Australian Broker Call

Citi rates AHY as Sell (5) -

2017 earnings were down -5% and Citi forecasts another -8% fall in 2018, given rising input costs and competition. The broker maintains a Sell rating amid uncertainty over the next 12 months.

Citi believes the company needs more cost savings to meet 2018 guidance for EBITDA of $113-119m. There is downside risk to forecasts if competitive retaliation occurs in feminine hygiene products while the company looks to regain market share. Target is reduced $1.25 from $1.35.

Target price is $1.25 Current Price is $1.46 Difference: minus $0.21 (current price is over target).
If AHY meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.38, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates AHY as Neutral (3) -

2018 guidance is in line with Credit Suisse forecasts and 2017 results were in line with the December announcement. The broker notes the company has addressed two issues that affected the 2017 results.

Feminine hygiene sales were affected by pricing constraints and this is no longer the case, while the company has recovered some market share in recent months. The issue with the re-engineered nappy was resolved and this potentially leads to a recovery in sales in 2018.

Credit Suisse retains a Neutral rating and $1.45 target.

Target price is $1.45 Current Price is $1.46 Difference: minus $0.01 (current price is over target).
If AHY 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 $1.38, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in December.

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 AHY as Neutral (3) -

2017 underlying earnings were in line with downgraded guidance issued in December. Macquarie suggests, because of rising input costs and a highly competitive retail environment, earnings risks remain.

The support for the share price is in the dividend yield of 6.6%, underpinned by a 100% pay-out ratio in 2018. Neutral rating and $1.45 target maintained.

Target price is $1.45 Current Price is $1.46 Difference: minus $0.01 (current price is over target).
If AHY meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.38, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates AIZ as Neutral (3) -

First half operating earnings were in line with forecasts. Credit Suisse notes improved passenger revenue and a strong cargo result combined with further efficiency gains to help offset an 18% increase in jet fuel costs.

No specific guidance range was provided for the full year, although the company expects 2018 earnings to exceed the prior year. Reflecting changes to the latest hedging disclosure and recent easing in Brent crude, the broker reduces FY18 net profit forecast by -1.2% and increases FY19 by 7.0%.

Neutral maintained. Target rises to NZ$3.00 from NZ$2.96.

Current Price is $2.87. Target price not assessed.

Current consensus price target is N/A

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: 0.0

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

Deutsche Bank rates AIZ as Sell (5) -

Deutsche Bank labels it a good result, "very much in line", but the finer details show a slight miss. The 11c dividend compares with 10c expected. Guidance for improvement in profit over the full year is in-line, say the analysts.

Deutsche Bank retains concerns about rising fuel prices and whether Air New Zealand can fill capacity without material yield declines. The analysts note FX movements have taken some pressure off from dearer fuel.

Price target rises to NZ$2.88 from NZ$2.75 on slightly higher estimates. Sell rating retained.

Current Price is $2.87. Target price not assessed.

Current consensus price target is N/A

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: 0.0

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

Macquarie rates AIZ as Outperform (1) -

Air NZ's result beat the broker by 2% and importantly, guidance for FY18 profit to exceed FY17 is retained despite higher fuel prices. It was a high quality result, the broker suggests, and clearly management are confident in the outlook.

The broker suggests Air NZ's competitive business supports a return on invested capital in excess of 15% in the face of furl cost headwinds. FY19 consensus forecasts look too low. Outperform retained, target falls to NZ$3.80 from NZ$3.90.

Current Price is $2.87. Target price not assessed.

Current consensus price target is N/A

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: 0.0

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

UBS rates AIZ as Neutral (3) -

Air New Zealand, in UBS' opinion, is working hard to stand still. However, the analysts believe earnings visibility has improved, albeit with the extra observation that a return to positive earnings momentum should not be expected in FY18.

So there is an attractive yield on offer, and UBS analysts remain attracted to the airline's strong free cash flow generation post fleet modernisation program. Neutral rating remains unchanged.

Price target gains NZ5c to NZ$3.05. Larger fuel hedging triggers a lift of 7% for EPS forecast.

Current Price is $2.87. Target price not assessed.

Current consensus price target is N/A

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: 0.0

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

Deutsche Bank rates ALL as Buy (1) -

The company has used its AGM to reiterate full year guidance. Deutsche Bank notes the US Tax Cuts and Jobs Act is expected to add 3% in FY18.

In addition, the integration of Plarium is apparently progressing "extremely well". Aristocrat is working through an integration plan with the Big Fish team.

With the shares trading at a -26% discount to the broker's price target, the Buy rating remains firmly in place. Target $32.90.

Target price is $32.90 Current Price is $24.42 Difference: $8.48
If ALL meets the Deutsche Bank target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $27.25, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in September.

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

UBS rates APA as Neutral (3) -

First half results were below UBS estimates. Dividend guidance of 45c was reaffirmed after announcing a 1H dividend of 21c.

APA has also reaffirmed FY18 EBITDA guidance of $1,475-1,510m. The company has launched a 1-for-17 $500m underwritten entitlement offer to fund its $1.2bn growth programme, reducing gearing to 66.9% from 68.9%.

UBS  maintains a Neutral rating, with EPS reduced to account for dilution from the equity raising. Target falls to $8.45 from $8.55.

Target price is $8.45 Current Price is $8.26 Difference: $0.19
If APA meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $8.50, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates APX as Buy (1) -

Another day, another beat says the title above today's update, and that sums it up nicely. Sifting through the finer details, UBS finds the actual beat is even larger than it seems at face value.

The analysts express their confidence the company will be able to maintain its margins medium term. Forecasts have received yet another boost. Price target lifts to $12 from $9.80. Buy rating retained.

Target price is $12.00 Current Price is $10.17 Difference: $1.83
If APX meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 ARB as Downgrade to Neutral from Buy (3) -

Citi believes it is time to take some profits in light of the strong start to FY18 in the first half. Rating is downgraded to Neutral from Buy. The broker increases FY19-20 forecasts by 6-7%.

Citi expects the PE will moderate over the short term. Target is raised to $22.43 from $17.85 as the model is rolled forward amid index multiple expansion.

The broker believes the company will further distance itself from its competitors in the second half and gain more scale domestically.

Target price is $22.43 Current Price is $20.14 Difference: $2.29
If ARB meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $19.33, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates ARF as Outperform (1) -

Arena REIT's (no relation) result was slightly ahead of the broker. FY distribution guidance was reaffirmed as expected.

Management noted the supply of childcare places is expected to remain elevated but its own tenants were experiencing little pressure on occupancy or pricing, which bodes well for the sustainability of rents, the broker notes. FY19 provided potential upside from developments and regulatory changes will provide a tailwind from July this year.

