Australian Broker Call

Morgans rates ADH as Hold (3) -

The second half trading update showed an acceleration in sales, with like-for-like growth of 18% in the year-to-date. Guidance has been upgraded to $44-46.5m in EBIT for FY18, which Morgans notes is the third upgrade this year.

The broker is mindful the company is close to cycling a very strong comparable in FY19, amid a potential overhang from the Catalyst stake. Hold rating maintained. Target is raised to $2.30 from $2.28.

Target price is $2.30 Current Price is $2.15 Difference: $0.15
If ADH meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

UBS rates ADH as Buy (1) -

Sales momentum continued into 2018 and the company has narrowed FY18 gross margin guidance to 60-61% and increased its EBIT forecast to $44-46.5m.

UBS notes the company will face a tougher sales base from June but believes it can still deliver mid single digit growth from that point, based on the performance of the online channel. A Buy rating is maintained and the target is raised to $2.60 from $2.40.

Target price is $2.60 Current Price is $2.15 Difference: $0.45
If ADH meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Macquarie rates BLD as Outperform (1) -

Boral's trading update revealed an operational momentum slightly below expectations, clarify Macquarie analysts in an initial response. The analysts mainly blame weather-related issues affecting operations in the USA.

In addition, the new tax guidance of 19%-22% suggests slightly positive news from this angle. Macquarie maintains Outperform rating. Target unchanged at $8.50.

Target price is $8.50 Current Price is $6.84 Difference: $1.66
If BLD meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $8.15, suggesting upside of 19.2% (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

Ord Minnett rates CSL as Accumulate (2) -

Ord Minnett is confident that positive momentum has continued into 2018, after confirming the company had expanded its market share in 2017. Throughput remains constrained by the access to plasma, but such is the case with the rest of the sector.

With collections expanding faster than the industry the broker expects CSL's share gains are assured. Ord Minnett remains confident in forecasts and maintains an Accumulate rating and $171 target.

Target price is $171.00 Current Price is $161.21 Difference: $9.79
If CSL meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $167.14, suggesting upside of 3.7% (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: 0.6

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

Ord Minnett rates CTX as Hold (3) -

Ord Minnett expects a weak first quarter because of lower refining margins and a mixed performance from supply & marketing. The broker suggests the asset optimisation review is likely to be modestly positive rather than transformational and, while the Foodary roll-out is attractive as an opportunity the pace raises execution risk.

Hold rating maintained. Target is reduced to $34.00 from $37.50.

Target price is $34.00 Current Price is $30.94 Difference: $3.06
If CTX meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $36.32, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

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

Following a noticeable weakening in the share price, down -13% year-to-date, Citi analysts believe risk is now more evenly balanced, hence why they have upgraded their view to Neutral from Sell.

Citi retains a close watch on the outlook for Net Interest Margin (NIM), expecting downward pressure, but also suggests cost savings might provide compensation. There's ongoing potential for capital return, on Citi's projections.Target price lifts to GBP3.

Current Price is $5.57. Target price not assessed.

Current consensus price target is $5.86, suggesting upside of 5.3% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

This company reports in GBP. 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 DOW as Lighten (4) -

Ord Minnett notes speculation the company may be exploring the sale of its mining services division. Downer reduced the carrying value of the division at the recent result and profits have been falling following the termination of several lucrative contracts.

Should a sale occur, depending on the price achieved, the broker suggests it would be a positive catalyst as proceeds could be used to pay down debt. However, the reports suggest a value of $200-300m, which would be below book value. Lighten rating and $6.15 target maintained.

Target price is $6.15 Current Price is $6.70 Difference: minus $0.55 (current price is over target).
If DOW meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.39, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Morgan Stanley rates DXS as Overweight (1) -

Morgan Stanley has become more positive on the funds management platform and the Healthcare Wholesale Property Fund after a meeting with management. The broker believes it could help offset some of the lost income in FY19/20 from the Woodside expiry and provide visibility for future trading profits.

The broker believes Dexus may have several advantages over existing health care operators by creating flexible properties that use obsolete but well-located industrial stock. The company could also use its credentials to attract capital partners focused on modern healthcare facilities, against a backdrop of under-investment by the private sector.

Target price steady at $9.85. Industry view: Cautious. Overweight.

Target price is $9.85 Current Price is $9.20 Difference: $0.65
If DXS meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $9.81, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Macquarie rates FMG as Outperform (1) -

In an initial response, Macquarie analysts note production for the March quarter missed expectation by some -6%, though total shipped volumes only missed by -1%.

