Australian Broker Call

Ord Minnett rates AMP as Hold (3) -

Ord Minnett highlights the uncertainty surrounding the restructuring of the business and, as a result, cuts the target to $1.35 from $1.59. Hold maintained.

Target price is $1.35 Current Price is $1.20 Difference: $0.15
If AMP meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.50, suggesting upside of 28.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Citi rates APT as Neutral (3) -

After a third quarter update, Citi upgrades FY21-23 earnings (EBITDA) forecasts by 4-7% to reflect upgrades to customer and gross merchandise volume (GMV) forecasts. The target price is increased to $128.30 from $124.80.

Despite seeing upside to forecasts, the broker maintains a Neutral rating as risk/reward is not compelling. The GMV for the quarter of $5.2bn was 9% ahead of the broker's estimate, underpinned by a stronger-than-expected performance in North America and the UK.

Positively, merchant take was in-line with first half levels and the analyst considers it too early for merchant take rates to be under pressure. This is especially the case in international markets, given the infancy of the BNPL sector.

Target price is $128.30 Current Price is $125.23 Difference: $3.07
If APT meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $121.33, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Credit Suisse rates APT as Outperform (1) -

Underlying sales were slightly ahead of expectations in the March quarter. Customer growth was strong, albeit slightly weaker than Credit Suisse was expecting.

The broker lowers estimates for underlying sales by -2% for FY21 and -1% for FY22-25. This results in a larger loss forecast in FY21 and slightly lower profit for the other years. Target price is steady at $145 and an Outperform rating is reiterated.

Target price is $145.00 Current Price is $125.23 Difference: $19.77
If APT meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $121.33, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Morgan Stanley rates APT as Overweight (1) -

Afterpay's March quarter showed sales beat Morgan Stanley's estimate by 6% led by better customer engagement and sales per customer. The broker thinks this bodes well for Afterpay building out its eco-system. Sales grew 104% year to year to $5.2bn.

The company continues to drive merchant value with circa 370m annualised lead referrals in the third quarter, notes the broker. 

Overweight rating retained. Target is $149. Industry view: In-Line.

Target price is $149.00 Current Price is $125.23 Difference: $23.77
If APT meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $121.33, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Morgans rates APT as Hold (3) -

After a third quarter business update, Morgans lowers FY21 and FY22 EPS forecasts by -7% and -8% on slightly lower sales growth assumptions. The price target falls to $121 from $125.3, while the Hold recommendation is unchanged on valuation grounds.

Management noted that group margins remain firm and loss rates remain below historical levels. The company will begin to explore the possibility of a US listing as the North America division is now the largest contributor to the group, explains the broker.

Afterpay launched in Spain, France and Italy during the third quarter and Clearpay is on track to launch in Germany in the first half of FY22.

Target price is $121.00 Current Price is $125.23 Difference: minus $4.23 (current price is over target).
If APT meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $121.33, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

UBS rates APT as Sell (5) -

UBS observes while Afterpay reported a strong quarter, the update was mixed versus UBS's expectations.

With customer growth in North America tracking in-line with the broker's forecast at 1.2m, the UK also fared better than expected though customer growth over there was softer than anticipated.

In A&NZ, UBS highlights slowing customer growth led by the relative maturity of the market. The broker has lowered its FY21 sales forecast for the region by -4% to $9.75bn.

Even so, the revisions are immaterial to UBS's earnings forecasts over the medium term.

Sell rating with a $36 price target.

Target price is $36.00 Current Price is $125.23 Difference: minus $89.23 (current price is over target).
If APT meets the UBS target it will return approximately minus 71% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $121.33, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Citi rates BAP as Buy (1) -

Citi observes Bapcor continues to benefit from strong trading conditions amid changes in consumer mobility and international travel restrictions.

Implied like-for-like sales growth in the March quarter revealed a modest improvement in trade and a minor slowdown in retail relative to the prior quarter.

Citi reiterates a Buy rating because of the likelihood of stronger-for-longer favourable conditions and the company's investment in longer-term growth strategies. Target is raised to $9.50 from $9.35.

Target price is $9.50 Current Price is $8.23 Difference: $1.27
If BAP meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.08, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

Credit Suisse rates BAP as Outperform (1) -

Credit Suisse suspects the market is underestimating the durability of underlying earnings as the trading update met with a subdued reaction.

Comparable trade in the March quarter was up 13%. Unlike many retailers, the broker envisages a clear path for Bapcor to grow earnings into FY22, largely because of its trade business.

The current valuation appears attractive and the broker maintains an Outperform rating and raises the target to $9.25 from $8.50.

Target price is $9.25 Current Price is $8.23 Difference: $1.02
If BAP meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.08, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

Macquarie rates BAP as Outperform (1) -

Macquarie observes the business performance over the nine months to March has remained stable and Bapcor is well-placed to accelerate organic initiatives.

Significant opportunities exist to drive both the operating and financial performance, such as growing the footprint in Australasia and Asia while optimising the supply chain.

