Australian Broker Call

Macquarie rates AHG as Downgrade to Underperform from Neutral (5) -

Australian new vehicle sales fell -4.9% in the Sep Q and the numbers have been negative in all of the last six months, Macquarie reports. SUVs were the only bright spot, rising 4.2% in the quarter, but the broker notes a -10.6% decline in private sector demand is of most concern.

Tighter credit conditions are being blamed. Macquarie believes challenging conditions suggest downside risk to consensus earnings forecasts for Auto Group Holdings and lowers its own forecasts and its target to $2.00 from $2.50. Downgrade to Underperform from Neutral.

Target price is $2.00 Current Price is $2.19 Difference: minus $0.19 (current price is over target).
If AHG meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.80, suggesting upside of 28.0% (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

Credit Suisse rates ASX as Underperform (5) -

First quarter activity trends were marginally weaker than Credit Suisse expected. The trends were predominantly in derivatives and offset stronger equities activity. Corporate actions were down -3%.

Credit Suisse expects growth to slow in FY19-21 but remains supportive of the incremental growth opportunities ASX is pursuing. Underperform rating and $55 target retained.

Target price is $55.00 Current Price is $61.31 Difference: minus $6.31 (current price is over target).
If ASX 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 $56.91, suggesting downside of -7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

Ord Minnett rates ASX as Hold (3) -

Ord Minnett makes modest changes to forecasts to reflect volumes in the derivative and cash market in the September quarter. The report showed strong daily value traded for cash markets and weaker trends in derivatives.

Ord Minnett likes the defensive business model and believes the stock, at current multiples, is fairly valued. Hold rating maintained. Target is reduced to $61.80 from $61.97.

Target price is $61.80 Current Price is $61.31 Difference: $0.49
If ASX meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $56.91, suggesting downside of -7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

UBS rates ASX as Sell (5) -

UBS observes a sharp slowdown in top-line growth in first quarter trading statistics. In particular, derivatives, the largest revenue segment, have experienced a volume decline. Cash equity turnover has improved.

Despite this, UBS downgrades FY19 estimates for earnings per share by -1.5% as rebate structures are returning half the post-trade revenue growth compared with the previous corresponding quarter and capital raisings are flat. Sell rating and $56.50 target maintained.

Target price is $56.50 Current Price is $61.31 Difference: minus $4.81 (current price is over target).
If ASX meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $56.91, suggesting downside of -7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

Citi rates BOQ as Buy (1) -

FY18 results were in line with expectations. Citi notes revenue growth is expected to remain below cost growth. Management has flagged accelerated investment in digital to improve the offering and customer experience, which the broker notes is playing catch up with peers.

The positives continue to be strong capital and dividends, while there remains the prospect of participating in regional bank acquisitions, in Citi's view. Neutral rating and $11 target maintained.

Target price is $11.00 Current Price is $11.05 Difference: minus $0.05 (current price is over target).
If BOQ 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 $10.64, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in August.

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 BOQ as Hold (3) -

Deutsche Bank is taking a positive approach post what appears to have been a positive surprise with the release of FY18 financials.

Net Interest Margin in particular is highlighted as a positive surprise. Deutsche Bank retains a Hold rating with a price target of $11.

Target price is $11.00 Current Price is $11.05 Difference: minus $0.05 (current price is over target).
If BOQ meets the Deutsche Bank target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.64, suggesting downside of -3.7% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates BOQ as Underperform (5) -

Bank of Queensland's result beat expectations thanks to lower funding costs but that's where the good news ends, the broker implies. The outlook is challenged as front-book discounting restrain's revenue, and a low returns profile mixed with an elevated payout ratio is pressuring the bank's capital position.

Balance sheet growth is constrained by mortgage outflows and the broker suggests risk of a dividend cut. Target falls to $10.50 from $10.75, Underperform retained.

Target price is $10.50 Current Price is $11.05 Difference: minus $0.55 (current price is over target).
If BOQ 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 $10.64, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgan Stanley rates BOQ as Underweight (5) -

Better margins and loan volumes lead Morgan Stanley to upgrades estimates for cash earnings in FY19. The broker still believes the stock is too expensive and expects no dividend growth and an elevated pay-out ratio into FY21, given improving loan growth and modest capital generation.

Underweight maintained. Target is raised to $9.50 from $9.30. In-Line industry view retained.

Target price is $9.50 Current Price is $11.05 Difference: minus $1.55 (current price is over target).
If BOQ meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.64, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates BOQ as Add (1) -

Bank of Queensland has announced FY18 cash earnings of $372m, ahead of Morgans' forecasts. No special dividend was declared, contrary to expectations. The broker believes this is explained by the CET1 ratio being weaker than expected and uncertainty around the completion of the sale of the St Andrews life business.

