Australian Broker Call

Morgan Stanley rates A2M as Underweight (5) -

Nielsen data indicates the company's off-line infant formula sales were particularly strong in November and December.

Morgan Stanley considers this goes some way to alleviate concerns and is broadly consistent with guidance for the first half.

Underweight rating. Target is NZ$11.50. Industry view is Cautious.

Current Price is $15.24. Target price not assessed.

Current consensus price target is $15.04, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

This company reports in NZD. 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 A2M as Buy (1) -

A2 Milk has left prior guidance unchanged and stated its business performance remains strong. UBS anticipates margins will be a positive contributor, given re-negotiated terms and lower input costs.

As the company continues to win share, forecasts are maintained. Buy rating. Target is NZ$17.00.

Current Price is $15.24. Target price not assessed.

Current consensus price target is $15.04, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

This company reports in NZD. 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

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

Citi analysts won't hide their amazement today. That interim report by AGL revealed a "stellar performance". Wholesale gas gross margin in particular helped the utility with significantly outperforming market consensus and projections at Citi.

In response, Citi analysts suggest this is AGL putting its incumbency to work, and to work well. Among the factors noted, Citi observes AGL has been opportunistically buying in the relatively cheaper gas spot market.

The outlook for earnings is indisputable stronger, the analysts acknowledge, even though they remain of the view structural challenges longer term remain. Upgrade to Neutral from Sell, price target jumps to $20.12 from $17.35.

Target price is $20.12 Current Price is $20.68 Difference: minus $0.56 (current price is over target).
If AGL meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.90, suggesting downside of -8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Credit Suisse rates AGL as Underperform (5) -

First half results were ahead of forecasts. Higher wholesale margins were countered by lower consumer margins.

Credit Suisse retains an Underperform rating, given a forecast for an -18% decline in earnings in FY20-22 and the impact on valuation of the fall in electricity and gas prices. Target is reduced to $17.10 from $18.00.

Target price is $17.10 Current Price is $20.68 Difference: minus $3.58 (current price is over target).
If AGL 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 $18.90, suggesting downside of -8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Macquarie rates AGL as Underperform (5) -

Macquarie considers the first half result was solid despite the -20% drop in underlying profit. The result was weighed down by an outage at Loy Yang A unit 2 as well as increased depreciation.

The broker liked the cash flow too, but suspects the hostile operating environment is swamping the positive efforts by management in developing its strategy.

Underperform rating maintained. Target is raised to $18.69 from $18.35.

Target price is $18.69 Current Price is $20.68 Difference: minus $1.99 (current price is over target).
If AGL meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.90, suggesting downside of -8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Morgan Stanley rates AGL as Underweight (5) -

First half underlying net profit was ahead of estimates and updated guidance for FY20 is in line with Morgan Stanley's forecast of $838m.

AGL increased generation by 3%, despite the Loy Yang A Unit 2 outage. Customer accounts and customer margins grew.

Underweight maintained. Target is $18.68. Industry view is Cautious.

Target price is $18.68 Current Price is $20.68 Difference: minus $2 (current price is over target).
If AGL meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.90, suggesting downside of -8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Morgans rates AGL as Upgrade to Hold from Reduce (3) -

The broker had expected a weak first half from AGL Energy due to the extended outage at Loy Yang but the result surprised to the upside. That said, FY guidance implies a weaker second half, netting out the upside surprise. The company has pointed to a weakening electricity market although FY21 might enjoy a boost from a Loy Yang insurance payout.

The broker sees a challenging longer term outlook but a solid dividend and a buyback resumption should support the share price. Upgrade to Hold from Reduce, target rises to $18.38 from $17.88.

Target price is $18.38 Current Price is $20.68 Difference: minus $2.3 (current price is over target).
If AGL meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.90, suggesting downside of -8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Ord Minnett rates AGL as Hold (3) -

First half net profit was ahead of Ord Minnett's forecasts. Management has reiterated full year guidance.

The broker found a number of reasons to be positive, including strong cash flow. Ord Minnett believes current wholesale electricity prices are unsustainably low. Hold rating and $20.50 target maintained.

Target price is $20.50 Current Price is $20.68 Difference: minus $0.18 (current price is over target).
If AGL meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.90, suggesting downside of -8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

UBS rates AGL as Sell (5) -

First half net profit was ahead of estimates despite being down -20%. The company now expects FY20 net profit at the upper end of prior guidance of $780-860m.

Nevertheless, with wholesale electricity prices in backwardation and large growth projects uncertain, UBS expects earnings to decline by -8% over the next three years.

Sell rating maintained. Target rises to $18.80 from $18.35.

Target price is $18.80 Current Price is $20.68 Difference: minus $1.88 (current price is over target).
If AGL meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.90, suggesting downside of -8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Citi rates AMP as Sell (5) -

Citi analysts have been of the view that, at best, AMP is looking forward to a long road to recovery, and that view hasn't changed. Hence why the rating remains Sell/High Risk. Estimates have been lowered post the release of FY19 financials.

Management's guidance for a flat underlying profit this year translates to -5% fall, explain the analysts. A few factors are helping management, the analysts point out, including more of the profit will be coming from investment earnings booked at above market returns.

Citi suspects while prospects are improving for the bank and AMP Capital, earnings for AMP Wealth Management may not bottom until FY21. Significant revenue margin squeeze is expected in the medium term. Target price unchanged at $1.70.

Target price is $1.70 Current Price is $1.84 Difference: minus $0.14 (current price is over target).
If AMP meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.82, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Credit Suisse rates AMP as Outperform (1) -

2019 results were in line with expectations. Guidance for 2020 underlying profit, adjusted for the life sale, is forecast to be roughly flat at $440m.

Australian wealth management operating earnings are likely to be down around -20% but offset by growth in other divisions.

Credit Suisse observes a large amount of execution risk in the transformation strategy but the current share price implies minimal chance of partial success. Outperform rating and $2 target maintained.