Net debt is higher than expected, while realised pricing is in-line. The company has also guided towards higher costs. Macquarie uses the label "solid" and retains the Outperform rating, with an unchanged $5.50 price target.

Target price is $5.50 Current Price is $4.53 Difference: $0.97
If FMG meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting upside of 13.5% (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: 0.3

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

Macquarie rates GOR as Outperform (1) -

The schedule has slipped and costs have increased amid delays caused by rain at Gruyere. Macquarie is disappointed but believes the slippage is less meaningful in the context of the long-life asset.

The company has recommenced exploration for 2018, which remains a potential catalyst. Outperform rating. Target reduced to $0.95 from $1.00.

Target price is $0.95 Current Price is $0.79 Difference: $0.16
If GOR meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Citi rates GXY as Buy (1) -

Price target has dropped 10c to $4.50 following the release of the March quarter production report, labeled "weak" by Citi analysts. Buy/High risk rating remains in place with reduced forecasts. Lower volumes and higher costs from Mt Cattlin are to blame.

Citi analysts suggest lower feed grades are responsible for Galaxy Resources' disappointing update. They also note the company reported a cash balance of US$60.8m as at the end of the March quarter. The company has no debt.

Securing funding for Sal de Vida and pulling the project into development phase is seen as the next catalyst for the share price.

Target price is $4.50 Current Price is $2.89 Difference: $1.61
If GXY meets the Citi target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $3.52, suggesting upside of 21.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Macquarie rates GXY as Underperform (5) -

March quarter production was softer, down -16% quarter on quarter, while grade was -13% lower. C1 costs beat Macquarie's expectations.

The company expects plant improvements will lift production to 220-240,000dmtpa, which represents around a 10% lift to Macquarie's assumptions.

Underperform. Target is $3.

Target price is $3.00 Current Price is $2.89 Difference: $0.11
If GXY meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.52, suggesting upside of 21.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

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

Costs were higher in the March quarter as feed grade dropped, Morgan Stanley observes. The average grade of ore treated was 1.11% versus Morgan Stanley's estimate of 1.2%.

Construction and commissioning process of the plant improvements are to be completed during the September quarter, in line with expectations.

Equal-weight. Target is $3.10. Industry View: Attractive.

Target price is $3.10 Current Price is $2.89 Difference: $0.21
If GXY meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.52, suggesting upside of 21.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

UBS rates GXY as Neutral (3) -

March quarter production was below UBS estimates. As mining has moved to a new area with a relatively higher strip ratio, volumes are expected to remain high for the next 3-4 quarters while grades are expected to lift back to 1.2% in the June quarter.

The company remains focused on securing a new area to the east that will provide higher grade material with a lower strip ratio. UBS maintains a Neutral rating and reduces the target to $3.10 from $3.30.

Target price is $3.10 Current Price is $2.89 Difference: $0.21
If GXY meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.52, suggesting upside of 21.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Morgan Stanley rates HSO as Underweight (5) -

Private health insurance aggregator iSelect ((ISU)) has signalled a negative trend in health insurance leads has accelerated. Leads declined by -11% in the last two weeks of March, usually the strongest period, and by -21% in the first three weeks of April.

Morgan Stanley suggests this highlights ongoing risk to private hospital volume recovery. The broker maintains an Underweight rating for Healthscope and $1.67 target. Industry view is In-Line.

Target price is $1.67 Current Price is $2.04 Difference: minus $0.37 (current price is over target).
If HSO meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.99, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgans rates IPD as Add (1) -

Morgans continues to review forecasts, acknowledging that the uptake from private payers is going to take more time. Nevertheless, the recent bilateral clearance for SOZO will result in expanding use with the existing client base.

Forecasts for heart failure revenue are reduced pending the outcome of the pilot study in heart failure, due in June, and increased trial costs in FY19/20.

Add rating maintained. Target is reduced to $1.43 from $1.46.

Target price is $1.43 Current Price is $0.62 Difference: $0.81
If IPD meets the Morgans target it will return approximately 131% (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 LVH as Add (1) -

Morgans found the March quarter update mixed as Talent Community growth was better but cash receipts were below forecasts.

The broker lowers profit estimates to reflect a lower number of new signings of major accounts in the March and June quarters, amid longer lead times for signing new accounts over the remainder of the financial year.

Target is reduced to $1.14 from $1.39. Add rating maintained.