Outperform retained, target falls to $2.31 from $2.53 on a higher interest rate assumption.

Target price is $2.31 Current Price is $2.27 Difference: $0.04
If ARF meets the Macquarie target it will return approximately 2% (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

Morgan Stanley rates ARF as Overweight (1) -

First half results were ahead of Morgan Stanley, driven by development NOI and lower costs.

Developments of $68m on a 6.8% yield on cost during the first half, plus the targeted completion of 6 of the 7 developments in the pipeline, support the broker's forecast for 7% growth in FY18 DPS. 

Overweight and target raised to $2.50 from $2.40. Industry view: Cautious.

Target price is $2.50 Current Price is $2.27 Difference: $0.23
If ARF meets the Morgan Stanley target it will return approximately 10% (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

Credit Suisse rates AWC as Neutral (3) -

Earnings were in line with expectations in 2017 while the dividend surprised to the upside. Credit Suisse found third-party shipments guidance a little disappointing.

The broker adjusts production estimates in line with 2018 guidance, raising operating expenditure for alumina marginally because of higher caustic prices. Neutral rating and $2.30 target retained.

Target price is $2.30 Current Price is $2.30 Difference: $0
If AWC meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.34, suggesting upside of 1.6% (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: 0.2

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

Deutsche Bank rates AWC as Hold (3) -

2017 net profit was ahead of estimates. 2018 guidance is also ahead of expectations and Deutsche Bank forecasts unit costs of US$217/t in 2018 which builds in a US$15/t increase from higher caustic soda prices.

Strong margin should boost the dividend in 2018, the broker suggests. Hold maintained. Target is raised to $2.25 from $2.20.

Target price is $2.25 Current Price is $2.30 Difference: minus $0.05 (current price is over target).
If AWC 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 $2.34, suggesting upside of 1.6% (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: 0.2

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

Macquarie rates AWC as Outperform (1) -

Alumina Ltd delivered a strong cash flow result, leading to a higher dividend than the broker forecast and much higher than consensus. An impressive cost-out performance drove higher margins, along with buoyant alumina prices.

With low-cost production growth and positive margin benefits from repricing, the company's sector-leading dividends appear to the broker to be increasingly sustainable in the near term.

Outperform retained, target falls to $2.60 from $2.70.

Target price is $2.60 Current Price is $2.30 Difference: $0.3
If AWC meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.34, suggesting upside of 1.6% (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: 0.2

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

Ord Minnett rates AWC as Accumulate (2) -

2017 results were below forecasts. Ord Minnett notes future costs will be affected by higher caustic soda prices but another strong year is still expected.

The broker sums up the stock as offering exposure to tier 1 alumina assets and buoyant commodity markets, with significant cash flow from the AWAC joint venture which should be returned to shareholders for the foreseeable future.

Accumulate rating retained. Target reduced to $2.60 from $2.70.

Target price is $2.60 Current Price is $2.30 Difference: $0.3
If AWC meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.34, suggesting upside of 1.6% (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: 0.2

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

UBS rates AWC as Sell (5) -

2017 results were ahead of expectations. The larger-than-expected returns were a result of receiving net distributions of US$198m from AWAC as of January 1, which UBS notes is one of the benefits of the amended joint venture agreement that requires no more than US$140m in cash being held in AWAC.

The company has indicated the cash costs at AWAC will rise by around US$10/t in 2018 and, with the alumina price expected to retrace, the broker envisages risks to returns in the second half. Sell rating maintained. Target rises to $1.90 from $1.85.

Target price is $1.90 Current Price is $2.30 Difference: minus $0.4 (current price is over target).
If AWC meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.34, suggesting upside of 1.6% (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: 0.2

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

Macquarie rates BAP as Outperform (1) -

The broker describes Bapcor's 43% yoy earnings increase as solid, demonstrating the resilience of the company's earnings profile and strong competitive positioning. The outlook remains positive and FY guidance is unchanged.

The broker believes the market is under-appreciating medium to longer term margin upside, and notes the benefits of recent initiatives should accelerate from FY19 and beyond. Outperform and $6.60 target retained.

Target price is $6.60 Current Price is $5.83 Difference: $0.77
If BAP meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.62, suggesting upside of 13.5% (ex-dividends)

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 BHP as Neutral (3) -

Citi notes the company is looking at all options to extract value through the exit of the US onshore gas business. This includes outright sale to asset swaps, or a piecemeal sale to exit through an IPO.

If cash is generated the plan is to return it to shareholders as fast as possible. The broker maintains a Neutral rating and $32 target.

Target price is $32.00 Current Price is $30.75 Difference: $1.25
If BHP meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $32.70, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

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: 0.5

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

Macquarie rates BHP as Outperform (1) -

At a round table meeting with BHP management, the broker learned there remains strong demand for high quality iron ore and met coal, all options are on the table for the US shale divestment, including a trade sale, spin-off or swap for offshore assets, and collapsing the dual-listing structure would be value destructive.

Despite rising costs, BHP's interim dividend represented an impressive 72% payout ratio. The broker estimates another US$1.9bn could be paid in cash on top of the 50% ratio final dividend. Proceeds of the shale divestment would provide for even larger payouts in FY19.

Outperform and $36.40 target retained.

Target price is $36.40 Current Price is $30.75 Difference: $5.65
If BHP meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $32.70, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

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: 0.5

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

UBS rates BHP as Buy (1) -

The company believes the number of one-offs which marred the first half result are now behind it and there should be a marked step up in volume and cash flow, with lower unit costs.

UBS notes US shale proceeds, if sold for cash, are intended to go back to shareholders but other options like swaps remain on the table. Buy rating and $33.50 target maintained.

Target price is $33.50 Current Price is $30.75 Difference: $2.75
If BHP meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $32.70, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

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: 0.5

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

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

Credit Suisse has downgraded to Neutral from Outperform with a reduced target to $130 from $150, suggesting the share price might remain under pressure short term, but also emphasising it remains "optimistic" on the company's growth prospects.

The analysts explicitly do a mea culpa, admitting they got caught up in the growth excitement, putting Blackmores on the same level as, say, Treasury Wine Estates ((TWE)).

Following the interim report, the analysts now suggest Blackmores will still grow, but it won't be at a spectacular rate. They also observe competitor Swisse seems to be performing better.

Target price is $130.00 Current Price is $136.62 Difference: minus $6.62 (current price is over target).
If BKL meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $127.50, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Ord Minnett rates BKL as Accumulate (2) -

First half net profit was broadly in line with forecasts. The long-term demand profile of the company's products and positioning of the brands is very strong, in Ord Minnett's view, and there is a clear path to margin expansion.

