Australian Broker Call

Citi rates AHY as Sell (5) -

At first glance, it appears the interim report came in with downgraded guidance, but the company also suspended its dividend and Citi analysts rightfully point out this is a negative surprise.

While management guided towards more weakness in H2, Citi analysts believe this is likely because of higher marketing costs and a less favourable AUD/USD hedged rate. A strategic review is under way. Sell. Target 70c.

Target price is $0.70 Current Price is $0.77 Difference: minus $0.07 (current price is over target).
If AHY meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.77, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in December.

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 AIZ as Outperform (1) -

Macquarie observes the airline finished FY18 with 5.0% capacity growth and a load factor of 82.8%. The outlook for FY19 reflects increased US capacity while Australia has been trimmed.

Air New Zealand has put through 3-5% in price increases to help offset the headwind from fuel. Macquarie continues to believe the market is too bearish about FY19 given the levers the company can pull to maintain profitability.

Outperform rating maintained. Target is NZ$3.80.

Current Price is $3.07. 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: -0.3

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

Citi rates AMC as Neutral (3) -

In initial response, Citi analysts note Amcor's FY18 result met expectations, but it was assisted by a lower tax rate, signalling underlying the result missed by some -4% or so.

While it appears operational headwinds are stabilising, Citi nevertheless believes management's guidance will reduce consensus expectations by some -5%. Neutral. Target $14.85.

Target price is $14.85 Current Price is $13.68 Difference: $1.17
If AMC meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $15.47, suggesting upside of 13.1% (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

Citi rates ANN as Neutral (3) -

FY18 results were largely in line. Citi believes the guidance for FY19 highlights the difficult nature of the industry. The broker's estimates for FY19 and FY20 earnings per share decrease by -4% and -3% respectively.

Citi likes the flexibility provided by the balance sheet but suggests the share price is not discounted to a level where investors are encouraged to buy, given raw material and trade issues. Neutral rating maintained. Target is reduced to $25.50 from $27.00.

Target price is $25.50 Current Price is $25.51 Difference: minus $0.01 (current price is over target).
If ANN meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.40, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Credit Suisse rates ANN as Underperform (5) -

FY18 results were in line with expectations. Credit Suisse notes the US tariff headwind in FY19 in addition to rising raw material costs. The broker decreases estimates for FY19 by -6% and FY20-21 by -8%.

Credit Suisse retains an Underperform rating and reduces the target to $24.00 from $24.50. The broker believes the stock is overvalued.

Target price is $24.00 Current Price is $25.51 Difference: minus $1.51 (current price is over target).
If ANN meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.40, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Deutsche Bank rates ANN as Hold (3) -

Ansell's FY18 results disappointed the broker on raw material cost growth. The company delivered 5% revenue growth and 15% NPAT growth, around the mid-point of its EPS guidance.

However, the mid-point of FY19 guidance is well below both Deutsche Bank and consensus expectations, with further downside should raw material costs remain elevated and US tariffs enacted. Hold rating and $27.25 target maintained.

Target price is $27.25 Current Price is $25.51 Difference: $1.74
If ANN meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $26.40, suggesting upside of 3.5% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Morgan Stanley rates ANN as Overweight (1) -

Revenue from continuing operations was slightly ahead of Morgan Stanley's estimates while adjusted EBIT was lower. The broker notes US import tariffs/raw materials may represent around US5-6c per share of downside to the mid point of guidance. Guidance is in the range of US$1.00-1.12 per share.

Rating is Overweight. Target is $28.55. Sector view is In-Line.

Target price is $28.55 Current Price is $25.51 Difference: $3.04
If ANN meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $26.40, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

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

Ansell's result was broadly in line with Morgans but required lower tax and interest and a buyback to support solid organic sales growth, offset by flat margins due to raw material headwinds.

The good news, Morgans suggests, is channel partnerships continue to expand, the Transformation program is tracking ahead of schedule, emerging market growth is strong and the balance sheet has plenty of acquisition capacity. The bad news is uncertainty in raw materials inflation and US tariff impacts.

Target falls to $25.16 from $26.30. Downgrade to Hold from Add.

Target price is $25.16 Current Price is $25.51 Difference: minus $0.35 (current price is over target).
If ANN meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.40, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Ord Minnett rates ANN as Downgrade to Hold from Accumulate (3) -

Ansell broadly delivered on Ord Minnett's FY18 expectations but organic growth has slowed and most of the 10% rise in H2 operating earnings was due to cost savings from restructuring.

Management has guided to a much weaker outlook in FY19 than the broker had anticipated, due mainly to rising input costs, leading Ord Minnett to cut FY19 forecasts by -10%.

Rating downgraded to Hold from Accumulate and target reduced to $24.70 from $29.75.