The broker believes the bank's relatively inferior mortgage fulfilment times in the broker channel will continue to work against credit growth and it will be difficult to achieve system home loan growth without compromising margins. Morgans maintains an Add rating and reduces the target to $11.30 from $11.50.

Target price is $11.30 Current Price is $11.05 Difference: $0.25
If BOQ meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $10.64, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

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

FY18 results were stronger than Ord Minnett expected, driven by one-offs. The broker found some evidence the bank is becoming better at gathering deposits but the forecast return-on-equity profile remains anaemic.

Ord Minnett upgrades to Hold from Lighten and raises the target to $10.60 from $10.30. Valuation appears fair but the broker believes there is better value elsewhere.

Target price is $10.60 Current Price is $11.05 Difference: minus $0.45 (current price is over target).
If BOQ meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.64, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

UBS rates BOQ as Sell (5) -

UBS found the FY18 result reasonable but tarnished by the decision to take several items below the line, including software write-offs, regulatory and legal costs. The broker believes a better indication of the second half result was the CET1 ratio, which fell -11 basis points to 9.31%.

UBS upgrades FY19 estimates for earnings per share by 7%, given the delayed St Andrews insurance sale. Sell rating maintained and target steady at $9.80.

Target price is $9.80 Current Price is $11.05 Difference: minus $1.25 (current price is over target).
If BOQ meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.64, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in August.

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 CAR as Upgrade to Buy from Sell (1) -

A change of heart at Citi with the broker as recently as August sticking with its Sell rating, which has now moved to Buy for a double step upgrade in view. Price target lifts 19% to $16.65.

Further in-depth research has now convinced the analysts Carsales will enjoy acceleration in car dealer depth penetration combined with continued volume growth.

Earnings estimates have been upgraded, with Citi's forecasts now anticipating 3-year EPS CAGR of 12%. Given this prospect, the share price is seen as too low.

Target price is $16.65 Current Price is $14.66 Difference: $1.99
If CAR meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $15.89, suggesting upside of 8.4% (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 CAR as Upgrade to Outperform from Neutral (1) -

Credit Suisse expects higher pricing and penetration of depth products to drive revenue growth in FY19. Associated yield improvements should contribute to a forecast 7.5% increase in core private revenue and an 8.5% increase in dealer segment revenue over FY19.

The broker upgrades to Outperform from Neutral, citing upside potential from current trading levels. Target is raised to $16 from $15.

Target price is $16.00 Current Price is $14.66 Difference: $1.34
If CAR meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $15.89, suggesting upside of 8.4% (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 CL1 as Buy (1) -

September quarter account additions were somewhat soft, but largely expected given the delayed lodgements as a result of prior regulatory changes. UBS notes overall customer growth was solid and a strong December quarter is expected.

The broker expects FY19 earnings to fall -5.5% as a result of the assumed loss of the remaining AMP accounts and new accounting standards, as well as the ongoing revenue impact from fee holidays. However, headwinds are considered unlikely to worsen into FY20.

Buy rating maintained. Target is reduced to $2.90 from $2.95.

Target price is $2.90 Current Price is $2.08 Difference: $0.82
If CL1 meets the UBS target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 39.7% (ex-dividends)

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

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

Credit Suisse considers the decline in new listing volumes at the start of FY19 a headwind for the business but entirely consistent with expectations. Analysis suggests 2018 volumes are at the low point of the range seen over the last five years and therefore downside risk is limited beyond 2018.

As the stock is now trading close to the target the rating is downgraded to Neutral from Outperform. Target is $3.50.

Target price is $3.50 Current Price is $3.45 Difference: $0.05
If DHG meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.36, suggesting downside of -2.6% (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 FLT as Buy (1) -

Ord Minnett believes the decline in the share price is overdone. The broker considers the market reaction to allegations the company has ripped off customers was excessive and, in reality, the sensational nature of the allegations is likely to have limited implications from an investment perspective.

The broker remains of the view that, despite the likelihood of higher base salaries under the enterprise bargaining agreement currently being negotiated, this may not result in higher total remuneration as lower commissions and incentives are probable. Buy rating maintained. Target is raised to $65.27 from $65.08.

Target price is $65.27 Current Price is $50.90 Difference: $14.37
If FLT meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $57.61, suggesting upside of 13.2% (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 GMG as Outperform (1) -

Following a tour of Goodman's assets in NZ, the broker has decided to increase its target to $11.35 from $10.60 to reflect a remodelling of cornerstone investments and assumed fees on platform capacity deployment.

