Australian Broker Call

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

The pullback in housing and construction activity has made it a tough 2019 for Adelaide Brighton, UBS notes. The latest data suggest approvals are bottoming but the floor in commencements has not yet been reached, implying more margin pressure ahead.

However with approvals and house prices rising, the risk of missing 2019 earnings guidance is diminishing, the broker suggests.

Upgrade to Neutral from Sell. Target falls to $3.00 from $3.15.

Target price is $3.00 Current Price is $3.02 Difference: minus $0.02 (current price is over target).
If ABC meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.10, suggesting upside of 2.6% (ex-dividends)

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

UBS rates ALL as Buy (1) -

Data suggest Aristocrat achieved 23% US ship-share in the Sep Q, up from 20% and in line with UBS forecasts.

Customers expect to allocate 28% of forward purchases to Aristocrat, ahead of the broker's 24% forecast and a new record, reinforcing the broker's view the company is enjoying a step-change on the back of a broader offering.

Buy and $34.10 target retained.

Target price is $34.10 Current Price is $31.40 Difference: $2.7
If ALL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $34.03, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Citi rates ANZ as Neutral (3) -

FY19 cash earnings were -1% below Citi's estimates. The second half dividend was maintained at $0.80. However, for the first time in a while, the franked portion of the dividend is reduced to 70%.

The broker believes the drivers of outperformance for ANZ have run their course and meaningful benefits have been extracted from its strategy, while ultra-low interest rates have forced the bank to change tack to find growth.

Citi lowers long-term return assumptions although still envisages the stock is fair value. Neutral rating maintained. Target is reduced to $28 from $29.

Target price is $28.00 Current Price is $26.22 Difference: $1.78
If ANZ meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $26.31, suggesting upside of 0.4% (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

Credit Suisse rates ANZ as Underperform (5) -

Credit Suisse downgrades FY20 estimates by -8% following the FY19 result. The broker believes the bank will face another difficult year amid low rates and competition, which is likely to impact on margins.

Regulatory costs are likely to remain elevated and a pick-up in housing finance applications may not flow through to overall credit growth.

Hence, Credit Suisse forecasts another drop in cash earnings in FY20 and maintains an Underperform rating. Target is reduced to $26.00 from $27.80.

Target price is $26.00 Current Price is $26.22 Difference: minus $0.22 (current price is over target).
If ANZ meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.31, suggesting upside of 0.4% (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

Macquarie rates ANZ as Neutral (3) -

Underlying earnings declined by -4% in the second half, missing Macquarie's expectations. While the disappointing FY19 results partly reflected ANZ's specific issues, the broker notes underlying revenue pressures for the year ahead are broad-based.

Underlying earnings are expected to contract further by -8% in FY20 and Macquarie assesses ANZ will need to raise its capital level by around $4bn over the medium term. The broker maintains a Neutral rating. Target is reduced to $26.50 from $28.00.

Target price is $26.50 Current Price is $26.22 Difference: $0.28
If ANZ meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $26.31, suggesting upside of 0.4% (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

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

FY19 cash profit was in line in with Morgan Stanley's estimates. The broker expects underlying revenue will fall around -3.5% in FY20, with negative operating leverage driving a -10% decline in pre-provision profit.

Management expects loan growth will be close to zero and margins and fees will stay under pressure. The broker suspects a dividend reduction is likely in 2020.

Equal-weight rating maintained. Target is reduced to $24.80 from $26.00. Industry view: In-Line.

Target price is $24.80 Current Price is $26.22 Difference: minus $1.42 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.31, suggesting upside of 0.4% (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

Morgans rates ANZ as Hold (3) -

FY19 cash earnings were slightly ahead of expectations. The surprise with the final dividend is the partial franking at 70%. Morgans expects franking will stay at this level for some time.

The broker suspects the market is forming a negative read for other major banks based on the ANZ result and considers this unjustified.

Morgans reduces cash earnings forecasts by -11.6% and -12.7% for FY20 and FY21 respectively, largely on lower net interest margin forecasts and higher operating expenses.

Hold maintained. Target is reduced to $27 from $29.