Target price is $24.70 Current Price is $25.51 Difference: minus $0.81 (current price is over target).
If ANN meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.40, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

UBS rates ANN as Neutral (3) -

FY18 revenue and earnings were below UBS estimates. The broker notes the company was unable to offset a deterioration in the first half by improving industrial growth and group margins in the second half.

Softness in FY18 margins was attributed to raw material inflation. FY19 guidance for earnings per share is set at US$1.00-1.12 and carries downside risk from unfavourable commodity price and US import tariffs movements, in the broker's view. Neutral rating maintained. Target is reduced to $25.50 from $27.45.

Target price is $25.50 Current Price is $25.51 Difference: minus $0.01 (current price is over target).
If ANN 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 $26.40, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Citi rates BHP as Buy (1) -

On initial assessment, Citi analysts comment BHP's FY18 release revealed a result in-line with expectations, while cash flows were stronger and management's targeted productivity gains have been lowered (that's a negative).

Underlying, it seems the result missed by some -2%, but nothing to get overly depressed about. The analysts do not anticipate major changes to consensus forecasts on the back of today's release. Buy. Target $36.

Target price is $36.00 Current Price is $32.63 Difference: $3.37
If BHP meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $35.92, suggesting upside of 10.1% (ex-dividends)

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

Macquarie rates BHP as Outperform (1) -

At first glance, Macquarie analysts believe BHP's FY18 report slightly missed expectations. They also spotted a strong cash result. The declared dividend was higher than expected, with the analysts noting the dividend was the highest ever for a half, lifting the payout above the old progressive stream for the first time.

Main negatives seem to have come in the form of a reduction in the productivity target and higher cost guidance for Escondida and Queensland Coal. Outperform. Target $41.

Target price is $41.00 Current Price is $32.63 Difference: $8.37
If BHP meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $35.92, suggesting upside of 10.1% (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: 0.8

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

Macquarie rates BIN as Outperform (1) -

On initial assessment, Macquarie notes the FY18 results proved in line with revised prospectus estimates, although net profits missed slightly.

The big announcement, however, is the proposed acquisition of Dial-a-Dump Industries. One negative seems to be the rather benign guidance, which, Macquarie speculates, might imply margin dilution.

Outperform. Target $3.

Target price is $3.00 Current Price is $2.87 Difference: $0.13
If BIN meets the Macquarie 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 BPT as Sell (5) -

Citi remains positive about the medium-term outlook for production growth but this comes with a higher price tag, as capital expenditure is re-based higher than expected.

Uncertainty regarding the valuation is expected to persist until the September strategy briefing and the broker maintains a Sell rating. Target is reduced to $1.62 from $1.77.

Target price is $1.62 Current Price is $1.78 Difference: minus $0.16 (current price is over target).
If BPT meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.65, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Morgan Stanley rates BPT as Overweight (1) -

Morgan Stanley notes a strong reaction to guidance for higher capital expenditure in FY19. Yet the broker's thesis is unchanged amid expectations free cash will continue to flow and the stock is trading on an undemanding multiple.

More detail is expected at the strategy briefing in September on the production bridge to 2021. However, the broker considers the risk profile has improved considerably over the last 12 months. Overweight and $2.00 target retained. Industry view: Attractive.

Target price is $2.00 Current Price is $1.78 Difference: $0.22
If BPT meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.65, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Ord Minnett rates BPT as Hold (3) -

FY18 underlying net profit was in line with Ord Minnett. The broker finds the 10% growth target over three years a positive, although the necessary information required to bridge the gap between FY19 capital expenditure and FY21 production was not provided.

Hold rating and $1.80 target maintained.

Target price is $1.80 Current Price is $1.78 Difference: $0.02
If BPT meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.65, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Deutsche Bank rates CDD as Buy (1) -

Cardno's FY18 results were "solid" in Deutsche Bank's view. The company's recovery is well under way with FY18 EBITDA growth of 27% underpinned by stronger margins in the Americas.

The strong order backlog bodes well for the revenue outlook, while the margin recovery in the US business has some way to go yet, the broker believes. Management is delivering a well-executed turnaround and the broker sees upside earnings risks in the next 1-3 years.

Buy rating retained and target price reduced to $1.65 from $1.80.

Target price is $1.65 Current Price is $1.30 Difference: $0.35
If CDD meets the Deutsche Bank target it will return approximately 27% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Morgan Stanley rates ECX as Overweight (1) -

SG Fleet ((SGF)) has bid $2 cash and 0.15 shares for EclipX. This represents a 17.8% premium to the last close. The board of  EclipX has rejected the proposal.

Morgan Stanley considers the bid opportunistic but underpinning its valuation of the core business. Overweight rating. Sector view is In-Line. Target is $2.50.

Target price is $2.50 Current Price is $2.49 Difference: $0.01
If ECX meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.75, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in September.