Outperform retained.

Target price is $11.35 Current Price is $10.18 Difference: $1.17
If GMG meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $10.10, suggesting downside of -0.8% (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 IAG as Underperform (5) -

The broker notes the commercial premium rate environment continues to be supportive for insurance brokers over insurance companies. The broker has increased earnings expectations for IAG in FY19 to account for the Asia sale reallocation and from FY20 on the reflect above industry average repricing.

 Target rises to $6.85 from $6.75. Underperform retained.

Target price is $6.85 Current Price is $7.32 Difference: minus $0.47 (current price is over target).
If IAG meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.70, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

UBS rates JHG as Buy (1) -

The business has benefited from greater exposure to US and global equities in the September quarter as the US equity market significantly outpaced others, including Australia, UBS observes.

While net outflows appear to have persisted, upgrades to assets under management have enhanced the value story and the broker maintains a Buy rating. Target is reduced US$38.20 from US$40.00.

Current Price is $36.80. Target price not assessed.

Current consensus price target is $46.65, suggesting upside of 26.8% (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: 0.4

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

UBS rates NWL as Sell (5) -

Across domestic platform operators, UBS expects the Hayne Royal Commission to increase momentum towards platform providers such as Netwealth.

Yet the broker remains cautious on the stock, given the elevated valuation, and retains a Sell rating. Target is raised to $7.15 from $7.00.

Target price is $7.15 Current Price is $7.92 Difference: minus $0.77 (current price is over target).
If NWL meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.75, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.7

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

Morgan Stanley rates QBE as Overweight (1) -

Morgan Stanley suggests QBE presents a turnaround opportunity, again. Portfolio remediation, cost reductions and more constructive fundamentals support improved margins and a re-rating.

The broker suggests the remediation has started, with QBE taking action on businesses that collectively contributed over US$200m in underwriting losses in FY17. A focus on execution is now expected to produce margin expansion and an earnings upgrade cycle.

Overweight rating maintained. Target is raised to $12.50 from $12.00. Industry view is In-Line.

Target price is $12.50 Current Price is $11.51 Difference: $0.99
If QBE meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $11.86, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

Macquarie rates RCR as Downgrade to Neutral from Outperform (3) -

Macquarie is back from restriction having advised on RCR's capital raising, which it notes, in the wake of issues at the Daydream and Hayman solar farms, strengthens the balance sheet to allow ongoing delivery on engineering, construction and maintenance.

It will take time to stabilise the business and deliver sustainable profit growth, the broker suggests. Sector consolidation should provide valuation support but for the meantime Macquarie pulls back to Neutral from Outperform. Target is $1.20.

Target price is $1.20 Current Price is $1.03 Difference: $0.17
If RCR meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting upside of 25.6% (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 REA as Neutral (3) -

Credit Suisse remains comfortable that yield and mix benefits will continue to offset subdued volumes. Analysis of new listings over the past five years shows that in 2018 so far volumes for both the national market and capital cities are at the bottom of the range.

The broker does not expect softness in the housing markets of Sydney and Melbourne to have additional downside impact on listing volumes. Neutral rating maintained. Target rises to $85.50 from $83.00.

Target price is $85.50 Current Price is $82.13 Difference: $3.37
If REA meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $88.21, suggesting upside of 7.4% (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 S32 as Buy (1) -

Deutsche Bank analysts highlight S32 has 3.2mt of excess alumina that gets sold into the spot market. Post the Norsk Hydro news the analysts suggest the aluminium market's deficit might turn out a whole lot larger than the in-house forecast of -1.4mt in 2019.

The analysts explain the aluminium chain makes up 50% of EBITDA forecasts for S32, based on forecasts of US$2385/t aluminium and US$420/t alumina for 2019. Spot aluminium is currently at US$2167/t and alumina US$460/t.

Buy rating retained.

Target price is $4.40 Current Price is $4.22 Difference: $0.18
If S32 meets the Deutsche Bank target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.15, suggesting downside of -1.7% (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: 0.6

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

Credit Suisse rates SBM as Neutral (3) -

Credit Suisse notes a solid start to the financial year, with gold production in the September quarter putting the company comfortably on track to meet guidance of 350-375,000 ounces.

The catalysts include positive outcomes from Gwalia Deeps extension drilling and Simberi sulphide exploration. Neutral and $3.85 target retained.

