Australian Broker Call

Credit Suisse rates A2M as Downgrade to Neutral from Outperform (3) -

A new analyst has taken up coverage of a2 at Credit Suisse, with the broker having not updated since February. The result is a downgrade to Neutral from Outperform and a target reduction to NZ$11.90 from NZ$12.75.

Supply diversification, expended distribution and China growth are all positive drivers but there's more to do, the broker suggests, and risks remain while the price is heavily influenced by momentum trading. The share price has been weak since May but is in line with the broker's valuation.

Current Price is $9.74. Target price not assessed.

Current consensus price target is $11.25, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

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

Morgans finds the extent of the slowdown in the bank's owner-occupied home loan portfolio baffling and suspects that margin pressures in the institutional business may also be intensifying.

While the ongoing benign credit environment is assisting, the broker notes the low charge in the third quarter was also affected by a high level of write-backs and recoveries in the institutional loan book. Morgans downgrades to Hold from Add because of share price strength. Target is raised to $30 from $29.

Target price is $30.00 Current Price is $30.10 Difference: minus $0.1 (current price is over target).
If ANZ meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.55, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates AOG as Neutral (3) -

Macquarie observes the FY18 result was ahead of guidance but heavily dependent on development earnings. The broker requires more time to be comfortable with the settlement of inventory on the balance sheet and a return to normal operations in the established business.

The broker suspects the core business will take a back seat as all strategic options are assessed. Neutral maintained. Target is raised to $2.74 from $2.65.

Target price is $2.74 Current Price is $2.44 Difference: $0.3
If AOG meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 33.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Morgans rates AOG as Add (1) -

FY18 results were in line with expectations. FY19 guidance is maintained and dependent on the established retirement business returning to historical turnover rates. A strategic review was announced, with the goal of reducing the current -40% discount to NTA.

Morgans believes there are two catalysts for this discount to be removed including a recovery in sales/turnover rates and a sell-through of new product. Add rating maintained. Target is reduced to $3.37 from $3.52.

Target price is $3.37 Current Price is $2.44 Difference: $0.93
If AOG meets the Morgans target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 33.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Ord Minnett rates AOG as Accumulate (2) -

Aveo Group's FY18 results beat the broker by 2%. Net tangible asset backing rose 26cps to $3.92. Guidance was reiterated.

Ord Minnett perceives the stock as very undervalued, and expects that once the company proves it can sell the units it builds, the stock will re-rate towards its NTA value.

Target price rises to $3.70 from $3.50. Accumulate/Medium risk recommendation retained.

Target price is $3.70 Current Price is $2.44 Difference: $1.26
If AOG meets the Ord Minnett target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 33.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Citi rates ASX as Sell (5) -

In initial response to today's FY18 release, Citi analysts note FY18 result proved in-line, with the ASX announcing a one-off write-down of  -$20m for Yieldbroker below the line.

The ASX is ramping up spending and has guided towards higher costs. The analysts suggest this might dampen investor enthusiasm a bit.

Target price is $57.85 Current Price is $67.97 Difference: minus $10.12 (current price is over target).
If ASX meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $56.64, suggesting downside of -16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.8

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

UBS rates ASX as Sell (5) -

On initial assessment of today's FY18 results release, UBS analysts suggest the net profit was a minor "miss", but not enough to make a fuss about. It's the guidance for higher costs that has most caught the analysts' attention.

With UBS forecasting only 4% growth in FY19, and with higher costs presenting as a headwind, the analysts make a point of what seems a very expensive share price. Sell. Target $54.25.

Target price is $54.25 Current Price is $67.97 Difference: minus $13.72 (current price is over target).
If ASX meets the UBS target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $56.64, suggesting downside of -16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.8

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

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

The company's share price has fallen around -60% from its March high, which Morgans attributes to the delay in receiving registration for its Chinese labelled infant formula products. The delay is likely due to the merger of several of China's agencies into a single regulatory body.

Morgans likes the stock and believes the delay has afforded investors the opportunity to acquire a company with a premium brand operating in a growing category.

With the stock oversold and evidence that China's regulatory agency SAMR is back in business Morgans upgrades to an Add rating from Hold. Target is reduced to $13.00 from $18.50.

Target price is $13.00 Current Price is $9.72 Difference: $3.28
If BAL meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Citi rates CPU as Neutral (3) -

Citi believes the company is on track for multi-year growth and cost reductions remain a key component. The broker takes a more positive view on corporate actions and its FY19 growth estimates on a constant currency basis remains at 12%.

Neutral maintained. Target is raised to $20.10 from $19.90.

Target price is $20.10 Current Price is $19.13 Difference: $0.97
If CPU meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $18.10, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

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: -0.3

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

Credit Suisse rates CPU as Neutral (3) -

Computershare's FY18 management earnings were in line with forecasts but in constant currency terms earnings were up 14.1%, beating guidance of 12.5%. The result suggests to the broker the company is executing on its strategy and benefitting from higher interest rates.

In the context, the broker believes guidance of "around 10%" growth for FY19 looks conservative. That said, a mark to market of currencies leads to a trimming of earnings forecasts. Neutral retained. Target rises to $19.00 from $18.50.

Target price is $19.00 Current Price is $19.13 Difference: minus $0.13 (current price is over target).
If CPU 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 $18.10, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

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: -0.3

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

Deutsche Bank rates CPU as Upgrade to Hold from Sell (3) -

FY18 results were in line with guidance and growth was supported by higher margin income and an improved performance in the US, Deutsche Bank observes. Management EPS was up 14.1% in constant currency terms.

The broker upgrades to Hold from Sell on the back of stronger than expected margins in the US mortgage services. Target is $19.20.

Target price is $19.20 Current Price is $19.13 Difference: $0.07
If CPU meets the Deutsche Bank target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $18.10, suggesting downside of -5.4% (ex-dividends)

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: -0.3

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

Macquarie rates CPU as Neutral (3) -

FY18 results were broadly in line with expectations. FY19 management EPS growth is expected to be around 10%. Macquarie observes margin income is to remain a key contributor to earnings growth in FY19.