Accumulate maintained. Target is $150.

Target price is $150.00 Current Price is $136.62 Difference: $13.38
If BKL meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $127.50, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Citi rates BLX as Buy (1) -

First half results were ahead of expectations because of better gross margins as the industry becomes more rational following the Masters exit.

Citi forecasts double-digit growth in earnings per share in each of the next three years. The main factor to monitor going forward is the performance of the store network on the east coast, which has slowed in the initial weeks of the second half.

Citi suspects the target of 146 stores is unlikely to be reached, given the cannibalisation experienced in the first half. Buy retained. Target raised to $1.95 from $1.60.

Target price is $1.95 Current Price is $1.74 Difference: $0.21
If BLX meets the Citi target it will return approximately 12% (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

Morgans rates BLX as Add (1) -

Beacon's profit result beat the broker by 4%. Accelerated new store rollouts and a much higher gross margin helped offset benign sales growth and increased operational expenditure, the broker notes.

That opex headwind will soon become a tailwind that could last for several years, the broker suggests, as new store investment leverages a higher sales base. The decision to exploit the market share opportunity provided by the exit of a major competitor is paying off.

Add retained, target rises to $1.84 from $1.77.

Target price is $1.84 Current Price is $1.74 Difference: $0.1
If BLX meets the Morgans target it will return approximately 6% (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

Morgans rates CAT as Add (1) -

Catapult's result came in well below the broker. Some 90% of the earnings loss occurred in the first quarter due to weak sales, and FY revenue guidance is unchanged. This would require a 35% second half revenue increase, the broker notes.

The broker has cut forecasts on the weak first half and rising costs. Target falls to $2.02 from $2.97 but remains well above the trading price, hence Add retained.

Target price is $2.02 Current Price is $1.32 Difference: $0.7
If CAT meets the Morgans target it will return approximately 53% (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

Morgans rates CGR as Add (1) -

CML Group reported in line with expectations. A 92% profit increase was driven by increased invoice financing volumes and strong operating leverage. The acquisition of Thorn Group's ((TGA)) trade & debtor finance division is highly accretive, the broker notes, and will add significant additional scale.

CML should deliver strong earnings growth over FY19-20 and a valuation re-rating, the broker suggests, if management can execute on organic growth plans. Add retained, target rises to 60c from 50c.

Target price is $0.60 Current Price is $0.57 Difference: $0.03
If CGR meets the Morgans 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: 1.0

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

Citi rates CHC as Buy (1) -

First half results were ahead of expectations. The beat was largely attributed to performance fees being recognised earlier than anticipated and the 10% growth in assets under management impressed Citi.

The broker believes the company is well-positioned to deliver another earnings upgrade in FY18. Citi reiterates a Buy rating. Target is $6.81.

Target price is $6.81 Current Price is $5.81 Difference: $1
If CHC meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.37, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Macquarie rates CHC as Outperform (1) -

Charter Hall's result again beat the broker and FY guidance was again upgraded. Higher than expected performance fees meant operating earnings came in well ahead of the broker.

The group has a proven track record of sourcing capital and finding opportunities to invest this capital in direct real estate, the broker notes. Further performance fees likely offer earnings upside risk, and on a forecast total shareholder return of 17% the broker retains Outperform.

Target rises to $6.53 from $6.48.

Target price is $6.53 Current Price is $5.81 Difference: $0.72
If CHC meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.37, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Ord Minnett rates CHC as Accumulate (2) -

First half earnings were ahead of forecasts, driven by higher performance fees. The bringing forward of part of the Charter Hall Office Trust fee raises the question for Ord Minnett of whether the second tranche of the performance fee may be affected.

The broker revises down overall performance fee forecasts for the next five years to $400m from $500m. Accumulate maintained. Target reduced to $6.65 from $6.80.

Target price is $6.65 Current Price is $5.81 Difference: $0.84
If CHC meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.37, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

UBS rates CHC as Neutral (3) -

First half results were ahead of UBS forecasts, driven by the pull forward of $25m of the $110m CHOT performance fee. Guidance was increased slightly to 3% EPS growth.

UBS is forecasting EPS growth of 5% in FY18. Management flagged development capex, (20% of FUM) will be an increasing driver of FUM growth over time.

Neutral retained and target raised to $6.10 from $5.60..

Target price is $6.10 Current Price is $5.81 Difference: $0.29
If CHC meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.37, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Macquarie rates CVW as Outperform (1) -

ClearView's result missed the broker due to adverse claims experience. Otherwise the underlying performance exceeded expectation.

The overriding factor is Sony Life's 14.9% stake, acquired in Oct 2016. The broker believes it highly probable Sony Life will bid for the balance of ClearView at more than $1.70 by the end of April. Given the fund manager/insurer has performed in line with the broker's expectation since the original stake was taken, value accrued in the interim needs to be recognised.

Outperform retained. Target rises to $1.70 from $1.65.

Target price is $1.70 Current Price is $1.55 Difference: $0.15
If CVW meets the Macquarie target it will return approximately 10% (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

Credit Suisse rates CWN as Neutral (3) -

Credit Suisse considers the first half result messy. The broker upgrades estimates for operating earnings by 1-3% over the forecast period, now fully capitalising the interest relating to the Sydney Casino, although this has no impact on cash flow valuation.

Target is increased to $13.10 from $12.30 as a result. The broker models 5% EBITDA growth in FY19 and FY20. Neutral retained.

Target price is $13.10 Current Price is $13.45 Difference: minus $0.35 (current price is over target).
If CWN meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.19, suggesting downside of -2.0% (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

Deutsche Bank rates CWN as Hold (3) -

First half net profit was ahead of estimates. Deutsche Bank observes the results were boosted by lower commission payments at Crown Perth and a gain on sale of the Caesar's shares.

There were some encouraging trends, in the broker's opinion, with VIP turnover growth of 16%. Hold rating maintained. Target rises to $12.40 from $12.10.

Target price is $12.40 Current Price is $13.45 Difference: minus $1.05 (current price is over target).
If CWN 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 $13.19, suggesting downside of -2.0% (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

Macquarie rates CWN as Neutral (3) -

Crown reported just ahead of the broker. The Melbourne and Perth casinos posted soft performances as the broker had expected. VIP, on the other hand, grew by 16% to add 10% to earnings. An update on the CrownBet sale will be provided next week.

The broker notes Crown is trading at a 10% enterprise value premium to peer Star Entertainment ((SGR)). While Crown does offer capital management possibilities, the broker sees this as already priced in. On the broker's forecasts, Crown will grow earnings to FY20 at a 6% compound annual rate against Star's 8%.