Target price is $2.00 Current Price is $1.84 Difference: $0.16
If AMP meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.82, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates AMP as Neutral (3) -

Macquarie was disappointed with FY20 guidance, which included -20% lower earnings for Australian wealth management.

Management has committed to reviewing capital management options following the sale of the life business.

Until this is finalised Macquarie continues to believe the investment case is challenging.

Coverage is transferred to another analyst and the broker retains a Neutral rating and $1.75 target.

Target price is $1.75 Current Price is $1.84 Difference: minus $0.09 (current price is over target).
If AMP 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 $1.82, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

Underlying net profit in 2019 missed Morgan Stanley's estimates by -25%. While the life sale is on track to be completed by June 30, the broker suspects the downgrade to the 2020 outlook will weigh on the stock.

Wealth revenue margin guidance of 70 basis points implies a -$65m earnings drag. Morgan Stanley suspects earnings are closer to stabilising in 2020, but risks remain.

Rating is Equal-weight and target is $1.70. Industry view is In-Line.

Target price is $1.70 Current Price is $1.84 Difference: minus $0.14 (current price is over target).
If AMP meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.82, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgans rates AMP as Hold (3) -

AMP's 2019 profit was -18% below consensus and down -32% on the previous year. Pressures in wealth management overshadowed an otherwise strong performance from AMP Capital and a reasonable outcome in banking, the broker notes.

Guidance is for a further -20% drop in 2020 wealth management earnings, but the broker sees guidance risk to the downside. The broker needs to see more progress on a turnaround before becoming more positive. Hold retained, target falls to $1.86 from $$1.89.

Target price is $1.86 Current Price is $1.84 Difference: $0.02
If AMP meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.82, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Ord Minnett rates AMP as Hold (3) -

2019 results were weaker than Ord Minnett expected although guidance for 2020 was largely in line.

The broker notes the significant changes to the operating model and strategy, amid indications it would likely be 2021 before there is certainty that recent difficulties are behind the company.

Ord Minnett maintains a Hold rating and $1.95 target.

Target price is $1.95 Current Price is $1.84 Difference: $0.11
If AMP meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.82, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

UBS rates AMP as Upgrade to Neutral from Sell (3) -

The second half outcome fell well short of UBS estimates. This largely related to AMP life which will be divested in the current half.

Nevertheless, with the stock now trading at an FY21 estimated PE of 14x, and with improving growth thereafter, UBS upgrades to Neutral from Sell. Target is steady at $1.80.

Target price is $1.80 Current Price is $1.84 Difference: minus $0.04 (current price is over target).
If AMP meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.82, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Credit Suisse rates ARF as Neutral (3) -

First half results were in line with expectations. Given the long average lease terms, Credit Suisse envisages limited risk to earnings other than an unexpected material vacancy or changes in the cost of debt.

The broker maintains a Neutral rating and raises the target to $2.95 from $2.76.

Target price is $2.95 Current Price is $3.23 Difference: minus $0.28 (current price is over target).
If ARF meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.17, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Macquarie rates ARF as Neutral (3) -

Macquarie found the first half result broadly in line with expectations. Tenant operating conditions are positive, with occupancy up 5%.

FY20 guidance has been affirmed which the broker suspects is slightly conservative. Neutral maintained. Target is $3.20.

Target price is $3.20 Current Price is $3.23 Difference: minus $0.03 (current price is over target).
If ARF meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.17, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Morgan Stanley rates ARF as Overweight (1) -

First half earnings were in line with expectations. Guidance for full year distributions of 14.3c has been maintained.

The total portfolio valuation increased 2.5%. Morgan Stanley notes supply remains robust.

The company is also reporting consistently positive re-leasing spreads, a sign tenants are running viable businesses at their sites.

Overweight rating and In-Line industry view maintained. Target is raised to $3.35 from $3.15.

Target price is $3.35 Current Price is $3.23 Difference: $0.12
If ARF meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.17, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Citi rates ASX as Sell (5) -

Citi analysts have reduced forecasts, despite the released interim performance proving better-than-expected. They are incorporating lower interest income, that's why. Valuation remains the key stumbling block, in particular since the analysts haven't changed their $70.10 price target.

Sell rating thus remains in place. The analysts note ASX continues to invest to further strengthen its technology infrastructure and develop adjacencies, but the potential rewards and benefits from such initiatives are a while off, still.

Target price is $70.10 Current Price is $82.42 Difference: minus $12.32 (current price is over target).
If ASX meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $73.59, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.7

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 half results were in line with estimates. Credit Suisse expects growth to slow in FY20-21 as the tailwinds from strong activity levels and elevated investment spread income dissipate.

While supporting the incremental growth opportunities the company is pursuing, the broker considers the benefits long dated and relatively small. Underperform rating and $70 target maintained.

Target price is $70.00 Current Price is $82.42 Difference: minus $12.42 (current price is over target).
If ASX meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $73.59, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.7

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

Macquarie rates ASX as Underperform (5) -

First half results were below expectations. Macquarie found the miss on revenue estimates in the first half uncharacteristic, with growth affected by normalisation of interest income from lower investment spreads.

The broker maintains an Underperform rating and believes the valuation is stretched. Target is $69.50.

Target price is $69.50 Current Price is $82.42 Difference: minus $12.92 (current price is over target).
If ASX meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $73.59, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.7

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

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

First half earnings were broadly in line. New technology remains on track and is expected to bring more revenue opportunities.

Testing of the project to replace CHESS with distributed ledger technology will start in July.

Equal-weight retained. Target is $82. Industry view: In-Line.

Target price is $82.00 Current Price is $82.42 Difference: minus $0.42 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $73.59, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.7

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

Ord Minnett rates ASX as Hold (3) -

First half underlying net profit was slightly below Ord Minnett's forecasts. The broker likes the stock because of its defensive characteristics, as it is less volatile or exposed to equity market corrections.