The broker maintains a Neutral rating and raises the target to $18.50 from $18.00.

Target price is $18.50 Current Price is $19.13 Difference: minus $0.63 (current price is over target).
If CPU meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.10, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

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: -0.3

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

Morgan Stanley rates CPU as Underweight (5) -

Morgan Stanley says Computershare's FY19 guidance of 10% management earnings-per-share growth missed consensus  (mid teens) but the share price rose regardless, leading the broker to conjecture that the stock is priced for an upgrade.

But the broker disagrees, seeing multiple headwinds and retains an Underweight rating, an In-line industry view and $14 target price.

Target price is $14.00 Current Price is $19.13 Difference: minus $5.13 (current price is over target).
If CPU meets the Morgan Stanley target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.10, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

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: -0.3

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

Morgans rates CPU as Hold (3) -

FY18 management earnings were up 14% and broadly in line with expectations. Morgans notes good momentum in the US mortgage servicing business. Weakness continues in the employees share plans business.

The broker lifts forecasts by 1-3% on higher revenue growth and margin expectations. Hold rating maintained. Target is raised to $18.25 from $16.65.

Target price is $18.25 Current Price is $19.13 Difference: minus $0.88 (current price is over target).
If CPU meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.10, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

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: -0.3

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

Ord Minnett rates CPU as Lighten (4) -

Computershare's FY18 results missed the broker and was at the low end of consensus. Guidance also missed consensus but Ord Minnett described it as defensible given further currency tailwinds and a buyback.

Lighten/Medium risk recommendation retained. Target price is $16.97, the broker believing the stock is already factoring in strong growth.

Target price is $16.97 Current Price is $19.13 Difference: minus $2.16 (current price is over target).
If CPU meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.10, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

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: -0.3

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

UBS rates CPU as Neutral (3) -

FY18 management earnings growth of 14.1% was ahead of UBS estimates. However, the broker envisages slippage elsewhere in the business. FY19 growth guidance of around 10% is considered likely to be supported by margin income and cost reductions.

The broker upgrades the target to $18.80 from $18.45. Neutral maintained.

Target price is $18.80 Current Price is $19.13 Difference: minus $0.33 (current price is over target).
If CPU meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.10, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

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: -0.3

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

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

Citi analysts have downgraded, inspired by "valuation", to Neutral from Buy while retaining a price target of $232. The analysts note the shares are now trading at a 31% and 35% premium over the 3-yr trading average P/E and EV/EBITDA, respectively.

In a general sense, Citi remains of the view this company's investments in R&D and capex should allow it to maintain its market leading position in innovation and plasma. Citi sits above market consensus, anticipating 3-yr EPS CAGR of 12-14%.

Target price is $232.00 Current Price is $214.82 Difference: $17.18
If CSL meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $213.64, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

Credit Suisse rates CSL as Outperform (1) -

CSL's result was slightly above guidance but in line with the broker. Growth was reported in all categories and the broker sees FY19 revenue growth guidance of 9% as conservative.

The company has invested heavily in plasma collection centres in recent years, the broker notes, enabling it to grow market share. While more investment is needed to keep ahead of demand growth, the broker believes market share gains can be sustained.

Outperform retained. Target rises to $230 from $190.

Target price is $230.00 Current Price is $214.82 Difference: $15.18
If CSL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $213.64, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

Deutsche Bank rates CSL as Hold (3) -

FY18 results impressed Deutsche Bank. The company continues to perform strongly, with 11% revenue growth and 28% net profit growth.

Given the elevated share price, the broker cannot fault management's preference for investing in the company rather than continuing a share buyback. Hold retained. Target is $207.

Target price is $207.00 Current Price is $214.82 Difference: minus $7.82 (current price is over target).
If CSL meets the Deutsche Bank target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $213.64, suggesting downside of -0.6% (ex-dividends)

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: 0.3

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

Macquarie rates CSL as Outperform (1) -

FY18 results were in line with expectations. Macquarie continues to believe the company is well-positioned to meet immunoglobulin demand and has a competitive advantage over peers. The supply chain investment is considered supportive of medium to longer-term volume growth.

The broker maintains an Outperform rating and raises the target to $223.50 from $193.50. Macquarie finds the earnings growth profile attractive and supported by robust fundamentals.

Target price is $223.50 Current Price is $214.82 Difference: $8.68
If CSL meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $213.64, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

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

CSL's full-year result met the broker, yet prompted a rise in the target price to $193 from $175, the broker believing FY19 guidance to be conservative. Guidance fell between Morgan Stanley's expectations and consensus.

Nevertheless, the broker notes rising cyclical pressure, competitive pressure and orphan drug status expiry related to Kcentra.

Equal weight retained. Industry view: In-line.

Target price is $193.00 Current Price is $214.82 Difference: minus $21.82 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $213.64, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

Morgans rates CSL as Hold (3) -

FY18 results were slightly ahead of Morgans' estimates. Results were supported by continued strength in the Behring business with Seqirus swinging into profit on the back of a bad northern hemisphere flu season.

Morgans was also impressed by growth in immunoglobulin as new haemophilia products gained traction. Hold rating maintained, as the broker awaits a better entry point. Target is raised to $201.60 from $168.50.

Target price is $201.60 Current Price is $214.82 Difference: minus $13.22 (current price is over target).
If CSL 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 $213.64, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

Ord Minnett rates CSL as Hold (3) -

CSL's FY18 result was in line with the broker, with a beat from revenue and EBIT of 2% and 1% respectively offset by a higher tax charge.

Delayed R&D expenditure soften an otherwise flat gross margin performance from the plasma business and the company guided to margin expansion in FY19 thanks to growth in higher margin therapies. CSL also flagged a 25% rise in capital expenditure in FY19.