Neutral retained. Target rises to $14.15 from $13.18.

Target price is $14.15 Current Price is $13.45 Difference: $0.7
If CWN meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $13.19, suggesting downside of -2.0% (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

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

First half results were better than the broker had expected. VIP revenue was up 16%, implying growth of around 70% over the Nov/Dec period, ahead of market expectations.

Morgan Stanley expects VIP growth to accelerate even further in the second half as N Asian customers continue to return. The broker forecasts FY18 EBITDA growth of 4%, to $865m. The previously announced buyback will be implemented.

Morgan Stanley retains an Equal-weight rating, Cautious industry view and raises the target to $13.00 from $12.50.

Target price is $13.00 Current Price is $13.45 Difference: minus $0.45 (current price is over target).
If CWN meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.19, suggesting downside of -2.0% (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

Ord Minnett rates CWN as Buy (1) -

First half normalised earnings were below estimates while net profit was slightly ahead. Ord Minnett observes a strong recovery in VIP occurred, with first half turnover increasing 15.9%.

Recent asset sales should allow a renewed focus on core land-based casino operations. Buy rating retained with a $13.50 target.

Target price is $13.50 Current Price is $13.45 Difference: $0.05
If CWN meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $13.19, suggesting downside of -2.0% (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

UBS rates CWN as Neutral (3) -

Crown's first half results were ahead of UBS estimates. The 16% growth in VIP was a pleasant surprise.

UBS has increased EPS forecasts by 7% in FY18, 5% in FY19 and 3% in FY20, mainly reflecting the stronger VIP trends. The broker's modelling assumes normalised commission rates in FY19 are 7bps higher than that reported in 1H which creates a -$35m headwind for earnings growth.

UBS retains a Neutral rating and raises the target to $12.40 from $12.28.

Target price is $12.40 Current Price is $13.45 Difference: minus $1.05 (current price is over target).
If CWN meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.19, suggesting downside of -2.0% (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

Morgans rates CWP as Hold (3) -

Cedar Woods' flat result was in line with management's expectations given a previously disclosed second half earnings skew. Settlements are skewed to Q4 so no earnings guidance was provided, but the broker notes a solid earnings profile in FY18-19.

The development pipeline and embedded value within the Williams Landing project provide a visible level of earnings out to FY21, in the broker's view. Even if settlement timing impacts on FY18, management will hold the dividend steady on FY17.

Hold retained, target rises to $6.42 from $5.76.

Target price is $6.42 Current Price is $5.87 Difference: $0.55
If CWP meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Deutsche Bank rates DCN as Buy (1) -

First half operating earnings were weaker than expected. This is the final financial result prior to the end of construction at the Mt Morgans project.

Deutsche Bank anticipates commercial production will not be declared until the start of the December quarter. Buy rating and $3.20 target maintained.

Target price is $3.20 Current Price is $2.68 Difference: $0.52
If DCN meets the Deutsche Bank target it will return approximately 19% (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 DCN as Outperform (1) -

Dacian's first half report indicated Mt Morgans is on track and on budget, and Cameron Well is set to add to production. Beresford underground is well ahead of schedule, the broker notes.

Imminent first gold at Mt Morgans will be an important step in the delivery of the project. The broker retains Outperform and a $3.80 target.

Target price is $3.80 Current Price is $2.68 Difference: $1.12
If DCN meets the Macquarie target it will return approximately 42% (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

Credit Suisse rates DOW as Neutral (3) -

First half results beat estimates. Management has maintained guidance for FY18 net profit of $295m. Credit Suisse notes work in hand for Spotless ((SPO)) is higher but for Downer it is lower.

Risks remain in terms of contract mining volumes/margins and contract renewals. Neutral rating maintained. Target rises to $7.00 from $6.90.

Target price is $7.00 Current Price is $6.78 Difference: $0.22
If DOW meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $7.36, suggesting upside of 8.6% (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

UBS rates ECX as Buy (1) -

Company has used the AGM to reaffirm guidance for the full year (EPS growth 10-12%), including comments FY18 thus far has started well. Probably of equal importance, guidance for Grays was also reaffirmed.

UBS grabs the opportunity to express its belief the shares have been sold down way too far and as such they are seen representing "compelling value". Buy rating retained. Target unchanged at $4.55.

Target price is $4.55 Current Price is $3.86 Difference: $0.69
If ECX meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.65, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in September.

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

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

First half results were in line with Morgan Stanley's forecasts, with EBITDA growth of 5.7%. Payout ratio was increased to 100% of statutory earnings in 1H and the company retains a policy for no less than 70% of NPAT to be distributed.

The company gave details of five projects, either under development or in advanced planning, which will see delivery of 345 beds in late FY19 and 240 beds in FY20. Earning contributions are unlikely to be material until FY20.

Equal-weight and $3.45 target retained. In-Line industry view.

Target price is $3.45 Current Price is $3.51 Difference: minus $0.06 (current price is over target).
If EHE meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.57, suggesting upside of 1.6% (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 EHE as Upgrade to Buy from Neutral (1) -

The solid first half result was in line with UBS estimates. The 100% dividend pay-out ratio was a surprise to the upside.

FY18 EBITDA guidance was reiterated at mid-single digit percentage growth, with updated UBS forecast now sitting at $92.1m.

UBS upgrades to Buy from Neutral. Target is raised to $4.00 from $3.75.

Target price is $4.00 Current Price is $3.51 Difference: $0.49
If EHE meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.57, suggesting upside of 1.6% (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 EPW as Neutral (3) -

ERM's result beat Macquarie, thanks to stronger Australian retail performance and no large-scale generation certificate (LGC) impact. At 32% over two years, the order book is now at its highest point since listing, the broker notes.

Earnings visibility is nevertheless low, with gross margins impacted by both competition and the hedge book. Neutral retained, target rises to $1.51 from $1.43.

Target price is $1.51 Current Price is $1.60 Difference: minus $0.09 (current price is over target).
If EPW meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.70, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

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

While ERM's result beat Morgans, earnings volatility makes a comparison with the previous corresponding period difficult. The highlight was an improved gross margin outlook for domestic retailing, which the broker notes is the largest earnings segment.

Australian retailing is stronger but US retailing much weaker than expected. Management has targeted a minimum 7c dividend, kept capital aside for growth investment, and initiated a buyback. All this from a company that 18 months ago was forced to cut its dividend, the broker notes.

Morgans "cautiously" upgrades to Add, with the caveat of high risk. Target rises to $1.93 from $1.39.