Macquarie finds the valuation attractive and retains an Outperform rating. Target is raised to $8.90 from $8.75.

Target price is $8.90 Current Price is $8.23 Difference: $0.67
If BAP meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.08, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

Morgan Stanley rates BAP as Overweight (1) -

Bapcor continued to maintain its overall performance strong into the first quarter, comments Morgan Stanley. Like for like year to date trade was 13%, up from 11% in the first half.

Consensus for FY21 net profit at around $125m implies $58m of net profit in the second half, points out the broker.

Morgan Stanley believes earnings in the second half will continue to be supported by vehicle aftermarket strength, led by the strong first-quarter trading update.

While expecting the comps to get harder in the last quarter of FY21, the broker thinks there may be an upside to consensus if Bapcor can hold similar levels of profitability. 

Overweight retained. Target is $9.50. Industry view: In-Line.

Target price is $9.50 Current Price is $8.23 Difference: $1.27
If BAP meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.08, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

Ord Minnett rates BAP as Buy (1) -

Sales growth was slightly stronger than expected in the March quarter with the Burson trade business and Autobarn retail operations standing out for Ord Minnett.

The rate of sales growth is expected to moderate in the fourth quarter as the company cycles elevated prior comparables, yet strong profit growth should occur over FY21. Ord Minnett's Buy rating and $9.20 target are retained.

Target price is $9.20 Current Price is $8.23 Difference: $0.97
If BAP meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.08, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

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

Morgan Stanley thinks BlueScope Steel may upgrade its FY21 operating income guidance on the back of strengthening steel markets. The broker thinks this may lead to significant upgrades in FY22.

The broker expects strong earnings to flow through to cash flows and sees BlueScope Steel trading on a 20% free cash flow. As a result, Morgan Stanley believes capital management is highly likely and expects $500mpa buyback to be announced in August.

Equal-Weight rating with the target rising to $23.50 from $19.50. Industry view: In-line.

Target price is $23.50 Current Price is $21.35 Difference: $2.15
If BSL meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $22.42, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Citi rates CGF as Neutral (3) -

Challenger has lowered profit guidance to the bottom of the target range, which surprised Citi. A pricing mistake appears to be part of the reason, although this does not explain all of the shortfall.

The broker suspects investors will question how it could go wrong, given guidance was provided just two months ago.

March quarter sales were well ahead of expectations and the broker is encouraged that the company has a new source of institutional retail-like annuity sales, albeit these are of shorter duration and, even in normal circumstances, lower margin.

Neutral rating. Target is reduced to $5.90 from $6.70.

Target price is $5.90 Current Price is $5.56 Difference: $0.34
If CGF meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 19.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Macquarie rates CGF as Neutral (3) -

Challenger has reduced FY21 net profit guidance to the lower end of the $390-440m guidance range because of tightening credit spreads. Sales were very strong in the March quarter.

Macquarie continues to like the long-term growth outlook, along with the capital benefits of the acquisition of the bank licence. Still, the present valuation appears fair and a Neutral rating is retained. Target is reduced to $5.90 from $6.30.

Target price is $5.90 Current Price is $5.56 Difference: $0.34
If CGF meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 19.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

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

Challenger's third-quarter update was mixed, observes Morgan Stanley with better than expected life business sales, net book growth and fund manager flows. FY21 profit before tax is expected to be at the lower end of $390-$440m in guidance.

With Australian credit spreads circa 10-25bp wider since the start of the second half of FY21 and with Challenger repricing term annuities lower, the broker thinks Challenger has options to manage this.

Equal-weight with a target of $6.50. Industry view: In-line.

Target price is $6.50 Current Price is $5.56 Difference: $0.94
If CGF meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 19.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Morgans rates CGF as Add (1) -

Morgans assesses strong third quarter growth metrics were overshadowed by a lowering of profit (NPBT) guidance to the bottom end of the target range of $390m-$440m.

Management explained the lower guidance was driven by lower margins being offered to newer clients, together with longer sales lead times making it harder to pass through the impacts of declining spreads to customers.The latter is being addressed via annuity pricing.

The broker lowers FY21 and FY22 EPS  forecasts by -3% and -1% on more conservative margin forecasts, offset somewhat by higher sales/book growth expectations. The target price falls to $6.34 from $6.72 and the Add rating is unchanged.

Target price is $6.34 Current Price is $5.56 Difference: $0.78
If CGF meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 19.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Ord Minnett rates CGF as Hold (3) -

Challenger has downgraded guidance for FY21 net profit to the lower end of the $390-440m range. Margin pressure is greater than expected which has more than offset strong volume growth in the life business.

Ord Minnett reduces FY22 earnings estimates by -8% and the valuation drops, with the price target reduced to $5.50 from $6.50. The broker expects the next investor briefing in June should highlight margin benefits from the bank and boost sentiment. Hold maintained.

Target price is $5.50 Current Price is $5.56 Difference: minus $0.06 (current price is over target).
If CGF 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 $6.26, suggesting upside of 19.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

UBS rates CGF as Buy (1) -

Challenger's third-quarter showed a record 9.2% book growth in life business. UBS highlights the total life retail annuity flows were up significantly over last year, also supported by institutional sales of $1,020m. Domestic retail term sales were up circa $90m over last year.