The broker retains Hold/Medium risk on valuation grounds. Target price rises to $202 from $195 to reflect higher earnings estimates.

Target price is $202.00 Current Price is $214.82 Difference: minus $12.82 (current price is over target).
If CSL meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $213.64, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

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

FY18 net profit was in line with UBS estimates. The broker notes revenue growth in Behring product and a strong performance in Seqirus. The broker forecasts a similar outlook for FY19, albeit with a step up in R&D and capital expenditure.

Rating is downgraded to Neutral from Buy. Target rises to $220 from $196.

Target price is $220.00 Current Price is $214.82 Difference: $5.18
If CSL meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $213.64, suggesting downside of -0.6% (ex-dividends)

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: 0.3

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

Citi rates DOW as Buy (1) -

The initial response post FY18 results release is that it seems all in-line, including guidance for the year ahead.

Target price is $8.20 Current Price is $7.54 Difference: $0.66
If DOW meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.57, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Citi rates DXS as Buy (1) -

FY18 results were in line with guidance. Citi believes the risks in FY19 are skewed to the upside and FY20 could be even better.

The broker reaffirms a preference for office versus retail exposure and Dexus is also likely to be the beneficiary of a shrinking investable office segment. Buy rating maintained. Target is $10.83.

Target price is $10.83 Current Price is $10.35 Difference: $0.48
If DXS meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $10.22, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

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

Deutsche Bank rates DXS as Hold (3) -

FY18 results were in line. Deutsche Bank considers the outlook for FY19 robust, with distributions forecast to grow 5% and underpinned by a strong office market.

Nevertheless, the broker believes this has already been priced into the shares and maintains a Hold rating. Target is $10.50.

Target price is $10.50 Current Price is $10.35 Difference: $0.15
If DXS meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $10.22, suggesting downside of -1.3% (ex-dividends)

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

Macquarie rates DXS as Outperform (1) -

FY18 results were slightly below forecasts. FY19 guidance is above Macquarie's expectations with growth of 3% in FFO and 5% in distributions. This is mainly driven by the capitalising of interest at Woodside Plaza.

The company is exposed to solid market conditions and there is upside risk to earnings, hence Macquarie retains an Outperform rating and $11 target.

Target price is $11.00 Current Price is $10.35 Difference: $0.65
If DXS meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.22, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates DXS as Overweight (1) -

Dexus' FY18 result met the broker and outpaced on FY19 guidance. Net tangible asset backing rose 5.2%, bringing gearing down to 24.1% and the cost of debt rose to 4.2%.

The broker views the result as strong but notes cost growth continues to outpace net operating income and potentially funds under management growth for 2019. Overweight rating retained. Industry view: Cautious. Target price raised to $10.45 from $9.85.

Target price is $10.45 Current Price is $10.35 Difference: $0.1
If DXS meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $10.22, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

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 DXS as Downgrade to Hold from Accumulate (3) -

Dexus Property's 2018 full-year result met the broker and FY19 guidance outpaced the broker by 2%, triggering an earnings upgrade from FY19 through to FY21.

Ord Minnett notes 95% office occupancy and industrial occupancy of 98%, a gearing ratio of 24% and an average debt maturity of seven years. Net tangible asset backing rose 14% in FY18, closing the gap with the broker's valuation.

Broker downgrades to Hold from Accumulate. Target price jumps to $10.50 from $9.50. Risk medium.

Target price is $10.50 Current Price is $10.35 Difference: $0.15
If DXS meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $10.22, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

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 DXS as Sell (5) -

FY18 results were in line with expectations. The highlight was 5% growth in distribution guidance for FY19. This illustrates the strong free cash flow being generated by the office portfolio, UBS suggests.

Nevertheless, the broker does not envisage this growth will be sustainable past FY20. UBS maintains a Sell rating and raises the target to $9.12 from $8.71.

Target price is $9.12 Current Price is $10.35 Difference: minus $1.23 (current price is over target).
If DXS meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.22, suggesting downside of -1.3% (ex-dividends)

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

Citi rates FXJ as Neutral (3) -

Citi reduces FY19-20 estimates for EPS by -2% on slower revenue growth at Domain ((DHG)) and an accelerating decline in both New Zealand and community media.

The broker increases the target to $0.90 from $0.78, in line with the implied takeover offer value from Nine Entertainment ((NEC)). Neutral maintained.

Target price is $0.90 Current Price is $0.87 Difference: $0.03
If FXJ meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.88, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Macquarie rates FXJ as No Rating (-1) -

FY18 earnings were in line with the recent guidance. Macquarie observes trading in the first six weeks of the first half produced a -5% reduction in revenues although metro media has returned to growth.

The broker is on research restrictions and cannot provide a target or rating at this stage.

Current Price is $0.87. Target price not assessed.

Current consensus price target is $0.88, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Morgan Stanley rates FXJ as Overweight (1) -

Fairfax Media's 2018 full-year result was no surprise thanks to pre-announcement but Morgan Stanley's key take-outs were the 8% rise in Metro Media's earnings before interest, tax, depreciation and amortisation; and the declines in regionals and New Zealand.

The broker makes no changes to ratings: rating Overweight, Industry view Attractive, price target is $1.

Target price is $1.00 Current Price is $0.87 Difference: $0.13
If FXJ meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $0.88, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

UBS rates FXJ as Neutral (3) -

FY18 earnings were pre-announced. UBS found the results solid and believes revenues have the potential to improve. FY19 revenue growth is expected to be between the 3% recorded in FY18 and the 5% seen in the first six weeks of FY19.

The broker believes there are enough cost levers to offset any top-line decline. Neutral rating and $0.85 target.

Target price is $0.85 Current Price is $0.87 Difference: minus $0.02 (current price is over target).
If FXJ meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.88, suggesting upside of 1.1% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Citi rates GWA as Neutral (3) -

In initial commentary post the FY18 results release, Citi analysts surmise that management continues to deliver on its promises, yet again having released a financial performance in-line with expectations. Guidance should follow at the AGM later in the year.

