Australian Broker Call

Credit Suisse rates ALL as Outperform (1) -

Following the company's digital presentation, Credit Suisse expects further investment in user acquisition. Therefore, the broker's valuation incorporates Raid's scaling up to US$350m over two more years, from a US$200m run rate.

Outperform rating maintained. Target is $33.40.

Target price is $33.40 Current Price is $31.61 Difference: $1.79
If ALL meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $34.03, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates APT as Neutral (3) -

While expecting a potential surcharge by merchants would have an impact on the company's Australasian sales, Citi considers the recent weakness in the share price overdone.

The Reserve Bank will commence a review of the By Now Pay Later industry in 2020. Analysis suggests retailers could be hesitant in adding a surcharge because of the risk of losing sales, Citi points out.

The broker believes the company's business model has multiple growth levers, but retains a Neutral rating as increasing competition could negatively affect returns. Target is $33.70.

Target price is $33.70 Current Price is $29.22 Difference: $4.48
If APT meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $32.36, suggesting upside of 10.7% (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 APT as Overweight (1) -

Morgan Stanley considers the stock oversold amid concerns around the payments review announced by the Reserve Bank of Australia. The RBA will recommence a review of card payment regulations in early 2020.

The RBA will be considering if there are any issues associated with the growth of Buy Now Pay Later products.

Morgan Stanley suggest BNPL is arguably not ubiquitous enough to be regulated and, if permitted, only a small percentage of merchants would likely surcharge customers for Afterpay Touch.

Overweight rating and $44 target. Industry view is In-Line.

Target price is $44.00 Current Price is $29.22 Difference: $14.78
If APT meets the Morgan Stanley target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $32.36, suggesting upside of 10.7% (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 ARB as Hold (3) -

First quarter sales rose 5% but depreciation in the Australian dollar against the Thai baht and US dollar is considered unlikely to be offset by price increases or cost reductions.

Ord Minnett observes the business has had a remarkable track record of earnings growth and believes it is a high-quality business. However, there is a lack of material upside to the share price and the broker retains a Hold rating and $16.50 target.

Target price is $16.50 Current Price is $17.11 Difference: minus $0.61 (current price is over target).
If ARB meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.43, suggesting upside of 1.9% (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

Credit Suisse rates CRN as Outperform (1) -

September quarter numbers were soft, reflecting known scheduled maintenance at Curragh and challenging market conditions which generated lower sales at Buchanan.

Credit Suisse observes Curragh's maintenance has been completed but Buchanan will have another soft quarter. No changes have been made to 2019 guidance.

The broker notes Coronado Global continues to generate free cash flow and is positioned to withstand any prolonged market downturn. Outperform rating and $4 target maintained.

Target price is $4.00 Current Price is $2.39 Difference: $1.61
If CRN meets the Credit Suisse target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $3.25, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.7

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

Morgans rates CRN as Add (1) -

The company posted softer September quarter sales, reflecting weakness in demand, particularly for US exports. Morgans envisages incremental risk to sales and, hence, costs.

The broker considers the stock too cheap and, while comfortable accumulating at this point for value investors, believes traders should wait for a better risk-adjusted opportunity.

2019-21 estimates are trimmed by -5-8%. Add rating maintained. Target is lowered to $3.36 from $3.50.

Target price is $3.36 Current Price is $2.39 Difference: $0.97
If CRN meets the Morgans target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $3.25, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.7

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

UBS rates CRN as Neutral (3) -

Coronado's Sep Q production was down -16% on the quarter and -4% below the broker forecast due to scheduled maintenance at Curragh and  suspension of thermal coal production at Logan due to a weak price.

Maintenance at Curragh is part of a long term reliability and growth plan. Neutral and $2.40 target retained.

Target price is $2.40 Current Price is $2.39 Difference: $0.01
If CRN meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.25, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.7

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

Ord Minnett rates FLT as Buy (1) -

The recent trading update from the first half was disappointing, in Ord Minnett's view. The broker considers the real cause of the downgrade is likely to be transitory but retains a low level of confidence.

The broker's analysis suggests Australian leisure volumes are currently growing at around 2-4% with flat to slightly lower yields. Estimates for earnings per share are downgraded by -7% for FY20 and -10% for FY21.

Buy rating maintained. Target is reduced to $46.68 from $52.11.

Target price is $46.68 Current Price is $43.64 Difference: $3.04
If FLT meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $48.30, suggesting upside of 10.7% (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

Ord Minnett rates HLO as Buy (1) -

Ord Minnett notes the share price continues to languish. The broker appreciates the market concerns regarding revenue growth but believes it has failed to appreciate the structural change in the travel agency segment.