However, the stock is considered fairly priced and a Hold rating is maintained. Target is reduced to $81 from $82.

Target price is $81.00 Current Price is $82.42 Difference: minus $1.42 (current price is over target).
If ASX meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $73.59, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.7

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

UBS rates ASX as Sell (5) -

Revenue growth and net profit were ahead of UBS estimates in the first half. Additional near-term headwinds have emerged, the broker points out.

In particular, while falling interest rates have benefited futures volumes over 2019, ASX has recently reduced margins charged on futures client collateral balances.

This will result in a -2% headwind to pre-tax profit over 2020. Sell rating maintained. Target is raised to $72.25 from $68.00.

Target price is $72.25 Current Price is $82.42 Difference: minus $10.17 (current price is over target).
If ASX 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 $73.59, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.7

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

Credit Suisse rates BKL as Underperform (5) -

Credit Suisse can envisage a recovery into FY21 and FY22 but this comes at a very high PE ratio. The broker suggests investors can wait for the right price because it is unlikely there will be runaway upside.

Net profit estimates are downgraded by -22-60% over the forecast period. Management is guiding to breaking even on second half net profit.

Underperform rating maintained. Target is reduced to $55 from $69.

Target price is $55.00 Current Price is $73.60 Difference: minus $18.6 (current price is over target).
If BKL meets the Credit Suisse target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $66.04, suggesting downside of -10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Macquarie rates BKL as Underperform (5) -

First half results were in line with expectations. Updated guidance for FY20 net profit at $17-21m appears to Macquarie to represent a complete re-setting of expectations by new management.

The complexity of the business has clearly increased. Blackmores could have reduced the quantum of the downgrade by continuing to discount aggressively but chose not to do so, comment the analysts.

The latter indicates a shift towards more longer-term thinking, in the broker's view, which should benefit revenue beyond FY20. Underperform maintained. Target is reduced to $55 from $58.

Target price is $55.00 Current Price is $73.60 Difference: minus $18.6 (current price is over target).
If BKL meets the Macquarie target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $66.04, suggesting downside of -10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Credit Suisse rates BRG as Neutral (3) -

First half results were in line with forecasts. The broker observes investors maintain their enthusiasm about top-line growth despite the stock screening expensive.

Reduced manufacturing activity in China has been countered by elevated inventory which places the company in a good position, in the broker's view.

Neutral rating maintained. Target rises to $23.05 from $17.11.

Target price is $23.05 Current Price is $24.38 Difference: minus $1.33 (current price is over target).
If BRG meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.01, suggesting downside of -9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates BRG as Neutral (3) -

First half earnings were in line with Macquarie's estimates. The acceleration of sales growth is considered a major positive.

While management is reinvesting in the business, holding back short-term margins, Macquarie assesses this extends the duration of revenue and earnings growth.

Neutral rating maintained. The broker transfers coverage to another analyst and raises the target 39% to $25.14.

Target price is $25.14 Current Price is $24.38 Difference: $0.76
If BRG meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $22.01, suggesting downside of -9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgans rates CAR as Reduce (5) -

Carsales posted a solid result, ahead of the broker. Management is cautious on the second half but concedes earnings growth could exceed the first half.

A big rise in dealer prices, the pending sale of Stratton Finance and new product initiatives provide for an attractive longer term outlook, the broker suggests.

Target rises to $16.22 from $14.04, still well short of the traded price. Reduce thus retained.

Target price is $16.22 Current Price is $18.86 Difference: minus $2.64 (current price is over target).
If CAR meets the Morgans target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.56, suggesting downside of -6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

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

Couche-Tard has lifted its offer to $35.25, less any dividends declared or paid by Caltex Australia. Caltex has also announced a low refining margin of US$5.78/bbl for January.

Morgan Stanley interprets this to mean there will be limited profit coming from the refinery at the start of 2020. The one bright spot could be retail fuel, as lower oil prices are typically a tailwind for this business.

Target is $34. Industry view is In-Line. Equal-weight.

Target price is $34.00 Current Price is $33.64 Difference: $0.36
If CTX meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $34.75, suggesting upside of 3.3% (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

Ord Minnett rates CTX as Hold (3) -

Caltex Australia has received a final proposal of $35.25 a share from Couche-Tard. A lower refining margin has also been announced.

Ord Minnett does not consider the higher offer a knock-out price but believes it does force would-be competitors to make a proposal. Hold rating and $35 target maintained.

Target price is $35.00 Current Price is $33.64 Difference: $1.36
If CTX meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $34.75, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in December.

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 DOW as Neutral (3) -

First half net profit was down -29% and below expectations. This reflects issues the company had flagged previously.

One positive UBS drew from the result was the 18% increase in mining earnings (EBIT). The broker retains a Neutral rating and reduces the target to $7.30 from $7.69.

Target price is $7.30 Current Price is $6.86 Difference: $0.44
If DOW meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.55, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Macquarie rates EVN as Neutral (3) -

First half net profit was a record and ahead of expectations. Cash flow and the 7.0c dividend were in line with Macquarie's forecasts.

Strong resource additions at Cowal should provide a platform for defining a meaningful underground reserve in 2020, in the broker's view.

Neutral rating maintained. Target is raised to $3.90 from $3.80.

Target price is $3.90 Current Price is $4.23 Difference: minus $0.33 (current price is over target).
If EVN meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.11, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Credit Suisse rates GMG as Neutral (3) -

First half operating profit was slightly ahead of expectations. Credit Suisse expects gearing to remain relatively stable at 10% over the near term.

The broker revises up FY20-22 estimates for earnings per share by 0.9-6.1%. Neutral rating maintained. Target rises to $15.97 from $14.76.

Target price is $15.97 Current Price is $16.44 Difference: minus $0.47 (current price is over target).
If GMG 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 $16.46, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Morgan Stanley rates GMG as Overweight (1) -

First half results were ahead of expectations and FY20 earnings guidance is lifted to growth of 11%.