Target price is $3.77 Current Price is $3.65 Difference: $0.12
If GWA meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting downside of -4.7% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Citi rates HT1 as Neutral (3) -

First half results were solid, in Citi's view. Early trading conditions in the second half are positive. The key catalysts the broker identifies are the preliminary decision from the ACCC and the outcome of the Brisbane City Council tender, as well as updates on ATO disputes.

Target is raised to $2.50 from $2.45. Neutral maintained.

Target price is $2.50 Current Price is $2.53 Difference: minus $0.03 (current price is over target).
If HT1 meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.57, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Macquarie rates HT1 as No Rating (-1) -

First half operating earnings were up 10.9%. Macquarie notes Adshel is tracking well, having recovered steadily since losing the Yarra Trams contract last year. Adshel has renewed or extended over 80% of its contracts expiring in 2018.

The broker is restricted from a recommendation and target.

Current Price is $2.53. Target price not assessed.

Current consensus price target is $2.57, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Morgan Stanley rates HT1 as Overweight (1) -

HT&E's first-half result surprised to the upside, thanks to a strong performance from radio. Morgan Stanley expects capital management following the sale of outdoor, and a strong second half.

Overweight rating,  $2.75 target price and Attractive industry view maintained.

Target price is $2.75 Current Price is $2.53 Difference: $0.22
If HT1 meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Credit Suisse rates HUO as Outperform (1) -

While volume constraints and higher prices were set to impact on Huon's FY18 result, both the result and FY19 volume outlook came in weaker than expected, the broker notes. Strong operating growth is expected ahead, but the key question for the broker is costs.

In the near term the broker is being more conservative than management. In the longer term the stock still looks cheap, the broker suggests. Outperform retained, target falls to $4.90 from $5.65.

Target price is $4.90 Current Price is $4.50 Difference: $0.4
If HUO meets the Credit Suisse target it will return approximately 9% (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

Ord Minnett rates HUO as Buy (1) -

Huon Aquaculture's FY18 full-year result missed the broker, as higher costs ate into profits.

Ord remains positive on the stock, noting reductions in FY19 estimates are down only -4%, given the company guided to flat production costs and prices rises (buoyed by the company's strategy to increase exposure to the wholesale channel).

The company's valuation is also attractive at a price-earnings multiple of 8.6x in FY19.

Buy recommendation retained. Target price lowered to $5.41 from $5.86.

Target price is $5.41 Current Price is $4.50 Difference: $0.91
If HUO meets the Ord Minnett target it will return approximately 20% (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

Citi rates IAG as Neutral (3) -

FY19 margin guidance was disappointing and signals to Citi the likelihood of a decline in underlying profitability despite cost reduction benefits.

Still, the broker's analysis suggests the company is being conservative. Neutral maintained. Target is reduced to $8.05 from $8.25.

Target price is $8.05 Current Price is $7.97 Difference: $0.08
If IAG meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $7.66, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Credit Suisse rates IAG as Neutral (3) -

IAG's result missed the broker by -8%. Insurance profit and margins were in line but investment income was weak and Asia posted a large loss. Underlying margin growth ceased, with NZ to blame.

FY19 guidance suggests management is looking to lower investor expectations, in the broker's view, but it means FY20 needs to see 20% growth to hit management's target. Neutral retained, target falls to $7.90 from $8.30.
 

Target price is $7.90 Current Price is $7.97 Difference: minus $0.07 (current price is over target).
If IAG 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 $7.66, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Deutsche Bank rates IAG as Hold (3) -

FY18 gross written premium was up 1.8% and insurance profit up 10.8%, broadly in line with Deutsche Bank's expectations. The broker considers this a solid result in a mature market.

Valuation is full and the broker maintains a Hold rating. Target is $7.80.

Target price is $7.80 Current Price is $7.97 Difference: minus $0.17 (current price is over target).
If IAG meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.66, suggesting downside of -3.9% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates IAG as Underperform (5) -

FY18 results were strong but fell short of high expectations, Macquarie observes. The broker believes the attritional margin improvement in Australian home and motor is under pressure. Only around 100 basis points of margin improvement has crystallised in the consumer division from the first to the second half, despite price rises of over 5%.

Macquarie expects the share price to be supported by capital management in the short term but maintains an Underperform rating. Target is reduced to $6.55 from $6.70.

Target price is $6.55 Current Price is $7.97 Difference: minus $1.42 (current price is over target).
If IAG meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.66, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgan Stanley rates IAG as Overweight (1) -

IAG returned a solid FY18 result but softer guidance has the broker puzzled.

IAG has flagged falling NSW CTP profitability under the new scheme as a culprit but Morgan Stanley finds this hard to reconcile and asks if there is something else, or whether the company is just hosing down expectations.

The broker trims FY19 margin estimates in response but remains bullish. Overweight rating. Industry view: In-Line. Price target $9.00.

Target price is $9.00 Current Price is $7.97 Difference: $1.03
If IAG meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.66, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates IAG as Hold (3) -

FY18 net profit was weaker than Morgans expected. The main concern is an unchanged FY19 guidance range and the broker makes minor downgrades to forecasts.

The company has announced $592m in capital management initiatives including a capital return and fully franked special dividend. Morgans maintains a Hold rating, and considers the stock fully valued. Target is reduced to $7.41 from $7.54.

Target price is $7.41 Current Price is $7.97 Difference: minus $0.56 (current price is over target).
If IAG meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.66, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Ord Minnett rates IAG as Hold (3) -

IAG's FY18 result missed the broker, thanks to soft earnings as rate rises were offset by higher claims in motor, a jump in large claims in commercial, and margin contraction in New Zealand.

Guidance was also weak and the broker lowers the target price to $7.10 from $7.90. Ord Minnett expects continued margin growth but doubts IAG will be able to continue to attract its sector premium.

The company has announced a $592m capital management initiative including capital return and 5.5cps special dividend. Hold/Higher risk rating retained.

