains a Neutral rating with an NZ$3.70 target and believes, given the lack of a near-term catalysts, better market conditions will be required for a re-rating.

Current Price is $3.13. Target price not assessed.

Current consensus price target is $3.66, suggesting upside of 18.8% (ex-dividends)

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.0

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

Credit Suisse rates FBU as Neutral (3) -

Fletcher Building reported FY20 operating income (EBIT) of NZ$310m which is in-line with its revised guidance. No dividend was announced, which the broker feels highlights the lack of confidence of the company in the outlook.

Credit Suisse notes FY21 relies on an aggressive group-wide cost-out program to achieve an operating income close to the broker's estimated NZ$362m. A modest rebound is expected in FY22 with management seeing some success in the Australian market. 

Neutral maintained. Target is increased to NZ$3.81 from NZ$3.78.

Current Price is $3.13. Target price not assessed.

Current consensus price target is $3.66, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.0

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

Macquarie rates FBU as Neutral (3) -

Fletcher Building's result was in line with pre-released numbers. No dividend declared as expected and no guidance before the AGM. NZ manufacturing revenue held up reasonably well in the second half, the broker notes, but Australia suffered from sustained revenue headwinds.

The company is acting to preserve its balance sheet and FY21-22 volume forecasts for A&NZ are lower than the broker had pencilled in. While FY22 should see an infrastructure pick-up, uncertainty around immigration levels will persist. Target falls to NZ$3.67 from NZ$3.93, Neutral retained.

Current Price is $3.13. Target price not assessed.

Current consensus price target is $3.66, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.0

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

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

Morgan Stanley expects FY20 to be a trough year but is not convinced of a sharp rebound. Underlying earnings were in line with estimates and no final dividend was provided.

Steel, Australia and the construction segments all fared worse than the broker expected and initiatives designed to improve profitability are yet to yield benefits.

Equal-weight rating. Target is reduced to $3.66 from $3.68. Industry view is Cautious.

Target price is $3.66 Current Price is $3.13 Difference: $0.53
If FBU meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.66, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.0

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

UBS rates FBU as Neutral (3) -

FY20 underlying earnings (EBIT) were slightly ahead of UBS estimates, underpinned by the stronger performance in NZ building products and concrete divisions. These were supported by pent-up demand as NZ lockdown restrictions eased.

Residential, development and construction are expected to recover in FY21. However, project delays in Australia are a lingering issue. Neutral rating is under review and the target is reduced to NZ$3.50 from NZ$3.55.

Current Price is $3.13. Target price not assessed.

Current consensus price target is $3.66, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.0

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

Macquarie rates IEL as Outperform (1) -

Upon first assessment, it turns out IDP Education's business is more resilient than thought at Macquarie, with the broker reporting FY20 is a "beat".

Cost discipline and the variable cost structure for the business feature prominently, according to the analysts.

There remains plenty of cash on the balance sheet and the company announced a dividend. Macquarie thinks the market is likely to respond positively, given negative sentiment prior to today.

Target price is $15.05 Current Price is $14.92 Difference: $0.13
If IEL meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $16.46, suggesting downside of -14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

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

Citi reduces 2020-22 operating earnings forecasts to account for the lower volume in case averages that is expected over the foreseeable future.

The broker also assumes gathering restrictions will affect the business and the multiple will re-rate higher as social distancing measures are eased and there is clarity on the new senior management strategy.

First half net profit was -17% below forecasts and there is no 2020 guidance. However, the 5.5c interim dividend was unexpected. Rating is downgraded to Neutral from Buy. Target is lowered to $11.00 from $12.75.

Target price is $11.00 Current Price is $9.94 Difference: $1.06
If IVC meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.14, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates IVC as Underperform (5) -

InvoCare's underlying earnings fell -23% in H1, -14% worse than the broker's forecast.

Headwinds of funeral restrictions and changes to consumer behaviour in 1H20 are likely to persist, the broker notes, but should be captured in -38% and -35% cuts to forecast FY20-21 earnings.

The company's Protect & Grow initiative is yet to have an impact because the virus and the broker sees a re-rating as unlikely until delivery is evident. Underperform retained, target falls to $9.00 from $10.20.

Target price is $9.00 Current Price is $9.94 Difference: minus $0.94 (current price is over target).
If IVC meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.14, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

First half earnings were below estimates. Morgan Stanley notes few outlook comments other than that the second half remains uncertain.