The broker thinks given the strong annuity book growth, the company has softened its FY21 net profit before tax guidance towards the lower end of $390-$440m. Thus, the broker lowers its FY21 net profit after tax forecast by -5%.

Buy rating retained with the target price falling to $7 from $7.70.

Target price is $7.00 Current Price is $5.56 Difference: $1.44
If CGF meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 19.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Credit Suisse rates CRN as Outperform (1) -

Credit Suisse was disappointed with the March quarter as costs were higher and there was a rise in net debt to US$290m, despite the company collecting US$27m in outstanding receivables from XCoal and another US$24m from the sale and leaseback of mining equipment.

Saleable production was in line with expectations although sales were a little lower than the broker expected at 4.4mt, resulting in 200,000t of extra inventory.

Outperform rating and $1.60 target maintained.

Target price is $1.60 Current Price is $0.78 Difference: $0.82
If CRN meets the Credit Suisse target it will return approximately 105% (excluding dividends, fees and charges).

Current consensus price target is $1.25, suggesting upside of 81.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.8

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

Macquarie rates CRN as Outperform (1) -

Production and sales volumes were weaker than Macquarie expected although guidance for 2021 saleable coal production of 18-19mt has been maintained.

Macquarie remains positive on the outlook for metallurgical coal because of buoyant steel demand and as seaborne prices converge towards Chinese import prices. Outperform rating retained. Target is reduced to $1.10 from $1.20.

Target price is $1.10 Current Price is $0.78 Difference: $0.32
If CRN meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $1.25, suggesting upside of 81.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.8

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

Morgans rates CRN as Hold (3) -

In the wake of first quarter results, Morgans forecasts now infer the company will require debt covenant waivers to be extended beyond September 30. The analyst imposes a -10% discount to a revised valuation to lower the target to $0.90 from $0.99. Hold maintained.

The target reflects the risk of balance sheet strain/remediation if weak coal prices persist, explains the broker. The results disappointed on price realisations and costs, and Morgans now estimates a first quarter cash burn of over -$50m (ex-asset sales and receivables unwind).

The brokers cautions that shareholders should continue to manage/trim overweight positions.

Target price is $0.90 Current Price is $0.78 Difference: $0.12
If CRN meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.25, suggesting upside of 81.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.8

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

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

The company Gigagen has published a process for the recombinant manufacture of polyclonal immunoglobulin with potential utility in the treatment of primary immune deficiency (PID).

The broker thinks if effective and scalable, this methodology may provide an alternative to plasma-derived immunoglobulin in PID treatment and may exacerbate the longer-term risk to traditional plasma fractionation.

Equal-weight rating with a target of $275. Industry view: In-Line.

Target price is $275.00 Current Price is $263.95 Difference: $11.05
If CSL meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $297.11, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.6

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

Ord Minnett rates CSL as Hold (3) -

CSL will collaborate with Japan's Terumo Blood and Cell Technologies to deliver a new plasma collection platform. CSL will not renew its supply agreement with Haemonetics.

The rationale for the switch appears to be the development of a superior plasma collection platform, Ord Minnett assesses, which is presumably a lower cost arrangement for CSL.

Earnings upside is likely to be modest and the broker cautions that plasma collections have been below pre-pandemic levels for more than a year now. Hold rating and $266.20 target maintained.

Target price is $266.20 Current Price is $263.95 Difference: $2.25
If CSL meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $297.11, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.6

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

Ord Minnett rates GNX as Buy (1) -

Genex Power is raising equity to complete the funding of the 250 MW Kidston stage 2 pumped storage hydro project. Construction is expected to commence this month.

The capital raising was larger than Ord Minnett expected because of the absence of a joint venture partner. The broker believes the company decided to go it alone in order to avoid further delays.

Despite significant dilution in the short term, the broker believes this failure will provide additional value in the longer term. Coverage has been transferred from Baillieu and Ord Minnett retains a Buy rating and $0.29 target.

Target price is $0.29 Current Price is $0.21 Difference: $0.08
If GNX meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates GOR as Outperform (1) -

Production at Gruyere was below expectations, largely because of a build in gold-in-circuit. Macquarie believes the open pit and process plant optimisation will drive outperformance over the medium term.

Guidance is unchanged. Outperform rating maintained. Target rises to $1.50 from $1.40. Given the weakness in gold stocks in 2021 Macquarie believes high margin producers such as Gold Road will perform well compared with peers.

Target price is $1.50 Current Price is $1.29 Difference: $0.21
If GOR meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Ord Minnett rates GOR as Buy (1) -

March quarter production was in line with Ord Minnett's forecast. Cash costs were slightly better-than-expected.

Plant utilisation is expected to improve over the remainder of the year to allow the company to comfortably reach its 2021 guidance of 130-150,000 ounces of gold. Buy rating maintained. Target is reduced to $2.00 from $2.05.