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 EHL as Outperform (1) -

At first glance, Macquarie saw a strong FY18 result, accompanied by a strengthening outlook. It also marks the first operational performance in positive territory since 2013, point out the analysts. Underlying Macquarie says it was in-line. Outperform. Target 43c.

Target price is $0.43 Current Price is $0.38 Difference: $0.05
If EHL meets the Macquarie 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

Ord Minnett rates ENN as Downgrade to Hold from Accumulate (3) -

FY18 earnings were helped by the sale of Ibis Eaglehawk and partial apportioning of proceeds from the Maryland sale. Removing the impact of these transactions meant FY18 earnings were ahead of Ord Minnett estimates.

The broker expects the funds management division to grow strongly but remains wary of an emerging competitive threat to Featherdale, as Sydney Zoo is slated to open in the second half of FY19 less than 10km away. Rating is downgraded to Hold from Accumulate. Target is reduced to $2.24 from $2.28.

Target price is $2.24 Current Price is $2.00 Difference: $0.24
If ENN meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Deutsche Bank rates EVN as Hold (3) -

Evolution Mining's FY18 results were well ahead of Deutsche Bank's estimates due to lower depreciation and tax. Management declared a fully franked dividend of 4cps.

The company improved its net debt position by $330m over the year and the broker expects the company will move to a net cash position before the end of the year. The broker's FY19 NPAT forecast is -21% lower due to higher cost assumptions and higher D&A included in company guidance.

Hold rating and $3.00 target retained.

Target price is $3.00 Current Price is $2.83 Difference: $0.17
If EVN meets the Deutsche Bank target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.99, suggesting upside of 5.8% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Citi rates FMG as Neutral (3) -

FY18 results were largely in line with estimates. Citi downgrades FY19 forecasts because of changes to the product mix and increased strip ratios. The broker believes the product suite will not change materially until FY21 when Eliwana is commissioned.

Neutral maintained. Target is reduced to $4.30 from $4.70.

Target price is $4.30 Current Price is $4.18 Difference: $0.12
If FMG meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

Credit Suisse rates FMG as Outperform (1) -

FY18 earnings were in line with Credit Suisse estimates. The new strip ratios provided are less punitive in the near term than the broker had expected.

The broker finds it difficult to envisage what would provide momentum for the share price in the near term but likes the commitment to steady dividends. Outperform rating and $5.50 target maintained.

Target price is $5.50 Current Price is $4.18 Difference: $1.32
If FMG meets the Credit Suisse target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

Macquarie rates FMG as Outperform (1) -

FY18 results were largely in line with expectations. Macquarie notes higher longer-term strip ratios are offset by slightly lower ratios in the short to medium-term.

If targeted product specifications for the West Pilbara fines can be achieved, the broker expects a higher price will be obtained. A US$5/t increase in realised iron ore prices into perpetuity would drive a $2 increase per share in valuation. Outperform. Target is reduced to $5.00 from $5.10.

Target price is $5.00 Current Price is $4.18 Difference: $0.82
If FMG meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

Morgans rates FMG as Add (1) -

Fortescue's result met consensus but fell short of the broker, with a -48% drop in profit reflecting surging discounts for lower grade iron ore. A dividend of 23c fell short of the broker's 28c forecast.

While structural changes have impacted on the miner's key low-grade market, better grades flowing from the new Eliwana project should lift pricing against the benchmark, the broker notes. The broker sees the stock as oversold and retains Add.

Target falls to $5.68 from $5.84.

Target price is $5.68 Current Price is $4.18 Difference: $1.5
If FMG meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

Ord Minnett rates FMG as Accumulate (2) -

Fortescue's FY18 results were in line with Ord Minnett's forecasts after adjustment for early bond redemptions. The full year dividend of 23cps was 30% above consensus and 15% above the broker's estimate.

Management outlined plans to introduce West Pilbara fines to the current product suite and the broker's rough calculation, assuming a -15% discount on the fines product, shows this could add more than US$0.5bn per annum to revenue.

The broker believes the new product strategy is positive and maintains an Accumulate rating and $5.30 target.

Target price is $5.30 Current Price is $4.18 Difference: $1.12
If FMG meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

UBS rates FMG as Buy (1) -

FY18 results were in line with expectations. A final fully franked dividend of $0.12 per share was a surprise to UBS. Guidance is unchanged.

The company has increased exploration expenditure for FY19 to US$100m because of a copper-gold drilling program due to start in Ecuador. Buy rating maintained. Target is reduced to $5.30 from $5.45.

Target price is $5.30 Current Price is $4.18 Difference: $1.12
If FMG meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.8

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

Macquarie rates FXL as Neutral (3) -

At first glance, FlexiGroup's FY18 result missed Macquarie's expectation slightly, though it came out towards the top end of management's guidance. Guidance seems to have surprised to the upside. Neutral. Target $1.95.