Target price is $1.93 Current Price is $1.60 Difference: $0.33
If EPW meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

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

First half results were above the top end of guidance ranges despite the disruption to the core Australian business. Citi notes the results were driven by the US, EMEA and Asia, which have been challenged from a profitability perspective for many years.

The broker believes the earnings risk is weighted to the upside. Initial caution around transformation targets has been allayed by the early progress being made. Rating is upgraded to Neutral from Sell. Target is raised to $54 from $45.

Target price is $54.00 Current Price is $56.17 Difference: minus $2.17 (current price is over target).
If FLT meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $52.47, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

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

Credit Suisse rates FLT as Underperform (5) -

Credit Suisse observes solid progress in the restructuring of loss-making offshore businesses stood out in the first half result. The main uncertainty in the broker's outlook is whether the consolidation of the Australasian leisure network can drive sustainable growth in transaction value.

The broker assumes the leisure businesses grow at below-market rates over the medium term. The corporate growth outlook is solid and of increasing importance to the company, Credit Suisse adds. Underperform maintained. Target rises to $42.08 from $39.25.

Target price is $42.08 Current Price is $56.17 Difference: minus $14.09 (current price is over target).
If FLT meets the Credit Suisse target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $52.47, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

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

Deutsche Bank rates FLT as Hold (3) -

First half results were ahead of expectations. Importantly, Deutsche Bank notes the transformation program is producing strong outcomes.

The only blemish was the soft transaction growth in Australian leisure but the broker believes this is temporary and growth should resume once the brand consolidation is complete.

Deutsche Bank is more confident in the medium-term targets but believes the upside is already captured in the share price. Hold rating maintained. Target rises to $52 from $50.

Target price is $52.00 Current Price is $56.17 Difference: minus $4.17 (current price is over target).
If FLT meets the Deutsche Bank target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $52.47, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates FLT as Upgrade to Equal-weight from Underweight (3) -

First half results were better than Morgan Stanley expected, driven by acquisitions and cost savings. The broker expects total transaction value growth to accelerate in the second half.

The broker lifts FY18-FY20 EPS forecasts by 8-16% to reflect cost-out execution and growing international performance.

Morgan Stanley upgrades to Equal-weight from Underweight. Target rises to $54 from $38 to reflect lower capex and expanding corporate business. Industry view is Cautious.

Target price is $54.00 Current Price is $56.17 Difference: minus $2.17 (current price is over target).
If FLT meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $52.47, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates FLT as Hold (3) -

Flight Centre delivered a stronger than expected result despite the new Global Distribution System rollout, fewer selling staff and the cost of the Business Transformation Program, the broker notes. The company is clearly delivering on its strategy of growing total transaction value, improving margins and slowing cost growth.

FY guidance has been slightly upgraded, with a kicker from US tax cuts. The broker expects material earnings improvement over coming years but following a strong share price run, the recovery is priced in. Hold retained, target rises to $52.60 from $47.00.

Target price is $52.60 Current Price is $56.17 Difference: minus $3.57 (current price is over target).
If FLT 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 $52.47, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates FLT as Buy (1) -

First half results were stronger than expected. This reflects revenue growth and margin improvement because of material cost savings in offshore business. Ord Minnett notes, at the same time, the Australasian business delivered a credible result.

Margin improvement in Australasia provides further evidence of cost savings and additional benefits are expected to flow through from the second half. Ord Minnett maintains a Buy rating and raises the target to $62.20 from $53.95.

Target price is $62.20 Current Price is $56.17 Difference: $6.03
If FLT meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $52.47, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates FLT as Buy (1) -

First half results were ahead of both guidance and UBS estimates, with all regions reporting a profit. FY18 PBT guidance was upgraded 2% at the mid-point to $360-385m.

UBS sits 1% above the top end of revised guidance at $391m, implying a 16% lift in second half PBT.

Buy reiterated and target is lifted to $60.70 from $53.60.

Target price is $60.70 Current Price is $56.17 Difference: $4.53
If FLT meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $52.47, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

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

Deutsche Bank rates FXJ as Upgrade to Buy from Hold (1) -

First half results were well ahead of estimates and Deutsche Bank notes the better earnings in metro media and significantly lower corporate costs.

The result demonstrates a focus on maximising value for the remaining assets in the business, the broker suggests. Rating is upgraded to Buy from Hold. Target rises to $0.80 from $0.75.

Target price is $0.80 Current Price is $0.74 Difference: $0.06
If FXJ meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $0.77, suggesting upside of 3.4% (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

Morgans rates HPI as Hold (3) -

Hotel Property reported in line with expectations and FY18 distribution guidance was reaffirmed. Given a low cap rate environment, the REIT will concentrate on development opportunities within the existing portfolio, but further acquisitions were announced with the result, which will be 100% debt funded, the broker notes.

The REIT's premium hotel assets offer income underpinned by leases to quality tenants such as Woolworths ((WOW)) and Coles ((WES)) the broker notes. Hold retained, target rises to $3.14 from $3.10.

Target price is $3.14 Current Price is $3.03 Difference: $0.11
If HPI meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

UBS rates IFM as Buy (1) -

UBS' assessment of reported interim financials contains a mix of ifs and buts, with the analysts pointing out H1 came out in line at an operational level, but D&A surprised on the downside, and lower tax resulted in a 5% beat.

Due to the rollout of the Nissan EPC contract, UBS has high expectations for FY19. As such, the broker sees current valuation as undemanding. If management can finally live up to expectations, three year EPS CAGR might be 18%, at least that's what UBS is projecting.

Target gains 5c to $0.95. Buy rating retained.

Target price is $0.95 Current Price is $0.82 Difference: $0.13
If IFM meets the UBS target it will return approximately 16% (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 ING as Neutral (3) -

First half results were solid, in Citi's view, albeit a slower pace of growth in the second half is expected, given rising input costs. Citi makes few revisions to estimates, given higher depreciation and tax.

The broker considers the stock fair value and retains a Neutral rating. The stock is expected to be supported by its dividend yield and improved balance sheet. Target reduced to $3.60 from $3.65.

Target price is $3.60 Current Price is $3.68 Difference: minus $0.08 (current price is over target).
If ING meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.88, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Credit Suisse rates ING as Outperform (1) -

First half results beat expectations. Policy volumes grew and efficiency benefits drove strong expanding margins. The stock is looking extremely cheap Credit Suisse believes, relative to growth in the quality of the business.

Outperform rating maintained. Target rises to $4.30 from $4.00.

Target price is $4.30 Current Price is $3.68 Difference: $0.62
If ING meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.88, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Macquarie rates ING as Outperform (1) -

Inghams beat the broker on underlying earnings and net debt came in well below forecast. Management noted capital management options are under review. The broker suggests a 10% buyback would be 6-7% accretive.