The results, Morgan Stanley asserts, demonstrate the value of the company's development pipeline, global demand for warehousing, and the valuation tailwind in the logistics and warehouse industry.

Overweight rating. Target is lifted to $17.80 from $16.05. In-Line industry view.

Target price is $17.80 Current Price is $16.44 Difference: $1.36
If GMG meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $16.46, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Ord Minnett rates GMG as Upgrade to Hold from Sell (3) -

First half operating profit was well ahead of Ord Minnett's forecasts because of materially higher development earnings.

The broker's forecasts of 13.5% growth in earnings per share are now ahead of the company's upgraded FY20 guidance of 11%.

Ord Minnett acknowledges having made a wrong call on the stock, as momentum has become far more important than valuation.

While the stock remains fully priced, the broker upgrades to Hold from Sell. Target is raised to $16.10 from $12.70.

Target price is $16.10 Current Price is $16.44 Difference: minus $0.34 (current price is over target).
If GMG meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.46, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

UBS rates GMG as Buy (1) -

First half growth was driven by strong investment earnings, higher assets under management and better development earnings. Guidance has been increased to growth of around 11% in FY20, ahead of expectations.

UBS assesses the strong structural tailwinds are not abating any time soon and confidently assumes growth of more than 10% in earnings per share out to FY22.

UBS maintains a Buy rating and $15.60 target.

Target price is $15.60 Current Price is $16.44 Difference: minus $0.84 (current price is over target).
If GMG meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.46, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Macquarie rates GOR as Outperform (1) -

2020 guidance for costs is slightly lower than Macquarie expected. Guidance for Gruyere has been set at 250-285,000 ounces with costs of between $1100-1200/oz.

Importantly, an additional 1.2m ounces in measured and indicated resources will be available for reserve conversion. Macquarie maintains an Outperform rating and raises the target to $1.80 from $1.70.

Target price is $1.80 Current Price is $1.65 Difference: $0.15
If GOR meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates IPH as Outperform (1) -

First half operating earnings (EBITDA) were in line with Macquarie's estimates. The broker notes solid like-for-like growth across Australasia and Asia. Synergies remain on track.

The broker notes acquisitions offshore remain an avenue for growth in secondary IP markets. Outperform rating maintained. Target rises to $10.65 from $10.10.

Target price is $10.65 Current Price is $10.23 Difference: $0.42
If IPH meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Morgans rates IPH as Hold (3) -

A strong result from IPH was broadly in line. Revenue growth of 4% in A&NZ was an excellent performance, the broker suggest, given a falling number of filings. The Asian division reported its fourth consecutive half of double-digit organic growth.

Given a strong balance sheet, the company is seen as well placed for more acquisitions. The broker is a big fan, but on a 27x PE retains Hold. Target rises to $9.78 from $9.48.

Target price is $9.78 Current Price is $10.23 Difference: minus $0.45 (current price is over target).
If IPH meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Citi rates MFG as Sell (5) -

Citi analysts can only conclude the business is tracking well after yet another interim performance that was slightly better than expected. They remain of the view, however, there is not enough clarity about the growth prospects medium term.

In the light of the latter, the share price is seen as too richly valued, hence why that Sell rating remains in place. Target price has crept up to $55 from $52. An optimist would expect more upside from the yet to be launched Magellan Retirement Fund, but Citi prefers to take a cautious stance.

On the positive side, Magellan's flagship strategy had a strong start to 2020, note the analysts, this should bode well for funds inflows near term.

Target price is $55.00 Current Price is $73.67 Difference: minus $18.67 (current price is over target).
If MFG meets the Citi target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.87, suggesting downside of -21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.9

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

Credit Suisse rates MFG as Underperform (5) -

First half earnings were slightly ahead of expectations. The company continues to work in a range of product and growth initiatives which Credit Suisse believes have potential to continue attracting net inflows.

Nevertheless, the broker assesses expectations are becoming too high and maintains an Underperform rating. Target is raised to $60.00 from $52.50.

Target price is $60.00 Current Price is $73.67 Difference: minus $13.67 (current price is over target).
If MFG meets the Credit Suisse target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.87, suggesting downside of -21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.9

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

Macquarie rates MFG as Underperform (5) -

First half results were ahead of estimates. Macquarie notes growth in assets under management and stable margins aided revenue while costs were slightly below forecasts.

However, the current valuation is considered too stretched and any moderation in the positive business momentum would result in a material de-rating.

Underperform rating maintained. Target rises to $60 from $55.

Target price is $60.00 Current Price is $73.67 Difference: minus $13.67 (current price is over target).
If MFG meets the Macquarie target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.87, suggesting downside of -21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.9

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

Morgan Stanley rates MFG as Underweight (5) -

First half adjusted earnings beat estimates. The company is planning to launch its retirement income product by June 2020, largely using in-house capabilities and equities as a core building block.

Morgan Stanley continues to believe the stock is too expensive and growth drivers remain narrow. Target is raised to $50 from $44. Underweight maintained. Industry view is: In-Line.

Target price is $50.00 Current Price is $73.67 Difference: minus $23.67 (current price is over target).
If MFG meets the Morgan Stanley target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.87, suggesting downside of -21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.9

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

Morgans rates MFG as Hold (3) -

Magellan Financial's result slightly beat expectations. A strong uplift in January funds under management leads the broker to upgrade earnings forecasts. The fund manager has a number of product and partnership initiatives in the pipeline, the broker notes, including launching the Retirement Fund this half and launching the Sustainable Funds on the ASX in the next half.

Target rises to $65.60 from $59.70. On a 29x forward PE the stock is fully valued, but the broker retains Hold on the back of quality earnings, growth optionality and a strong balance sheet.

