Australian Broker Call

Morgans rates ABC as Add (1) -

Morgans notes the stock has fallen sharply, as investors turn to the implications of customer demand. The broker understands there is no impact on the raw material supply to date.

Moreover, it remains too early to accurately estimate the potential impact and therefore forecasts are unchanged.

There remains downside risk to guidance, in the broker's view, as residential construction is more susceptible to an economic slowdown.

The balance sheet is robust and the valuation undemanding so the broker retains an Add rating and $3.30 target.

Target price is $3.30 Current Price is $1.89 Difference: $1.41
If ABC meets the Morgans target it will return approximately 75% (excluding dividends, fees and charges).

Current consensus price target is $3.04, suggesting upside of 60.9% (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

Macquarie rates AFG as Outperform (1) -

The broker has cut its Australian Finance Group forecasts to allow for the impact of lower settlement volume.

An assumption securitisation loan book growth moderates from 51% in the first half to 15% in the second and to 2.5% in FY21, and net interest margins contract, leads to earnings forecast cuts of -5%, -21% and -1% in FY20-22.

Target falls to $2.02 from $3.26. Outperform retained, underpinned by cash flow and balance sheet strength. The company has no debt and around $50m is cash.

Target price is $2.02 Current Price is $1.07 Difference: $0.95
If AFG meets the Macquarie target it will return approximately 89% (excluding dividends, fees and charges).

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

Credit Suisse rates ALL as Outperform (1) -

Credit Suisse now assumes that virtually all casinos in North America will close for many weeks and that -25% in the value of gaming operations is wiped off the company's revenue.

Gaming machine shipments across North America, Australia and elsewhere are expected to be reduced, because of delays in the capital expenditure cycle. The broker reduces the target to $28.50 from $35.00. Outperform maintained.

Target price is $28.50 Current Price is $17.72 Difference: $10.78
If ALL meets the Credit Suisse target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $34.23, suggesting upside of 93.2% (ex-dividends)

The company's fiscal year ends in September.

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

Morgan Stanley rates ALL as Overweight (1) -

The company has removed FY20 guidance. The land-based business is affected by venue closures and a more cautious approach to capital expenditure. Digital earnings remain strong and unaffected.

Morgan Stanley retains an Overweight rating. Target is $35. Industry view: Cautious.

Target price is $35.00 Current Price is $17.72 Difference: $17.28
If ALL meets the Morgan Stanley target it will return approximately 98% (excluding dividends, fees and charges).

Current consensus price target is $34.23, suggesting upside of 93.2% (ex-dividends)

The company's fiscal year ends in September.

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

Ord Minnett rates ALL as Buy (1) -

Ord Minnett suspects Aristocrat Leisure may emerge with a larger, stronger land-based footprint in the medium term.

While concerns around the gaming operations are not unfounded, because of casino closures, the broker considers the increasing digital trends will more than offset the recent reaction in the share price.

FY20 earnings forecasts are reduced by -24.8%. The equity risk premium is also increased to 6.5%. Buy rating maintained. Target is reduced to $30.00 from $37.50.

Target price is $30.00 Current Price is $17.72 Difference: $12.28
If ALL meets the Ord Minnett target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $34.23, suggesting upside of 93.2% (ex-dividends)

The company's fiscal year ends in September.

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

Macquarie rates ANZ as Underperform (5) -

With earnings already under pressure from ultra-low rates, the likelihood of further unconventional measures implies another step down. Macquarie notes that while the jury is out on the effectiveness of QE, consensus suggests it hurts bank profitability.

The broker has cut earnings forecasts for the sector. ANZ Bank's target falls to $21.00 from $24.50. Underperform retained.

Target price is $21.00 Current Price is $15.11 Difference: $5.89
If ANZ meets the Macquarie target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $23.82, suggesting upside of 57.7% (ex-dividends)

The company's fiscal year ends in September.

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

Morgan Stanley rates APT as Overweight (1) -

Morgan Stanley notes three investor concerns: loan losses, revenue growth and funding. The broker believes the stock is priced for a -40% drop, or more, in revenue and loan losses doubling in FY21-22.

However, revenue growth may increase in the near term from more consumer expenditure online. The broker asserts the company is well-placed for funding.

Overweight rating and $46.50 target maintained. Industry view is In-Line.

Target price is $46.50 Current Price is $9.70 Difference: $36.8
If APT meets the Morgan Stanley target it will return approximately 379% (excluding dividends, fees and charges).

Current consensus price target is $37.65, suggesting upside of 288.2% (ex-dividends)

The company's fiscal year ends in June.

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 APX as Upgrade to Outperform from Neutral (1) -

Credit Suisse upgrades to Outperform from Neutral. The broker expects the company's performance in the June half year will be strong.

Thereafter, sales and margins may be negatively affected in a period of economic weakness as customer performance slows. Forecasts are reduced to reflect this.

Rating is upgraded to Outperform from Neutral. Target is reduced to $22 from $27.

Target price is $22.00 Current Price is $19.78 Difference: $2.22
If APX meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $28.30, suggesting upside of 43.1% (ex-dividends)

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

Macquarie rates BBN as Outperform (1) -

Macquarie assumes small retailer revenues will be severely impacted and very low earnings visibility is the near term reality. The broker is focused on balance sheets, cashflow and the ability to trade though the crisis. Share price falls to date suggest investors are acutely aware containment measures will have a negative economic impact.