Target price is $7.10 Current Price is $7.97 Difference: minus $0.87 (current price is over target).
If IAG meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.66, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

UBS rates IAG as Neutral (3) -

FY18 results were solid and UBS suspects FY19 could be much better than the company has signalled. FY19 margin guidance has been initiated at 16-18%, disappointing relative to forecasts.

The broker downgrades FY19 and FY20 estimates by -9.7% and -12.7% respectively. Target is reduced to $7.45 from $8.00. Neutral maintained.

Target price is $7.45 Current Price is $7.97 Difference: minus $0.52 (current price is over target).
If IAG meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.66, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

UBS rates IFM as Downgrade to Neutral from Buy (3) -

FY18 earnings beat UBS estimates, predominantly driven by revenue growth in Superservice. The broker expects strong earnings growth and margin expansion in FY19 but retains conservative forecasts, and does not extrapolate the second half FY18 outcome as it contained a few one-offs.

UBS downgrades to Neutral from Buy, believing the outlook is largely reflected in the share price. Targets raised to $1.30 from $0.95.

Target price is $1.30 Current Price is $1.20 Difference: $0.1
If IFM meets the UBS target it will return approximately 8% (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

Macquarie rates IFN as Outperform (1) -

The company has announced a $38m investment in a battery energy storage system in South Australia. Corporate activity continues in the sector, the broker notes, with a takeover bid from existing shareholders for Tilt Renewables ((TLT)).

Given earnings headwinds from declining commodity pricing, Macquarie envisages value in potential corporate activity and risks are considered weighted to the upside. The broker maintains an Outperform rating and 78c target.

Target price is $0.78 Current Price is $0.59 Difference: $0.19
If IFN meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $0.61, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Citi rates ILU as Buy (1) -

In initial response to FY18 financials, Citi analysts believe net profit missed market expectations, but cash flow generation proved a positive, driving a higher than expected interim dividend of 10cps.

Another negative is that costs for the expansion of the Sierra Rutile operations may be up to 60% higher than earlier indication. Then again a 15% price increase in Zircon, to US$1580/t for Q4, can only be seen as a positive.

Putting it all together, Citi talks about a "mixed" interim report.

Target price is $14.00 Current Price is $9.96 Difference: $4.04
If ILU meets the Citi target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $11.84, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Citi rates MGX as Neutral (3) -

FY18 results were ahead of Citi's estimates. FY19 is expected to be a transition year as lower grade mid-west mines are closed and the high-grade Koolan Island is re-started.

Citi maintains a Neutral rating and $0.50 target but believes there is significant leverage to high-grade premiums, if these persist.

Target price is $0.50 Current Price is $0.49 Difference: $0.01
If MGX meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $0.52, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in June.

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 MGX as Outperform (1) -

FY18 net profit was higher than Macquarie expected. The broker believes FY19 will be a transition year as mining in the mid-west ceases and Koolan Island re-starts.

Koolan Island high-grade product is expected to yield significant premiums and transform the earnings outlook. Outperform rating. Target is $0.60.

Target price is $0.60 Current Price is $0.49 Difference: $0.11
If MGX meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $0.52, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in June.

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 MIN as No Rating (-1) -

FY18 results were solid, Macquarie observes, and ahead of estimates. DSO shipments of 660,000t were 23% above forecasts and iron ore shipments of 10.3mt were -22% lower than expected.

Macquarie is currently on research restrictions and cannot advise a rating on target.

Current Price is $13.95. Target price not assessed.

Current consensus price target is $18.37, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in June.

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 MIN as Overweight (1) -

Morgan Stanley reiterates Mineral Resources as an Overweight as it provides key takeaways from its conference call with the company.

Among the highlights cited are the forecast that spodumene prices are expected to be flat in Q3 and weaker in Q4, with non-binding bids for the Wodgina sale expected over the next four weeks.

In addition, the company's board has given principal approval for hydroxide plants. Results are expected this quarter but haven't been included in the broker's base case.

Morgan Stanley believes the company is well-positioned for lithium expansion and sees strong fundamental valuation support at $20.60, observing the shares trading on a low FY19 multiple of 6.0x and FY20 of 4.1x.

Target price is $20.60 Current Price is $13.95 Difference: $6.65
If MIN meets the Morgan Stanley target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $18.37, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in June.

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 MIN as Hold (3) -

Mineral Resource's FY18 results slightly outpaced the broker. June guidance was reiterated. The 40cps dividend was 5c above the broker's estimate.

Ord Minnett is dissatisfied with the absence of guidance for FY19 EBITDA and capex. Lower than forecast production guidance also disappointed.

The broker remains cautious until numbers improve and maintains a Hold/Higher risk recommendation. Target price falls to $17.50 from $18.

Target price is $17.50 Current Price is $13.95 Difference: $3.55
If MIN meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $18.37, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in June.

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 NAB as Underweight (5) -

NAB's announcement of a reduction in Tier 1 capital to 9.7% in the third quarter was shy of APRA's target of 10.5%. Morgan Stanley questions whether the target can be reached by 2020 as planned while maintaining the payout ratio.

NAB has flagged a fall from 81% to 70-75%, but this has yet to eventuate. Morgan Stanley cuts FY18 EPS estimates by -3% to reflect the new regulatory position in the second half. Underweight weighting retained. Industry view: In-line. Price target raised to $26 from $25.50.

Target price is $26.00 Current Price is $28.77 Difference: minus $2.77 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.14, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Citi rates NCK as Neutral (3) -

In initial response to the FY18 results release, Citi analysts point out they came out at the top end of guidance. As such, it was in line with Citi and market consensus.

The analysts also note strong gross margins increasing 20bp to 62.7%. In addition, company management indicated the six new stores opened in FY18 have performed above expectations.

Citi analysts also note trading since June has seen positive same store sales order growth.