Target price is $65.60 Current Price is $73.67 Difference: minus $8.07 (current price is over target).
If MFG meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.87, suggesting downside of -21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.9

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

Ord Minnett rates MFG as Downgrade to Sell from Hold (5) -

First half results were slightly ahead of expectations. Pre-tax profit in funds management was up 24%.

While the retirement fund will be a disruptive offering, targeting a large and growing segment, Ord Minnett assesses timeliness in generating traction limits the earnings impact on a business already managing over $100bn.

Rating is downgraded to Sell from Hold and the target raised to $60.18 from $50.41.

Target price is $60.18 Current Price is $73.67 Difference: minus $13.49 (current price is over target).
If MFG meets the Ord Minnett target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.87, suggesting downside of -21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.9

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

UBS rates MFG as Sell (5) -

First half funds management profit was ahead of UBS estimates. The company has noted development of its new retirement income product is progressing and launch is expected by FY20.

Additionally, Airlie will be made available on the ASX under a listed/unlisted structure.

The initiatives are commendable but, with the stock on an elevated PE, sustaining the pace of flows is becoming increasingly difficult, in the broker's view.

Sell rating maintained. Target rises to $54.30 from $50.00.

Target price is $54.30 Current Price is $73.67 Difference: minus $19.37 (current price is over target).
If MFG meets the UBS target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.87, suggesting downside of -21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.9

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

Citi rates NAB as Buy (1) -

Citi believes National Australia Bank's Q2 trading update proved in-line with expectations. The bank seems on track to meet expectations for FY20 and the analysts also note capital was actually stronger then forecast; 10.6% versus 10.4%.

Costs were higher, but this was compensated by lower impairments. Citi anticipates 3% growth in costs is reflective of front loading due to more investments in technology plus timing of incentive compensation.

The analysts anticipate benefits from migrating legacy IT are likely to build through the year. Buy rating retained. Target price remains at $30.50.

Target price is $30.50 Current Price is $27.29 Difference: $3.21
If NAB meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $27.60, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Macquarie rates NAB as Neutral (3) -

National Bank's first quarter revenue was slightly ahead of expectation on a lift in net interest margin but as is the case with Commonwealth Bank ((CBA)), the broker expects margins to decline in the second quarter due to the pressure of low rates. Flat expense guidance in FY20 was reconfirmed but the broker sees upside risk to expenses thereafter.

The broker continues to expect an earnings re-basing but believes this is already priced in, leading the broker to declare NAB its preferred bank. Still only Neutral however. Target rises to $27.00 from $25.50.

Target price is $27.00 Current Price is $27.29 Difference: minus $0.29 (current price is over target).
If NAB meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.60, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

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

The first quarter trading update builds on the bank's recent track record, Morgan Stanley asserts. The broker believes the operating performance is sound, given the challenging environment.

Housing and SME loans have slowed and the broker acknowledges it will not be easy to achieve expenses that are "broadly flat", but margin pressure is being managed and the credit quality is good.

Rating is upgraded to Equal-weight from Underweight and the target raised to $25.50 from $24.50. Industry view: In-line.

Target price is $25.50 Current Price is $27.29 Difference: minus $1.79 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.60, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Morgans rates NAB as Hold (3) -

National Bank's quarterly update highlighted some positive themes, the broker notes, continuing on from Commonwealth Bank's ((CBA)) result earlier in the week. Net interest margin increased slightly on mortgage repricing, although the broker sees offsetting actions required ahead to counter a lower cash rate. Asset quality is sound and capital has increased.

The issue for the broker is expense growth, as the bank invests in new technology. NAB needs to catch up relative to peers. No new customer remediation charges were revealed, but an Austrac-related penalty remains a risk. Hold retained, target rises to $27.50 from $26.00.

Target price is $27.50 Current Price is $27.29 Difference: $0.21
If NAB meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $27.60, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Ord Minnett rates NAB as Accumulate (2) -

The December quarter trading update was a little better than Ord Minnett expected. Broadly flat cost guidance has been retained for FY20 and the broker notes impairment expenses were seasonally low.

While interest margin pressures may return, Ord Minnett expects a lift in lending growth in the second quarter. Accumulate rating maintained. Target rises to $29.80 from $29.70.

Target price is $29.80 Current Price is $27.29 Difference: $2.51
If NAB meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $27.60, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Citi rates NCM as Neutral (3) -

Citi analysts describe the interim report as both "in-line" and as containing "no surprises". The outlook for the second half looks promising on the back of a rising gold price. There should also be less water stress at Cadia and improved output at Lihir.

Estimates have been slightly lowered post the release. Valuation rolls forward to $26.20, but price target is unchanged at $31.30. Neutral rating retained.

Target price is $31.30 Current Price is $28.07 Difference: $3.23
If NCM meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $28.01, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 NCM as Neutral (3) -

First half results were slightly ahead, although the cash outcome was weaker than Credit Suisse was anticipating.

Plant and mine scheduling indicates a stronger second half, consistent with prior years. Neutral rating and $31.80 target maintained.

Target price is $31.80 Current Price is $28.07 Difference: $3.73
If NCM meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $28.01, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 NCM as Underperform (5) -

Newcrest Mining's profit and dividend met expectations but cash flows were weak on working capital movements. Resources/reserves were again reduced, with mine depletions now outstripping extensions and Telfer's reserves falling below three years. Telfer may have a hiatus, the broker suggests, before Haveiron can come on line.

The outlook is dominated by declining production and significant capital projects and Lihir production will need to step up to achieve FY guidance, the broker warns. Underperform and $20 target retained.

Target price is $20.00 Current Price is $28.07 Difference: minus $8.07 (current price is over target).
If NCM meets the Macquarie target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.01, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Morgan Stanley rates NCM as Underweight (5) -

First half earnings were slightly ahead of estimates. The dividend was in line with forecasts. Cash flow was weaker than expected.

Morgan Stanley considers the stock overvalued and maintains an Underweight rating, In-Line industry view and $27.50 target.