Equal-weight rating. Target is $12. In-Line industry view.

Target price is $12.00 Current Price is $9.94 Difference: $2.06
If IVC meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $11.14, suggesting upside of 14.7% (ex-dividends)

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgans rates IVC as Add (1) -

InvoCare's first half result was weaker than Morgans had expected, with operating earnings down -23% to $48.6m.

The analyst notes the result was driven by a decline in the number of deaths, government restrictions on the number of funeral attendees and a largely fixed cost base.

The company declared a 5.5cps dividend and announced the deferred 2H19 dividend will be paid in October.

Morgans states the long-term fundamentals remain strong with further opportunities from regional acquisitions and pet cremations.

The Add rating is maintained. The target price is decreased to $11 from $13.10.

Target price is $11.00 Current Price is $9.94 Difference: $1.06
If IVC meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.14, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Ord Minnett rates MCP as Buy (1) -

FY20 results were pre-reported. Ord Minnett was impressed with the 59% sales growth in personal care products, underpinned by Dr LeWinn's. The broker assesses the brand is on track to generate more than $75m in sales in FY21.

A total of 200 new products were launched by McPherson's in FY20 and the broker notes FY21 trading to date has been positive with the Victorian lockdown not materially affecting volumes. Buy rating and $3.40 target maintained.

Target price is $3.40 Current Price is $2.94 Difference: $0.46
If MCP meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates MGX as Outperform (1) -

Mt Gibson's FY20 revenue, earnings and free cash flow were all around 5% ahead of the broker's forecast. Accelerated waste stripping at Koolan Island is expected to continue over FY21, the broker notes, after which ore production increases and cash costs decline significantly.

The company's cash balance is currently worth 36cps and the stock offers significant leverage to iron ore prices. Outperform and $1.00 target retained.

Target price is $1.00 Current Price is $0.75 Difference: $0.25
If MGX meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $0.88, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Credit Suisse rates MHJ as Outperform (1) -

Michael Hill International reported a covid-19 disrupted FY20 result which, Credit Suisse comments, was not unexpected. The company's interim dividend has been deferred to September 2021 while there was no final dividend.

The broker admits there is no catalyst to drive a re-rate for the stock in the short term as the company continues to right-size its store footprint.

Outperform rating maintained. Target is lowered to NZ$0.69 from NZ$1.00.

Current Price is $0.32. Target price not assessed.

Current consensus price target is $0.61, suggesting upside of 83.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Macquarie rates MHJ as Outperform (1) -

Michael Hill International's FY20 results pleased the broker, Macquarie noting the first nine months prior to covid were very strong and kicked in again after lock down in July as the company leveraged its new growth strategy, post-lockdown cost base and digital platform.

The broker expects covid is likely to continue to dog the company in the near term, but the pre-wave-2 opening suggests demand is firm, suggesting a strong recovery when stores reopen. No final dividend was declared and the first-half dividend has been deferred.

The company boasts a strong balance sheet and management guided to a recovery in profitability in FY21.

EPS forecasts are cut -4.5% for FY21 and increase 1% and 5% for FY22/FY23. Target price steady at 75c. Outperform rating retained.

Target price is $0.75 Current Price is $0.32 Difference: $0.43
If MHJ meets the Macquarie target it will return approximately 134% (excluding dividends, fees and charges).

Current consensus price target is $0.61, suggesting upside of 83.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Macquarie rates MIN as Outperform (1) -

Mineral Resources FY20 result met Macquarie's forecasts, and a strong cash performance boosted the dividend (full-year payout was $1).

Strong iron ore volumes and contract wins spurred growth in Mining Services earnings and management guided to a very strong FY21, and the broker upgrades shipment forecasts 18% accordingly. Mining Services earnings forecasts are upgraded by 29%.

The miner expects to return updates on the West Pilbara and Marillana iron-ore projects within six months, the former having the potential to double the company's iron-ore production. Add to that buoyant iron-ore prices and the broker expects an earnings upgrade of 80% in FY21 and 300% in FY22 based on spot prices.

EPS forecasts rise 29% in FY21, 34% in FY22, 33% in FY23 and 38% in FY24.

Target price rises to $32 from $26.5 to reflect the material rise in earnings. Outperform retained to reflect strong performance, guidance, contract growth in Mining Services and iron-ore prices.

Target price is $32.00 Current Price is $27.42 Difference: $4.58
If MIN meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $24.80, suggesting downside of -12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

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

The FY20 result for Mineral Resources came in ahead on dividend and cash generation, but earnings (EBITDA) were around -7% lower than Morgan Stanley's forecast.