Target price is $27.00 Current Price is $26.22 Difference: $0.78
If ANZ meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $26.31, suggesting upside of 0.4% (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

Ord Minnett rates ANZ as Hold (3) -

FY19 pre-provision profit of $4.58bn missed Ord Minnett's forecasts. Cost headwinds and more subdued expectations for market income have combined to cause the broker to make material downgrades to forecasts.

The main surprise from the result was the reduction in the franking level of the dividend, to 70% from 100%. The broker considers the discount in the stock vs other major banks is justified, given the number of challenges.

Hold rating maintained. Target is reduced to $26.40 from $27.40.

Target price is $26.40 Current Price is $26.22 Difference: $0.18
If ANZ meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $26.31, suggesting upside of 0.4% (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

UBS rates ANZ as Neutral (3) -

ANZ Bank's result fell -3.5% short of consensus on net interest margin reduction. Management's outlook is downbeat, and the matter of sufficient remediation provisioning remains uncertain.

Earnings are falling and more capital will be required to meet new, as yet unknown RBNZ requirements, but UBS believes ANZ will hold its dividend as long as asset quality remains benign, RBA rates don't fall too much further and the RBNZ does not negatively surprise. Given those risks, dividend stability is uncertain.

Neutral retained, target falls to $25.50 from $26.00.

Target price is $25.50 Current Price is $26.22 Difference: minus $0.72 (current price is over target).
If ANZ meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.31, suggesting upside of 0.4% (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 BKL as Sell (5) -

Blackmores has indicated first half profit is likely to be at similar levels to the prior half, at around $21m. This is below Citi's original expectations.

Blackmores continues to be affected by e-commerce laws, higher ingredient costs and the Catalent transition. The company expects an improved second half.

One of the main risks to the Sell rating, Citi acknowledges, is the potential for a Chinese partnership or joint venture. This could be perceived as a positive share price catalyst.

A Chinese partner could improve Chinese distribution and tailor marketing and product development. Target is raised to $66 from $63.

Target price is $66.00 Current Price is $85.01 Difference: minus $19.01 (current price is over target).
If BKL meets the Citi target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $69.33, suggesting downside of -18.4% (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 BKL as Downgrade to Underperform from Neutral (5) -

Credit Suisse notes Blackmores has rejuvenated its management ranks. China has been elevated to the status of having a direct CEO reporting to the company. The broker believes this could be a turnaround story and mulls whether there could even be a takeover.

Blackmores has stated it is looking for a partner to help develop the Chinese business. Growth is expected to resume in FY21 after restructuring changes, amid benefits from a new factory and a full year of cost reductions.

Rating is downgraded to Underperform from Neutral. Credit Suisse maintains a target of $69.

Target price is $69.00 Current Price is $85.01 Difference: minus $16.01 (current price is over target).
If BKL meets the Credit Suisse target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $69.33, suggesting downside of -18.4% (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 BKL as Equal-weight (3) -

Management remains comfortable with FY20 consensus forecasts for earnings (EBIT) of $83m but first half profit is now expected to be in line with the prior half.

The update implies a second half skew, around which Morgan Stanley envisages significant risk. The broker maintains an Equal-weight rating. Industry view is: Cautious. Target is $71.

Target price is $71.00 Current Price is $85.01 Difference: minus $14.01 (current price is over target).
If BKL meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $69.33, suggesting downside of -18.4% (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

Morgans rates BKL as Hold (3) -

First half guidance was materially weaker than Morgans expected, although this was overshadowed by new management's strategy for the business.

While the transformation program make strategic sense, given the short-term challenges and the lack of financial targets the broker assesses forecasting accuracy is low.

A turnaround is expected to take time and Morgans maintains a Hold rating. Target rises to $80.00 from $66.10.

Target price is $80.00 Current Price is $85.01 Difference: minus $5.01 (current price is over target).
If BKL meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $69.33, suggesting downside of -18.4% (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

Morgans rates DUB as Hold (3) -

First quarter results showed growth, albeit a slowdown, which Morgans attributes to timing and a focus on new staff hiring. User subscribers grew 23,000 in the quarter.

