Australian Broker Call

Deutsche Bank rates A2M as Buy (1) -

The March quarter trading update revealed revenue for the nine months to date was up 42%. There is no material change to the outlook, Deutsche Bank observes, which means no upgrade to estimates.

The company is soon to launch a new fortified powdered milk drink targeting children in Australia and China. Deutsche Bank reiterates a positive investment view and maintains a Buy rating. Target is increased 11% to NZ$17.

Current Price is $15.44. Target price not assessed.

Current consensus price target is $13.63, suggesting downside of -11.7% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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 Neutral (3) -

The company's March quarter update revealed sales were up 44%, ahead of guidance. Fourth quarter sales are expected to slow to growth of 38%, although UBS considers this conservative.

While the broker would like to have a more positive view, greater confidence in the long-term Chinese opportunity is required. The main concern is the reliance on the a2 Platinum brand.

New product launches are expected in the second half, particularly in the US, which UBS believes remains an under-appreciated opportunity.

Neutral rating maintained. Target is NZ$14.00.

Current Price is $15.44. Target price not assessed.

Current consensus price target is $13.63, suggesting downside of -11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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 ANZ as Neutral (3) -

A candid assessment by Citi analysts of the released interim result delivers the following summary: "solid result with a fair slice of luck". While the financial performance beat due to unexpected revenue from gains on sale, improved trading profits, and lower tax rate, Citi adds the underlying results didn’t disappoint.

After three years of restructuring, it appears the institutional bank is now delivering, compensating for weaker-than-expected performance at the Australian Banking division. Citi comments the performance here was "akin to a regional bank". Ouch.

The analysts do suggest H1 is likely to have marked the "low water mark" for the banking division. Neutral rating retained as the analysts believe tight cost control is an attraction, and so is the dividend, deemed "sustainable". Target $30 (unchanged).

Target price is $30.00 Current Price is $27.27 Difference: $2.73
If ANZ meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $27.86, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

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

ANZ's underlying earnings fell short of Credit Suisse on lower revenues, leading to a lower interest margin. A strong performance from institutional banking was encouraging, as was cost control, with a specific target now set.

The broker nevertheless notes the bank faces "outsized" headwinds from low asset growth, margin decline, a non-linear cost trajectory and capital and regulation uncertainty. Credit Suisse cuts its target to $26.55 from $28.00 and downgrades to Underperform.

Target price is $26.55 Current Price is $27.27 Difference: minus $0.72 (current price is over target).
If ANZ 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 $27.86, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Deutsche Bank rates ANZ as Hold (3) -

Deutsche Bank believes ANZ has put the banking sector on notice with a sobering perspective on the mortgage cycle in its first half result.

The broker suggests the golden years of retail banking are now history but the bank's franchise balance is now an advantage.

Hold rating and $29 target maintained.

Target price is $29.00 Current Price is $27.27 Difference: $1.73
If ANZ meets the Deutsche Bank target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $27.86, suggesting upside of 2.1% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Macquarie rates ANZ as Neutral (3) -

The underlying performance in the first half was weak, in Macquarie's view, and reinforces the challenges the Australian banking sector faces. Despite mortgage re-pricing benefits, earnings in the Australian division fell by -6%.

The market appears pleased with the $500m cost reduction target for FY22 but the broker is cautious regarding the bank's ability to deliver. Macquarie finds it difficult to have a constructive view until external conditions improve and maintains a Neutral rating and $27.50 target.

Target price is $27.50 Current Price is $27.27 Difference: $0.23
If ANZ meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $27.86, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Morgan Stanley rates ANZ as Underweight (5) -

Cash profit was ahead of Morgan Stanley's estimate, although it included larger gains on sale and lower remediation versus forecasts. Australian retail banking earnings still account for a third of the business and are under pressure.

The broker notes capital is strong and there are no further buybacks. Still, underlying earnings trends are weaker than expected. Morgan Stanley believes the target of a $8bn cost base in FY22 is challenging.

Underweight. Target is raised to $25.30 from $24.90. Industry view: In-Line.

Target price is $25.30 Current Price is $27.27 Difference: minus $1.97 (current price is over target).
If ANZ 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 $27.86, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

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

The first half result was messy, as Morgans suspected. Excluding remediation and the gain on sale from the divestment of OnePath Life, cash earnings beat forecasts by 3%. Disciplined cost performance was the highlight for the broker.