The broker is recommending selective exposure as a recovery will be fast when it happens. Stimulus, rent holidays and any clarity are positive catalysts. Longer term, the broker remains comfortable with Baby Bunting's category-killer positioning. Outperform retained, target falls to $2.10 from $4.50.

Target price is $2.10 Current Price is $1.53 Difference: $0.57
If BBN meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $3.42, suggesting upside of 123.5% (ex-dividends)

The company's fiscal year ends in July.

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

Macquarie rates BEN as Underperform (5) -

With earnings already under pressure from ultra-low rates, the likelihood of further unconventional measures implies another step down. Macquarie notes that while the jury is out on the effectiveness of QE, consensus suggests it hurts bank profitability.

The broker has cut earnings forecasts for the sector. Bendigo & Adelaide Bank's target falls to $7.50 from $8.75. Underperform retained.

Target price is $7.50 Current Price is $6.09 Difference: $1.41
If BEN meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $7.89, suggesting upside of 29.6% (ex-dividends)

The company's fiscal year ends in June.

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 BOQ as Neutral (3) -

With earnings already under pressure from ultra-low rates, the likelihood of further unconventional measures implies another step down. Macquarie notes that while the jury is out on the effectiveness of QE, consensus suggests it hurts bank profitability.

The broker has cut earnings forecasts for the sector. Bank of Queensland's target falls to $7.00 from $7.75. Neutral retained.

Target price is $7.00 Current Price is $5.47 Difference: $1.53
If BOQ meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $7.19, suggesting upside of 31.5% (ex-dividends)

The company's fiscal year ends in August.

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 BPT as Upgrade to Equal-weight from Underweight (3) -

Morgan Stanley lowers the long-term oil forecast, to US$45/bbl and believes, if this becomes the case, it creates serious risk for Australian energy companies.

While the broker acknowledges the market will debate long-term value, the downward pressure appears assured.

There is a risk oil prices could jump once the coronavirus crisis settles down, but this will depend on whether the price war waged by OPEC and Russia is temporary or structural.

The broker notes these two countries have over 20% of global supply and access to cheap reserves.

Rating for Beach Energy is upgraded to Equal-weight from Underweight. Target is reduced to $1.24 from $2.00. Industry view has changed to Cautious from In-Line.

Target price is $1.24 Current Price is $1.00 Difference: $0.24
If BPT meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $2.12, suggesting upside of 111.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Macquarie rates BRG as Upgrade to Outperform from Neutral (1) -

Macquarie assumes small retailer revenues will be severely impacted and very low earnings visibility is the near term reality. The broker is focused on balance sheets, cashflow and the ability to trade though the crisis. Share price falls to date suggest investors are acutely aware containment measures will have a negative economic impact.

The broker is recommending selective exposure as a recovery will be fast when it happens. Stimulus, rent holidays and any clarity are positive catalysts. Breville Group upgraded to Outperform from Neutral as it is considered a high quality company with lower liquidity risk as it has no stores of its own. Target falls to $16.00 from $25.14.

Target price is $16.00 Current Price is $12.15 Difference: $3.85
If BRG meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $20.44, suggesting upside of 68.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Macquarie rates CBA as Underperform (5) -

With earnings already under pressure from ultra-low rates, the likelihood of further unconventional measures implies another step down. Macquarie notes that while the jury is out on the effectiveness of QE, consensus suggests it hurts bank profitability.

The broker has cut earnings forecasts for the sector. Commonwealth Bank's target falls to $65 from $69. Underperform retained.

Target price is $65.00 Current Price is $61.03 Difference: $3.97
If CBA meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $69.67, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates CCX as Buy (1) -

Australian retail analysts at Citi released an 61 pages tome on the sector, trying to assess the impact from the covid-19 fall-out, see yesterday's Report. The analysts also tried to update on company-specific conditions.

City Chic was upgraded to Buy from Sell, with a price target of $2.50, down from $2.85.

Target price is $2.50 Current Price is $1.25 Difference: $1.25
If CCX meets the Citi target it will return approximately 100% (excluding dividends, fees and charges).

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 COL as Neutral (3) -

Australian retail analysts at Citi released an 61 pages tome on the sector, trying to assess the impact from the covid-19 fall-out, see yesterday's Report. The analysts also tried to update on company-specific conditions.

Coles has retained its Neutral rating, while the target price climbs to $17.60 from $17.

Target price is $17.00 Current Price is $17.18 Difference: minus $0.18 (current price is over target).
If COL meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.14, suggesting downside of -6.1% (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

Credit Suisse rates DHG as Upgrade to Outperform from Underperform (1) -

Credit Suisse makes downgrades to near-term earnings forecasts to reflect lower listings volumes. While there is limited visibility on the impact for the near term, this effectively factors in a -35% decline in volumes in the June quarter.

The broker upgrades to Outperform from Underperform, believing the stock has fallen too far and now factors in a more permanent structural decline in listings. Target is reduced to $2.50 from $2.70.