Target price is $3.85 Current Price is $3.69 Difference: $0.16
If SBM meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.17, suggesting upside of 13.0% (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 SBM as Buy (1) -

It looks like Gwalia missed expectations, but Simberi made up for it. All in all, Deutsche Bank thinks the Q1 production update was a "clean" one and the Buy rating remains in place.

Lower costs at Gwalia have triggered an increase in estimates. Price target remains $4.20.

Target price is $4.20 Current Price is $3.69 Difference: $0.51
If SBM meets the Deutsche Bank target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.17, suggesting upside of 13.0% (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 SBM as Outperform (1) -

St Barbara's re-released Sep Q production numbers met the broker's expectation after a beat at Simberi offset a miss at Gwalia. Simberi strength should support the prospect of a sulphide project, the broker suggests.

Outperform and $4.50 target retained.

Target price is $4.50 Current Price is $3.69 Difference: $0.81
If SBM meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.17, suggesting upside of 13.0% (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

Citi rates SEK as Sell (5) -

Citi expects depth revenue growth to accelerate but not completely offset slower volume growth in the core business. The broker upgrades estimates for earnings per share by 3-5% in FY19-21.

The broker considers the valuation still a challenge and retains a Sell rating. Target is raised to $16.90 from $15.00.

Target price is $16.90 Current Price is $20.56 Difference: minus $3.66 (current price is over target).
If SEK meets the Citi target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.64, suggesting upside of 0.4% (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

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

Credit Suisse considers a slowdown in volume growth in domestic job advertisements at the beginning of FY19 is primarily driven by tough comparables, as domestic labour market fundamentals remain robust.

Mid single digit volume growth is expected for the Australasian employment business in the remainder of the financial year. The broker upgrades to Neutral from Underperform as the stock is trading close to the new target, raised to $19.10 from $17.50.

Target price is $19.10 Current Price is $20.56 Difference: minus $1.46 (current price is over target).
If SEK meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.64, suggesting upside of 0.4% (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 SUN as Underperform (5) -

The broker notes the commercial premium rate environment continues to be supportive for insurance brokers over insurance companies. Lowered earnings expectations for Suncorp's banking business lead to a target price cut to $14.65 from $14.85.

Underperform retained.

Target price is $14.65 Current Price is $14.43 Difference: $0.22
If SUN meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $15.31, suggesting upside of 6.1% (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

Credit Suisse rates SYR as Outperform (1) -

The company estimates the shutdown as a result of the fire at the primary classifier will cost five weeks of production. Planned monthly maintenance will be brought forward during this period, which suggests to Credit Suisse that higher productivity and production in the following month will occur following the re-start.

Credit Suisse lowers first quarter production estimates to allow for the impact. Outperform rating and $5.50 target maintained.

Target price is $5.50 Current Price is $2.17 Difference: $3.33
If SYR meets the Credit Suisse target it will return approximately 153% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 63.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Macquarie rates SYR as Outperform (1) -

A fire at Balama has cut Dec Q production expectations by around half. Replacement equipment is being sourced but commissioning could take up to five weeks, the broker notes.

Syrah nevertheless expects a similar production rate through to end 2018 despite the fire, and in the meantime will focus on other areas of the business. Target falls to $3.80 from $3.90, Outperform retained.

Target price is $3.80 Current Price is $2.17 Difference: $1.63
If SYR meets the Macquarie target it will return approximately 75% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 63.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

UBS rates SYR as Buy (1) -

The company has advised that the fire that occurred at  Balama in the primary classifier originated during planned maintenance. The company expects a five-week outage to enable delivery, installation and commissioning of a replacement.

As a result of the fire, fourth quarter production will be 30-35,000t and 2018 production is estimated at 101-106,000t. UBS lowers forecasts to 100,000t to reflect the announcement.

This latest event is expected to weigh on the share price until the operations reach positive free cash flow, estimated to be early in 2019. Buy rating maintained. Target is reduced to $3.10 from $3.40.

Target price is $3.10 Current Price is $2.17 Difference: $0.93
If SYR meets the UBS target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 63.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

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

Ord Minnett expects it will take some time for the company's new management to settle in and implement strategies. Potential upside exists in three areas which could lead the broker to increase earnings forecasts.

These include the $90m transformation target, the full selling through of Australia-Singapore cable capacity and accelerated market share gains in enterprise and consumer segments.

As the stock is now trading in line with the target of $3.30 the rating is downgraded to Hold from Accumulate and the broker awaits signs of improved execution.

Target price is $3.30 Current Price is $3.26 Difference: $0.04
If VOC meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.86, suggesting downside of -12.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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