Target price is $1.95 Current Price is $2.27 Difference: minus $0.32 (current price is over target).
If FXL meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.12, suggesting downside of -6.8% (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 GTY as Outperform (1) -

FY18 distributable earnings were in line with expectations and downgraded guidance. Macquarie observes the long-term rental division continues to make progress but development is showing limited improvement. The broker currently forecasts around 3.9% distributable growth in earnings per share in FY19.

The Hometown offer is now final and discussions with Brookfield have ceased so Macquarie believes any superior proposal would need to come from a third party. Macquarie reduces the target to $2.29 from $2.31. Outperform maintained.

Target price is $2.29 Current Price is $2.23 Difference: $0.06
If GTY meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

UBS rates GTY as Neutral (3) -

FY18 results were in line with guidance. UBS notes the balance sheet is healthy with gearing at 32.4%. The board has also recommended that shareholders accept Hometown's $2.25 per share offer in the absence of a superior proposal.

Neutral rating and $2.30 target maintained.

Target price is $2.30 Current Price is $2.23 Difference: $0.07
If GTY meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Citi rates GXL as Neutral (3) -

Citi considers the FY19 PE multiple of 12x not overly demanding but remains concerned about elevated gearing and uncertainty about the store roll-out target. Moreover, Amazon is yet to launch in the pet category.

A potential private equity bid represents upside risk. The broker upgrades FY19 estimates for earnings per share by 9%. Target is reduced to $4.58 from $4.70.

Target price is $4.58 Current Price is $4.04 Difference: $0.54
If GXL meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.26, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Deutsche Bank rates GXL as Sell (5) -

Greencross' position as the dominant player in a sector that has strong secular growth drivers should support a positive investment case, in the broker's view, however, the company has failed to deliver earnings and returns consistent with that opportunity.

EPS has declined at a compound rate of -6% over the last three years and ROCE has contracted by 360 basis points since FY15. Management appears to be partly addressing the issues but the broker feels more drastic changes are required. Sell rating and $3.70 maintained.

Target price is $3.70 Current Price is $4.04 Difference: minus $0.34 (current price is over target).
If GXL 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 $4.26, suggesting upside of 5.4% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

UBS rates GXL as Neutral (3) -

FY18 results were weak but well flagged, UBS observes. Margins softened across the vet and New Zealand divisions. While the integrated model is yet to be proven the broker believes there is enough evidence offshore that it is likely to work.

Of most concern is the potential need to reinvest in low prices in retail. Neutral rating and $4.40 target maintained.

Target price is $4.40 Current Price is $4.04 Difference: $0.36
If GXL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.26, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Macquarie rates GXY as Outperform (1) -

The company has published an updated resource estimate for Mount Cattlin, with in situ resources lifting 2%. Macquarie notes there are now 88% of resources classified as measured and indicated which bodes well for further conversion to reserves.

The broker also believes there could be scope to lower the cut-off grades, given the significant improvements in recovery that are expected. Outperform rating and $3.90 target maintained.

Target price is $3.90 Current Price is $2.74 Difference: $1.16
If GXY meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 31.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Citi rates HSO as Neutral (3) -

On initial assessment, it appears FY18 results have slightly beaten expectations. Lower than expected costs have supported the performance, note Citi analysts. They believe FY19 guidance is unchanged from guidance provided in late May.

The company has also announced it intends to transfer $1bn of its properties into an unlisted trust for which it is seeking a co-investor. Citi analysts don't expect much impact to consensus forecasts post the release. Neutral. Target $2.20.

Target price is $2.20 Current Price is $2.19 Difference: $0.01
If HSO meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Credit Suisse rates HUB as Neutral (3) -

FY18 results signalled to Credit Suisse the company is executing on its strategy, translating strong funds under administration growth into profitable growth. Underlying net profit was in line with forecasts. The company has also announced an inaugural distribution of 3.5c per security and a pay-out ratio of 40-60%.

As a sign of confidence in the opportunity presented to specialist platforms the company has upgraded its FY21 funds under administration target to $19-23bn. Neutral rating and $13.20 target maintained.

Target price is $13.20 Current Price is $13.48 Difference: minus $0.28 (current price is over target).
If HUB meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Ord Minnett rates HUB as Buy (1) -

Ord Minnett opts to reduce revenue margin forecasts on the expectation that recent competitive pressures will affect pricing.

The broker maintains a Buy rating as the Fitzpatricks deal provides guaranteed flows in FY19 and the company has one of the lowest margins on administration platforms in the market.

Target rises to $14.08 from $13.75.

Target price is $14.08 Current Price is $13.48 Difference: $0.6
If HUB meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

UBS rates IMD as Buy (1) -

Headline numbers for FY18 were slightly ahead of UBS estimates. Nevertheless, the result was overshadowed by a step up in expected investment and pressures on gross profit margins.