Target price is $27.50 Current Price is $28.07 Difference: minus $0.57 (current price is over target).
If NCM meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.01, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Morgans rates NCM as Hold (3) -

Weak production in the first half puts Newcrest Mining at risk of missing FY guidance, the broker warns. A higher realised gold price masked the production miss and increased costs. The broker is concerned about the company's decreasing grade profile and water restrictions at Cadia.

Encouraging exploration results at Havieron and Red Chris may boost the portfolio but the broker sees risk as skewed to the downside. Hold and $31.46 target retained. The broker prefers Regis Resources ((RRL)) in the sector.

Target price is $31.46 Current Price is $28.07 Difference: $3.39
If NCM meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $28.01, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 NCM as Downgrade to Lighten from Hold (4) -

The company has maintained production guidance at the lower end of the 2.38-2.54m ounces range. Ord Minnett observes Lihir will need a strong second half to achieve this.

Cadia and Lihir have increased to 78% of the broker's valuation. Target is lowered to $26 from $28 and the rating is downgraded to Lighten from Hold.

Target price is $26.00 Current Price is $28.07 Difference: minus $2.07 (current price is over target).
If NCM meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.01, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

UBS rates NCM as Sell (5) -

Net profit was ahead of UBS estimates in the first half. Guidance is unchanged from the recent downgrade.

The broker considers the outlook for a number of long-term projects is improving but these are mostly beyond 2025. Sell rating and $28 target retained.

Target price is $28.00 Current Price is $28.07 Difference: minus $0.07 (current price is over target).
If NCM meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.01, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 NGI as Downgrade to Neutral from Outperform (3) -

Navigator Global Investments' result beat Macquarie on stronger performance fees. A solid operating cost performance also provided support. If the fund manager can sustain its investment performance, positive net flows and improved cost discipline, then the broker sees further upside.

But the stock's recent run has Macquarie pulling back to Neutral from Outperform, while acknowledging an attractive dividend. Target falls to $3.36 from $3.39.

Target price is $3.36 Current Price is $3.52 Difference: minus $0.16 (current price is over target).
If NGI meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 NGI as Buy (1) -

First half results beat estimates. Ord Minnett notes positive commentary regarding the platform services business. FY20 operating earnings (EBITDA) guidance is now US$34-36m, up 5% at the mid point.

The broker considers the stock cheap from both a discounted cash flow and multiples standpoint and retains a Buy rating. Target rises to $3.90 from $3.70.

Target price is $3.90 Current Price is $3.52 Difference: $0.38
If NGI meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 ORA as Outperform (1) -

Credit Suisse had anticipated a sharp drop in income from North America in the first half. Australasia was better than forecast.

FY21 estimates for earnings per share are up 11% as the broker incorporates an off-market share buyback rather than a straight capital return.

Outperform rating maintained. Target is steady at $3.40.

Target price is $3.40 Current Price is $2.88 Difference: $0.52
If ORA meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.17, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Citi rates OZL as Neutral (3) -

Citi analysts note the expected preliminary feasibility study (PFS) for West Musgrave has delivered a lower-cost, longer-life project but with higher capex of around $1bn. What this means, the analysts explain, is that management at OZ Minerals will need to decide how to prioritise competing capital commitments.

The analysts sense the West Musgrave project would be in better hands with a nickel bull, but is OZ Minerals thinking of selling it? Target price $11. Neutral rating.

Target price is $11.00 Current Price is $10.16 Difference: $0.84
If OZL meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $10.43, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Morgans rates PME as Add (1) -

Pro Medicus posted a first half profit in line with the broker, the highlight being a 30% increase in transaction volumes. The company has noted continued strength in its pipeline of new contracts, together with existing customers increasing their transaction volumes.

The broker has nonetheless trimmed its FY22 market share assumption, leading to a target cut to $32.47 from $32.79. Despite a seemingly lofty PE, the broker believes Pro Medicus can grow into its multiple over time. Add retained.

Target price is $32.47 Current Price is $25.07 Difference: $7.4
If PME meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

UBS rates PME as Neutral (3) -

First half earnings (EBIT) were in line with UBS estimates. The broker envisages several questions arising from the result regarding the timing risks for FY21 and the pipeline conversion.

The broker assesses stock risks are evenly balanced at present and retains a Neutral rating. Target is reduced to $29.30 from $32.50.

Target price is $29.30 Current Price is $25.07 Difference: $4.23
If PME meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Credit Suisse rates S32 as Outperform (1) -

First half results were the softest since the second half of FY16, Credit Suisse notes. This is reflecting the known pressure on commodity prices.

Fortunately, the broker points out, the balance sheet is well-positioned and, with some commodity price assistance, there could be "decent upside" for those willing to look past the present soft environment.

Outperform rating and $3.10 target maintained.

Target price is $3.10 Current Price is $2.64 Difference: $0.46
If S32 meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 S32 as Underperform (5) -

South32 posted a strong result, beating the broker on earnings. FY20 cost guidance has been reduced but the bulk reflects lower royalty expenses and exchange rate gains. The broker notes commodity spot prices are continuing to trade significantly below forecast.

This implies significant downside earnings risk. Underperform and $2.20 target retained.

Target price is $2.20 Current Price is $2.64 Difference: minus $0.44 (current price is over target).
If S32 meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.91, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 S32 as Overweight (1) -

First half operating earnings (EBITDA) beat Morgan Stanley's estimates. The broker found the result hard to fault. Additional capital management of US$180m has been flagged for FY20.

Overweight retained. Industry view: In-Line. Target is $2.85.

Target price is $2.85 Current Price is $2.64 Difference: $0.21
If S32 meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 S32 as Add (1) -

South32's profit met the broker but earnings margins surprised to the upside on lower costs. Lower metal prices and higher capex spend ate into free cash flow, yet the company still declared a special dividend.

The broker notes South32's exposure to China is well below that of the big iron ore miners. On signs of a trough in earnings, the broker retains Add. Target falls to $3.20 from $3.27.

Target price is $3.20 Current Price is $2.64 Difference: $0.56
If S32 meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 S32 as Upgrade to Accumulate from Hold (2) -

Operating earnings were ahead of Ord Minnett's forecasts in the first half. The broker now expects FY21 earnings to be double FY20 levels.

Additionally, on the disposal of South African Energy Coal, the company's ESG credentials and capital efficiency will improve.

Rating is upgraded to Accumulate from Hold and the target raised to $3.00 from $2.60.

Target price is $3.00 Current Price is $2.64 Difference: $0.36
If S32 meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 S32 as Neutral (3) -

FY20 interim results were in line with UBS estimates. The broker welcomes the special dividend of US1.1c and lower cost guidance.

Despite weaker market conditions, the company has reiterated an intention to maintain returns for shareholders while continuing its studies and early works on growth projects. Neutral rating and $2.90 target maintained.

Target price is $2.90 Current Price is $2.64 Difference: $0.26
If S32 meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 SM1 as Neutral (3) -

The company has downgraded FY20 earnings guidance to NZ$70-85m. The downgrade appears attributable to less profit in lactoferrin as the price falls and lower sales of base infant formula.

Credit Suisse notes the company will not discuss what is happening with A2-type margins and the lack of information is likely to mean the market remains cautious.

Despite a significant de-rating, Credit Suisse is not convinced about long-term profitability. Neutral rating maintained. Target is lowered to NZ$7.75 from NZ$8.84.

Current Price is $6.10. Target price not assessed.

Current consensus price target is $6.95, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Macquarie rates SM1 as Neutral (3) -

Synlait Milk has cut FY20 guidance by -14% at the midpoint due to lower infant formula volumes and lactoferrin prices. The broker cuts forecasts in response and lowers its target to NZ$7.38 from NZ$8.72.

The broker retains Neutral, seeing medium to long term earnings growth opportunity and an undemanding valuation, but an improved operational performance and new customers are required to restore confidence.

Current Price is $6.10. Target price not assessed.

Current consensus price target is $6.95, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Morgans rates SM1 as Hold (3) -

Ahead of its result release next month, Synlait Milk has issued a profit warning, materially downgrading first half guidance. And no, it's not about the virus.

The downgrade has been driven by significantly lower infant formula base powder sales, a material reduction in lactoferrin prices and lower than expected consumer-packaged infant formula sales.

The company has allowed a provision for virus impact but is yet to experience any. The broker retains Hold, awaiting any news on new contracts to increase its conviction in the growth outlook. Target falls to $6.95 from $9.19.

Target price is $6.95 Current Price is $6.10 Difference: $0.85
If SM1 meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.95, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Credit Suisse rates SVW as Outperform (1) -

Credit Suisse adjusts for equity-accounted investments. The business has a sector-leading exposure at a multiple that is ripe for a re-rating, in the broker's view.

Outperform rating maintained. Target is reduced to $21.55 from $21.70.

Target price is $21.55 Current Price is $19.36 Difference: $2.19
If SVW meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $21.09, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Credit Suisse rates TLS as Outperform (1) -

First half results were broadly in line with estimates. Guidance has been maintained. Management has reiterated that underlying operating earnings (EBITDA) will grow by up to $500m in FY20.

As this is the number required to obtain the top of the guidance range of $7.4-7.9bn, Credit Suisse suspects it is a little ambitious. Outperform rating and $4.35 target maintained.

Target price is $4.35 Current Price is $3.78 Difference: $0.57
If TLS meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Macquarie rates TLS as Outperform (1) -

Telstra's result was mixed, leading to small operational downgrades from the broker. Mobile is now heading in the right direction but Fixed Line and Data & IP dragged due to increased NBN impact.

It was nevertheless a robust result in the context, the broker suggests. Mobile remains key, and here momentum continues to improve. Outperform retained, target rises to $4.10 from $4.00.

Target price is $4.10 Current Price is $3.78 Difference: $0.32
If TLS meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgan Stanley rates TLS as Underweight (5) -

First half numbers were generally in line with expectations. FY20 guidance was reiterated.

The main issue now, Morgan Stanley believes, is how a stronger third player in TPG Telecom ((TPG))/Vodafone Australia will make a difference.

Hence, the broker remains cautious as it could potentially impact Telstra's earnings, margins and returns. Underweight rating. Target is $3.20. Industry view: In-Line.

Target price is $3.20 Current Price is $3.78 Difference: minus $0.58 (current price is over target).
If TLS meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.05, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgans rates TLS as Add (1) -

The good news: Telstra posted in line with the broker, returning to earnings growth for the first time since 2016 and increasing cash flow by 36%. The dividend was unchanged and guidance was reaffirmed. The company is half way through its transformation program and progressing well, the broker suggests.

The bad news: The ACCC has approved the merger of TPG Telecom ((TPM)) and Vodafone. The broker believes this is a positive for Telstra in the short term as the merger company will be internally focused, but negative in the long term given competition from a well-funded third player.

Target falls to $4.40 from $4.46. Add retained.

Target price is $4.40 Current Price is $3.78 Difference: $0.62
If TLS meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Ord Minnett rates TLS as Accumulate (2) -

First half net profit was lower than Ord Minnett expected. Nevertheless, the broker found the results solid.

The court ruling allowing a merger between TPG Telecom and Vodafone Australia presents a buying opportunity, in the broker's view, as it is not expected to intensify competition.

On the contrary, the broker expects a benign competitive environment will allow the merged entity to focus on profitable growth. Accumulate rating and $4.25 target maintained.

Target price is $4.25 Current Price is $3.78 Difference: $0.47
If TLS meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

UBS rates TLS as Buy (1) -

UBS found the first half result incrementally positive, as it suggests Telstra is on track to deliver operating earnings in FY20 at the top end of guidance.

However, the result was arguably overshadowed by a court approval of the TPG Telecom ((TPM))/Vodafone Australia merger.

While acknowledging there is now a stronger third operator, UBS believes the risks of an irrational player driving down industry returns has lessened. Buy rating and $4 target maintained.

Target price is $4.00 Current Price is $3.78 Difference: $0.22
If TLS meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Macquarie rates TWE as Neutral (3) -

In the wake of Treasury Wine Estates' result, the broker has cut its target to $12.00 from $13.30. The company has admitted to additional downside risk from the coronavirus and the broker sees further volume risk in Australia from the Endeavour restructure as well as due to the US wine glut.

The broker retains Neutral given the significant share price de-rating.

Target price is $12.00 Current Price is $11.34 Difference: $0.66
If TWE meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $14.11, suggesting upside of 24.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates URW as Neutral (3) -

UR-Westfield's 2019 earnings fell short of the broker and 2020 guidance is also below forecast, due to a rising cost of debt and a more limited impact from developments.

There were nevertheless several positives, the broker suggests, for a stock trading at a -40% discount to net asset value. These include asset divestments, cutting the long-term development pipeline and a limited deterioration in fundamentals.

But with risk remaining over US/UK asset values and gearing, a rising cost of debt and delays in near-term developments, the broker retains Neutral. Target rises to $9.83 from $9.69.

Target price is $9.83 Current Price is $10.06 Difference: minus $0.23 (current price is over target).
If URW meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.82, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

This company reports in EUR. 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 URW as Hold (3) -

2019 results were mixed while asset values did not fall as much as Ord Minnett expected.

The company disposed of an EUR2bn shopping centre portfolio in France into a joint venture at book value, releasing net proceeds of EUR1.5bn.

Ord Minnett maintains a Hold rating and $11.80 target.

Target price is $11.80 Current Price is $10.06 Difference: $1.74
If URW meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $10.82, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: -0.5

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

Citi rates WPL as Neutral (3) -

Target price is $33.64 with a Neutral rating. Citi analysts have reduced their forecasts post Woodside Petroleum updating on its six monthly performance. There is only a slight fall in the price target with the analysts explaining higher interest expenses, higher D&A, and slightly higher cash costs are impacting their valuation, but only marginally.

Citi analysts have also reduced Browse risk weight to 50% from 75% in reflection of further delays. The analysts commentary is predominantly focused on the balancing act the board at Woodside will need to undertake between retaining the credit rating and investing in future growth.

The current weak sentiment in LNG markets is complicating receiving a full price for Scarborough and Pluto, report the analysts on the basis of what was said during the conference call with analysts. Another statement made was that the current 80% payout is not sacrosanct.

Citi analysts are not yet anticipating another equity raising, but they do suggest balance sheet vulnerability should be on investors' radar. Previous price target was $34.99.

Target price is $33.64 Current Price is $32.83 Difference: $0.81
If WPL meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $35.98, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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 WPL as Outperform (1) -

2019 results were in line with expectations and 2020 guidance is unchanged with an 80% dividend payout ratio maintained. Credit Suisse suspects patience is required with Woodside Petroleum.

Catalysts over the first half may prove elusive or delayed. Still, the company is the only large energy stock with upside on fundamentals, even if it takes time, and the broker maintains an Outperform rating. Target is reduced to $37.17 from $37.32.

Target price is $37.17 Current Price is $32.83 Difference: $4.34
If WPL meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $35.98, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Macquarie rates WPL as Neutral (3) -

Woodside Petroleum's underlying result was in line with the broker. The company has now factored in delays for Scarborough/Pluto and Browse/North West Shelf by 3-6 months as the broker had anticipated.

The balance sheet is robust, the broker notes, but Woodside has a significant capital expenditure profile while being committed to maintaining an 80% dividend payout ratio. Neutral retained, target falls to $35.00 from $36.50.

Target price is $35.00 Current Price is $32.83 Difference: $2.17
If WPL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $35.98, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

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

2019 results were close to expectations, with operating earnings (EBITDA) of US$3.5bn. The company is on track to develop Scarborough although the timeline for Browse is slipping, as expected.

Morgan Stanley believes the sanctioning of Scarborough will lead to a modest re-rating while Browse is unlikely to go ahead.

Equal-weight. Industry view: In Line. Target is raised to $34 from $33.

Target price is $34.00 Current Price is $32.83 Difference: $1.17
If WPL meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $35.98, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Morgans rates WPL as Add (1) -

Woodside Petroleum's earnings and dividend were slightly below consensus. The broker is focused on the balancing act the company will need to pull off to fund its share of growth projects while retaining an attractive dividend. If concern on this front spooks the market, the broker sees a buying opportunity. Add retained, target falls to $36.85 from $37.10.

Woodside noted no direct impact on its cargoes from the virus, but discussions with new Scarborough customers in China have been impeded.

Target price is $36.85 Current Price is $32.83 Difference: $4.02
If WPL meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $35.98, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Ord Minnett rates WPL as Accumulate (2) -

2019 earnings were largely in line with expectations. The broker is reassured that, despite reports that Chinese LNG buyers were seeking to exercise force majeure following the coronavirus outbreak, the company appears to be largely unaffected.

The next six months are expected to provide a period of significant growth activity as Woodside executes on several projects. Accumulate rating maintained. Target is reduced to $40.20 from $40.25.

Target price is $40.20 Current Price is $32.83 Difference: $7.37
If WPL meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $35.98, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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 WPL as Neutral (3) -

2019 underlying net profit was below expectations. Operationally, the result was in line.

UBS makes minor changes to future earnings estimates based on lower exploration, which is offset by lower assumed trading margins. Neutral rating and $35 target maintained.

Target price is $35.00 Current Price is $32.83 Difference: $2.17
If WPL meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $35.98, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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