Target price is $1.14 Current Price is $0.70 Difference: $0.44
If LVH meets the Morgans target it will return approximately 63% (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 MDL as Add (1) -

March production of non-magnetic concentrate was in line with the performance of the preceding three quarters. Given disruptions to rail availability, and the limitations imposed on railed tonnage, Grande Cote opted to prioritise production of higher-value zircon, rutile and leucoxene.

Morgans models modest improvements in run time and operating efficiencies for the balance of 2018. Add rating maintained. Target is steady at $1.51.

Target price is $1.51 Current Price is $1.13 Difference: $0.38
If MDL meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).

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: 1.0

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

Deutsche Bank rates MGR as Buy (1) -

Deutsche Bank had upgraded to Buy less than a week prior. Now Mirvac has released its quarterly update, and used the opportunity to repeat its guidance for the full year.

Buy rating retained as the share price remains -9% below valuation and with Deutsche Bank analysts continuing to like the quality of the retail assets. Target unchanged at $2.36.

Target price is $2.36 Current Price is $2.16 Difference: $0.2
If MGR meets the Deutsche Bank target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Macquarie rates MGR as Outperform (1) -

The company has reaffirmed FY18 guidance of 15.3-15.6c per share and has indicated that 54% of FY18 settlements will be completed in the fourth quarter.

Macquarie suggests, while the current credit tightening could add further complications to the timing of settlements, this does not represent lost income to Mirvac.

Amid near-term earnings upside from the buyback and a solid earnings outlook Macquarie retains an Outperform rating. Target is reduced to $2.31 from $2.38.

Target price is $2.31 Current Price is $2.16 Difference: $0.15
If MGR meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Ord Minnett rates MGR as Hold (3) -

The company has confirmed guidance of 6-8% growth in earnings per share for FY18. Ord Minnett notes the heavy skew to the June quarter for residential settlements but points out this was signalled previously.

New industrial development profits are assumed, which indicates growth in FY19, and FY20 looks strong, in the broker's opinion. Ord Minnett maintains an Accumulate rating and $2.55 target.

Target price is $2.55 Current Price is $2.16 Difference: $0.39
If MGR meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

UBS rates MGR as Neutral (3) -

The company has reaffirmed guidance for 6-8% growth. While UBS is comfortable with forecasts at the top of this range, it detects some uncertainty creeping into the fourth quarter with a large volume of residential lots that need to settle.

At the current price the broker finds the value uncompelling and maintains a Neutral rating and $2.26 target.

Target price is $2.26 Current Price is $2.16 Difference: $0.1
If MGR meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Credit Suisse rates MQG as Outperform (1) -

Activity trends were mixed in the March quarter, as Credit Suisse observes volatility spiked and investment banking fees retraced following a strong December quarter. This was offset by strong sequential completed M&A.

The bank has re-set guidance for FY18 reported profit, now expected to be up around 10%. Outperform rating and a $110 target maintained.

Target price is $110.00 Current Price is $105.74 Difference: $4.26
If MQG meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $101.19, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in March.

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 MYR as Neutral (3) -

Macquarie is pleased a new CEO has been appointed reasonably quickly, minimising the potential for leadership disruption. Yet the broker suggests financial capacity limits the investment and turnaround possibilities.

John King, previously CEO of House of Fraser, has been appointed CEO and managing director. Date of commencement is yet to be confirmed. Neutral rating and $0.50 target maintained.

Target price is $0.50 Current Price is $0.38 Difference: $0.12
If MYR meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $0.38, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.8

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

Credit Suisse rates NCM as Underperform (5) -

The company expects full production at Cadia by early May, two months earlier than Credit Suisse had assumed. The pit has now been approved for tailings impoundment. The broker updates earnings estimates to account for the earlier-than-expected re-start of Cadia's full rate of production.

Credit Suisse also defers US$120m in dam remediation costs to FY19, resulting in a downgrade to estimates. Underperform rating and $18.50 target maintained.

Target price is $18.50 Current Price is $20.64 Difference: minus $2.14 (current price is over target).
If NCM 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 $20.41, suggesting downside of -1.1% (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: -0.2

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

Ord Minnett rates NCM as Accumulate (2) -

The company can now use the first 200m of the Cadia Hill open pit as a tailings storage facility. This approval will allow Newcrest to return to full processing rates, targeted to reach 30mtpa by mid 2018 prior to the failure of the northern tailings dam.

The positive development suggests to Ord Minnett that market concerns about the potential impact may have been too conservative. While longer term reservations about seismicity will linger, the update shows both the company and regulators are comfortable that mining and processing can return to normal levels.

Accumulate rating and $24 target maintained.