Margins continue to track higher although cost pressures remain, but Inghams has managed this well, the broker notes, passing higher utility and feed costs on through higher prices. With valuation undemanding and a 5.5% yield on offer, the broker retains Outperform and $4.00 target.

Target price is $4.00 Current Price is $3.68 Difference: $0.32
If ING meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.88, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

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

First half results were mixed, with declining revenue somewhat offset by cost-out initiatives and first half cash conversion of 118%, driven largely by well managed inventories and payables.

Management reiterated aspirations to reach double digit EBITDA margins. Morgan Stanley is forecasting EBITDA margins to reach 9.8% by FY21.

Equal-weight. Target raised to $3.60 from $3.40. Industry view: Cautious.

Target price is $3.60 Current Price is $3.68 Difference: minus $0.08 (current price is over target).
If ING meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.88, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Morgans rates ING as Add (1) -

Inghams posted another strong result, beating the broker by 4%. Strong cash flow was the highlight, the broker suggests, leaving the balance sheet well positioned for capital management.

No formal guidance was provided but outlook commentary is positive, with cost increases to be offset through price rises and Project Accelerate benefits. The broker considers the stock undervalued and retains Add. Target rises to $4.05 from $3.90.

Target price is $4.05 Current Price is $3.68 Difference: $0.37
If ING meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.88, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

UBS rates ING as Buy (1) -

On UBS' assessment, the interim performance was slightly below expectations. Improved trading in New Zealand was offset by softer volumes in Australia. The analysts highlight management has reiterated it remains comfortable with market consensus for the full year.

The analysts are concerned the way forward for the Australian business may hit a few hurdles due to expiring electricity contracts and rising feed costs (wheat). They also believe management can overcome these well-known factors.

Forecasts are broadly unchanged, leaving the Buy rating intact, as well as the $3.70 price target.

Target price is $3.70 Current Price is $3.68 Difference: $0.02
If ING meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.88, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Morgans rates IPD as Add (1) -

Impedimed posted a net loss in line with forecasts. The company's move to a subscription based model results in lower revenue recognition in the short term but the broker's FY18-20 forecasts remain unchanged.

Near term catalysts include bilateral clearance for SOZO and the release of PREVENT study results. Add and $1.46 target retained.

Target price is $1.46 Current Price is $0.72 Difference: $0.74
If IPD meets the Morgans target it will return approximately 103% (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

Credit Suisse rates IRE as Neutral (3) -

The improved trajectory in the second half makes Credit Suisse more confident in the growth outlook. 2017 benefitted from acquisitions and the broker suspects the company's 2018 guidance for profit growth of 3-7% is probably below what the market was looking for.

Revenue in the UK exhibited low growth but this is the division the broker believes is key to the outlook. While the addressable market is attractive, Credit Suisse requires higher growth in this division in order for the stock to re-rate.

Neutral rating and $11 target maintained.

Target price is $11.00 Current Price is $10.64 Difference: $0.36
If IRE meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $11.05, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in December.

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

Deutsche Bank rates IRE as Hold (3) -

2017 earnings were in line with estimates. However earnings guidance for 2018 is below expectations. Deutsche Bank notes margins in the second half were still under pressure, albeit at a reduced rate.

The broker maintains a Hold rating, given elevated spot multiples combined with the continued downgrading of future earnings expectations. Target is reduced to $10.70 from $11.30.

Target price is $10.70 Current Price is $10.64 Difference: $0.06
If IRE meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $11.05, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates IRE as Upgrade to Hold from Lighten (3) -

2017 results were at the top end of the prior guidance range and ahead of Ord Minnett's forecasts. Given the substantial number of acquisitions over the last couple of years the broker awaits signs of a sustained recovery in profitability before becoming more constructive.

Nevertheless, the drop in the share price since January leads to a raising of the recommendation to Hold from Lighten. Target is $11.

Target price is $11.00 Current Price is $10.64 Difference: $0.36
If IRE meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $11.05, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates LLC as Neutral (3) -

First half results were ahead of UBS forecasts, driven by a stronger than expected contribution from the development and investment management divisions.

The highlight for the broker was the announcement of the $500m buyback, which would be marginally accretive, signalling confidence in the cash flows of the business.

Neutral rating maintained. Target is raised to $18.20 from $17.20.

Target price is $18.20 Current Price is $17.33 Difference: $0.87
If LLC meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $18.35, suggesting upside of 5.9% (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 LNK as Buy (1) -

First half results were ahead of expectations. Citi continues to envisage value in the earnings trajectory amid synergies and accretion from the CAS acquisition from FY19. Synergy targets are considered conservative.

The broker notes funds administration remains on track to achieve previous guidance. Buy rating and $10 target maintained.

Target price is $10.00 Current Price is $8.67 Difference: $1.33
If LNK meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.16, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Credit Suisse rates LNK as Neutral (3) -

First half results beat expectations, supported by the maiden contribution of Link Asset Services. Credit Suisse expects some of the supportive factors to continue in the future and upgrades estimates by 8% for FY18 and 1% for FY19.

Top-line growth remains relatively low and the broker considers the valuation fair. Neutral maintained. Target rises to $9.00 from $8.50.

Target price is $9.00 Current Price is $8.67 Difference: $0.33
If LNK meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.16, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

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

First half results were 21% ahead of UBS estimates, largely reflecting a significantly higher first time contribution from the LAS acquisition.

UBS has lifted FY18 EPS forecast by 8.8% and 0.3% in FY19. With the broker's medium term revenue growth outlook already at 3-3.5%, large scale funds admin client wins are required to drive further upside.

Rating is downgraded to Neutral from Buy. Target is raised to $9.10 from $8.85.

Target price is $9.10 Current Price is $8.67 Difference: $0.43
If LNK meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.16, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

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

The company had issued a profit warning pre reporting season and yesterday's release came in-line, with Credit Suisse observing no guidance was provided. Uncertainty revolves around the Emma & Roe repositioning in combination with the exit from the USA.

Greater than expected losses have triggered reduced forecasts. In addition, CS analysts have now incorporated lower margins for the Australian operations.

While the price target falls to NZ$1.45 from NZ$1.55, the rating has been upgraded to Outperform from Neutral, inspired by the share price fall.

Current Price is $1.13. Target price not assessed.

Current consensus price target is $1.35, suggesting upside of 19.5% (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

Macquarie rates MHJ as Outperform (1) -

First half results were below expectations. Macquarie notes forecasting second half profitability is difficult, as the company is completing its exit from the US and re-positioning Emma & Roe.