Target price is $7.00 Current Price is $6.68 Difference: $0.32
If NCK meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Citi rates OZL as Buy (1) -

In initial response to the FY18 results report, Citi analysts believe the net result itself was in-line but dividend payout was lower as the company is preparing for a much more investment heavy outlook.

Target price is $11.10 Current Price is $8.98 Difference: $2.12
If OZL meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $10.49, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Credit Suisse rates PGH as Downgrade to Neutral from Outperform (3) -

Credit Suisse's response to Pact's "bad miss" is to cut forecast earnings by -20%, the target to $4.35 from $5.80 and downgrade to Neutral from Outperform.

Volumes were lower and costs higher than the broker expected, and FY19 is not yet offering much relief. The broker suggests Pact is prioritising acquisitions ahead of fixing the core business.

Target price is $4.35 Current Price is $4.33 Difference: $0.02
If PGH meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.71, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Deutsche Bank rates PGH as Buy (1) -

The FY18 result and FY19 guidance were well below expectations because of higher-than-expected costs. Nevertheless, Deutsche Bank believes this has been priced in, with the stock trading at a -28% discount to valuation.

The broker envisages upside potential from the recovery of higher raw material costs and rationalisation of the rigid plastics network. Buy maintained. Target is $5.80.

Target price is $5.80 Current Price is $4.33 Difference: $1.47
If PGH meets the Deutsche Bank target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $4.71, suggesting upside of 8.7% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Macquarie rates PGH as Neutral (3) -

FY18 net profit was well short of Macquarie's estimates. The main negatives included cost increases, which are likely to linger into FY19. The extent of the shortfall surprised the broker, particularly as there was no prior notification.

The stock is considered relatively cheap but needs to demonstrate a sustainable return to positive earnings growth. Neutral rating maintained. Target is reduced to $4.65 from $5.54.

Target price is $4.65 Current Price is $4.33 Difference: $0.32
If PGH meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.71, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Morgans rates PGH as Hold (3) -

FY18 results were well below expectations and Morgans was disappointed with both Australia and the international divisions. FY19 operating earnings estimates are reduced by -6%.

Despite the attractive valuation, the broker considers the operating environment difficult and there are a number of cost headwinds. Hold rating maintained. Target is reduced to $4.23 from $5.24.

Target price is $4.23 Current Price is $4.33 Difference: minus $0.1 (current price is over target).
If PGH 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 $4.71, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Ord Minnett rates PGH as Hold (3) -

Pact Group Holdings' FY18 full-year result fell 10% short of the broker, triggering a sharp downgrade in the target price to $4.50 from $5.70.

Margin contraction proved the culprit, as higher costs and business disruptions ate into earnings.

Pact also announced it third acquisition in a year, buying TIC Retail accessories for $122 million.

Pact is now trading on an earnings per share price-earnings multiple of 13x offering valuation support, but the outlook is challenging.

Hold rating retained. Risk Higher. Ord prefers Amcor.

Target price is $4.50 Current Price is $4.33 Difference: $0.17
If PGH meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.71, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Citi rates QBE as Buy (1) -

Finally! say Citi analysts in initial commentary post the interim report release. QBE has finally managed to update on its performance with no negative surprise and with a financial performance that was actually better-than-expected, according to Citi.

In addition, the analysts note very strong premium rate increases coming through bodes well for future earnings. Citi is now toying with the idea that QBE could really be in for a re-rating post today's release.

Target price is $11.20 Current Price is $10.95 Difference: $0.25
If QBE meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $11.21, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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 SEK as Sell (5) -

Citi is not convinced that the company's investment will lead to an acceleration in revenue growth. Earnings are expected to be flat again in FY19.

The broker believes investors will need to wait at least three years for meaningful earnings growth. The broker reduces FY19 estimates by -2%. Sell maintained. Target is $15.

Target price is $15.00 Current Price is $21.64 Difference: minus $6.64 (current price is over target).
If SEK meets the Citi target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.76, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Macquarie rates SEK as Neutral (3) -

FY18 earnings and FY19 guidance are consistent with pre-released numbers. Macquarie observes strong results from the company's core business. Revenue is also re-accelerating in China.

The broker finds the long-term opportunity for value creation very appealing. Neutral rating maintained. Target is raised to $21.75 from $19.90.

Target price is $21.75 Current Price is $21.64 Difference: $0.11
If SEK meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $19.76, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Morgan Stanley rates SEK as Overweight (1) -

SEEK's pre-announced FY18 result contained no surprises. The business's key drivers all grew above-pace, but the fall in Brazil and Mexico was a bit stronger than expected.

There were no changes to FY19 guidance, with revenues forecast to grow between 16% and 20%. Overweight retained. Industry view: Attractive. Price target $23.

Target price is $23.00 Current Price is $21.64 Difference: $1.36
If SEK meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $19.76, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Ord Minnett rates SEK as Accumulate (2) -

SEEK's FY18 result slightly outpaced its own pre-announced guidance. Weakness in Latin America was offset by strength in all other regions. 

Ord Minnett's forecasts for FY19 sit at the low end of guidance. Target price raised to $24 from $23. Accumulate/Higher risk retained.

Target price is $24.00 Current Price is $21.64 Difference: $2.36
If SEK meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $19.76, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

UBS rates SEK as Sell (5) -

The results for FY18 were pre-announced. UBS focuses on the earnings composition with the main surprises being a lift in domestic margins, the depth contribution, which helped offset a mix shift, and the strong growth in Zhaopin.

The company is guiding to 25% growth in operating expenditure in FY19. The broker maintains a Sell rating and $19.50 target.

Target price is $19.50 Current Price is $21.64 Difference: minus $2.14 (current price is over target).
If SEK 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 $19.76, suggesting downside of -8.7% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Citi rates SHL as Neutral (3) -

On initial assessment, Citi analysts believe FY18 performance was slightly below expectations, and it looks the same for the company's FY19 guidance.