Morgans is downgrading to Hold from Add because of recent strength in the share price. The broker believes the results will provide the market with reasons to focus on the potential earnings upside for the sector, as costs stay flat or decline over the next three years. Target is steady at $29.

Target price is $29.00 Current Price is $27.27 Difference: $1.73
If ANZ meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $27.86, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

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

The first half result was close to Ord Minnett's forecasts, although the composition was more skewed to the institutional business than expected. Institutional operations delivered a return on equity of just under 11% and this is expected to improve further.

Nevertheless, the broker believes it will take longer to turn the retail bank around and ANZ faces greater exposure versus peers to proposed higher regulatory requirements in New Zealand.

Ord Minnett downgrades to Hold from Accumulate and lowers the target to $29.50 from $31.20.

Target price is $29.50 Current Price is $27.27 Difference: $2.23
If ANZ meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $27.86, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

UBS rates ANZ as Neutral (3) -

UBS found the interim financial performance turned out slightly better than expected due to "very low" impairment charges. Pre-provision profits, excluding large/lumpy items, were broadly in-line, the analysts add.

Revenues from the institutional operations compensated for -2bp fall in group net interest margin (NIM). UBS highlights ANZ is the first Major bank to report falling housing credit, down -1% in 1H19 with improved loan verification seen as responsible.

UBS believes ANZ is ahead of the pack with its responsible lending practice and with the others to follow, system credit growth is forecast to continue to slow. Neutral rating and $26 price target retained.

Target price is $26.00 Current Price is $27.27 Difference: minus $1.27 (current price is over target).
If ANZ 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 $27.86, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

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

AP Eagers has crossed the 50% line in Automotive Holdings ((AHG)) and can now replace or add members to the board. Morgan Stanley believes the market will begin pricing in the potential upside. The transaction still requires ACCC approval.

Morgan Stanley expects both stocks to trade higher, as the market prices in the potential synergies and high probability that the sale of Automotive Holdings' refrigerated logistics will be completed at fair value.

Equal-weight retained. Target is $7. Industry view: In line.

Target price is $7.00 Current Price is $9.05 Difference: minus $2.05 (current price is over target).
If APE meets the Morgan Stanley target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.63, suggesting downside of -15.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Credit Suisse rates AQG as Outperform (1) -

In what was expected to be a low production March Q for Alacer Gold due to maintenance, production rose 100% to be 26% above the FY guidance run-rate. Oxide costs were below guidance due to higher grades.

Oxide production will now decline as sulphide ramps up, the broker notes, and the sulphide ramp-up is progressing ahead of expectation, but the potential for further oxide discoveries leads to an upgraded outlook. Outperform and $5.05 target retained.

Target price is $5.05 Current Price is $3.87 Difference: $1.18
If AQG meets the Credit Suisse target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $4.76, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 1.0

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

UBS rates AQG as Buy (1) -

UBS does not believe quarterly production and earnings provide a clear picture of the health of the business. This is because the sulphide plant has not yet become commercial. Net debt and cash flow remain the key numbers.

While the stock has begun to re-rate the broker suggests more is likely. Commercial production of the sulphide plant is expected in the second quarter of 2019, when production has stabilised. Buy rating and $4.90 target maintained.

Target price is $4.90 Current Price is $3.87 Difference: $1.03
If AQG meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $4.76, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 1.0

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

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

Following updates to commodity prices forecasts, and a general re-appraisal after a strong rally in share prices, Citi analysts have decided to downgrade to Neutral from Buy.

Noteworthy: iron ore price forecasts have remained unchanged. Compared to current spot commodity prices, Citi continues to prefer base metals (ex zinc) exposure over bulks.

Today's update has mainly caused price targets across the mining sector to be reduced. For BHP, the reduction is no more than -50c to $40.

Target price is $40.00 Current Price is $37.02 Difference: $2.98
If BHP meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $37.32, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Morgan Stanley rates BLD as Overweight (1) -

Martin Marietta reported strong first quarter results, which Morgan Stanley believes demonstrate the impact of US weather has been regionally isolated while underlying demand is robust.

This provides a positive read for Boral, given a complementary geographic overlap. The broker believes the stock is pricing in earnings downside risk and reiterates an Overweight rating. Target is $6.50. Industry view is Cautious.