Still, an improving trend is expected in the second half from core geographies. Outperform maintained. Target is reduced to $1.32 from $1.54.

Target price is $1.32 Current Price is $1.13 Difference: $0.19
If MHJ meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.35, suggesting upside of 19.5% (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 MHJ as Hold (3) -

Michael Hill's result was in line with guidance but the broker was disappointed by margins in the core business. On the positive side, the US will be fully exited by the end of FY18, providing an earnings tailwind in FY19, and Emma & Roe losses were reduced on a much lower store base.

Valuation is not demanding but during what continues to be a period of significant restructure and underlying business weakness, the broker retains Hold. Target falls to $1.18 from $1.21.

Target price is $1.18 Current Price is $1.13 Difference: $0.05
If MHJ meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.35, suggesting upside of 19.5% (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

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

First half results were solid in the broker's opinion, driven by new client wins and increased participation.

FY18 UNPATA guidance of $93.6m implies 9% growth in the second half, compared to 5% in the first half.

Morgan Stanley retains Equal-weight, $14.65 target and In-Line sector view.

Target price is $14.65 Current Price is $17.17 Difference: minus $2.52 (current price is over target).
If MMS meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.44, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates MOC as Underperform (5) -

First half results were ahead of estimates, benefiting from a one-off reduction in commission being passed through to brokers.

Macquarie believes the outlook is constrained amid ongoing market share losses and reduction in broker numbers as well as lower system housing growth.

The broker maintains an Underperform rating and raises the target to $2.40 from $2.30.

Target price is $2.40 Current Price is $2.43 Difference: minus $0.03 (current price is over target).
If MOC meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

Credit Suisse rates NEC as Outperform (1) -

First half results were ahead of expectations. Credit Suisse raises FY18 estimates for EBITDA by 6.1%. Net profit forecasts are raised by 12%. The main positive was a strong growth in digital revenue and earnings. This was achieved despite the loss from Bing.

Outperform rating maintained. Target rises to $2.10 from $1.80.

Target price is $2.10 Current Price is $2.05 Difference: $0.05
If NEC meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.77, suggesting downside of -13.8% (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 NEC as Outperform (1) -

Macquarie observes first half results were strong and the company has upgraded FY18 guidance. Positive drivers include an improving TV advertising market and strong growth from digital. There was also a timing benefit around licence fee expenses.

Macquarie believes earnings upside exists if the company can improve its share, advertising markets remain positive or material value is demonstrated in Stan. Outperform maintained. Target is lifted 19% to $2.20.

Target price is $2.20 Current Price is $2.05 Difference: $0.15
If NEC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.77, suggesting downside of -13.8% (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

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

First half results were better than Morgan Stanley's estimates, clearly on the back of audience and revenue market share gains for Ch9.

FY18 guidance was lifted 8% to $237-261m, 6% ahead of consensus.

Equal-weight and $1.30 target retained. Industry view: Attractive.

Target price is $1.30 Current Price is $2.05 Difference: minus $0.75 (current price is over target).
If NEC meets the Morgan Stanley target it will return approximately minus 37% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.77, suggesting downside of -13.8% (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 NEC as Upgrade to Neutral from Sell (3) -

UBS was impressed by the first half results, which showed revenue share at 13-year highs. This lead to a 20% beat of the broker at EBITDA.

UBS believes FY18 guidance of $231-261m looks slightly conservative and is factoring FY18 EBITDA of $262m.

The broker upgrades to Neutral from Sell and raises the target price to $1.90 from $1.35.

Target price is $1.90 Current Price is $2.05 Difference: minus $0.15 (current price is over target).
If NEC 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 $1.77, suggesting downside of -13.8% (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

Credit Suisse rates OGC as Outperform (1) -

2017 results met forecasts. Credit Suisse finds the dividend policy vague but an improved financial performance should continue as Haile ramps up, and suggests the dividend is secure. Debt reduction remains a priority.

Outperform maintained. Target reduced to $3.80 from $4.00.

Target price is $3.80 Current Price is $3.29 Difference: $0.51
If OGC meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.42, suggesting upside of 34.2% (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: 0.8

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

Ord Minnett rates OGC as Accumulate (2) -

2017 results were ahead of expectations. Ord Minnett considers the outcome solid, given it was a difficult year for the company.

Free cash flow is expected to improve throughout 2018 and the company is expected to be net cash within 12 months. Accumulate maintained. Target raised $4.80 from $4.60.

Target price is $4.80 Current Price is $3.29 Difference: $1.51
If OGC meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $4.42, suggesting upside of 34.2% (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: 0.8

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

Credit Suisse rates OZL as Neutral (3) -

2017 results were in line with expectations. Credit Suisse suggests, at current copper and gold prices, Carrapateena is comfortably funded.

Strong operating cash flow is expected to continue for the two years of recovery in the copper stockpile, before a step reduction when it is depleted and low-value, gold-only stocks replace the high-grade copper as the dominant feed from early 2020.

Neutral rating and $8.25 target.

Target price is $8.25 Current Price is $9.84 Difference: minus $1.59 (current price is over target).
If OZL meets the Credit Suisse target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.78, suggesting downside of -0.6% (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

Deutsche Bank rates OZL as Hold (3) -

2017 earnings were largely in line with expectations. Management has signalled it will re-visit capital management in the September quarter. Deutsche Bank suspects an increased dividend.

The broker maintains a Hold rating on valuation. Target rises to $9.10 from $8.70.

Target price is $9.10 Current Price is $9.84 Difference: minus $0.74 (current price is over target).
If OZL 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 $9.78, suggesting downside of -0.6% (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

Macquarie rates OZL as Outperform (1) -

OZ Mineral's underlying earnings fell -13% short of the broker on higher than expected ore inventory. Cash flow was in line but the dividend was lower than expected. Lower capex provided some offset.

No change to FY production guidance but the broker notes cost guidance could come under pressure given A$ sensitivity. The ramp-up of Prominent Hill underground should sustain copper production ahead of Carrapateena coming on line.

Outperform retained, target falls to $10.80 from $11.50.

Target price is $10.80 Current Price is $9.84 Difference: $0.96
If OZL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.78, suggesting downside of -0.6% (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

Morgans rates OZL as Hold (3) -

OZ Minerals' result met consensus but beat the broker. The operating cash flow result confirms the company's recently reliable operating track record, the broker notes.

Management will review its capital management strategy which will keep the spotlight on an ability to lift shareholder returns while balancing investment in emerging growth opportunities. OZ offers strong cash flow leverage to copper prices and in a climate of synchronised global growth, copper price risk is to the upside, the broker suggests.

Hold retained, target rises to $9.80 from $9.40.