Target price is $26.00 Current Price is $26.30 Difference: minus $0.3 (current price is over target).
If SHL meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.03, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Ord Minnett rates SSM as Buy (1) -

Service Stream's FY18 full-year result outpaced the broker by 5% thanks to very strong cash flow.

NBN was the main contributor and Ord notices maintenance is now scaling strong as the network is activated.

While NBN's total activations disappointed, Service Stream managed to nab 50% of market share (up from low 40s).

The broker believes the company's strong operation track record will stand it well in the post-activation phase.

Buy recommendation reiterated. Target price jumps to $1.90 from $1.75. Risk rating Higher.

Target price is $1.90 Current Price is $1.58 Difference: $0.32
If SSM meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Macquarie rates SXY as Outperform (1) -

The company has booked a -$16m non-recurring loss in anticipation of its FY18 results, writing off its non-core Cooper Basin business to zero.

Macquarie maintains its recommendation and envisages the catalysts that will unlock the risked valuation are WSGP and Project Atlas over FY19. The broker is bullish on expectations for production increases in the Cooper Basin oil business. Outperform rating and $0.55 target maintained.

Target price is $0.55 Current Price is $0.47 Difference: $0.08
If SXY meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $0.47, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Citi rates TLS as Sell (5) -

On initial assessment, Citi analysts believe Telstra's FY18 update was in-line with the recent May downgrade and guidance issued last month. No news on FY19 dividend doesn't have to spell bad news, the analysts suggest.

Target price is $2.30 Current Price is $3.03 Difference: minus $0.73 (current price is over target).
If TLS meets the Citi target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.16, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

UBS rates TLS as Buy (1) -

In initial response to today's FY18 results release, UBS notes the absence of specific dividend guidance. FY18 numbers had been pre-released, say the analysts, although it appears most were slightly better than what UBS had penciled in.

Forecasts are now officially under review, but there is no indication the broker intends to change either $3 valuation, or the Buy rating.

Target price is $3.00 Current Price is $3.03 Difference: minus $0.03 (current price is over target).
If TLS 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 $3.16, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates VCX as No Rating (-1) -

FY18 results were in line with guidance and FY19 guidance is slightly ahead of Macquarie's expectations. The broker suspects the $2bn in divestments could result in the company deploying capital through a buyback.

In the meantime, retail remains difficult, capital intensity is increasing and the maintenance budgets are moving higher. Macquarie is restricted on rating and target.

Current Price is $2.73. Target price not assessed.

Current consensus price target is $2.86, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Morgan Stanley rates VCX as Overweight (1) -

Vicinity Centres'  FY18 results were in line with the broker. Guidance appears conservative but the broker views portfolio quality improvements and the strategy as positives with long tailwinds.

Meanwhile, capital expenditure assumptions are viewed as more realistic and, with the execution on asset sales, Morgan Stanley believes the stock wll outperform retail peers. A buyback after asset sales is a possibility.

Overweight rating retained. Industry view: Cautious. Price target $2.85.

Target price is $2.85 Current Price is $2.73 Difference: $0.12
If VCX meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.86, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Ord Minnett rates VCX as Accumulate (2) -

Vicinity Centres FY18 full-year result met the broker.

Ord Minnett sees potential FY19 upside stemming from retail, expected portfolio sales, and delivering mixed-use value.

Accumulate recommendation retained. Target price rises to $3 from $2.95. Risk rating Higher.

Target price is $3.00 Current Price is $2.73 Difference: $0.27
If VCX meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.86, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

UBS rates VCX as Buy (1) -

FY18 results were in line with expectations. In the strategy update the company has clearly articulated a focus on its top 50 assets, expanding funds management and the opportunity for realising mixed use development.

However, UBS suggests investors will need to be patient as FY19/20 appear to be transition years. Buy retained. Target unchanged at $2.92.

Target price is $2.92 Current Price is $2.73 Difference: $0.19
If VCX meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.86, suggesting upside of 4.7% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Morgans rates VLW as Add (1) -

FY18 results were in line with recent guidance. FY19 guidance includes net profit of $40m and distribution of 18.5c per share. The results benefited from the contribution of a project sale into a joint venture structure.

The outlook is supported by strong pre-sales and contributions from Donnybrook commencing in FY20. Add rating maintained. Target is reduced to $2.46 from $2.48.

Target price is $2.46 Current Price is $2.29 Difference: $0.17
If VLW meets the Morgans target it will return approximately 7% (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

Citi rates WES as Sell (5) -

FY18 earnings were slightly ahead of Citi's estimates. The broker finds the FY19 outlook broadly unchanged, with sales momentum building at Coles as Bunnings sales growth moderates.

The company does not provide earnings guidance or trading updates but did signal that Coles has continued its momentum into the first quarter, supported by a successful Little Shop campaign. Sell rating maintained. Target is raised to $45.90 from $44.20.

Target price is $45.90 Current Price is $52.31 Difference: minus $6.41 (current price is over target).
If WES meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.41, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

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 WES as Neutral (3) -

It is unclear how Wesfarmers' result compared to the broker's forecast but the broker notes a busy six months has now come to a close for the company, with the UK now dealt with and a number of mature investments monetised. The balance sheet will be significantly de-geared post Coles demerger.

What then to do with the money? The broker hopes Wesfarmers looks at organic investments and capital management as well as M&A rather then feeling compelled simply to acquire. Neutral retained, target rises to $48.51 from $47.72.

Target price is $48.51 Current Price is $52.31 Difference: minus $3.8 (current price is over target).
If WES meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.41, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

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

Deutsche Bank rates WES as Hold (3) -

Deutsche Bank observes the company's portfolio is changing considerably and Bunnings will soon become more important. In this context, it was disappointing that sales slowed considerably in the fourth quarter.

Still, Deutsche Bank suspects there may be further margin opportunity. Meanwhile, the trend at Coles is improving. The broker believes the current portfolio is fully valued and maintains a Hold rating. Target is $48.