Morgans retains a Hold rating and would prefer to accumulate the stock once there is greater confidence in the trajectory of key partners sales. Target is raised to $1.15 from $0.90.

Target price is $1.15 Current Price is $1.29 Difference: minus $0.14 (current price is over target).
If DUB meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: 0.0

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

Morgan Stanley rates GPT as Underweight (5) -

Morgan Stanley appears to have resumed coverage of GPT Group, which has reaffirmed 2019 guidance for earnings growth of 2.5% and distribution growth of 4.0%.

Morgan Stanley found little in the company's update to alter a cautious view. The broker also notes the worst quarterly specialty retail sales figures for the past 10 years, while the company has stopped providing disclosure around monthly sales performance.

The broker has an Underweight rating, $5.70 target. Industry view is In-Line.

Target price is $5.70 Current Price is $6.05 Difference: minus $0.35 (current price is over target).
If GPT meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.97, suggesting downside of -1.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Ord Minnett rates GPT as Hold (3) -

The company's development pipeline has expanded to $2bn, with the acquisition of two industrial sites in Sydney and Melbourne. Office and industrial occupancy also improved in the September quarter.

Ord Minnett maintains a Hold rating and raises the target to $6.10 from $6.00.

Target price is $6.10 Current Price is $6.05 Difference: $0.05
If GPT meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.97, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

UBS rates GPT as Neutral (3) -

The Sep Q provided GPT's worst retail sales result since 2001, the broker notes. While the macro environment suggests better retail sales growth ahead, this is unlikely to lead to better outcomes for landlords.

Management has otherwise done a good job of managing an elevated office expiry profile, the broker suggests, and industrial exposure has been increased through land banking, in step with diversified peers.

The broker believes the market has recently been pricing GPT as a pure-play office REIT when pressure on the retail portfolio is higher than expected. Neutral and $6.25 target retained.

Target price is $6.25 Current Price is $6.05 Difference: $0.2
If GPT meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.97, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

UBS rates IFL as Neutral (3) -

Weak profit and funds flow data for ANZ's Pension & Investment business, which is in the process of being divested to IOOF, suggest an increasing onus on synergy realisation to sustain earnings, the broker warns. ANZ Bank's report showed an acceleration in fund outflows.

Completion of the deal seems likely, the broker believes, but lower growth prospects suggest limited earnings upside. Neutral and $6.60 target retained.

Target price is $6.60 Current Price is $7.41 Difference: minus $0.81 (current price is over target).
If IFL meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.90, suggesting downside of -6.9% (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

Citi rates ILU as Neutral (3) -

September quarter average realised pricing was -2% below Citi's estimates and sales were -9% below. While the broker expected inventory to build, this was much higher than anticipated and was mostly zircon.

The company has not amended 2019 production or sales guidance, implying a strong recovery in the December quarter.

Iluka Resources has also commenced a formal process to consider a potential de-merger of Mining Area C. Citi maintains a Neutral rating and $9 target.

Target price is $9.00 Current Price is $8.99 Difference: $0.01
If ILU meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $9.31, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Credit Suisse rates ILU as Neutral (3) -

The September quarter was slightly softer than expected but Credit Suisse believes the numbers reflect a well-understood market backdrop.

The company has started a formal review of Mining Area C. If this was de-merged, the broker is of the view that ring-fencing the royalty and having a MAC-based stand-alone dividend policy may be the best option.

Meanwhile, 2019 zircon sales volume guidance is unchanged. Neutral rating maintained. Target rises to $9.20 from $8.80.

Target price is $9.20 Current Price is $8.99 Difference: $0.21
If ILU meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $9.31, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates ILU as Outperform (1) -

The company has announced a formal review of the business structure which could result in a de-merging of the Mining Area C royalty business. This could present a material catalyst for the company, in Macquarie's view.

Meanwhile, the September quarter was mixed with weaker sales volume offset by steady production. Macquarie notes mineral sands markets are mixed, with stability in rutile offset by weakness in zircon.

The broker raises the target to $10.00 from $9.50. Outperform retained.