Average pricing growth bodes positively for FY19 and the broker notes exploration conditions remain favourable. UBS maintains a Buy rating and reduces the target to $1.65 from $1.70.

Target price is $1.65 Current Price is $1.22 Difference: $0.43
If IMD meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates MND as Neutral (3) -

On initial assessment, it seems FY18 revenues surprised slightly but were countered by noticeably lower margins. Macquarie is prepared to label the net outcome as "in-line", but the analysts do believe the risk remains to the downside as far as FY19 is concerned.

The company remains well positioned to secure new contracts, but their effect will likely be felt in FY20 rather than FY19, suggests Macquarie. Neutral. Target $15.87.

Target price is $15.87 Current Price is $15.81 Difference: $0.06
If MND meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $15.47, suggesting downside of -2.1% (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) -

At first glance, the FY18 report seems in-line with previously provided guidance, but Macquarie analysts see numerous negative pressure points. Settlements were down -7%. Market share is going backwards. Dividends were held flat.

Macquarie continues to see downside risks, and believes this also applies to FY19 guidance. Underperform. Target $1.55.

Target price is $1.55 Current Price is $1.71 Difference: minus $0.16 (current price is over target).
If MOC meets the Macquarie target it will return approximately minus 9% (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

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

Demand for paper products has stabilised and growth is now coinciding with worldwide supply constraints, Ord Minnett observes. The broker believes Midway is poised to capitalise on the dynamics.

Patient investors are expected to be more than adequately compensated with a fully franked dividend yield of 6.3%. The broker initiates coverage with a Buy rating and $3.47 target.

Target price is $3.47 Current Price is $3.06 Difference: $0.41
If MWY 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

Morgans rates NAN as Hold (3) -

Nanosonics posted a miss on revenue but a beat on profit, thanks to continued growth in the installed base in the US and the UK management equipment service agreements contributing, the broker notes.

Growing consumables revenue and new product launches are on track for the end of FY20 which should keep investors interested, the broker suggests. Hold retained, target rises to $3.32 from $3.12.

Target price is $3.32 Current Price is $3.55 Difference: minus $0.23 (current price is over target).
If NAN meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates NHF as Neutral (3) -

Citi believes guidance is set conservatively and forecasts FY19 underlying operating profit of $195.8m, around 9% ahead of guidance. Despite a reduction in guidance for policyholder growth to 3-4% the broker still believes it will grow faster than the industry rate.

The broker also notes the company's desire to be cautious on capital ahead of potential changes to the APRA standards. Neutral rating maintained. Target is $6.45.

Target price is $6.45 Current Price is $6.48 Difference: minus $0.03 (current price is over target).
If NHF meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.41, suggesting downside of -1.2% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Credit Suisse rates NHF as Downgrade to Underperform from Neutral (5) -

FY18 results were slightly ahead of forecasts. Claims inflation is at historical lows and in line with the broker's analysis of the industry. Credit Suisse increases FY19 estimates for underlying operating profit by 8.6%.

As the share price is up around 20% since June, the broker downgrades to Underperform from Neutral. While underlying trends remain positive and are expected to continue in FY19 the broker believes the capitalising of margins cannot continue. Target is raised to $6.30 from $5.35.

Target price is $6.30 Current Price is $6.48 Difference: minus $0.18 (current price is over target).
If NHF 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 $6.41, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Deutsche Bank rates NHF as Buy (1) -

FY18 results, preannounced, were ahead of guidance. NPAT of $133.5m was up 12% on the prior corresponding period and Operating profit 20% higher.

The full year dividend of 20cps represented a payout ratio of 68.5% of FY18 NPAT. The company also introduced a dividend reinvestment plan and flagged that the upcoming APRA review of Health Insurance capital may result in changes to the balance sheet structure.

 Buy rating maintained, target rises to $7.10 from $6.65.

Target price is $7.10 Current Price is $6.48 Difference: $0.62
If NHF meets the Deutsche Bank target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.41, suggesting downside of -1.2% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Macquarie rates NHF as Neutral (3) -

FY18 underlying operating profit was in line with guidance. Management is guiding to at least $180m in underlying operating profit. Macquarie acknowledges profitability in FY19 is sensitive to claims assumptions and forecasts $193.4m.

The broker notes the APRA review of capital standards is likely to commence late in 2018, with revisions to be implemented from 2021 at the earliest. Nib has a range of capital management levers available to manage the transition, in the broker's opinion.

Neutral rating maintained and the target is raised to $6.40 from $6.31.

Target price is $6.40 Current Price is $6.48 Difference: minus $0.08 (current price is over target).
If NHF 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 $6.41, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

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

Morgan Stanley suggests rising political uncertainty and growing concerns about capital overhang the stock, despite the likelihood the business will exceed FY19 guidance.

While the company has captured 45% of industry policyholder growth, driven by its multichannel distribution platform, the broker observes weakness  in the second half in New Zealand, noting falling industry growth is exacerbating competition.

Target price is raised to $6.00 from $5.60. Rating Equal Weight. Industry view: In-line.

Target price is $6.00 Current Price is $6.48 Difference: minus $0.48 (current price is over target).
If NHF meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.41, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgans rates NHF as Hold (3) -

Nib had already pre-released, so no surprises. The broker has now lifted its earnings forecasts by 10-18% in FY19-20 to factor in the recent update and the result.

The broker sees FY19 guidance as conservative but this may reflect an expectation claims trends will normalise after a benign FY18. The broker is positive on nib but believes it's well valued with profit margins at cyclical highs. Hold retained, target rises to $6.77 from $6.33.

Target price is $6.77 Current Price is $6.48 Difference: $0.29
If NHF meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.41, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Ord Minnett rates NHF as Hold (3) -

Nib's preguided FY18 earnings were in line with Ord Minnett's forecasts. The 20cps dividend was also in line with the broker.

FY19 operating profit guidance of more than $180m implies about 6% margins in Australian Residents Health Insurance which appears low to the broker. Ord Minnett believes the stock is fully priced at current levels, bearing in mind that governments will seek to limit price increases to allow the industry to try to claw back some of the margins.

Hold recommendation retained and target reduced to $6.12 from $6.16.

Target price is $6.12 Current Price is $6.48 Difference: minus $0.36 (current price is over target).
If NHF meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.41, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

UBS rates NHF as Sell (5) -

The business finished FY18 on a strong note and results were slightly ahead of UBS estimates. The broker believes a healthy tailwind is likely to continue into the first half of FY19 from the GU Health acquisition and reserve releases.

The company has tempered the top-line outlook, expecting policyholder growth of 3-4% versus 4-5% previously, although expectations for margins at the top end of the 5-6% range have been maintained. Sell rating maintained. Target is raised to $6.10 from $5.70.

Target price is $6.10 Current Price is $6.48 Difference: minus $0.38 (current price is over target).
If NHF 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 $6.41, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Macquarie rates OML as No Rating (-1) -

First half operating earnings of $37.9m were up 11.5%. Guidance has been reiterated. Macquarie notes gross profit margins improved, partly offset by higher-than-expected growth in operating expenditure.

The broker is currently on research restrictions and cannot advise a rating and target at this stage.

Current Price is $4.76. Target price not assessed.

Current consensus price target is $5.25, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Ord Minnett rates OML as Accumulate (2) -

First half underlying operating earnings were in line with Ord Minnett forecasts. The broker notes the result was driven by revenue growth of 11%, partially offset by a step up in costs. The near-term catalyst remains the pending merger with Adshel, which still requires regulatory approval.

Accumulate rating maintained. Target is reduced to $5.40 from $5.60.

Target price is $5.40 Current Price is $4.76 Difference: $0.64
If OML meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Macquarie rates OSH as Outperform (1) -

On initial assessment, Macquarie analysts comment Oil Search's interim results are a "beat" on underlying profit, driven by lower D&A and other non-cash charges.

The declared dividend missed by -9%. The analysts continue to view Oil Search as the strongest pick in the large cap E&P space due to its substantial growth platform. Outperform. Target $9.65.

Target price is $9.65 Current Price is $9.12 Difference: $0.53
If OSH meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting downside of -5.1% (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: 0.3

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

Citi rates PRY as Sell (5) -

Citi believes the costs of improving the business are materially higher than expected and remains sceptical about the company achieving its returns targets. The broker maintains a Sell rating.

The $250m underwritten rights issue is calculated to be -19% dilutive to earnings per share and the broker reduces the target to $2.95 from $3.30 as a result.

Target price is $2.95 Current Price is $3.20 Difference: minus $0.25 (current price is over target).
If PRY meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.14, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.6

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

Credit Suisse rates PRY as Underperform (5) -

The company's raising $250m in an underwritten non-renounceable entitlement offer at $2.50 a share to fund new strategic initiatives. The initiatives are sound but Credit Suisse considers execution risk high and there is no benefit until FY22.

FY18 results were low quality and at the lower end of guidance. Hence, the broker is cautious about the level of costs that are booked below the line. As the company proceeds with its strategic initiatives the broker expects additional low quality results. Underperform maintained. Target is reduced to $2.95 from $3.50.

Target price is $2.95 Current Price is $3.20 Difference: minus $0.25 (current price is over target).
If PRY meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.14, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.6

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

Deutsche Bank rates PRY as Downgrade to Hold from Buy (3) -

Deutsche Bank downgrades to Hold from Buy on the weak outlook, uncertain capex and low shareholder returns. The company reported a weak FY18 result with lower than expected margins and more significant items.

Guidance for FY19 was disappointing as was the higher capex forecast. The company is undertaking a large equity raising to fund growth plans bringing management's credibility into question, in the broker's view, as they had previously stating expansion could be funded from operational cash flow and existing facilities.

Target reduced to $3.22 from $3.80.

Target price is $3.22 Current Price is $3.20 Difference: $0.02
If PRY meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting downside of -1.9% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.6

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

Morgans rates PRY as Hold (3) -

Primary Health Care issued a profit warning as late as last week so there were no further shocks, with pathology profits offset by medical centre weakness. A $250m capital raising is been undertaken to fund a "myriad" of initiatives across divisions, the broker notes.

Primary also flagged the acquisition of a day hospital operator in order to diversify away from government-based revenues. It is a "once in a generation" repositioning of the entire business, the broker suggests, and it is difficult to determine at this point whether it will work. Hold retained, target falls to $2.90 from $3.64.

Target price is $2.90 Current Price is $3.20 Difference: minus $0.3 (current price is over target).
If PRY meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.14, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.6

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

Ord Minnett rates PRY as Downgrade to Hold from Accumulate (3) -

Primary Health Care's FY18 results were in line with Ord Minnett's estimates. The 10.6c full year dividend represented a 60% payout ratio.

The company has announced a $250m capital raising to aid in the acquisition of a day surgery operator and bring forward investment in medical centres and pathology. The broker notes management failed to clearly indicate its plans for the future or provide adequate explanation of the heavily discounted $250m rights issue.

Rating is downgraded to Hold from Accumulate and target reduced to $3.25 from $4.20.

Target price is $3.25 Current Price is $3.20 Difference: $0.05
If PRY meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.6

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

UBS rates PRY as Sell (5) -

FY18 earnings were in line with estimates. UBS notes earnings quality was again affected by restructuring costs and impairment of medical centre assets. The broker continues to forecast strong growth in diagnostic imaging and more modest growth in pathology.

The broker maintains a Sell rating and reduces the target to $2.90 from $3.16.

Target price is $2.90 Current Price is $3.20 Difference: minus $0.3 (current price is over target).
If PRY meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.14, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.6

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

Morgans rates RHP as Hold (3) -

Rhipe as already pre-released its numbers, so no surprises from an 11% beat on guidance set last year. FY19 guidance is for a further 28% growth in profit. Strong revenue growth will be impeded by investment in new regions and vendors, Morgans notes.

The broker likes the strong growth profile but believes the stock is well priced. Hold retained, target rises to $1.28 from $1.04.

Target price is $1.28 Current Price is $1.27 Difference: $0.01
If RHP meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates SCG as Neutral (3) -

On initial assessment, it appears the reported interim financials slightly missed expectations at Macquarie, including the re-affirmation of guidance for 4% growth in funds from operations.

Macquarie also found the composition of the interim performance "poor". The analysts believe sluggish conditions in the retail sector are likely to continue. Neutral. Target $4.46.

Target price is $4.46 Current Price is $4.23 Difference: $0.23
If SCG meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.50, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Deutsche Bank rates SLC as Buy (1) -

Superloop reported a stronger than expected FY18 result, with revenue and earnings ahead of Deutsche Bank and market expectations.

The company's June monthly recurring revenue of $10.5m highlights solid sales momentum across the business and provides a solid base for growth in FY19 and beyond, in the broker's view.

With the stock trading at 10x FY21 EBITDA the broker continues to see value and retains a Buy rating and $2.80 target.

Target price is $2.80 Current Price is $2.38 Difference: $0.42
If SLC meets the Deutsche Bank target it will return approximately 18% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Morgans rates SLC as Add (1) -

Superloop produced 25% earnings growth in FY18 as expected. While no FY19 guidance was provided, annualised recurring revenue already known is a good start, Morgans suggests.

Beyond recurring revenues are one-offs which the company saw many of in FY18, significantly boosting cash. FY19 will need to see the same to match earnings growth but some 40% of recurring revenues underpin, the broker notes. Add and $2.86 target retained.

Target price is $2.86 Current Price is $2.38 Difference: $0.48
If SLC meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates SUL as Outperform (1) -

On initial assessment, it appears Super Retail's FY18 result beat market consensus by some 3% but for Macquarie it simply was as expected. What made the results really pleasing is that current trading (first six weeks into FY19) has shown a continuation in robust trends, signal the analysts. Outperform. Target $9.20.

Target price is $9.20 Current Price is $9.89 Difference: minus $0.69 (current price is over target).
If SUL 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 $8.52, 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 SXY as Outperform (1) -

On initial assessment of the released FY18 report, Macquarie analysts comment EBITDAX came out lower than expected due to higher costs, but underlying net profit beat on exploration expense and DD&A.

The analysts also observe the company provided no guidance as financing has not yet closed. Outperform. Target 55c.

Target price is $0.55 Current Price is $0.45 Difference: $0.1
If SXY meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $0.47, suggesting upside of 5.4% (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

Deutsche Bank rates VEA as Initiation of coverage with Buy (1) -

Deutsche Bank initiates coverage of Viva Energy with a Buy rating and $2.65 price target. The broker considers the company a well run, solid retail model at a discount to its peer.

The company owns and controls strategic infrastructure, creating barriers to entry, and has a favourable retail alliance providing access to a highly competent c-store operator.

Target price is $2.65 Current Price is $2.45 Difference: $0.2
If VEA meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Citi rates WOW as Neutral (3) -

FY18 results were in line with expectations. Citi downgrades underlying earnings estimates by -3.5% for FY19 and -4.7% for FY20. The broker moderates its food sales outlook and increases cost estimates.

The broker believes Woolworths has been affected by the Coles ((WES)) Little Shop campaign and free plastic bags, resulting in like-for-like sales growth lagging Coles for the first time in two years. Neutral rating and target reduced to $32.00 from $32.90.

Target price is $32.00 Current Price is $28.76 Difference: $3.24
If WOW meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $28.47, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Credit Suisse rates WOW as Neutral (3) -

Credit Suisse is not that fussed about the slower sales growth in the first seven weeks of FY19. Cash conversion is also likely to be affected in FY19 because of the transition in the distribution centre.

The broker believes Woolworths is a solid long-term story but its near-term performance is stymied. Additional expenditure on e-commerce and warehouse automation is expected to widen the competitive advantage with respect to Metcash ((MTS)).

The broker believes the cash demands of the business have been well managed and maintains a Neutral rating. Target is reduced to $29.36 from $29.64.

Target price is $29.36 Current Price is $28.76 Difference: $0.6
If WOW meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $28.47, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Deutsche Bank rates WOW as Downgrade to Hold from Buy (3) -

Deutsche Bank downgrades to Hold from Buy believing Woolworths' lost sales momentum will be compounded by higher costs and weigh on first half earnings.

Despite the company continuing to please its customers it appears they are cross shopping to chase plastic bags and toys. The broker expects sales growth to improve in 2Q19 when the headwinds have passed. $30 target maintained.

Target price is $30.00 Current Price is $28.76 Difference: $1.24
If WOW meets the Deutsche Bank target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $28.47, suggesting downside of -1.0% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Macquarie rates WOW as Underperform (5) -

FY18 results were in line with Macquarie. Australian food sales growth slowed to 1.3% in the first seven weeks of FY19.

Macquarie considers the operating leverage in Australian food remains elusive and an eventual recovery in Big W or a turnaround in New Zealand in isolation are not large enough to matter.

The broker reiterates an Underperform rating. Target is $27.43.

Target price is $27.43 Current Price is $28.76 Difference: minus $1.33 (current price is over target).
If WOW meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.47, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Morgans rates WOW as Hold (3) -

A slow start to the year for the core food business overshadowed a surprise special dividend from Woolworths, although the result was broadly in line. Sales growth exceeded that of its main rival but FY19 will be tougher as the company cycles more difficult comparables, the broker notes.

The broker trims forecasts on slower growth but a positive is management's suggestion of more capital management flowing from an exit of the petrol business. Hold retained, target rises to $27.68 from $27.38.

Target price is $27.68 Current Price is $28.76 Difference: minus $1.08 (current price is over target).
If WOW meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.47, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Ord Minnett rates WOW as Hold (3) -

FY18 results were below Ord Minnett's forecasts due to greater than expected losses at Big W. A surprise 10cps special dividend was declared alongside the 50cps ordinary dividend.

Australian like-for-like sales growth slowed in the last quarter of FY18 and into first quarter FY19 due to the elimination of plastic bags in NSW, tough comparables, fresh food deflation and competition from the Coles ((WES)) 'Little Shop' promotion.

The broker expects EBIT margins to narrow in FY19 due to rising costs of doing business. Hold rating and $30.00 target maintained.

Target price is $30.00 Current Price is $28.76 Difference: $1.24
If WOW meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $28.47, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

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

FY18 results were strong but below UBS estimates because of softer outcomes in New Zealand, Big W and liquor. While believing there is an opportunity to drive efficiencies UBS acknowledges this is not in evidence as yet.

The broker is concerned about the extent to which shoppers left Woolworths in July and August on the back of the Coles ((WES)) Little Shop promotion. UBS reduces forecast by -5-6% and downgrades to Neutral from Buy. Target is reduced to $28.30 from $30.00.

Target price is $28.30 Current Price is $28.76 Difference: minus $0.46 (current price is over target).
If WOW meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.47, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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