Target price is $48.00 Current Price is $52.31 Difference: minus $4.31 (current price is over target).
If WES meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.41, suggesting downside of -9.4% (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

Macquarie rates WES as No Rating (-1) -

FY18 results were marginally below Macquarie's expectations. Growth in most divisions is targeted for FY19. The broker found the outlook commentary limited.

Macquarie is currently under research restrictions.

Current Price is $52.31. Target price not assessed.

Current consensus price target is $47.41, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

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 WES as Underweight (5) -

Wesfarmers' result outpaced the broker thanks to a strong performance from department stores but the broker notes a cooling in Bunnings growth, and says margin growth was struck on a widening price gap from Coles to the discount suppliers, which may not be sustainable.

Morgan Stanley increases the target price to $45 from $42 to reflect higher peer multiples and earnings upgrades of 3% to 4%, but remains Underweight given the Bunnings cooling and margin issues.

Target price is $45.00 Current Price is $52.31 Difference: minus $7.31 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.41, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates WES as Hold (3) -

Morgans found a lot to like in the FY18 result, which was slightly better than expected. Growth occurred at Bunnings Australasia, department stores, Officeworks and industrials, partially offset by lower earnings at Coles.

Morgans reduces FY19 operating earnings estimates slightly. The broker believes management is doing a good job repositioning the portfolio. Hold rating maintained. Target is raised to $51.43 from $47.34.

Target price is $51.43 Current Price is $52.31 Difference: minus $0.88 (current price is over target).
If WES 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 $47.41, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

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 WES as Upgrade to Hold from Lighten (3) -

Wesfarmers' FY18 result beat the broker by a nose thanks to department store operations and the chemicals, energy and fertilisers business. The $1.20 dividend missed the broker's $1.22 estimate.

Despite signs of slower sales from Bunnings, Ord Minnett believes sales will moderate rather than fall sharply.

The broker notes valuation support is emerging for Wesfarmers thanks to higher EBIT, lower capex, an improved business mix, and growing potential for capital management.

The broker upgrades to Hold from Lighten and increases the target price to $50 from $45.

Target price is $50.00 Current Price is $52.31 Difference: minus $2.31 (current price is over target).
If WES meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.41, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

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 WES as Neutral (3) -

FY18 results were broadly in line with expectations. Bunnings has signalled slowing momentum into FY19, a function of tougher comparables, although UBS notes there is no notable impact from softer housing.

The broker suspects a material pick up in July/August trade for Coles. Neutral rating and $43 target maintained.

Target price is $43.00 Current Price is $52.31 Difference: minus $9.31 (current price is over target).
If WES meets the UBS target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $47.41, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

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 WHC as Downgrade to Neutral from Outperform (3) -

FY18 results were in line with expectations. Production guidance has been downgraded, particularly Narrabri, the highest margin mine. Costs are expected to rise to $64/t.

The company provided a surprise special dividend, but with no franking credits and net debt back up to $270m, Macquarie is curious why a buyback was not used.

Nevertheless, the broker suggests higher prices can erase a lot of problems. Rating is downgraded to Neutral from Outperform. Target is reduced to $5.10 from $5.70.

Target price is $5.10 Current Price is $5.07 Difference: $0.03
If WHC meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.49, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates WPL as Upgrade to Neutral from Sell (3) -

First half results slightly missed forecasts. Citi increases the value for Browse in its analysis. However, tolling revenue for the North West Shelf is reduced, which is a net positive, the broker suggests, considering Woodside has a larger equity interest in Browse.

First half dividend exceeded the company's 80% pay-out ratio but, assuming no repeat of one-offs, Citi suspects the second half dividend will return to normal. Rating is upgraded to Neutral from Sell. Target is raised to $34.14 from $30.07.

Target price is $34.14 Current Price is $36.24 Difference: minus $2.1 (current price is over target).
If WPL meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.71, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.1

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

Macquarie rates WPL as Neutral (3) -

First half results were in line with expectations and Macquarie found the extra dividend a bonus. The broker is confident about the ability of Scarborough to fulfill contract volumes while the outcome of negotiations between the North West Shelf and Browse JV will be critical.

The broker incorporates little value for Browse currently. Neutral maintained. Target is $35.40.

Target price is $35.40 Current Price is $36.24 Difference: minus $0.84 (current price is over target).
If WPL meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.71, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.1

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

Morgan Stanley rates WPL as Overweight (1) -

Woodside Petroleum's first-half result met the broker with two surprises: a higher dividend payout ratio, thanks to Woodside's low gearing, and the announcement of a Bulgarian country entry with Shell.

Production guidance for 2018 was raised a touch and the broker tinkers with earnings and dividend forecasts.

Overweight rating retained. Industry view: Attractive. Price target steady at $37.50.

Target price is $37.50 Current Price is $36.24 Difference: $1.26
If WPL meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $34.71, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.1

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

Morgans rates WPL as Hold (3) -

First half results were ahead of Morgans' estimates. Revenue rose 25% on higher volumes and pricing. The broker notes Wheatstone continues to go from strength to strength with train 1 already operating at 10% above nameplate capacity.

The broker was surprised that growth projects did not feature in the result, although the company indicated a shift away from exploration and back to core projects. The high pay-out ratio of 89% also surprised the broker. Hold rating maintained. Target is raised to $36.74 from $34.50.

Target price is $36.74 Current Price is $36.24 Difference: $0.5
If WPL meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $34.71, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.1

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

Ord Minnett rates WPL as Hold (3) -

Woodside Petroleum's first-half result fell -18.6% short of the broker's estimates, due to an exploration impairment and higher-than-expected depreciation.

Ord Minnett notes several growth projects are closer to final investment decision and expects a sharp rise in earnings out to FY21 thanks to buoyant commodity prices and production growth.

As the stock is trading broadly in line with NPV the Hold/Higher risk rating is maintained. Target price falls to $34.50 from $35.20.

Target price is $34.50 Current Price is $36.24 Difference: minus $1.74 (current price is over target).
If WPL 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 $34.71, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.1

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