Target price is $10.00 Current Price is $8.99 Difference: $1.01
If ILU meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.31, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgan Stanley rates ILU as Overweight (1) -

The company has appointed a third party to review the structure of the Mining Area C royalty, with a de-merger or dividend stream being considered. The outcome of the review is expected at the results in February.

Meanwhile, production at Sierra Rutile was below both the company's and Morgan Stanley's expectations and the carrying value is under review.

No change to guidance was provided, with a weighting to the fourth quarter expected. Morgan Stanley maintains an Overweight rating, $11.15 target and Attractive industry view.

Target price is $11.15 Current Price is $8.99 Difference: $2.16
If ILU meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $9.31, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates ILU as Hold (3) -

September quarter sales volumes were well below Ord Minnett's expectations, as was revenue. Difficult zircon conditions suggests wide discounts to reference prices.

The potential spin-off of the royalty Iluka Resources earns from BHP Group's ((BHP)) Mining Area C could force the market to re-visit valuation parameters, in the broker's view. A number of possible benefits are envisaged as a result.

Ord Minnett maintains a Hold rating with a target of $8.40.

Target price is $8.40 Current Price is $8.99 Difference: minus $0.59 (current price is over target).
If ILU meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.31, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates ILU as Neutral (3) -

Iluka Resources' Sep Q production beat the broker's forecast by 3% but sales fell short by -17% on lower than expected realised pricing. The zircon market continues to be challenged by global economic uncertainties, the broker notes.

The company will review its mineral sands operations and Mining Area C (MAC) royalty. The broker suggests a MAC review will please a market that has assumed the asset is undervalued. Neutral and $8.10 target retained.

Target price is $8.10 Current Price is $8.99 Difference: minus $0.89 (current price is over target).
If ILU meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.31, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

Following the interim report from the Royal Commission Into Residential Aged Care, Ord Minnett downgrades to Lighten from Hold. Target is steady at $1.

The broker is concerned that Japara Healthcare's higher cost base leaves it more exposed to the sector's issue of income vs expenses growth. Spending on new facilities will mean gearing continues to rise at a time when earnings are contracting.

Target price is $1.00 Current Price is $1.19 Difference: minus $0.19 (current price is over target).
If JHC meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.08, suggesting downside of -9.7% (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

Macquarie rates JHG as Neutral (3) -

Macquarie notes the rate of outflows moderated in the September quarter although pressures remain. Performance metrics also improved slightly.

Nevertheless, the broker considers near-term flow pressures will limit further re-rating potential. Management has maintained guidance for non-compensation costs to be flat in 2019.

Macquarie maintains a Neutral rating and raises the target to $34.50 from $33.00.

Target price is $34.50 Current Price is $33.74 Difference: $0.76
If JHG meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $33.16, suggesting downside of -1.7% (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

Morgans rates MMI as Add (1) -

Bauxite production in the September quarter indicates the company is on track to achieve guidance of 3.3-3.5wmt in 2019. Morgans revises down projected cost structures for site operations.

The company has also reported some savings on ocean freight costs, offset by a weaker exchange rate. However, this weaker exchange rate has provided a benefit in that the received bauxite price has been lifted in Australian dollar terms.

Morgans maintains an Add rating and raises the target to $0.35 from $0.26.

Target price is $0.35 Current Price is $0.13 Difference: $0.22
If MMI meets the Morgans target it will return approximately 169% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

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

The company has exhibited a strong performance in the September quarter, Morgans observes, in anticipation of its first customer contract for the synthetic graphite product.

The broker expects the first 500tpa of production capacity will be commissioned in the current half-year and this will mean the company is likely to need funds to secure the period between commissioning and full-scale production.

The broker requires clarity on a funding package along with customer demand in order to re-assess its view and downgrades to Hold from Speculative Buy. Target is $0.65.

Target price is $0.65 Current Price is $0.56 Difference: $0.09
If NVX meets the Morgans 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: 0.0

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

Credit Suisse rates ORG as Outperform (1) -

Commodity revenue was 5% ahead of Credit Suisse forecasts in the first quarter while LNG revenue was 12% ahead. The broker adjusts realised price assumptions for the next year relative to Brent oil pricing.

Credit Suisse retains an Outperform rating, with APLNG revenues consistently beating forecasts and conditions in the domestic utility industry improving relative to expectations. Target is reduced to $8.40 from $8.50.

Target price is $8.40 Current Price is $7.97 Difference: $0.43
If ORG meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.47, suggesting upside of 6.3% (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 ORG as Outperform (1) -

Strong production from APLNG in the September quarter supported the company's cash generation. Macquarie expects de-leveraging will continue and provide the flexibility to lift the dividend or accelerate battery/hydro developments.

Meanwhile, the energy market was soft amid lower retail volumes, lower production from Eraring and lower renewables performance. Outperform and $9.12 target retained.

Target price is $9.12 Current Price is $7.97 Difference: $1.15
If ORG meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.47, suggesting upside of 6.3% (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 ORG as Hold (3) -

LNG production in the September quarter was below Ord Minnett's estimates, although offset by higher domestic sales because of seasonal demand and the re-start of the Darling Downs power station.

Energy markets were softer, driven by milder-than-usual winter weather. The broker increases FY20 net profit estimates by 3%. Hold rating and $8.25 target maintained.

Target price is $8.25 Current Price is $7.97 Difference: $0.28
If ORG meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.47, suggesting upside of 6.3% (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 ORG as Buy (1) -

APLNG's Sep Q production beat UBS estimates by 7% and sales by 2%, offset by -10% lower domestic gas prices. Electricity volumes were down -7% on lower retail usage and customer losses, while gas was down -58% on non-renewed (low margin) wholesale contracts.

The broker's Buy rating reflects increasing free cash flow from APLNG, supporting a strong dividend and the flexibility to direct gas to a higher priced market. Target unchanged at $9.10.

Target price is $9.10 Current Price is $7.97 Difference: $1.13
If ORG meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.47, suggesting upside of 6.3% (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 REG as Downgrade to Hold from Buy (3) -

Ord Minnett notes the interim report from the Royal Commission Into Residential Aged Care was more critical than previously anticipated, raising the potential for more radical recommendations in the final report.

The broker had also not expected commissioners to clearly oppose any funding boost ahead of their recommendations. As the stock is trading close to valuation, the broker downgrades Regis Healthcare to Hold from Buy. Target is $3.15.

Target price is $3.15 Current Price is $3.18 Difference: minus $0.03 (current price is over target).
If REG meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.92, suggesting downside of -8.1% (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

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

First quarter revenue was below expectations amid continued volatility in cash flow. Morgans continues to take a cautious approach to the upside potential in the Columbia Care partnership.

Given changes to forecasts, and the dilution from the recent capital raising, the target is lowered to $0.28 from $0.38.

While remaining positive about the long-term view, the broker recognises increasing investor fatigue regarding the time being taken to achieve breakeven. Rating is downgraded to Hold from Speculative Buy.

Target price is $0.28 Current Price is $0.24 Difference: $0.04
If RNO meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Market Sentiment: 0.0

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

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

Morgans changes analysts and, given recent share price weakness, upgrades to Add from Hold. The company's strategy has been to grow organically and optimise current operations.

Guidance has been met for the past five years and, the broker observes, costs are among the lowest in the industry.

The strong growth pipeline includes McPhillamys, which will add around 50% to the production profile once operational. Morgans reduces the target to $5.41 from $5.51.

Target price is $5.41 Current Price is $4.99 Difference: $0.42
If RRL meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.19, suggesting upside of 4.0% (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

Citi rates RSG as Buy (1) -

Citi notes the company had a tough September quarter with mill problems at Syama that were partly offset by the new mine Mako.

However, the broker suspects the September quarter may prove to be the low point in production as the bulk underground mining ramp-up is nearing completion.

Buy/High Risk rating maintained. Target is reduced to $2.20 from $2.40.

Target price is $2.20 Current Price is $1.21 Difference: $0.99
If RSG meets the Citi target it will return approximately 82% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates RSG as Outperform (1) -

The September quarter's production outcome was affected by an 18-day halt to processing at Syama. Regaining momentum at Syama is key, in Macquarie's view, for de-leveraging the balance sheet.

The company plans to run Ravenswood at 5mtpa in 2020 to process stockpiles. The broker maintains an Outperform rating and reduces the target to $1.60 from $2.40. 2019 estimates fall -22%.

Target price is $1.60 Current Price is $1.21 Difference: $0.39
If RSG meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

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

Management has reiterated FY20 net profit guidance of $150-165m. First half earnings are also expected to represent 45% of FY20.

The company has highlighted Brexit uncertainty and weaker construction activity, which remain headwinds in the UK, while a weaker Australian dollar is having a positive impact on earnings at a group level.

Morgan Stanley maintains an Equal-weight rating. Target is $4. Industry view is Cautious.

Target price is $4.00 Current Price is $4.14 Difference: minus $0.14 (current price is over target).
If RWC meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.11, suggesting downside of -0.8% (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 SCG as Underperform (5) -

Sales were generally higher in the September quarter, which Macquarie attributes to interest rate reductions and tax rebates. Specialty sales outperformed the major retailers.

Incrementally, this is a positive update but the broker believes it is not enough to change the outlook. Leasing conditions remain challenging and asset values are expected to decline.

Macquarie maintains an Underperform rating and reduces the target to $3.54 from $3.55.

Target price is $3.54 Current Price is $3.86 Difference: minus $0.32 (current price is over target).
If SCG meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.92, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in December.

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

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

Specialty sales growth was 1.8% in the September quarter, a 50 basis points increase on June. Ord Minnett observes Scentre Group has defensive income, improving retail sales and a superior portfolio to Vicinity Centres ((VCX)).

The management business is also considered more valuable and the broker switches preferences, upgrading its rating to Accumulate from Hold. Target is steady at $4.30.

Target price is $4.30 Current Price is $3.86 Difference: $0.44
If SCG meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates SCG as Neutral (3) -

Scentre Group's total sales growth improved in the twelve months to September, the broker notes. Visitation increased however occupancy remains short of the prior year.

While the macro environment suggests improving retail conditions, the broker does not see this translating into better leasing outcomes for landlords.

The broker believes acquisition risk is increasingly being priced in in an uncertain period for asset values. Neutral and $3.90 target retained.

Target price is $3.90 Current Price is $3.86 Difference: $0.04
If SCG meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in December.

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 SFR as Outperform (1) -

Credit Suisse notes the Black Butte resource has shrunk, based on an additional 48 diamond drill holes. Measured and indicated resources have declined to 10.9mt and contained copper to 311,000t for an unchanged 2.9% grade.

The broker suggests this marginal project looks increasingly less likely to proceed, and even if it gets approval this will be based on a materially smaller resource.

Outperform rating and $6.75 target maintained.

Target price is $6.75 Current Price is $5.77 Difference: $0.98
If SFR meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.58, suggesting upside of 14.0% (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

Morgans rates SOM as Add (1) -

The business is tracking in line with forecasts and Morgans was particularly pleased with the strong rebound in core US sales in the September quarter. Temporary external issues in Europe appear to have been resolved.

The new AVANT product was launched in the US and an Australian and European launch is expected in the current quarter. Morgans retains an Add rating and raises the target to $3.04 from $2.49.

Target price is $3.04 Current Price is $2.96 Difference: $0.08
If SOM meets the Morgans target it will return approximately 3% (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 VCX as Downgrade to Hold from Accumulate (3) -

The share price has risen 7% in the past month and Ord Minnett switches retail preferences, believing Scentre Group ((SCG)) has a better portfolio.

The broker downgrades to Hold from Accumulate. Target is stead at $2.80.

Target price is $2.80 Current Price is $2.69 Difference: $0.11
If VCX meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

Ord Minnett rates Z1P as Accumulate (2) -

September quarter results revealed strong momentum, with total transaction value ahead of expectations. Ord Minnett notes the company has the opportunity to roll out an offering in the UK and will launch its Zip Biz prior to the end of the year.

A strategic update is expected at the AGM which should help set out the longer term trajectory for the company. Accumulate rating maintained. Target rises to $3.95 from $3.80.

Target price is $3.95 Current Price is $3.81 Difference: $0.14
If Z1P meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.10, suggesting upside of 7.6% (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