Target price is $2.00 Current Price is $1.29 Difference: $0.71
If GOR meets the Ord Minnett target it will return approximately 55% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates GXY as Upgrade to Neutral from Underperform (3) -

Galaxy Resources and Orocobre have agreed to merge and create a $4bn lithium producer that will be positioned to produce around 10% of global lithium production. Orocobre shareholders would end up owning 54.2% of the merged company and Galaxy Resources' the remainder.

Credit Suisse finds the tie-up entirely logical although there are limited financial synergies on offer because of the different operating locations and modest corporate overheads. The transaction is all about growth and scale.

Rating is upgraded to Neutral from Underperform and the target is raised to $3.75 from $2.10.

Target price is $3.75 Current Price is $3.70 Difference: $0.05
If GXY meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.66, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.3

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

Credit Suisse rates HUB as Outperform (1) -

March quarter funds under administration on the platform were $35.6bn, up 62% and supported by the Xplore acquisition. Net flows were up 11% and well ahead of expectations.

For what is normally a weak quarter seasonally this was a strong set of numbers, Credit Suisse asserts, not assisted by one-offs. Flows are expected to strengthen into the fourth quarter. Credit Suisse reiterates an Outperform rating and $27.70 target.

Target price is $27.70 Current Price is $23.64 Difference: $4.06
If HUB meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $26.06, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

Macquarie rates HUB as Outperform (1) -

Following a strong quarter of net inflows along with more of the same expected in the June quarter, Macquarie anticipates the share price will be supported even at the current elevated multiple.

The main risks are bond yields affecting the valuation and a moderation in the rate of inflows, or an inability to recoup cash spreads as rates increase in the future. Outperform retained. Target rises to $25.50 from $24.00.

Target price is $25.50 Current Price is $23.64 Difference: $1.86
If HUB meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $26.06, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

Morgans rates HUB as Add (1) -

Morgans retains an Add rating as third quarter results continued to deliver strong forward looking metrics. It's expected margin improvement will be executed over FY22-24. The target price is lowered to $25.10 from $25.19

The broker highlights an inevitable revenue impact from a lower interest rate achieved on pooled cash. Whilst the outcome creates downside earnings risk, it's considered the company will ultimately absorb the impact and still deliver solid long-term growth.

Target price is $25.10 Current Price is $23.64 Difference: $1.46
If HUB meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $26.06, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

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

The March quarter update was slightly better than Ord Minnett expected, amid continued strength in platform flows. As organic growth is better than peers, the broker upgrades to Accumulate from Hold.

While most of the attention has been on the three recent acquisitions, Ord Minnett envisages new appeal in the core business. Target is raised to $26 from $24.

Target price is $26.00 Current Price is $23.64 Difference: $2.36
If HUB meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $26.06, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

Morgans rates LVH as Add (1) -

Morgans assesses a largely in-line third quarter result, with slightly higher revenue from the direct sourcing (DS) business and lower cash burn, offset by underwhelming customer growth in DS. The Add rating and target price of $0.53 are unchanged.

Despite expectations that cash burn will increase again in the fourth quarter, the broker sees the current balance sheet as well placed to support the growth outlook and a move to free cash flow breakeven is expected in FY22.

Conversion of the healthy pipeline, outlined by management, is fundamental to seeing a re-rating in the stock, opines the analyst.

Target price is $0.53 Current Price is $0.38 Difference: $0.15
If LVH meets the Morgans target it will return approximately 39% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Ord Minnett rates LYC as Lighten (4) -

March quarter production was broadly in line with expectations. Ord Minnett observes the stock has been sold off on realisation that Chinese supply is probably increasing.

The broker maintains a cautious view on pricing in the short term as strong domestic Chinese demand could well be met by local separators that appear to be running at capacity.

Lighten rating and $4.20 target maintained.

Target price is $4.20 Current Price is $5.85 Difference: minus $1.65 (current price is over target).
If LYC meets the Ord Minnett target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -1.0

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

Macquarie rates MIN as Outperform (1) -

Mineral Resources has ramped up Koolyanobbing to over 10mtpa and Macquarie expects the project will achieve 13mtpa in just under five years. Extensions to mine life are also possible through resource delineation and conversion to reserves.

The company has also started shipping ore from Kwinana in addition to Esperance, which should deliver increased volumes in FY22. Outperform maintained. Target is $61.

Target price is $61.00 Current Price is $45.08 Difference: $15.92
If MIN meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $45.32, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Morgan Stanley rates MQG as Overweight (1) -

Morgan Stanley expects FY21 earnings for Macquarie Group to rise by circa 8% to $2.94bn led by strong trading revenues from winter weather in North America. The broker expects FY22 earnings guidance to be broadly in line with FY21 with some risk to the upside.

The broker finds Macquarie well placed to grow earnings post covid with tailwinds from renewables and infrastructure,  along with strong global market conditions.

Overweight rating with the target rising to $172 from $162. In-Line industry view maintained.

Target price is $172.00 Current Price is $156.00 Difference: $16
If MQG meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $151.22, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Credit Suisse rates ORE as Neutral (3) -

Orocobre and Galaxy Resources have agreed to merge and create a $4bn lithium producer that will be positioned to produce around 10% of global lithium production. Orocobre shareholders would end up owning 54.2% of the merged company and Galaxy Resources' the remainder.

Credit Suisse observes limited financial synergies are on offer because of the different operating locations and modest corporate overheads. The transaction is about growth and scale. The broker finds the tie-up entirely logical and maintains a Neutral rating for Orocobre, raising the target to $6.60 from $5.00.

Target price is $6.60 Current Price is $6.42 Difference: $0.18
If ORE meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.02, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Credit Suisse rates PRU as Outperform (1) -

Credit Suisse finds production in the March quarter was strong, contributing 62% of the June half year guidance. Sissingue stood out while commercial production at Yaoure has been declared.

The broker considers production guidance achievable at a group level, with upside risk at Sissingue and Yaoure and downside risk at Edikan.

Outperform rating retained. Target is $1.40.

Target price is $1.40 Current Price is $1.31 Difference: $0.09
If PRU meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.47, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Macquarie rates PRU as Outperform (1) -

March quarter production was better than Macquarie assumed while costs were in line. The ramp up at Yaoure is progressing ahead of expectations and production is now likely at the top end of the second half guidance range.

The broker expects positive share price momentum and notes management has signalled that, given the cash generation following the development of Yaoure, the board is considering options for shareholder returns.

Outperform retained for Perseus Mining with a target of $1.50.

Target price is $1.50 Current Price is $1.31 Difference: $0.19
If PRU meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.47, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates RIO as Buy (1) -

Shipments of iron ore, aluminium and copper in the March quarter were broadly in line with Citi's estimates.

Rio Tinto reiterated volume/cost guidance for 2021, signalling the main risks are coronavirus-related disruptions along with the weather impact on iron ore and bauxite production.

The impact from the reform of the Aboriginal Heritage Act remains unknown. Buy rating retained. Target price is $127.

Target price is $127.00 Current Price is $120.20 Difference: $6.8
If RIO meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $125.71, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.6

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

Credit Suisse rates RIO as Outperform (1) -

Production across the main commodities of iron ore and copper was a little softer than Credit Suisse expected. This reflects the typical seasonal events in the Pilbara affecting iron ore and greater variability and milling availability affecting copper.

Other commodities were largely flat sequentially and in line with expectations. Full year production guidance is unchanged. Credit Suisse retains an Outperform rating and $124 target.

Target price is $124.00 Current Price is $120.20 Difference: $3.8
If RIO meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $125.71, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.6

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

Macquarie rates RIO as Outperform (1) -

Production in the first quarter was mixed, with iron ore in line with Macquarie's estimates and weaker copper, aluminium and bauxite production.

Guidance ranges for 2021 are unchanged. Buoyant iron ore prices continue to underpin momentum and the broker maintains its Outperform rating. Target is $140.

Target price is $140.00 Current Price is $120.20 Difference: $19.8
If RIO meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $125.71, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.6

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

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

Morgan Stanley notes a soft production result across the asset base versus expectations. Management has maintained all production and cost guidance and all project timelines currently remain unchanged, despite covid-delays to underground access at Oyu Tolgo.

First quarter Pilbara iron ore shipments were in-line with the analyst's expectations, while output across copper, iron ore, and bauxite slightly missed estimates.

The broker expects price realisation to be lower as Pilbara lump production was around -20% lower than expected. SP10 products were significantly above forecast. Equal-weight rating retained. Industry view is In-Line. The target price is $106.

Target price is $106.00 Current Price is $120.20 Difference: minus $14.2 (current price is over target).
If RIO meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $125.71, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.6

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

Morgans rates RIO as Hold (3) -

While the first quarter result was roughly in-line with Morgans estimates, it appeared to be below consensus. Despite this, the broker further upgrades iron ore and aluminium forecasts, leading to forecast EPS increases of 10-25% for 2021-23.

With the upgrade cycle still firmly intact and attractive free cash flow and dividend yields, the analyst still sees plenty of reasons to keep Rio Tinto in the portfolio. The Hold retaing is unchanged and the target is increased to $118 from $114.

The broker highlights group mined copper fell -9% quarter-on-quarter as throughput and recoveries at Escondida suffered on the sustained loss of around -30% of the company's workforce from covid.

Target price is $118.00 Current Price is $120.20 Difference: minus $2.2 (current price is over target).
If RIO meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $125.71, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.6

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

Ord Minnett rates RIO as Buy (1) -

Ord Minnett considers the March quarter production report was lacklustre. There was no new information on the Simandou iron ore project in Guinea while covid-19 rates had increased at the Oyu Tolgoi mine in Mongolia and this was slowing its development.

Shipments of iron ore were down -12% in the quarter with the impact of the wet season exacerbated by labour shortages and maintenance. 2021 guidance is retained.

Ord Minnett considers the stock attractive on current earnings multiples and reiterates a Buy rating. Target is reduced to $161 from $163.

Target price is $161.00 Current Price is $120.20 Difference: $40.8
If RIO meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $125.71, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.6

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

UBS rates RIO as Neutral (3) -

UBS maintains its Neutral rating on Rio Tinto with a target of $104.

Rio Tinto's first quarter is in line with UBS's estimate and there is no change to 2021 volume or cost guidance.

UBS notes the miner benefits from high iron ore prices and expects prices to fall to circa $100/t by 2021-end and circa US$75/t by 2023-end due to recovering Brazilian supply and softening demand from China.

In the broker's opinion, China's steel production remains key and continues to positively surprise with production up 19% in March.

Target price is $104.00 Current Price is $120.20 Difference: minus $16.2 (current price is over target).
If RIO meets the UBS target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $125.71, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.6

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

Citi rates SGP as Neutral (3) -

FY21 earnings guidance is unchanged although management is now pointing to the top end of the range. Citi found the residential update positive with settlements guidance increasing by 5%.

Commercial property is largely in line with expectations. Neutral rating and $4.64 target retained.

Target price is $4.64 Current Price is $4.51 Difference: $0.13
If SGP meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.61, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates SGP as Neutral (3) -

Residential sales are expected to remain robust but Macquarie believes the elevated level of settlements in FY22 provides limited scope for growth thereafter.

Moreover, the broker assesses the implied residential multiple captures upside risk to FY22 settlements. Meanwhile the commercial portfolio trades on a positive basis. Neutral rating with the target rising to $4.67 from $4.53.

Target price is $4.67 Current Price is $4.51 Difference: $0.16
If SGP meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.61, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgan Stanley rates SGP as Overweight (1) -

Third quarter results topped Morgan Stanley's estimates as residential sales were an impressive 1,891 lots versus expectations of 1,700-1,800. Settlements guidance has also been lifted to 6,300 lots versus 'over 6,000 'at the the first half.

The broker highlights sales momentum has continued despite HomeBuilder ending, with just 10% of March sales motivated by stimulus.

Retail also surprised Morgan Stanley, with occupancy lifting to 99.7% vs 98.7% at the first half, and rent collection improving to 94% despite the end of JobKeeper. Overweight rating. Target is $4.90. Industry view: In-line.

Target price is $4.90 Current Price is $4.51 Difference: $0.39
If SGP meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.61, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Ord Minnett rates SGP as Lighten (4) -

Residential sales were up 69% in the March quarter on the prior year but down -7% quarter on quarter. Guidance has been reiterated for FY21, although Stockland indicates this is likely to be at the top end of the 32.5-33.1c range.

Ord Minnett lifts forecasts by 1-4%, increasing assumed industrial trading profits in residential margins. The broker now forecasts growth in free funds from operations in FY22 at 2% from $23m in assumed industrial trading profits.

Lighten rating retained. Target rises to $4.30 from $4.10.

Target price is $4.30 Current Price is $4.51 Difference: minus $0.21 (current price is over target).
If SGP meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.61, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

UBS rates SGP as Neutral (3) -

Stockland's third quarter showed continued residential strength although UBS notes the 1,891 in net sales reflects a -7% moderation over the second quarter. The REIT's FY21 residential margin guidance and funds from operations guidance remain intact.

Retail cash collections were ahead of UBS's expectations at 94% while retail abatements during the quarter were also less than 2% versus 12% last quarter.

From here UBS sees the residential segment remaining strong broadly but moderating from its record levels. Over the long term, the broker expects the incoming CEO to focus on capital partnering, a shift towards the CBDs/high-value markets/customers.

Neutral rating with the target rising to $4.74 from $4.50.

Target price is $4.74 Current Price is $4.51 Difference: $0.23
If SGP meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.61, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Citi rates SXY as Buy (1) -

March quarter production was in line with Citi's expectations. The broker revises estimates for FY21 up 4% because of a beat on capital expenditure in the March quarter.

The main upcoming growth catalysts are the final investment decision on the expansion at Atlas and Roma North. Buy rating retained. Target rises to $3.84 from $3.79.

Target price is $3.84 Current Price is $3.24 Difference: $0.6
If SXY meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Macquarie rates SXY as Outperform (1) -

March quarter production was little weaker than Macquarie expected while Atlas reached nameplate in February. The main risks to the broker's investment view continues to be the potential for government intervention in the east coast gas market and the CSG well performance.

The broker lowers operating earnings estimates by -13-14% across FY21-23 to reflect a slower ramp up in CSG production compared with prior forecasts. Outperform maintained. Target is $3.80.

Target price is $3.80 Current Price is $3.24 Difference: $0.56
If SXY meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgans rates SXY as Add (1) -

Morgans assesses a consistent and firm third quarter result, with above-nameplate production from Roma North, while the ramp-up at Atlas delivered strong group gas sales.

The Roma North expansion is expected by the first quarter FY22 with the Atlas expansion to follow once gas is contracted to support capex.

The broker points out the company is now enjoying sustained production/earnings/dividend growth after going ex-major capex spend and de-risking upstream operations. The Add rating is unchanged and the target is lowered to $4.20 from $4.30.

Target price is $4.20 Current Price is $3.24 Difference: $0.96
If SXY meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgans rates SYD as Add (1) -

Despite international and domestic passengers being down -98% and -72% versus 2019 figures, Morgans lifts the target to $7.03 from $6.86 on rising numbers in March. It's assumed there will be no distribution until the second half of FY22 (paid early 2023).

The broker also notes positive forward indications from domestic carriers though the timing of recovery of the more valuable international segment is uncertain. The Add rating is maintained.

Target price is $7.03 Current Price is $6.04 Difference: $0.99
If SYD meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.27, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Ord Minnett rates SYD as Hold (3) -

Passenger numbers in March fell -68% with domestic down -52% and international down -98% compared with 2019 levels.

The recovery in domestic passengers continues, although Sydney Airport has lagged the broader leisure travel recovery, Ord Minnett notes.

Quarantine-free travel between Australia and New Zealand should mean some recovery in international passengers although a full recovery is likely to be prolonged, predicts the broker.

Hold rating with a target price of $6.

Target price is $6.00 Current Price is $6.04 Difference: minus $0.04 (current price is over target).
If SYD 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 $6.27, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Morgan Stanley rates TPW as Overweight (1) -

After a trading update Morgan Stanley lowers earnings (EBITDA) forecasts by circa -50% in FY22 and FY23 on lower margins. However,  this resulted from reinvestment to widen the moat, which is expected to result in higher revenue over the medium term. 

The broker feels reinvestment makes strategic sense given online migration is in its infancy, a stronger consumer value proposition increases the barriers to entry and unit economics are compelling.

Overweight rating is retained and the target increases to $15 from $14. Industry view: In-Line.

Target price is $15.00 Current Price is $10.91 Difference: $4.09
If TPW meets the Morgan Stanley target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgans rates VHT as Add (1) -

Morgans had expected a solid fourth quarter trading update and highlights the increase in average revenue per user (ARPU) to US$1.40 from US$1.22 in the third quarter. Considered more important were signings during the quarter that averaged US$2.50.

The broker explains risk identification and genetics are growing trends in personalised medicine. It's felt the company is well placed given the recent CRA Health (breast cancer risk assessment) acquisition and collaboration with Ambry Genetics.

The Add rating and $1.94 target are unchanged.

Target price is $1.94 Current Price is $1.37 Difference: $0.57
If VHT meets the Morgans target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.0

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

Citi rates WBC as Buy (1) -

The bank's detailed strategy on costs remains a base for its continued recovery after the AUSTRAC case, Citi asserts. The broker believes Westpac has one of the best cost reduction opportunities in the sector.

This view is driven by moderating risk & compliance expenditure as well as branch network optimisation. The bank remains the broker's top pick and a Buy rating is reiterated. Target is raised to $28.50 from $26.00.

Target price is $28.50 Current Price is $25.24 Difference: $3.26
If WBC meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $26.46, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Morgan Stanley rates WBC as Overweight (1) -

Morgan Stanley believes details of the bank's 3-year 'Cost Reset' plan at the first half result on May 3 will influence investors' views on the turnaround story. It's expected to be a key driver of share price performance over the next few months.

The analyst expects a target cost base of around $8.5bn for core Westpac Bank (excluding non-core businesses), with a three-year road map, details of anticipated cost savings and key metrics to monitor progress.

The broker estimates this would drive circa 5% upgrades to consensus FY23 EPS forecasts and see the return on equity (ROE) greater than 10% in that year. The trading multiple discount to peers would then be expected to narrow. 

Overweight rating and $27.20 target are retained. Industry view: In-line.

Target price is $27.20 Current Price is $25.24 Difference: $1.96
If WBC meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $26.46, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Credit Suisse rates WES as Neutral (3) -

Credit Suisse found the Kmart briefing incrementally positive. Improved earnings appear likely in FY22, with most of the final group of Target stores to be converted to Kmart by the end of June.

Credit Suisse observes management appears confident Target will not create a negative earnings surprise. Meanwhile, appreciating house prices and the extension of the government building grant are positive aspects for Bunnings.

The broker retains a Neutral rating and raises the target to $57.32 from $57.04.

Target price is $57.32 Current Price is $55.51 Difference: $1.81
If WES meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $53.25, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates WES as Outperform (1) -

Macquarie continues to find valuation appeal in Wesfarmers, noting private-label expansion, online sales and technology will accelerate the future growth in Kmart's market.

Long-term targets have been reiterated and Kmart believes it has an $86bn addressable market of which it only holds 6-11% share.

While there has been some cannibalisation in the conversion of Target stores, management has confirmed that an uplift in profit has been evident across all converted stores, exceeding expectations. Outperform rating and $56.60 target maintained.

Target price is $56.60 Current Price is $55.51 Difference: $1.09
If WES meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $53.25, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

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

After a briefing by management on Kmart, Morgan Stanley noted the performance of Target stores converted to Kmart has resulted in better-than-expected results, with higher transactions, sales and gross profit.

The broker highlights a competitive advantage driven by economies of scale and direct sourcing. This is considered to allow Kmart to lead on price, which drives volume growth. This in turn leads to economies of scale that reduce costs which are passed back to consumers.

Morgan Stanley retains an Equal-weight rating and the target price of $52. Industry view is Attractive.

Target price is $52.00 Current Price is $55.51 Difference: minus $3.51 (current price is over target).
If WES 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 $53.25, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Ord Minnett rates WES as Hold (3) -

Ord Minnett observes the Kmart investor briefing was upbeat, highlighting the competitive advantages and future growth options in the segment. No trading update was provided.

Scale is key to driving lower costs which in turn will provide lower prices and higher volumes, the broker points out. Ord Minnett maintains a Hold rating and raises the target to $54 from $53.

Target price is $54.00 Current Price is $55.51 Difference: minus $1.51 (current price is over target).
If WES meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $53.25, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Credit Suisse rates WOW as Neutral (3) -

Woolworths will acquire a further 28% interest in Quantium for $223m, taking its total interest to 75%. Quantium will be brought inside the company under a new division Q Retail.

Credit Suisse believes investors should view the acquisition as being oriented towards enhancing digital capability within Woolworths, rather than delivering a near-term earnings pay commensurate with the acquisition price.

The broker retains a Neutral rating and $40.80 target.

Target price is $40.80 Current Price is $41.63 Difference: minus $0.83 (current price is over target).
If WOW meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $43.16, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Macquarie rates WOW as Outperform (1) -

Woolworths will increase its shareholding in Quantium to 75% from 47% for a purchase price of $223m. Macquarie notes since 2013, Quantium has helped Woolworths boost its customer analytics and its promotional offering.

A new business unit, Q Retail, will be established, aggregating the collective data and analytics of the two businesses.

Woolworths has been on the front foot with investment in data, technology and automation and Macquarie believes it will continue to win share online. Outperform retained. Target is $44.50.

Target price is $44.50 Current Price is $41.63 Difference: $2.87
If WOW meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $43.16, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Citi rates WSA as Neutral (3) -

Western Areas has maintained FY21 guidance after a lower cost March quarter. Citi takes a more bearish view on nickel for 2022 and on this basis retains a Neutral rating.

The broker calculates the stock is pricing in nickel at US$6.80/lb versus the spot price of US$7.28/lb and its expectation for 2022 of US$6.60/lb.

The main new information in the quarterly report was on costs, which declined -13% quarter on quarter. Target is steady at $2.40.

Target price is $2.40 Current Price is $2.29 Difference: $0.11
If WSA meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Credit Suisse rates WSA as Outperform (1) -

March quarter production improved and Credit Suisse notes the main new information was the realised nickel price of $10.07/lb along with lower cash costs of $4.07/lb.

The broker envisages upside risks to the value of Odysseus on the optimisation of the AM6 resource and future exploration, as the resource is not yet fully defined.

The main risk to the broker's view outside of the nickel price is the performance of Forrestania as it nears the end of its mine life. Outperform rating and $2.45 target retained.

Target price is $2.45 Current Price is $2.29 Difference: $0.16
If WSA meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Macquarie rates WSA as Outperform (1) -

Grade improvements drove the March quarter production and 11,600t of nickel in concentrate has been produced in the first three quarters of FY21. Macquarie assesses guidance for the full year of 16-17,000t can be achieved.

The broker increases FY22 and FY23 earnings by 5% and 10%, respectively, given the spot nickel price scenario. Target rises to $2.60 from $2.40. Outperform maintained.

Target price is $2.60 Current Price is $2.29 Difference: $0.31
If WSA meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Morgan Stanley rates WSA as Overweight (1) -

Following largely pre-released third quarter production results, a key focus for Morgan Stanley remains the long-life Odysseus project which continues on schedule for production in FY23. Further studies and integration of the AM6 orebody could lift value for the project.

Overall, production was slightly above estimates but so were costs and the analyst reduces Spotted Quoll grades in the fourth quarter, based on company comments. Target is increased to $2.40 from $2.35. Overweight rating. Industry view: Attractive.

Target price is $2.40 Current Price is $2.29 Difference: $0.11
If WSA meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

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

Morgans lifts the rating to Add from Hold and the target to $2.61 from $2.57 as the Cosmos development is on track and fully funded after a capital raising during the third quarter. It's considered Cosmos will drive value for the next decade.

The broker also welcomes an improving grade at Spotted Quoll and the normalising of production at Forrestania. Management reaffirmed the production guidance range of 16-17kt of nickel in concentrate at a unit cash cost of $3.75/lb to $4.25/lb.

Morgans believes production volumes and costs will improve to achieve the bottom end of production guidance at near the top end of the cost range for the full year.

Target price is $2.61 Current Price is $2.29 Difference: $0.32
If WSA meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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