The upshot is that a host of small agents or agency groups could be looking for a new marketing umbrella and move to groups with scale and buying power.

This could solve the market's perception of the lack of revenue growth at Helloworld. Buy rating maintained. Target is raised to $6.51 from $6.40.

Target price is $6.51 Current Price is $4.47 Difference: $2.04
If HLO meets the Ord Minnett target it will return approximately 46% (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

Ord Minnett rates INR as Initiation of coverage with Buy (1) -

Ord Minnett initiates coverage for Ioneer with a Speculative Buy rating and $0.45 target. The broker considers the company's lithium/boron development, Rhyolite Ridge, globally unique, with highly attractive economics because of the boron co-product credits that offset around 80% of the operating costs.

With a large resource, simple mining/processing and potential for scale, the broker considers the stock undervalued relative to its fundamentals.

Target price is $0.45 Current Price is $0.19 Difference: $0.26
If INR meets the Ord Minnett target it will return approximately 137% (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

Ord Minnett rates JHX as Accumulate (2) -

Based on revised estimates, Ord Minnett envisages further upside for James Hardie, where the share price has been the best performer under coverage in 2019 to date.

The broker expects another strong quarter for the North American division. North American primary demand growth of 5% is expected for FY21-22 and the broker calculates an earnings (EBIT) margin of 26% in FY21.

Target is raised to $27.00 from $23.50. Accumulate maintained.

Target price is $27.00 Current Price is $25.00 Difference: $2
If JHX meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $24.98, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in March.

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: 0.9

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

Ord Minnett rates LYC as Buy (1) -

September quarter production and costs missed Ord Minnett's expectations while realised prices and cash flow were better. The broker trims FY20 estimates for earnings by -17%.

The main overhang is the operating licence renewal in February 2020, which the broker suspects will be readily obtained.

Buy rating maintained and target is reduced to $4.90 from $5.00.

Target price is $4.90 Current Price is $2.58 Difference: $2.32
If LYC meets the Ord Minnett target it will return approximately 90% (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

UBS rates LYC as Buy (1) -

Lynas' production was sequentially weaker in the Sep Q due to a need to throttle back to comply with 2019 processing limits, the broker notes. This was well flagged so production met expectation. Revenues rose 13% due to preferencing of Japanese customers who pay a higher price than the Chinese.

Longer term the broker likes Lynas' position as a non-Chinese producer of rare earths, demand for which is set to grow alongside EV demand. Buy and $3.00 target retained.

Target price is $3.00 Current Price is $2.58 Difference: $0.42
If LYC meets the UBS target it will return approximately 16% (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

UBS rates ORI as Neutral (3) -

The broker's satellite monitoring of the Burrup plant rebuild indicates works have commenced and appear to be tracking to schedule. Monitoring will continue.

Meanwhile UBS has lifted its target to $23.20 from $21.25 on a mark to market of target multiples. The stock is now trading at 22x FY20 earnings which is consistent with the industrials ex-financials index. Neutral retained.

Target price is $23.20 Current Price is $23.61 Difference: minus $0.41 (current price is over target).
If ORI 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 $20.57, suggesting downside of -12.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Credit Suisse rates PRU as Outperform (1) -

September quarter production numbers revealed Yaoure is progressing while FY20 targets are in hand and on budget. FY20 guidance is for 260-300,000 ounces at costs of US$800-975/oz.

Growth aspirations continue towards 500,000oz/pa but unreasonable asset prices increase the focus on organic growth via exploration, Credit Suisse suggests.

Moreover, potentially, the reassessment of pit extensions are made more viable by higher gold prices. Outperform rating and $0.88 target maintained.

Target price is $0.88 Current Price is $0.73 Difference: $0.15
If PRU meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $0.89, suggesting upside of 22.4% (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 PRU as Outperform (1) -

The first quarter results revealed production in line with expectations. The company beat Macquarie's estimates on costs. Perseus Mining has reiterated a stronger second half, driven by improving grades.

The development at Yaoure remains on time and on budget. Encouraging exploration results were also received at Sissingue's Zanikan prospect. Outperform rating and $0.90 target maintained.

Target price is $0.90 Current Price is $0.73 Difference: $0.17
If PRU meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $0.89, suggesting upside of 22.4% (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 QAN as Overweight (1) -

Morgan Stanley expects competitor capacity restraint will support growth. Domestic passenger growth increased 0.2% in August, at a faster rate than capacity and marked the strongest growth differential since November 2018, the broker notes.

Qantas is expected to benefit from a more benign competitive environment. Overweight reiterated. Target is $7.00. Industry view is Cautious.

Target price is $7.00 Current Price is $6.53 Difference: $0.47
If QAN meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.57, suggesting upside of 0.6% (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

Citi rates SBM as Neutral (3) -

The share price has fallen -10% over October. Citi suggests, on multiples, the stock should be appealing but retains a Neutral rating, believing investors need to balance the risk of near-term challenges at Gwalia and the potential for downgrades on a higher-cost outlook.

Further ahead, clarity around grades and production rates at Gwalia, expenditure on Moose River and the future of the sulphides at Simberi should help instill confidence. Target is $2.90.

Target price is $2.90 Current Price is $2.52 Difference: $0.38
If SBM meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 25.0% (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

Credit Suisse rates SBM as Outperform (1) -

Further to the announcement of a downgrade to the Gwalia guidance, Credit Suisse reduces the target to $3.20 from $3.50. Outperform rating maintained.

The broker notes Gwalia and Simberi were consecutively weaker in the September quarter. Mining of reserve grades at Gwalia do not appear to have the positive grade reconciliation that was prevalent in the high-grade zones which have dominated recent years.

Moreover, much of the increase in cost at Atlantic Gold appears to be sustaining capital that the broker suggests would have been treated as growth capital by other companies.

Target price is $3.20 Current Price is $2.52 Difference: $0.68
If SBM meets the Credit Suisse target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 25.0% (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 SBM as Outperform (1) -

First quarter results were in line with the pre-released metrics, Macquarie observes. A step-change in Gwalia production in the fourth quarter of FY20 remains important, in the broker's view, to demonstrate the potential of the mine.

Outperform rating maintained. Target is $3.30.

Target price is $3.30 Current Price is $2.52 Difference: $0.78
If SBM meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 25.0% (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

Ord Minnett rates SBM as Accumulate (2) -

The full production report contained few surprises for Ord Minnett. The company produced 87,569 ounces of gold with an all-in sustaining cost of $1421/oz.

The extension of the Simberi mining lease until 2028 was confirmed and there were some additional positive results from the project. Ord Minnett retains an Accumulate rating and $3.20 target.

Target price is $3.20 Current Price is $2.52 Difference: $0.68
If SBM meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 25.0% (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

Morgans rates SEK as Add (1) -

The company has begun to restructure the way it prices job advertisements, moving to variable pricing based on supply and demand. The change will result in the phasing out of large volume discounts.

Morgans notes, while some yield improvement may result, the real push is on getting customers on subscription-based products. Add rating and $22.31 target maintained.

Target price is $22.31 Current Price is $21.71 Difference: $0.6
If SEK meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $21.15, suggesting downside of -2.6% (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 SGP as Downgrade to Underperform from Neutral (5) -

Macquarie downgrades to Underperform from Neutral, as a more demanding valuation has already priced in future residential upside. Residential deposits were up 36% quarter on quarter but down -11% on the prior September quarter.

The company expects net deposits to improve over FY20 and FY21 revenue should benefit from settlement volumes. Target is steady at $4.46.

Target price is $4.46 Current Price is $4.78 Difference: minus $0.32 (current price is over target).
If SGP meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.25, suggesting downside of -11.1% (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

Ord Minnett rates SGP as Hold (3) -

The company has reiterated a flat outlook for funds from operations and dividends in FY20. Ord Minnett notes improving trends in both retail sales and residential sales, albeit off a very weak first half.

The broker does not consider the stock cheap and, amidst earnings headwinds, retains a Hold rating and $4.20 target.

Target price is $4.20 Current Price is $4.78 Difference: minus $0.58 (current price is over target).
If SGP 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 $4.25, suggesting downside of -11.1% (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

UBS rates SGP as Sell (5) -

Stockland's update revealed a pace of recovery in NSW deposits materially greater than the broker had forecast, driving earnings forecast upgrades of 1% in FY20 and 6% over FY20-23. Retail nevertheless remains subdued, although the company continues to diversify away with the acquisition of logistics assets.

While NSW deposits were a surprise, the broker does not see a sufficient recovery to imply growth in FY21. Target rises to $4.40 from $4.00, Sell retained.

Target price is $4.40 Current Price is $4.78 Difference: minus $0.38 (current price is over target).
If SGP meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.25, suggesting downside of -11.1% (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

Credit Suisse rates SWM as Neutral (3) -

Seven West has announced the sale of Pacific Magazines to Bauer Media for $40m. While at a discount to Credit Suisse's valuation of $60m, when completed the sale would further reduce the company's leverage ratio.

The broker estimates the transaction will be dilutive by -2% to earnings per share. The three recent transactions announced by the company, indicate a clear strategy to consolidate assets and focus on being a TV business, the broker points out.

Neutral rating and $0.43 target maintained.

Target price is $0.43 Current Price is $0.42 Difference: $0.01
If SWM meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $0.46, suggesting upside of 10.5% (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

UBS rates SWM as Buy (1) -

The broker expects the sale of Pacific Magazines to have a small financial impact for Seven West. Assuming sales were set to decline again in FY20 the broker suggests -2% earnings dilutive. However the company now avoids restructuring costs and can use the proceeds to pay down debt.

Seven West has also announced a scrip-based merger with Prime Media ((PRT)) and the sale of its WA-based radio assets to Southern Cross Media ((SXL)), which together the broker sees as 6% earnings accretive. Buy and 50c target retained.

Target price is $0.50 Current Price is $0.42 Difference: $0.08
If SWM meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $0.46, suggesting upside of 10.5% (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 SYR as Underperform (5) -

Production in the September quarter was in line with Macquarie's expectations, although graphite pricing continues to decline. The company intends to scale back production at Balama for the remainder of 2019 and 2020.

This may bring the market back to balance but the broker finds it difficult to envisage how the mine can re-enter the market without a significant increase in graphite demand. An improvement in product quality is also a necessity.

Underperform rating maintained. Target is reduced -30% to $0.35.

Target price is $0.35 Current Price is $0.40 Difference: minus $0.05 (current price is over target).
If SYR meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.70, suggesting upside of 74.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

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

Subdued prices for the company's product has led to a significant reduction in production expectations for 2020. Syrah Resources continues to optimise its operations to match price while trying to improve recoveries.

First production of purified spherical graphite is now expected in the December quarter because of delays in a supplier's technical support during commissioning. Morgan Stanley notes, absent a price increase, Balama remains negative in terms of cash in 2020.

Equal-weight rating maintained. Target is $0.55. Industry view is Attractive.

Target price is $0.55 Current Price is $0.40 Difference: $0.15
If SYR meets the Morgan Stanley target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $0.70, suggesting upside of 74.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

UBS rates SYR as Neutral (3) -

Due to a sharp drop in graphite prices following a surge in new supply, Syrah has been forced to cut back production and address costs. The significant depreciation of the renminbi, trade tensions and cuts in Chinese EV subsidies have also weighed, the broker notes. 

Syrah sees further pricing uncertainty through the Dec Q and into 2020. The broker retains Neutral and a 59c target.

Target price is $0.59 Current Price is $0.40 Difference: $0.19
If SYR meets the UBS target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $0.70, suggesting upside of 74.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Citi rates TWE as Sell (5) -

CEO Michael Clarke has announced he will retire in September 2020. Chief operating officer Tim Ford will be appointed CEO following his retirement.

Citi observes the retirement of Michael Clarke will coincide with a flagged improvement in earnings and, while an orderly transition is expected, the timing will create additional uncertainty about the uplift to FY21 earnings.

Citi retains a Sell rating and $15.60 target.

Target price is $15.60 Current Price is $17.01 Difference: minus $1.41 (current price is over target).
If TWE meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.00, suggesting upside of 11.7% (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 TWE as Outperform (1) -

The company has announced the retirement of CEO Michael Clarke. This was not anticipated and Macquarie suggests the promotion of Tim Ford to the role should not change the strategic direction.

FY20 guidance was reiterated for 15-20% growth in earnings (EBITS). Macquarie maintains an Outperform rating and $19.97 target. The broker also transfers coverage to another analyst.

Target price is $19.97 Current Price is $17.01 Difference: $2.96
If TWE meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $19.00, suggesting upside of 11.7% (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

UBS rates TWE as Buy (1) -

UBS does not see the departure of CEO Michael Clarke as representing the end of the good times for Treasury Wine, but it is negative for near term sentiment. Clarke will not sell his stock while he is an employee.

FY20 earnings guidance was reiterated at the AGM, while the broker is less confident in upside risk for FY21 forecasts.

The broker sees M&A as the key catalyst in the shorter term but sees this as less likely now, rather beyond 2020. Buy and $20.50 target retained.

Target price is $20.50 Current Price is $17.01 Difference: $3.49
If TWE meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $19.00, suggesting upside of 11.7% (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 WOR as Outperform (1) -

The company has reiterated an expected improvement in market conditions at its AGM. Macquarie observes the combination of synergies with ECR and improving oil & gas and resources expenditure cycles have driven a strong growth outlook at a reasonable price.

The main catalyst will be the delivery of forecast earnings growth and improved disclosure. Outperform rating maintained. Target is reduced to $18.99 from $19.50.

Target price is $18.99 Current Price is $13.81 Difference: $5.18
If WOR meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $17.18, suggesting upside of 24.4% (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