Target price is $2.50 Current Price is $1.89 Difference: $0.61
If DHG meets the Credit Suisse target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.33, suggesting upside of 76.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgan Stanley rates ELO as Overweight (1) -

ELMO Software has revised FY20 guidance, down to an operating loss of -$4-6m from -$1-3m. Morgan Stanley notes there was no guidance on annual recurring revenue and May and June are peak selling periods, implying there is potential for a meaningful slip into FY21.

Guidance also does not allow for increased churn because of financial distress. The broker assesses the company is well capitalised to ride out the impact for the near term, even when adjusting for acquisitions.

 Overweight rating. In-Line industry view. Target is $9.

Target price is $9.00 Current Price is $4.12 Difference: $4.88
If ELO meets the Morgan Stanley target it will return approximately 118% (excluding dividends, fees and charges).

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

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

Morgan Stanley lowers the long-term oil forecast, to US$45/bbl and believes, if this becomes the case, it creates serious risk for Australian energy companies.

While the broker acknowledges the market will debate long-term value, the downward pressure appears assured.

There is a risk oil prices could jump once the coronavirus crisis settles down, but this will depend on whether the price war waged by OPEC and Russia is temporary or structural.

The broker notes these two countries have over 20% of global supply and access to cheap reserves. The broker's industry view is changed to Cautious from In-Line.

Equal-weight rating maintained. Target is reduced to 2c from 5c.

Target price is $0.02 Current Price is $0.01 Difference: $0.01
If FAR meets the Morgan Stanley target it will return approximately 100% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Citi rates FLT as Buy (1) -

Australian retail analysts at Citi released an 61 pages tome on the sector, trying to assess the impact from the covid-19 fall-out, see yesterday's Report. The analysts also tried to update on company-specific conditions.

Flight Centre has been upgraded to Buy from Neutral. Price target is $22.70, down from $36.80.

Target price is $22.70 Current Price is $9.91 Difference: $12.79
If FLT meets the Citi target it will return approximately 129% (excluding dividends, fees and charges).

Current consensus price target is $27.99, suggesting upside of 182.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgan Stanley rates FLT as Overweight (1) -

The company has accelerated its business review in the light of restrictions on international travel and reductions in airline capacity.

Morgan Stanley notes job losses appear inevitable and Flight Centre is discussing with stakeholders ways to manage the financial impact.

The broker also believes the focus has shifted to cash preservation and this reflects the speed at which the environment has deteriorated.

Based on Friday's announcement, Flight Centre has $403m in cash and investments and a further undrawn debt facility of $80m.

Overweight retained. Target is $42. Industry view is Cautious.

Target price is $42.00 Current Price is $9.91 Difference: $32.09
If FLT meets the Morgan Stanley target it will return approximately 324% (excluding dividends, fees and charges).

Current consensus price target is $27.99, suggesting upside of 182.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Credit Suisse rates FSF as Neutral (3) -

First half results were solid in Credit Suisse's view. No changes were made to guidance.

The broker also notes the balance sheet is on track for a substantial reduction in debt and some dividends in the second half could be likely.

Still, the investment case is challenging and earnings still need to grow to support the valuation.

Neutral rating maintained. Target is raised to NZ$3.97 from NZ$3.85.

Current Price is $3.89. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

This company reports in NZD. 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 FSF as Underperform (5) -

Fonterra delivered a first half result ahead of forecast. FY20 guidance retained, but with a caveat of virus and ongoing drought unknowns. Management nevertheless sees guidance as "prudent" rather than "conservative". No interim dividend but the company hopes to pay a final.

For the broker, the ability to set meaningful forecasts in the current volatility remains a challenge. While hope is for improvement, Underperform retained for now. Target rises to NZ$3.50 from NZ$3.30.

Current Price is $3.89. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

This company reports in NZD. 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 FSF as Neutral (3) -

Following the strong start to FY20, UBS is more confident in the company's ability to produce earnings at the top end of its forecast range, despite a modest demand risk stemming from the coronavirus outbreak.

This is supported by improved NZ ingredients returns and a recovery in China's foodservice demand. However, the pace of recovery could be more sedate as the company battles margin pressure from higher milk costs while juggling downsizing and environmental requirements.

First half earnings were ahead of estimates, driven by stronger gross margins and lower losses in Australian ingredients. UBS maintains a Neutral rating and NZ$3.95 target.

Current Price is $3.89. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

This company reports in NZD. 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

Citi rates HVN as Buy (1) -

Australian retail analysts at Citi released an 61 pages tome on the sector, trying to assess the impact from the covid-19 fall-out, see yesterday's Report. The analysts also tried to update on company-specific conditions.

Buy rating retained for Harvey Norman. Price target falls to $3.70 from $4.30.

Target price is $3.70 Current Price is $2.80 Difference: $0.9
If HVN meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.86, suggesting upside of 37.9% (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

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

Credit Suisse believes the company has several upcoming catalysts which warrant re-consideration in the current context. The MAC royalty spin-off is expected to put a floor under the share price.

While the business is not immune to the prevailing uncertainty, the broker's rating is upgraded to Outperform from Neutral on a 12-month view.

Zircon demand is expected to be soft for another six months but the supply side should tighten considerably over the next 1-3 years, the broker adds. Target is unchanged at $10.

Target price is $10.00 Current Price is $6.92 Difference: $3.08
If ILU meets the Credit Suisse target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $10.06, suggesting upside of 45.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Citi rates JBH as Neutral (3) -

Australian retail analysts at Citi released an 61 pages tome on the sector, trying to assess the impact from the covid-19 fall-out, see yesterday's Report. The analysts also tried to update on company-specific conditions.

Rating for JB Hi-Fi has shifted to Neutral from Sell. Target price falls to $31.20 from $39.50.

Target price is $31.20 Current Price is $27.88 Difference: $3.32
If JBH meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $37.52, suggesting upside of 34.6% (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

Morgan Stanley rates KAR as Overweight (1) -

Morgan Stanley lowers the long-term oil forecast, to US$45/bbl and believes, if this becomes the case, it creates serious risk for Australian energy companies.

While the broker acknowledges the market will debate long-term value, the downward pressure appears assured.

There is a risk oil prices could jump once the coronavirus crisis settles down, but this will depend on whether the price war waged by OPEC and Russia is temporary or structural.

The broker notes these two countries have over 20% of global supply and access to cheap reserves. The broker's industry view is changed to Cautious from In-Line.

Overweight maintained. Target is reduced to $0.84 from $1.60.

Target price is $0.84 Current Price is $0.36 Difference: $0.48
If KAR meets the Morgan Stanley target it will return approximately 133% (excluding dividends, fees and charges).

Current consensus price target is $1.65, suggesting upside of 358.3% (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

Macquarie rates KMD as Neutral (3) -

The virus is impacting Kathmandu’s workforce, trading and supply chain, along with the health and safety of employees and customers.

Management will implement measures across geographies as required. The earnings outlook is unclear and skewed to the downside, the broker suggests.

The balance sheet and liquidity are now in focus. Target falls to $1.57 from $3.21. Neutral retained.

Target price is $1.57 Current Price is $1.03 Difference: $0.54
If KMD meets the Macquarie target it will return approximately 52% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

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 LLC as Neutral (3) -

The outbreak of coronavirus has shifted the economic outlook and funding markets in a negative direction, UBS notes. The broker calculates Lendlease requires $150-200m in transaction earnings to reach FY20 consensus forecasts.

The broker suspects major transactions will be difficult to execute, as buyers hold off, and there is material downside risk to FY20 earnings.

While the engineering sale is secure, the services sale is likely to be challenging in the current environment. The broker reduces FY20 and FY21 estimates by -14% and -15% respectively. Neutral rating and $18 target maintained.

Target price is $18.00 Current Price is $9.43 Difference: $8.57
If LLC meets the UBS target it will return approximately 91% (excluding dividends, fees and charges).

Current consensus price target is $20.09, suggesting upside of 113.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

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

Macquarie assumes small retailer revenues will be severely impacted and very low earnings visibility is the near term reality. The broker is focused on balance sheets, cashflow and the ability to trade though the crisis. Share price falls to date suggest investors are acutely aware containment measures will have a negative economic impact.

The broker is recommending selective exposure as a recovery will be fast when it happens. Stimulus, rent holidays and any clarity are positive catalysts. Longer term the broker remains comfortable with Lovisa's structural growth story. For now, downgrade to Neutral from Outperform. Target falls to $5.80 from $13.50.

Target price is $5.80 Current Price is $2.56 Difference: $3.24
If LOV meets the Macquarie target it will return approximately 127% (excluding dividends, fees and charges).

Current consensus price target is $11.18, suggesting upside of 336.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

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

Credit Suisse upgrades to Outperform from Neutral. At this point, the broker remains attracted to the strong balance sheet and the quality investment portfolio as well as the diversified exposure.

The company has withdrawn FY20 guidance because of the uncertainty but Credit Suisse believes any earnings risks are cyclical, not structural. Target is reduced to $2.76 from $3.26.

Target price is $2.76 Current Price is $1.76 Difference: $1
If MGR meets the Credit Suisse target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $3.38, suggesting upside of 91.9% (ex-dividends)

The company's fiscal year ends in June.

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 MGR as Equal-weight (3) -

The company has withdrawn FY20 guidance and confirmed its balance sheet is sound.

Morgan Stanley believes Mirvac is likely to be affected by lower foot traffic at the large shopping centres such as Broadway (Sydney), where there is a large student population, and Harbourside/Birkenhead where there is significant tourist traffic.

Equal-weight. Target is $3.40. Industry view is In-Line.

Target price is $3.40 Current Price is $1.76 Difference: $1.64
If MGR meets the Morgan Stanley target it will return approximately 93% (excluding dividends, fees and charges).

Current consensus price target is $3.38, suggesting upside of 91.9% (ex-dividends)

The company's fiscal year ends in June.

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 MGR as Buy (1) -

Mirvac has withdrawn FY20 guidance, also encompassing forward-looking statements regarding active and passive earnings.

At this stage, UBS does not consider this issue is specific to Mirvac but rather reflects a proactive approach to the current uncertainty.

The balance sheet is robust and the business is considered to be relatively well-placed to act opportunistically if any distressed opportunities emerge. Buy rating and $3.49 target maintained.

Target price is $3.49 Current Price is $1.76 Difference: $1.73
If MGR meets the UBS target it will return approximately 98% (excluding dividends, fees and charges).

Current consensus price target is $3.38, suggesting upside of 91.9% (ex-dividends)

The company's fiscal year ends in June.

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 MND as Neutral (3) -

Previous FY20 guidance for 10% revenue growth was based on the assumed ramp-up of awarded contracts. That's all now up in the air due to the virus.

There has been a significant escalation of measures taken by governments, and Monadelphous customers, to prevent the spread of the virus, the broker notes. Due to the significant level of uncertainty, the company has withdrawn its guidance.

Monadelphous is a best-in-class contractor, the broker declares, and the balance sheet is strong. But Neutral retained in the midst of uncertainty. Target falls to $13.80 from $17.57.

Target price is $13.80 Current Price is $9.61 Difference: $4.19
If MND meets the Macquarie target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $16.04, suggesting upside of 66.9% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates MTS as Neutral (3) -

Australian retail analysts at Citi released an 61 pages tome on the sector, trying to assess the impact from the covid-19 fall-out, see yesterday's Report. The analysts also tried to update on company-specific conditions.

Neutral rating maintained for Metcash, while the price target rises (!) 20c to $3.

Target price is $3.00 Current Price is $3.24 Difference: minus $0.24 (current price is over target).
If MTS meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.86, suggesting downside of -11.8% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Citi rates MYR as Buy (1) -

Australian retail analysts at Citi released an 61 pages tome on the sector, trying to assess the impact from the covid-19 fall-out, see yesterday's Report. The analysts also tried to update on company-specific conditions.

Buy/High Risk rating retained for Myer Holdings, while the price target drops to 32c from 50c.

Target price is $0.32 Current Price is $0.10 Difference: $0.22
If MYR meets the Citi target it will return approximately 220% (excluding dividends, fees and charges).

Current consensus price target is $0.51, suggesting upside of 408.0% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Macquarie rates NAB as Neutral (3) -

With earnings already under pressure from ultra-low rates, the likelihood of further unconventional measures implies another step down. Macquarie notes that while the jury is out on the effectiveness of QE, consensus suggests it hurts bank profitability.

The broker has cut earnings forecasts for the sector. National Bank's target falls to $22 from $27. Neutral retained.

Target price is $22.00 Current Price is $14.89 Difference: $7.11
If NAB meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $24.20, suggesting upside of 62.5% (ex-dividends)

The company's fiscal year ends in September.

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

Macquarie rates NCK as Neutral (3) -

Macquarie assumes small retailer revenues will be severely impacted and very low earnings visibility is the near term reality. The broker is focused on balance sheets, cashflow and the ability to trade though the crisis. Share price falls to date suggest investors are acutely aware containment measures will have a negative economic impact.

The broker is recommending selective exposure as a recovery will be fast when it happens. Stimulus, rent holidays and any clarity are positive catalysts. Longer term, the broker remains comfortable with Nick Scali on the basis of competitor closures. Neutral retained, target falls to $5.30 from $7.80.

Target price is $5.30 Current Price is $4.15 Difference: $1.15
If NCK meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Macquarie rates NSR as Underperform (5) -

The last and highest bidder ($2.40) for National Storage REIT has abandoned its offer. Focus will now switch to sustainability of income and the balance sheet, the broker notes.

While unemployment should be a headwind for self-storage, the outlook for consumer sentiment and the residential market has softened in the short term, thus the broker remains cautious on the outlook for the underlying portfolio growth in this context.

Underperform retained. Target falls to $1.45 from $2.25.

Target price is $1.45 Current Price is $1.21 Difference: $0.24
If NSR meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.93, suggesting upside of 59.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.5

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

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

Morgan Stanley lowers the long-term oil forecast, to US$45/bbl and believes, if this becomes the case, it creates serious risk for Australian energy companies.

While the broker acknowledges the market will debate long-term value, the downward pressure appears assured.

There is a risk oil prices could jump once the coronavirus crisis settles down, but this will depend on whether the price war waged by OPEC and Russia is temporary or structural.

The broker notes these two countries have over 20% of global supply and access to cheap reserves. The broker's industry view is changed to Cautious from In-Line.

Equal-weight rating retained. Target is reduced to $6.33 from $8.08.

Target price is $6.33 Current Price is $4.04 Difference: $2.29
If ORG meets the Morgan Stanley target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $7.82, suggesting upside of 93.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Credit Suisse rates OSH as Downgrade to Underperform from Neutral (5) -

Amid further risk to growth prospects, Credit Suisse downgrades to Underperform from Neutral. The broker suspects oil prices may get worse before they get better, leaving Oil Search most exposed, as its balance sheet and cost base is less favourable compared with its peers.

Notwithstanding the fact long-term fundamentals could be supportive, the broker suspects some operators in the market may shift out of the stock based on balance sheet metrics. Target is reduced to $2.23 from $3.34.

Target price is $2.23 Current Price is $2.03 Difference: $0.2
If OSH meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.96, suggesting upside of 144.5% (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: 0.1

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

Macquarie rates OSH as Outperform (1) -

The Brent spot price has fallen below Oil Search's cash flow breakeven price of US$33/bbl. With gearing at 60-70% and an earnings to interest cost of 2.5x, the company is in breach of covenants, the broker notes. Oil Search has cut its 2020 capex intentions by -40%. The planned Alaska sell-down is on hold.

Target falls to $5.50 from $6.20, with the broker noting valuation is $2.40 at spot oil. Outperform retained, but with a risk warning.

Target price is $5.50 Current Price is $2.03 Difference: $3.47
If OSH meets the Macquarie target it will return approximately 171% (excluding dividends, fees and charges).

Current consensus price target is $4.96, suggesting upside of 144.5% (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: 0.1

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

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

Morgan Stanley lowers the long-term oil forecast, to US$45/bbl and believes, if this becomes the case, it creates serious risk for Australian energy companies.

While the broker acknowledges the market will debate long-term value, the downward pressure appears assured.

There is a risk oil prices could jump once the coronavirus crisis settles down, but this will depend on whether the price war waged by OPEC and Russia is temporary or structural.

The broker notes these two countries have over 20% of global supply and access to cheap reserves. The broker's industry view is changed to Cautious from In-Line.

Oil Search is downgraded to Equal-weight from Overweight and the target lowered to $3.10 from $7.80.

Target price is $3.10 Current Price is $2.03 Difference: $1.07
If OSH meets the Morgan Stanley target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $4.96, suggesting upside of 144.5% (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: 0.1

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

Morgans rates PME as Add (1) -

The share price has deteriorated significantly, Morgans observes. High-growth companies such as Pro Medicus have been marked down significantly.

The broker moderates assumptions for market share from FY21, but makes no changes to FY20.

As the company generates a substantial part of its revenue in the US and operates in the healthcare sector with long-term contracts, Morgans is of the view that earnings will grow at a compound rate of at least 25% for the next three years.

Add rating maintained. Target is reduced to $31.18 from $32.47.

Target price is $31.18 Current Price is $14.57 Difference: $16.61
If PME meets the Morgans target it will return approximately 114% (excluding dividends, fees and charges).

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 PMV as Buy (1) -

Australian retail analysts at Citi released an 61 pages tome on the sector, trying to assess the impact from the covid-19 fall-out, see yesterday's Report. The analysts also tried to update on company-specific conditions.

The rating for Premier Investments was upgraded to Buy from Sell. Target price $14.90, down from $18.20.

Target price is $14.90 Current Price is $10.41 Difference: $4.49
If PMV meets the Citi target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $17.52, suggesting upside of 68.3% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

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

Macquarie assumes small retailer revenues will be severely impacted and very low earnings visibility is the near term reality. The broker is focused on balance sheets, cashflow and the ability to trade though the crisis. Share price falls to date suggest investors are acutely aware containment measures will have a negative economic impact.

The broker is recommending selective exposure as a recovery will be fast when it happens. Stimulus, rent holidays and any clarity are positive catalysts. Longer term, the broker remains comfortable with Premier Investments' structural growth story. For now, downgrade to Neutral from Outperform. Target falls to $11.71 from $20.00.

Target price is $11.71 Current Price is $10.41 Difference: $1.3
If PMV meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $17.52, suggesting upside of 68.3% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Credit Suisse rates REA as Upgrade to Outperform from Underperform (1) -

The company has withdrawn guidance. Credit Suisse suggests this reflects a lack of visibility in the June quarter. However pent-up supply is expected to return in FY21.

The company has also delayed the timing of contracted price increases in the residential business.

Credit Suisse upgrades to Outperform from Underperform to reflect expectations that volumes will recover and the company's strong position in property classifieds. Target is reduced to $94.80 from $100.20.

Target price is $94.80 Current Price is $73.01 Difference: $21.79
If REA meets the Credit Suisse target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $101.79, suggesting upside of 39.4% (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

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

The company has reduced earnings expectations for FY20, abandoning the likelihood of a strong rebound in premium ad volumes in the current half. An automatic price rise of around 8% has also been postponed.

Morgans downgrades forecasts to reflect this. The company believes predicting advertising volumes is now impossible.

The balance sheet is clean, the broker notes, and there is no refinancing risk so the business should rebound strongly once the crisis has passed.

As the stock is close to valuation, Morgans upgrades to Hold from Reduce. Target is reduced to $86.93 from $89.93.

Target price is $86.93 Current Price is $73.01 Difference: $13.92
If REA meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $101.79, suggesting upside of 39.4% (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

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

The company has withdrawn FY20 earnings guidance. Citi considers the debt position strong and, at the other end of this crisis, the relative value of hospital infrastructure will be enhanced.

Given the uncertain nature of the crisis, earnings estimates are unchanged.

Yet, as a result of the decline in the share price and the low level of valuation sensitivity to a one-off earnings hit, the broker upgrades to Buy from Neutral. Target is $75.

Target price is $75.00 Current Price is $54.36 Difference: $20.64
If RHC meets the Citi target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $65.91, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

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

FY20 earnings guidance has been withdrawn. Credit Suisse believes the deferral of elective surgeries globally is imminent. However the company will obtain more medical work as public hospital capacity becomes stretched.

The broker reduces estimates for earnings per share by -2% for FY20 and lowers operating earnings margins in Australia by -20 basis points.

Rating is upgraded to Outperform from Neutral, given a more positive longer-term outlook. Target is reduced to $70 from $73.

Target price is $70.00 Current Price is $54.36 Difference: $15.64
If RHC meets the Credit Suisse target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $65.91, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates RHC as Outperform (1) -

Ramsay Health Care has withdrawn guidance due to uncertainty. Elective surgery procedures have been deferred but Ramsay may be called upon to provide overflow virus services in the UK and Australia and is already providing capacity in France.

Target falls to $75 from $79. The broker continues to see the company as well positioned for growth in the medium term and retains Outperform.

Target price is $75.00 Current Price is $54.36 Difference: $20.64
If RHC meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $65.91, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgan Stanley rates RHC as Underweight (5) -

The company has withdrawn FY20 guidance. Morgan Stanley suggests the impact of coronavirus, while temporary, means the value debate remains unclear.

The company's hospitals across the globe have been mobilised to assist governments in managing the crisis. However, it is unclear how much of an offset any servicing of public volume will provide.

Morgan Stanley is still uncertain about the longer-term issues of margins in Australia and the value proposition for private health insurance.

Underweight rating retained. Target is $51. Industry view is In-Line.

Target price is $51.00 Current Price is $54.36 Difference: minus $3.36 (current price is over target).
If RHC 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 $65.91, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

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

Ramsay Health Care has withdrawn guidance. Ord Minnett reduces estimates for revenue and margins across the global operations to reflect the postponement of elective surgery and a lift in labour costs.

Still, beyond the current crisis, the broker considers the company's hospital portfolio an attractive asset, given the rising health needs of ageing populations.

The weakness presents an opportunity to build a position and the rating is upgraded to Accumulate from Hold. Target is lowered to $63 from $74.

Target price is $63.00 Current Price is $54.36 Difference: $8.64
If RHC meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $65.91, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

UBS rates RHC as Neutral (3) -

Following the company's withdrawal of FY20 guidance, UBS reduces estimates for Australian private hospital volume growth, implying a -7.5% decline in the second half. A -20% decline is expected in the first half of FY21.

The broker assumes the flowing through of public hospital work will partially offset the lost private work. No changes are made to UK, France or Nordic forecasts because of a lack of information.

The broker suspects an allowance is likely to be made in the current circumstances for any technical breach of debt covenants.

However, should elective surgery deferrals increase more rapidly than forecast and payments from the public system be more limited, the need for equity cannot be ruled out. Neutral rating maintained. Target is reduced to $60 from $73.

Target price is $60.00 Current Price is $54.36 Difference: $5.64
If RHC meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $65.91, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Ord Minnett rates SCG as Accumulate (2) -

Ord Minnett notes regional shopping centre landlords are now trading at a discount of around -60% to net tangible asset values with implied asset value write-downs of -40%.

The broker reduces forecasts for earnings and distributions by -25-40% but still envisages sufficient serviceability and liquidity.

An Accumulate rating is maintained for Scentre Group, with a slight preference versus Vicinity Centres ((VCX)) because of its better asset quality. Target is reduced to $2.50 from $4.20.

Target price is $2.50 Current Price is $1.40 Difference: $1.1
If SCG meets the Ord Minnett target it will return approximately 79% (excluding dividends, fees and charges).

Current consensus price target is $3.50, suggesting upside of 150.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

UBS rates SRV as Buy (1) -

The company has announced an on-market share buyback of up to 3m shares. UBS estimates FY21 accretion to earnings per share of 3%.

The broker also notes the share price has fallen -24% since February 20 and offers a 7% dividend yield on FY21 estimates. Buy rating and $5.10 target maintained.

Target price is $5.10 Current Price is $2.73 Difference: $2.37
If SRV meets the UBS target it will return approximately 87% (excluding dividends, fees and charges).

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

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

Morgan Stanley lowers the long-term oil forecast, to US$45/bbl and believes, if this becomes the case, it creates serious risk for Australian energy companies.

While the broker acknowledges the market will debate long-term value, the downward pressure appears assured.

There is a risk oil prices could jump once the coronavirus crisis settles down, but this will depend on whether the price war waged by OPEC and Russia is temporary or structural.

The broker notes these two countries have over 20% of global supply and access to cheap reserves. The broker's industry view is changed to Cautious from In-Line.

Equal-weight maintained. Target is reduced to $4.25 from $7.80.

Target price is $4.25 Current Price is $2.81 Difference: $1.44
If STO meets the Morgan Stanley target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $7.83, suggesting upside of 178.6% (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: 0.6

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

Citi rates SUL as Buy (1) -

Australian retail analysts at Citi released an 61 pages tome on the sector, trying to assess the impact from the covid-19 fall-out, see yesterday's Report. The analysts also tried to update on company-specific conditions.

Target price for Super Retail falls to $8.00 from $10.60. Buy rating retained.

Target price is $8.00 Current Price is $3.58 Difference: $4.42
If SUL meets the Citi target it will return approximately 123% (excluding dividends, fees and charges).

Current consensus price target is $9.17, suggesting upside of 156.1% (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

Macquarie rates SUL as Outperform (1) -

Macquarie assumes small retailer revenues will be severely impacted and very low earnings visibility is the near term reality. The broker is focused on balance sheets, cashflow and the ability to trade though the crisis. Share price falls to date suggest investors are acutely aware containment measures will have a negative economic impact.

The broker is recommending selective exposure as a recovery will be fast when it happens. Stimulus, rent holidays and any clarity are positive catalysts. The broker remains comfortable with Super Retail longer term on the basis of competitor closures, while noting Rebel will be impacted short term by the cancelling of junior sport. Outperform retained, target falls to $6.00 from $10.38.

Target price is $6.00 Current Price is $3.58 Difference: $2.42
If SUL meets the Macquarie target it will return approximately 68% (excluding dividends, fees and charges).

Current consensus price target is $9.17, suggesting upside of 156.1% (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

Morgan Stanley rates SXY as Overweight (1) -

Morgan Stanley lowers the long-term oil forecast, to US$45/bbl and believes, if this becomes the case, it creates serious risk for Australian energy companies.

While the broker acknowledges the market will debate long-term value, the downward pressure appears assured.

There is a risk oil prices could jump once the coronavirus crisis settles down, but this will depend on whether the price war waged by OPEC and Russia is temporary or structural.

The broker notes these two countries have over 20% of global supply and access to cheap reserves. The broker's industry view is changed to Cautious from In-Line.

Overweight maintained. Target is reduced to $0.39 from $0.45.

Target price is $0.39 Current Price is $0.14 Difference: $0.25
If SXY meets the Morgan Stanley target it will return approximately 179% (excluding dividends, fees and charges).

Current consensus price target is $0.41, suggesting upside of 194.0% (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

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

Travel restrictions and cuts to airline capacity have meant Morgan Stanley eliminates forecast distributions for Sydney Airport in 2020.

The broker expects the airport will honour long-standing policies regarding strong investment-grade credit ratings.

However, the unprecedented nature of the response such as social distancing and blanket bans means the ability to estimate the shape of the recovery is harder.

Equal-weight. Target is reduced to $7.47 from $8.50. Industry view is Cautious.

Target price is $7.47 Current Price is $4.70 Difference: $2.77
If SYD meets the Morgan Stanley target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $7.04, suggesting upside of 49.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Credit Suisse rates TAH as Outperform (1) -

Credit Suisse estimates wagering turnover will reduce by around -15% in the second half of FY20 and around -3.5% over FY21.

While corporate debt appears high, the broker notes the company had, at the end of December, over $600m in un-drawn debt facilities and unrestricted cash.

Moreover, the company is expected to generate sufficient cash flow in the second half to retire debt further. Outperform maintained. Target is reduced to $4.25 from $4.50.

Target price is $4.25 Current Price is $2.41 Difference: $1.84
If TAH meets the Credit Suisse target it will return approximately 76% (excluding dividends, fees and charges).

Current consensus price target is $4.57, suggesting upside of 89.5% (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

Ord Minnett rates VCX as Hold (3) -

Ord Minnett notes regional shopping centre landlords are now trading at a discount of around -60% to net tangible asset values with implied asset value write-downs of -40%.

The broker reduces forecasts for earnings and distributions by -25-40% but still envisages sufficient serviceability and liquidity. The broker assesses the company's $1.7bn in liquidity should last until FY23.

The broker retains a Hold rating and reduces the target to $1.85 from $2.75.

Target price is $1.85 Current Price is $1.04 Difference: $0.81
If VCX meets the Ord Minnett target it will return approximately 78% (excluding dividends, fees and charges).

Current consensus price target is $2.29, suggesting upside of 120.5% (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 VOC as Overweight (1) -

Morgan Stanley considers the recent sell-off in the stock an opportunity to gain exposure to relatively defensive earnings. The broker highlights telecommunications companies tend to outperform in a declining stock market.

The broker also notes the balance sheet is improving, although this has become a focus for the market during the current crisis.

Overweight. Target is reduced to $3.50 from $4.00. Industry view is In-Line.

Target price is $3.50 Current Price is $2.13 Difference: $1.37
If VOC meets the Morgan Stanley target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $3.69, suggesting upside of 73.2% (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

Macquarie rates WBC as Neutral (3) -

With earnings already under pressure from ultra-low rates, the likelihood of further unconventional measures implies another step down. Macquarie notes that while the jury is out on the effectiveness of QE, consensus suggests it hurts bank profitability.

The broker has cut earnings forecasts for the sector. Westpac's target falls to $21 from $25. Neutral retained.

Target price is $21.00 Current Price is $14.80 Difference: $6.2
If WBC meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $23.45, suggesting upside of 58.4% (ex-dividends)

The company's fiscal year ends in September.

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 WES as Sell (5) -

Australian retail analysts at Citi released an 61 pages tome on the sector, trying to assess the impact from the covid-19 fall-out, see yesterday's Report. The analysts also tried to update on company-specific conditions.

Sell rating retained for Wesfarmers, with a target price of $30.90 (was $41.20).

Target price is $30.90 Current Price is $34.06 Difference: minus $3.16 (current price is over target).
If WES meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.82, suggesting upside of 11.0% (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 WPL as Equal-weight (3) -

Morgan Stanley lowers the long-term oil forecast, to US$45/bbl and believes, if this becomes the case, it creates serious risk for Australian energy companies.

While the broker acknowledges the market will debate long-term value, the downward pressure appears assured.

There is a risk oil prices could jump once the coronavirus crisis settles down, but this will depend on whether the price war waged by OPEC and Russia is temporary or structural.

The broker notes these two countries have over 20% of global supply and access to cheap reserves. The broker's industry view is changed to Cautious from In-Line.

Equal-weight rating maintained. Target is reduced to $19.70 from $34.00.

Target price is $19.70 Current Price is $15.69 Difference: $4.01
If WPL meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $31.28, suggesting upside of 99.4% (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: 0.4

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