Target price is $24.00 Current Price is $20.64 Difference: $3.36
If NCM meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $20.41, suggesting downside of -1.1% (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: -0.2

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

UBS rates NCM as Sell (5) -

The company has secured permits to deposit tailings into the bottom 200m of the old pit at Cadia, allowing for full production to resume for 16 months. UBS observes Newcrest now has ample time to find a repair solution for the failed northern tailings dam.

The focus is now on the mine plan and expansion update in August. Sell rating and $14.70 target maintained.

Target price is $14.70 Current Price is $20.64 Difference: minus $5.94 (current price is over target).
If NCM meets the UBS target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.41, suggesting downside of -1.1% (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: -0.2

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

Macquarie rates ORE as Outperform (1) -

Macquarie considers early signs of phase 2 work at Olaroz a positive, as it could mean strong cash flow from the expansion comes earlier than estimated.

Moreover, the broker suggests this work could mean there are no longer any downgrades to production estimates because of the extra stability provided. The broker maintains an Outperform rating and $6.70 target.

Target price is $6.70 Current Price is $5.16 Difference: $1.54
If ORE meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 39.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Macquarie rates RMD as Underperform (5) -

Ahead of the third quarter result Macquarie reviews its investment case. On balance, the broker envisages opportunities for increased penetration and resupply of consumables, while ongoing ASP declines are a limiting factor to operating leverage.

Scenario analysis indicates the risk/reward profile is skewed to the downside  Underperform. Target is raised to $11.90 from $11.80.

Target price is $11.90 Current Price is $12.75 Difference: minus $0.85 (current price is over target).
If RMD 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 $12.35, suggesting downside of -3.1% (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: 0.1

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

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

UBS transfers coverage to another analyst and re-models earnings drivers. While the target increases to US$104 from US$96 the rating, based on recent share price performance, is downgraded to Neutral from Buy.

Non-GAAP growth in earnings per share of 12% is forecast over the next three years. Yet, UBS believes the robust earnings growth outlook is largely captured in the share price.

Current Price is $12.75. Target price not assessed.

Current consensus price target is $12.35, suggesting downside of -3.1% (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: 0.1

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

Credit Suisse rates STO as Outperform (1) -

It was no surprise to Credit Suisse that production was softer in the March quarter, given the impact of the PNG earthquake and lower volumes from Fairview. Guidance has been lowered to 55-58 mmboe.

Speculation that Total and Quadrant may be looking at the business adds further intrigue to the stock and a new analyst takes the helm at Credit Suisse. Outperform rating and $6.35 target maintained.

Target price is $6.35 Current Price is $6.14 Difference: $0.21
If STO meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.70, suggesting downside of -7.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.2

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

Macquarie rates VOC as Underperform (5) -

It has transpired Vocus couldn't get to an agreement with interested parties for the sale of its New Zealand operations and the company has thus decided to retain the business.

Vocus has also amended its debt covenants, while continuing to pursue a refinancing. Macquarie highlights the company has stated it has no intention to pursue an equity offering.

Macquarie feels it is better to stick with the Underperform rating. Too many uncertainties surround the balance sheet, the operational track record, and tough market dynamics, to name but a few factors. Target retained at $2.50.

Target price is $2.50 Current Price is $2.21 Difference: $0.29
If VOC meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.83, suggesting upside of 27.9% (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

Macquarie rates WAF as Outperform (1) -

High-grade mineralisation has been extended at depths in the latest drilling results at M1S. Macquarie expects an updated resource statement will lift the underground resource and lead to an updated feasibility study.

The company is prioritising infill drilling at depth to convert prospective resources to reserves. Outperform and 50c target maintained.

Target price is $0.50 Current Price is $0.37 Difference: $0.13
If WAF meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Macquarie rates WES as No Rating (-1) -

Macquarie reviews the growth pillars for Bunnings Australasia and expects, while like-for-like sales are strong, the profile will slow although further creep in the addressable market will mean the solid performance continues.

Macquarie is restricted on rating and target at this stage.

Current Price is $42.34. Target price not assessed.

Current consensus price target is $41.79, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Credit Suisse rates WSA as Outperform (1) -

Western Areas has completed the commissioning of the mill recovery enhancement project. Credit Suisse assumes the typical three-month ramp up over the June quarter for a full contribution of 1400t nickel to FY19.

Phase 2 construction of a filtration and bagging facility commences in the current quarter for completion in the September quarter. The broker maintains an Outperform rating and $3.40 target.

Target price is $3.40 Current Price is $3.63 Difference: minus $0.23 (current price is over target).
If WSA 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 $2.94, suggesting downside of -19.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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