Target price is $9.80 Current Price is $9.84 Difference: minus $0.04 (current price is over target).
If OZL 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 $9.78, suggesting downside of -0.6% (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

Ord Minnett rates OZL as Hold (3) -

2017 earnings matched forecasts. Ord Minnett factors in higher copper price estimates and this lifts the target to $10.00 from $8.70. Given the recent bounce in the share price the broker maintains a Hold rating.

The broker considers Carrapateena is an exciting opportunity and, while it could provide a number of growth options and potentially phase 2 expansions, it is too early to include any economics around these options.

Target price is $10.00 Current Price is $9.84 Difference: $0.16
If OZL meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $9.78, suggesting downside of -0.6% (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

UBS rates OZL as Neutral (3) -

Did OZ Minerals release FY17 financials? You wouldn't be able to tell from UBS' response post event. There is no attention for financials. Instead, the broker zooms in on OZ Minerals not only talking up its growth profile, but now also attaching a timeline to its ambition.

UBS thinks the market will continue rewarding the company for its visible growth outlook. There are potential hurdles as the company needs to source enough electricity, but maybe investing in its own infrastructure might be the best solution long term?

Target price has moved to $9.80 from $9.73, still at a discount to the broker's $10.95 valuation. Neutral.

Target price is $9.80 Current Price is $9.84 Difference: minus $0.04 (current price is over target).
If OZL meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.78, suggesting downside of -0.6% (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

Deutsche Bank rates PPC as Hold (3) -

First half net profit was below expectations because of lower settlements and weak WA sales versus forecasts. Deutsche Bank slightly increases FY19 assumptions because of the positive outlook for the company's east coast projects.

Hold rating maintained. Target rises to $1.35 from $1.31.

Target price is $1.35 Current Price is $1.37 Difference: minus $0.02 (current price is over target).
If PPC meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

Macquarie rates PPC as Outperform (1) -

First half net profit was ahead of expectations. Macquarie believes the company can continue to grow earnings in the residential environment amid demand-driven tailwinds from interstate migration and demand from the owner occupier market.

The broker notes contracts on hand are up 11% versus June 2017 and up 19% by value. Outperform maintained. Target is slightly reduced to $1.49.

Target price is $1.49 Current Price is $1.37 Difference: $0.12
If PPC meets the Macquarie target it will return approximately 9% (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

Morgans rates PPE as Add (1) -

People Infrastructure delivered a first half result ahead of consensus forecasts on all fronts, the broker notes. It is particularly pleasing given an historic skew to the second half. New client wins are ongoing as clients continue to demonstrate increasing demand for workers.

A strong balance sheet provides for further acquisitions in complementary industries. Add retained, target rises to $1.68 from $1.52.

Target price is $1.68 Current Price is $1.44 Difference: $0.24
If PPE meets the Morgans target it will return approximately 17% (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

Ord Minnett rates PPE as Buy (1) -

First half underlying earnings beat estimates following achievement of better margins. Ord Minnett believes the company is on track to hit FY18 forecasts, particularly given the expected ramp up of disability services and inclusion of Recon Technology.

The broker maintains a Buy rating and raises the target to $1.62 from $1.56.

Target price is $1.62 Current Price is $1.44 Difference: $0.18
If PPE meets the Ord Minnett target it will return approximately 13% (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

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

First half results beat estimates. Credit Suisse suggests, given continued outflows and risks that come with a new CEO, the stock is back to fair value.

Rating is downgraded to Neutral from Outperform. Target is $56.

Target price is $56.00 Current Price is $53.27 Difference: $2.73
If PPT meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $51.91, suggesting downside of -2.6% (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 PPT as Neutral (3) -

First half results were slightly ahead of expectations. An upgrade to Macquarie's numbers is offset by the full-year run rate of higher employee expenses as well as an unwinding of a one-off uplift to the Perpetual Private revenue margin from fund rebates.

The broker transfers coverage to another analyst and the target moves to $51.80 from $53.00. Neutral maintained.

Target price is $51.80 Current Price is $53.27 Difference: minus $1.47 (current price is over target).
If PPT 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 $51.91, suggesting downside of -2.6% (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

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

First half results were better than the broker expected by 5%. Revenues were ahead of forecast while cost growth was a little higher.

Morgan Stanley upgrades earnings forecasts by 2% on better margin trends.

Equal-weight rating. Target is raised to $53 from $52. Industry view: In-line.

Target price is $53.00 Current Price is $53.27 Difference: minus $0.27 (current price is over target).
If PPT meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $51.91, suggesting downside of -2.6% (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

Ord Minnett rates PPT as Lighten (4) -

First half net profit was ahead of expectations. A soft Perpetual Investments result was more than offset by a strong Perpetual Private result, Ord Minnett observes.

With management changes and no meaningful flows into the business in the near term market direction will determine forecast earnings, the broker asserts. This underscores the Lighten rating and target of $49.50.

Target price is $49.50 Current Price is $53.27 Difference: minus $3.77 (current price is over target).
If PPT meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $51.91, suggesting downside of -2.6% (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 PPT as Sell (5) -

First half results were ahead of UBS forecasts, benefitting from low corporate costs, higher performance fees and one-off revenues in Perpetual Private.

UBS has lifted FY18 EPS forecast by 5% and FY19 by 3%. However, the broker sees ongoing outflow and revenue margin risks in the absence of further improvements.

As such, EPS growth remains highly dependent on markets with the broker's 3% 2yr CAGR outlook falling to -4% under a flat equities market.

Sell rating. Target raised to $50.10 from $48.65.

Target price is $50.10 Current Price is $53.27 Difference: minus $3.17 (current price is over target).
If PPT meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $51.91, suggesting downside of -2.6% (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 PRU as Neutral (3) -

First half results were weaker than expected. Macquarie believes positive momentum at Edikan and delivery on the ramp up at Sissingue are critical to unlocking the growth strategy.

Early indications of the performance at Sissingue bodes well for the long term, the broker observes, although the mill is yet to be tested under normal blend conditions. Neutral rating and $0.40 target are unchanged.

Target price is $0.40 Current Price is $0.43 Difference: minus $0.03 (current price is over target).
If PRU meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.48, suggesting upside of 11.6% (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

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

First half results missed the broker's expectations, despite earnings growth of 7% yoy.

Kerr Neilson is stepping down as CEO to be replaced by Andrew Clifford, the current CIO. Morgan Stanley believes this is a good transition given Mr Neilson is committed to growing PTM.

Equal-weight maintained. Target is $7.50 and Industry view is In-Line.

Target price is $7.50 Current Price is $6.76 Difference: $0.74
If PTM meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.61, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18: