Australian Broker Call

Credit Suisse rates API as Neutral (3) -

First half sales grew 13%, with underlying distribution growth of 5.9%. Net profit was up 15% and in line with guidance.

With the winding back of wholesaler discounts likely to be exhausted in FY18, Credit Suisse envisages ongoing risks to sustainable growth in PBS distribution derived profit. A key catalyst is expected to be the May Commonwealth budget.

The broker maintains a Neutral rating and raises the target to $2.05 from $2.00.

Target price is $2.05 Current Price is $2.05 Difference: $0
If API meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.96, suggesting downside of -4.4% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

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

Morgan Stanley rates API as Underweight (5) -

Morgan Stanley observes challenging conditions in Australian retail have detracted from an otherwise reasonable first half result. Retail network sales were up 2% with comparable store retail sales up 0.4%. Gross profit grew 4.5%.

While acknowledging the strong performance the broker deems the share price is a hurdle to becoming more constructive on the stock. Underweight rating and In-Line industry view retained. Target drops to $1.86 from $1.88.

Target price is $1.86 Current Price is $2.05 Difference: minus $0.19 (current price is over target).
If API meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.96, suggesting downside of -4.4% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

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

UBS rates AZJ as Sell (5) -

The ACCC has released its draft decision for Australian Rail Track Corp's Hunter Valley access undertaking.

While the ACCC does not have jurisdiction over the Queensland Competition Authority's review of Aurizon's 2017 access undertaking (UT5), UBS believes it likely to be a valid reference and precedent.

The ACCC has recommended a post-tax nominal return of 6.3% versus the 6.7% was applied for. This compares with Aurizon's UT5 claim of 6.8% and the broker's basec ase forecast of 6.5%.

Sell rating and $4.80 target retained.

Target price is $4.80 Current Price is $5.08 Difference: minus $0.28 (current price is over target).
If AZJ 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 $4.86, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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) -

The record 45-day strike Escondida and the impact of Cyclone Debbie is expected to have a significant impact on FY17 earnings.  Macquarie reduces FY17 production forecasts for Escondida by -24% and cuts coking coal output estimates by -10%.

The broker believes these reductions have reduced the potential for a surprise on capital management. Outperform rating retained. Target is reduced to $29 from $30.

Target price is $29.00 Current Price is $25.32 Difference: $3.68
If BHP meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $27.75, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.4

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

Credit Suisse rates BXB as Underperform (5) -

Credit Suisse believes consensus expectations are too high for the fourth quarter revenue. Consensus appears to have underlying revenue growth at around 10%, the broker asserts, well above the underlying growth in the year to date of around 5%.

Credit Suisse forecasts underlying revenue growth in the quarter at around 5%, in line with guidance. Underperform retained. Target is raised to $8.90 from $8.50.

Target price is $8.90 Current Price is $9.89 Difference: minus $0.99 (current price is over target).
If BXB meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.42, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.1

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

UBS rates CAB as Neutral (3) -

UBS finds it difficult to ignore the implied momentum of Uber over the last 12 months. The broker believes a strong mobile app, together with a heavy marketing push is essential for Cabcharge.

Successful deployment of the Spotto strategy may create a potential offset to the Uber headwind but the broker is yet to find this flowing through to turnover share. In the absence of this offset, valuation does not appear compelling.

Neutral maintained. Target is reduced to $2.70 from $3.95.

Target price is $2.70 Current Price is $2.62 Difference: $0.08
If CAB meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.12, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates CGF as Neutral (3) -

The company has guided, perhaps conservatively Citi suggests, to life earnings in the mid point of its prior $620-640m range. The broker reduces forecasts for earnings per share in FY17 by -1%.

The broker considers the stock fully valued, given its risk profile, with the market appearing reluctant to factor in all the credit risk.

With a focus on strong sales momentum likely to continue in the near term, Citi retains a Neutral rating and raises the target to $12.35 from $11.90.

Target price is $12.35 Current Price is $12.62 Difference: minus $0.27 (current price is over target).
If CGF 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 $11.80, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Credit Suisse rates CGF as Outperform (1) -

The stock continues to significantly outperform the market and Credit Suisse appreciates the valuation appeal is getting harder for investors to find. The broker believes the company needs to deliver on earnings growth, although remains confident this will play out.

Annuity sales of $880m in the March quarter were up 53%. The company benefited from growth in fixed term, lifetime product and the new Japanese distribution channel.

Outperform retained. Target rises to $13.50 from $12.00.

Target price is $13.50 Current Price is $12.62 Difference: $0.88
If CGF meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.80, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Macquarie rates CGF as Outperform (1) -

Macquarie observes business momentum remain strong with both life and funds management divisions exceeding $1bn in new business in the March quarter.

The broker reduces FY17 earnings per share estimates by -1.5% and FY18 by -2.4%.

Outperform rating retained. Target is raised to $13.65 from $13.52.

Target price is $13.65 Current Price is $12.62 Difference: $1.03
If CGF meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $11.80, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Morgans rates CGF as Hold (3) -

March quarter numbers showed strong sales momentum, Morgans observes, although pressure on margins continues.

The broker  lowers FY17 estimates for earnings per share by -1% but lifts future forecasts by 2%. Target rises to $12.56 from $11.51. Hold retained.

Target price is $12.56 Current Price is $12.62 Difference: minus $0.06 (current price is over target).
If CGF 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 $11.80, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Ord Minnett rates CGF as Lighten (4) -

The March quarter update  provided additional detail on the life cash operating earnings, with a downgrade versus Ord Minnett's numbers. The company also reported growth in net flows in long dated and you it is in the life business.

The broker does not believe that growth is an issue for the company but the risks around its spread model to make guaranteed payments makes for caution. Ord Minnett is also increasingly cautious on margin trends.

Lighten rating. Target is $9.00.

Target price is $9.00 Current Price is $12.62 Difference: minus $3.62 (current price is over target).
If CGF meets the Ord Minnett target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.80, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

UBS rates CGF as Neutral (3) -

March quarter and unity netbook growth of $344m was slightly ahead of UBS estimates as the company benefited from stronger sales in Japan.

The broker finds the net implications for earnings per share in FY17 slightly negative and while a higher mix of long-duration sales should assist the outer years this already appears priced in. Neutral. Target is $11.05.

Target price is $11.05 Current Price is $12.62 Difference: minus $1.57 (current price is over target).
If CGF meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.80, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Citi rates EVN as Buy (1) -

March quarter production was in line with expectations, albeit softer than the December quarter. Costs were also lower.

Citi expects the company to be cash positive by the end of 2018 and maintains a Buy rating. Target is $2.80.

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

Current consensus price target is $2.57, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Credit Suisse rates EVN as Outperform (1) -

March quarter production has underscored full year guidance, Credit Suisse observes. FY17 guidance is unchanged at 800-860,000 ounces with an all-in sustainable cost of $900-960/oz.

The broker retains a Outperform rating and $2.30 target.

Target price is $2.30 Current Price is $2.38 Difference: minus $0.08 (current price is over target).
If EVN 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 $2.57, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Deutsche Bank rates EVN as Buy (1) -

March quarter production was in line with guidance. Production was down -7% on the prior quarter because Edna May had mining issues but this has been more than offset, Deutsche Bank suggests, by an impressive performance on costs.

The broker believes FY17 guidance is comfortably achievable. The company has lifted group reserves by 19%, further supporting Deutsche Bank's view that it presents a long-life, low-cost alternative to Newcrest ((NCM)) for gold exposure.

Buy recommendation retained. Target rises to $2.60 from $2.50.

Target price is $2.60 Current Price is $2.38 Difference: $0.22
If EVN meets the Deutsche Bank target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Macquarie rates EVN as Outperform (1) -

Production in the March quarter was in line with Macquarie's expectations. While the performance was robust, Macquarie notes that difficulties persist at Edna May.

The company is committed to working through the issues and expects a better performance but the broker believes,Given the company's portfolio approach, disposal should also be considered.

Outperform maintained. Target rises 8% to $2.70.

Target price is $2.70 Current Price is $2.38 Difference: $0.32
If EVN meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Morgan Stanley rates EVN as Overweight (1) -

Morgan Stanley observes the company is generating robust cash flow, allowing $500m in debt reduction through 2017. Reserves have also increased. These elements should support the stock, in the broker's opinion.

While the stock is approaching the broker is unchanged price target, upside is still envisaged. Overweight rating retained. Target is $2.70. Sector view: Attractive.

Target price is $2.70 Current Price is $2.38 Difference: $0.32
If EVN meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

UBS rates EVN as Buy (1) -

March quarter production was down 7% quarter on quarter but in line with revised guidance. FY17 production guidance is unchanged.

UBS looks for the company to approach the top end of production guidance of 800-860,000 ounces. The stock remains the broker's top pick in the Australian gold sector.

Buy rating retained. Target is $2.59.

Target price is $2.59 Current Price is $2.38 Difference: $0.21
If EVN meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Morgans rates ICQ as Add (1) -

March quarter cash flow exceeded Morgans forecasts by a wide margin as South East Asian new and used car markets rebounded strongly.

While estimates are not upgraded, If the strength were to persist, the broker acknowledges it may need to reconsider. Add and 44c target retained.

Target price is $0.44 Current Price is $0.30 Difference: $0.145
If ICQ meets the Morgans target it will return approximately 49% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Macquarie rates IEL as Outperform (1) -

Macquarie suspects changes to Australian citizenship processes should be an incremental positive for the company as this represents a new opportunity for testing.

The broker believes the company is well placed to provide English language proficiency tests in the revised process.

Outperform retained. Target is $4.76.

Target price is $4.76 Current Price is $4.55 Difference: $0.21
If IEL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

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

Sales volumes were much stronger in the March quarter and Citi increases forecasts, which drive earnings upgrades and raise the target to $8.50 from $8.10.

The broker believes the major challenge that remains is the integration of Sierra Rutile after further unplanned outages in the quarter, although a raft of issues have largely been addressed.

The broker downgrades to Neutral from Buy because of the share price appreciation.

Target price is $8.50 Current Price is $8.15 Difference: $0.35
If ILU meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.69, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

Deutsche Bank rates ILU as Sell (5) -

Deutsche Bank observes sales doubled in the March quarter because of a strong uplift in zircon. Revenue also doubled and was ahead of the broker's estimates.

The broker lifts price forecasts slightly but has already assumed a US$150/t uplift the zircon and rutile over the next two years. Net debt has dropped by 20% but the broker considers the stock is still expensive.

Sell rating retained. Target rises to $5.30 from $5.00.

Target price is $5.30 Current Price is $8.15 Difference: minus $2.85 (current price is over target).
If ILU meets the Deutsche Bank target it will return approximately minus 35% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.69, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

Ord Minnett rates ILU as Upgrade to Accumulate from Lighten (2) -

March quarter sales and revenue beat Ord Minnett forecasts by around 60%. Zircon sales were much better than expected, despite what is usually a seasonally weak quarter.

The broker updates price forecasts on the back of an improved outlook for demand. This leads to a hike in the recommendation to Accumulate from Lighten. Target rises to $8.80 from $6.40.

Target price is $8.80 Current Price is $8.15 Difference: $0.65
If ILU meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $7.69, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

UBS rates ILU as Buy (1) -

Production was strong in the March quarter and well above UBS estimates. The broker suggests this reflects both the inclusion of Sierra Rutile volumes and a lift in zircon production from the Eucla Basin to meet demand and take back the market share lost in 2016.

As the March quarter is generally a weak one for the company because of seasonality, the result signals to the broker a strong start to 2017. Buy rating retained. Target rises to $9.50 from $9.40.

Target price is $9.50 Current Price is $8.15 Difference: $1.35
If ILU meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $7.69, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

Citi rates RIO as Upgrade to Buy from Neutral (1) -

Despite a weak March quarter, Citi upgrades to Buy from Neutral, because of the share price correction on the back of recent iron ore weakness.

Incorporating the broker's latest commodity price changes drives upgrades to earnings in FY17 and FY18 estimates of 2% and 12% respectively.

The broker envisages further upside for capital management after strong cash flow. Target is $70.

Target price is $70.00 Current Price is $58.67 Difference: $11.33
If RIO meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $71.63, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.9

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

Deutsche Bank rates RIO as Buy (1) -

The company has reported a -13% decrease in copper equivalent production in the March quarter. The result was -10% below Deutsche Bank's estimates in copper equivalent terms.

The broker models a slow ramp up in copper production at Escondida and no metal share from Grasbereg. Deutsche Bank reduces 2017 earnings estimates by -3%. Buy rating retained on valuation.  Target is $72.

Target price is $72.00 Current Price is $58.67 Difference: $13.33
If RIO meets the Deutsche Bank target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $71.63, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.9

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

Macquarie rates RIO as Outperform (1) -

March quarter production results were mixed. Iron ore and aluminium divisions were broadly in line with Macquarie's expectations while copper and coking coal output were weaker.

The broker believes the earnings upgrade potential has declined with the fall in the iron ore price, but also suspects the emerging potential for reductions in Chinese aluminium capacity could produce a second leg to the upgrade cycle over the remainder of 2017.

Outperform and $74 target retained.

Target price is $74.00 Current Price is $58.67 Difference: $15.33
If RIO meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $71.63, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.9

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

Morgans rates RIO as Add (1) -

Output from the iron ore, copper and coal divisions was lower than Morgans expected in the March quarter. Heavy rain in Western Australia weighed on volumes, with iron ore production down -10% quarter on quarter and shipments down -13%.

The broker believes the company is the best placed among the miners to boost shareholder returns in the short term with higher dividends and/or buy-backs. Add rating retained. Target is raised to $66.57 from $65.75.

Target price is $66.57 Current Price is $58.67 Difference: $7.9
If RIO meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $71.63, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.9

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

Ord Minnett rates RIO as Accumulate (2) -

March quarter production was softer than Ord Minnett forecast although most of the drivers were events out of the company's control.

The broker maintains an Accumulate rating and $73  target. The broker believes the stock screens attractive on valuation and should re-rate as the consensus upgrade cycle plays out and sentiment towards global growth in the mining sector improves.

Target price is $73.00 Current Price is $58.67 Difference: $14.33
If RIO meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $71.63, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.9

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

UBS rates RIO as Buy (1) -

The March quarter was affected by challenging weather conditions and production was slightly below UBS estimates.

2017 guidance is maintained, with the exception of copper and titanium dioxide. Copper guidance is reduced while titanium dioxide is lifted. WA iron ore shipments were weak, as expected, because of cyclones and wet weather.

Buy and $75 target retained.

Target price is $75.00 Current Price is $58.67 Difference: $16.33
If RIO meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $71.63, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.9

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

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

Ord Minnett expects mask sales growth to be subdued in the March quarter, despite the release of the new AirFit range, as manufacturing challenges have caused supply to lag demand.

The broker reduces revenue forecasts to reflect this issue. Rating is downgraded to Hold from Accumulate. Target is reduced to $9.45 from $9.50. New masks are still expected to boost FY18 earnings growth.

Target price is $9.45 Current Price is $9.21 Difference: $0.24
If RMD meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.55, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.7

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

Citi rates RSG as Buy (1) -

Citi believes the stock is grossly undervalued, in part because of its bullion stockpile growth in the first half. The broker suspects the gold/cash equation should now reach equilibrium and make earnings easier to predict.

Ramp up of the underground and exploration at Syama could provide near-term drivers. Buy, High Risk rating retained. Target is reduced to $1.90 from $2.00.

Target price is $1.90 Current Price is $1.17 Difference: $0.73
If RSG meets the Citi target it will return approximately 62% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Morgan Stanley rates RSG as Overweight (1) -

Upgraded FY17 guidance could be beaten, Morgan Stanley observes. Operating profit was around $45m. The main drivers, the broker observes, in the June quarter are expansion work and capital expenditure continuing beyond FY17.

Overweight. Target is $2.30. Industry view is Attractive.

Target price is $2.30 Current Price is $1.17 Difference: $1.13
If RSG meets the Morgan Stanley target it will return approximately 97% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Credit Suisse rates SBM as Outperform (1) -

March quarter production was strong and guidance has been lifted to 365-375,000 ounces.  Credit Suisse notes low grades at Gwalia in the June quarter are expected.

Outperform and $2.60 target retained.

Target price is $2.60 Current Price is $2.77 Difference: minus $0.17 (current price is over target).
If SBM 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 $2.91, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Deutsche Bank rates SBM as Buy (1) -

The company produced 95,000 ounces at an all-in sustaining cost of $862/oz in the March quarter.

Gwalia continues to generate strong free cash flow and Deutsche Bank observes excellent gold grades, that remained above 11g/t for the second consecutive quarter.

Deutsche Bank maintains a Buy rating.Target is $3.10.

Target price is $3.10 Current Price is $2.77 Difference: $0.33
If SBM meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Ord Minnett rates SSG as Buy (1) -

Ord Minnett observes positive same-store sales growth in the March quarter, with like-for-like sales for the nine months to March now up 1.3%. The rebound has continued into April and led the company to upgrade FY17 EBITDA guidance to $13.7-15.0m.

The increase in sales is largely attributable to customers buying specific products for re-sale to consumers in Asian markets.  Ord Minnett retains a Buy rating. Target is raised $1.13 from $1.00.

Target price is $1.13 Current Price is $0.69 Difference: $0.44
If SSG meets the Ord Minnett target it will return approximately 64% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Citi rates STO as Buy (1) -

In the wake of the Australian Prime Minister's meeting with captains of industry to resolve the east coast gas crisis, Citi suspects the tail risks are largely mitigated for Santos.

The stock has underperformed peers over the last two months, perhaps, the broker suggests, on a lack of trust in management and a market unwilling to pay for any upside. Fear over GLNG has not helped.

The broker notes there was no knee-jerk reactions from the meeting, such as implementing a gas reservation policy or a forced mothballing of a GLNG train.

 While questions may provide an overhang for the stock in the next six months the broker bases its Buy call on the delivery of cost reductions and the ramp up in GLNG.  Target is reduced to $5.39 from $5.44.

Target price is $5.39 Current Price is $3.57 Difference: $1.82
If STO meets the Citi target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $4.40, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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 STO as Neutral (3) -

The company delivered a solid performance in the March quarter, Credit Suisse observes, with production of 14.8mmboe and sales of 18.6mmboe. Guidance for FY17 is unchanged.

The broker flags with interest comments that suggest gas at Roma is ahead of expectations while conceding the numbers remain a mystery. The broker continues to hope the focus shifts back to trying to deliver growth that is accretive to value and remains ambivalent on the stock at the current price.

Neutral retained. Target is $3.80.

Target price is $3.80 Current Price is $3.57 Difference: $0.23
If STO meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.40, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Deutsche Bank rates STO as Buy (1) -

March quarter production was broadly in line with Deutsche Bank's forecasts. Revenue was -6% below forecasts, miss largely driven by a sales under left. The broker expects this to be recovered in the June quarter.

For the first time the company has provided guidance for a breaking-even oil price of US$34/bbl in 2017. At the headline level this has impressed Deutsche Bank, as it is below its previous forecast of US$39/bbl.

Yet, while the break-even oil price excludes a benefit of asset sales, the broker believes there has been a swing factor from working capital changes and/or the timing of tax payments. Buy rating retained. Target is $4.50.

Target price is $4.50 Current Price is $3.57 Difference: $0.93
If STO meets the Deutsche Bank target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $4.40, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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 STO as Outperform (1) -

March quarter production was in line with Macquarie's expectations although sales and revenue were weaker. Production from the Roma fields continues to lift and the broker remains positive about the company's ability to continue to lift volumes throughout the year.

The company is now signalling cash-flow break-even of US$34/bbl but, with lower production, the reduction looks to have come from lower capital expenditure, Macquarie suggests.

The broker suspects free cash-flow break-even will rise in the second half of the year as the capital expenditure program will be strongly weighted to the second half. Outperform retained. Target price drops to $4.60 from $4.70.

Target price is $4.60 Current Price is $3.57 Difference: $1.03
If STO meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $4.40, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Morgan Stanley rates STO as Overweight (1) -

Morgan Stanley observes the company continues deliver on its cost reductions and turnaround strategy. The equity performance has been more muted recently, the broker acknowledges, given concerns around the east coast gas situation.

Morgan Stanley finds a risk/reward attractive and the fundamentals continuing to improve. Although the probability of gas reservation is not zero, the broker considers it low risk. Oil prices are also expected to firm which should improve the balance sheet.

Overweight retained. Target drops to $4.64 from $5.08. Industry view: In-Line.

Target price is $4.64 Current Price is $3.57 Difference: $1.07
If STO meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $4.40, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Ord Minnett rates STO as Hold (3) -

The March quarter result was broadly in line with Ord Minnett estimates, with production ahead and revenue below expectations because of timing.

The broker observes the company continues to de-risk through debt reduction and cost savings measures. Ord Minnett remains cautious on the stock given the short position in an increasingly tight east coast gas market.Target is $4.20. Hold rating retained.

Target price is $4.20 Current Price is $3.57 Difference: $0.63
If STO meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.40, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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 STO as Neutral (3) -

March quarter production was in line with UBS estimates. Sales volumes were negatively affected by timing, lower third-party volumes and the end of a Cooper Basin gas contract.

The company does not believe the recent pressure on Queensland LNG producers to ensure gas is available for the domestic market will affect GLNG.

UBS maintains a Neutral rating and reduces the target to $3.90 from $4.60. While the stock is at risk of looking oversold the broker struggles to find near-term catalysts that could shift the share price higher, other than a rise in the price of oil.

Target price is $3.90 Current Price is $3.57 Difference: $0.33
If STO meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.40, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

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

On the surface, the growth rate in March for international passengers of 2.3% appears below trend but Morgan notes the busy Easter period fell in April this year compared with March last year, meaning the company was cycling a stronger comparables.

 Year-to-date trends are expected to be clearer once the April data is published and captures the Easter impact. Given the share price has passed the broker's target, the rating is reduced to Hold from Add. Target is $6.77.

Target price is $6.77 Current Price is $6.92 Difference: minus $0.15 (current price is over target).
If SYD meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.65, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Credit Suisse rates TPM as Underperform (5) -

Credit Suisse expects the company will be able to achieve its goal of 500,000 mobile subscribers, in order to break even on EBITDA. Its low-price services are expected to have a strong appeal at the low end of the pre-paid and data SIM market, where network quality is not a large consideration.

Nevertheless, the broker struggles to find where the next leg of growth will come from, suspecting 6-7% subscriber share will be difficult. Mobile being an expensive business means the broker finds few shortcuts for success. Underperform retained. Target falls to $5.25 from $5.50.

Target price is $5.25 Current Price is $6.06 Difference: minus $0.81 (current price is over target).
If TPM meets the Credit Suisse target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.11, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates WPL as Neutral (3) -

Production in the March quarter was higher than Citi forecast, because a higher LNG production. Sales were in line, with higher production offset by the timing of cargoes. Sales revenue  was -2% below the broker's estimates.

The broker expects updates on the growth story at the investor briefing in May. The company has stated a preferred development concept for Browse via the Burrup peninsula, with the Scarborough concept to be assessed this year.

Citi retains a Neutral rating. Target is reduced to $31.82 from $31.91.

Target price is $31.82 Current Price is $32.32 Difference: minus $0.5 (current price is over target).
If WPL 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 $32.34, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Credit Suisse rates WPL as Underperform (5) -

First quarter production was slightly softer than expected but Credit Suisse acknowledges poor weather conditions contributed. The broker upgrades FY17 earnings per share estimates by 9% on the back of marking to market for the realised oil price.

The broker looks forward to learning more at the investor briefing in late May. Underperform rating is retained. Target is $26.80.

Target price is $26.80 Current Price is $32.32 Difference: minus $5.52 (current price is over target).
If WPL meets the Credit Suisse target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.34, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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 WPL as Hold (3) -

March quarter production was -6% below Deutsche Bank's forecasts, driven by weaker-than-expected LNG production because of adverse weather.

Notwithstanding the weather disruptions, the company has retained 2017 production guidance of 84-90mmboe.

Deutsche Bank retains a Hold rating and $28 target.

Target price is $28.00 Current Price is $32.32 Difference: minus $4.32 (current price is over target).
If WPL meets the Deutsche Bank target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.34, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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 WPL as Neutral (3) -

March quarter production was in line with Macquarie's expectations, although weather affected Pluto and the North West Shelf.

The broker continues to believe that a step change in production growth from the Burrup hub is long-dated and the risk associated with negotiating a deal with partners remains high.

The broker believes too much potential has been built into the current share price appreciation and stalled negotiations would have a negative impact. Neutral  retained. Target is $30.

Target price is $30.00 Current Price is $32.32 Difference: minus $2.32 (current price is over target).
If WPL 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 $32.34, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Morgan Stanley rates WPL as Overweight (1) -

The March quarter was affected by weather, with production of 21.4mmboe down from 23.8mmboe in the prior quarter. Revenue was lower at US$895m versus US$1.09bn in the December quarter.

The broker notes the company is working on a number of strategies to move forward the Browse and Scarborough energy resources. These are large and could offer material upside for the company should it be successful, in the broker's opinion.

Target is $40.00. Overweight rating and In-Line industry view retained.

Target price is $40.00 Current Price is $32.32 Difference: $7.68
If WPL meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $32.34, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Morgans rates WPL as Hold (3) -

March quarter results disappointed Morgans, with both the North West Shelf and Pluto volumes below expectations. After several years of acquisitions, with gearing now above 20%, the broker still believes the company has an undersized growth profile.

Myanmar and Pluto expansions are not expected to drive significant value any time soon, given their respective challenges and risks. Hold retained. Target is reduced to $30.76 from $31.44.

Target price is $30.76 Current Price is $32.32 Difference: minus $1.56 (current price is over target).
If WPL meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.34, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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 WPL as Accumulate (2) -

March quarter production was soft, Ord Minnett observes, with adverse weather and expiry of a domestic gas contract affecting production and sales.

The broker believes the focus is likely to remain on the development projects and, while market is yet to assign much value to these, further information de-risking these projects will probably result in higher valuations.

Accumulate rating and $36 target retained.

Target price is $36.00 Current Price is $32.32 Difference: $3.68
If WPL meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $32.34, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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 WPL as Buy (1) -

The March quarter production was affected by cyclones, with volumes down 10% and sales down 13.5% on the prior quarter.. Despite the interruptions the company has maintained 2017 guidance for 84-90mmboe.

UBS expects the Burrup LNG growth options to be the main focus at the upcoming investor briefing in May. Buy retained. Target is $35.30.

Target price is $35.30 Current Price is $32.32 Difference: $2.98
If WPL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $32.34, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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