The FY21 guide is operationally strong across assets, offset by significantly higher capex, which will lower cashflow gains, notes the broker.

The analyst explains the dividend was 26% ahead of the broker's estimate, due to a higher payout ratio than expected.

Morgan Stanley reaffirms its Equal-weight rating. The target price is increased to $21 from $20.20.Industry view: Attractive.

Target price is $21.00 Current Price is $27.42 Difference: minus $6.42 (current price is over target).
If MIN meets the Morgan Stanley target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.80, suggesting downside of -12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates MMS as Neutral (3) -

McMillan Shakespeare's FY20 result met Macquarie's expectations but fell short of guidance.

Impairments totalled -$58m as expected; and the company logged a $10m JobKeeper windfall and another $10m is expected in the first quarter of FY21, allowing the company to retain 100% of its workforce.

The company reports a rise in novated lease activity in the first two months of FY21, but management spies lower major client renewals in the FY21 wings.

From a capital viewpoint, McMillan Shakespeare completed its $140m buyback, paid dividends, completed the $8m purchase of Plan Partners and generated respectable free cash flow across divisions and boasted net cash of $66.7m, excluding fleet-funded debt.

Target rises to $9.11 from $7.87. Neutral rating retained.

Target price is $9.11 Current Price is $8.72 Difference: $0.39
If MMS meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.98, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Morgan Stanley rates MMS as Overweight (1) -

McMillan Shakespeare delivered a FY20 result with profit (UNPATA) of $69m, within revised guidance, and described as solid by Morgan Stanley.

Group remuneration services (GRS) was within expectations and resilient, notes the broker.

The company reiterated the asset management (AM) segment UK restructure, but no strategic guidance was provided for the retail financial services (RFS) segment

Morgan Stanley maintains its Overweight rating with a target price of $11.50. Industry view: In-line.

Target price is $11.50 Current Price is $8.72 Difference: $2.78
If MMS meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $9.98, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

UBS rates MND as Neutral (3) -

FY20 sales growth was ahead of expectations. Deferrals and delays to maintenance/construction activity were less severe than UBS expected.

No guidance was provided for FY21 while the broker expects revenue indications will be outlined at the November AGM. Neutral rating retained. Target rises to $10.00 from $8.45.

Target price is $10.00 Current Price is $10.43 Difference: minus $0.43 (current price is over target).
If MND meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.93, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Ord Minnett rates MOE as Buy (1) -

First half results were in line with Ord Minnett's estimates. Asset management had net inflows of $150m with minimal redemptions. Ord Minnett observes activity levels are high, ensuring the business is well-placed to capitalise on opportunities.

A strong rebound is expected in 2021 and 2022, delivering 20% growth in earnings per share before the deployment of cash. Buy maintained. Target is raised to $5.17 from $4.65.

Target price is $5.17 Current Price is $3.61 Difference: $1.56
If MOE meets the Ord Minnett target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

UBS rates MP1 as Neutral (3) -

FY20 revenue was pre-reported. Management has noted an improving trend in the first quarter. Cost investment was pulled forward into the second half of FY20 and UBS observes FY21 is now likely to yield the benefit from data centre expansions.

The broker remains positive on the business but retains a Neutral rating pending further analysis of the SD-WAN opportunity. Neutral rating retained. Target rises to $16.00 from $13.85.

Target price is $16.00 Current Price is $15.54 Difference: $0.46
If MP1 meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $14.35, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates MPL as Neutral (3) -

Medibank Private has released FY20 financials today and on initial impression, Macquarie suggests the result looks in line with consensus.

DPS was a slight beat, and the outlook for policyholder growth is strong, but the broker reminds investors underlying claims growth has not gone away.

Target price is $2.70 Current Price is $2.86 Difference: minus $0.16 (current price is over target).
If MPL meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.85, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Citi rates NEA as Buy (1) -

Citi upgrades FY21 operating earnings estimates by 11% to reflect operating leverage from stronger annualised contract value (ACV) growth in FY20, the results of which were in line. The company has reiterated a goal to break even on cash flow over the year.

Citi is cautious about the short-term outlook but acknowledges a better-than-expected start to the year. Buy rating retained. Target rises to $3.00 from $2.75.

Target price is $3.00 Current Price is $2.37 Difference: $0.63
If NEA meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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