Target price is $6.50 Current Price is $4.97 Difference: $1.53
If BLD meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $5.84, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Ord Minnett rates CSL as Accumulate (2) -

Ord Minnett is encouraged by the company's position in the influenza vaccine business, particularly the lead it has over competitors with its cell-based vaccine and proprietary adjuvant.

Competition will, in time, match the Seqirus offering but CSL is well-positioned to gain market share over the next couple of years and expand margins, supported by premium prices.

Ord Minnett is confident with forecasts, which currently are around 25% ahead of the company's FY20 target. Accumulate rating and $210 target obtained.

Target price is $210.00 Current Price is $201.25 Difference: $8.75
If CSL meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $203.58, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.4

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

Ord Minnett rates CSR as Hold (3) -

The CSR share price has performed strongly in the year to date despite construction fundamentals becoming less supportive, Ord Minnett notes. The company is due to report FY19 results on May 8.

Ord Minnett forecasts a sharp decline in earnings in FY20 and FY21as the building products division faces cyclical headwinds. Costs will also rise in the aluminium business from January 2020.

The broker envisages a net cash position this year, providing headroom for buybacks and acquisitions. Hold rating maintained. Target is raised to $3.35 from $3.20.

Target price is $3.35 Current Price is $3.52 Difference: minus $0.17 (current price is over target).
If CSR meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.22, suggesting downside of -8.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Deutsche Bank rates DCN as Buy (1) -

The company achieved gold production of 35,000 ounces at Mount Morgan in the March quarter, which was slightly below Deutsche Bank's estimates because of the underperformance of a high-grade stoping block at Beresford North.

Inaugural all-in sustainable costs of $1488/oz are in line with expectations. A strong rebound is expected in the June quarter. Deutsche Bank maintains a Buy rating and $3.15 target.

Target price is $3.15 Current Price is $1.95 Difference: $1.2
If DCN meets the Deutsche Bank target it will return approximately 62% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Ord Minnett rates DLX as Lighten (4) -

Ord Minnett expects sales for the company's paints and coatings division in Australasia will rise 1.6% and margins remain steady. DuluxGroup is scheduled to report first half results on Wednesday May 15.

The broker maintains a Hold rating and lifts the target to $9.80 from $6.80.

Target price is $9.80 Current Price is $9.78 Difference: $0.02
If DLX meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $9.74, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Macquarie rates DXS as Neutral (3) -

Dexus has entered a trading halt regarding a material acquisition. Macquarie suspects an $800m equity raising may be required to partly fund the acquisition. Speculation centres on 80 Collins Street, and Dexus has confirmed it is in exclusive due diligence on the site.

Macquarie suspects the transaction would be largely financially neutral but does not believe the purchase of a new building late in the office cycle, with limited rental upside, will be taken well by the market. Neutral rating and $11.36 target.

Target price is $11.36 Current Price is $12.50 Difference: minus $1.14 (current price is over target).
If DXS meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.79, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates FCT as Downgrade to Speculative Buy from Add (1) -

Morgans updates its valuation to reflect the recent capital raising and quarterly result. The company raised $6.5m in a placement and $1.2m via an oversubscribed shareholder purchase plan.

A customer deal has also been re-negotiated to bring for 12 months of revenue which, collectively, should generate cash flow of nearly $13m in the fourth quarter.

Morgans adjusts its recommendation to Speculative Buy from Add to better reflect the higher risk/reward profile. Target is raised to $0.36 from $0.22.

Target price is $0.36 Current Price is $0.28 Difference: $0.08
If FCT meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

UBS rates GMA as Neutral (3) -

The company experienced a modest uptick in delinquencies in the March quarter and an underlying loss ratio outside the 45-55% guidance range. UBS is not surprised, given it is early in the year, although suspects there is downside risk.

While the stock offers ongoing potential for buybacks the broker is cautious until some credible signs of stability in the housing market become evident. Neutral rating and $2.20 target maintained.

Target price is $2.20 Current Price is $2.42 Difference: minus $0.22 (current price is over target).
If GMA meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Morgan Stanley rates IEL as Overweight (1) -

Morgan Stanley notes a large addressable market in student placements and highlights an attractive maturity profile for the business. The company has stated it is achieving double-digit sales and earnings growth.

Target is $16.00. Overweight rating. Industry view is In-Line.

Target price is $16.00 Current Price is $15.86 Difference: $0.14
If IEL meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $14.53, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates IFL as Neutral (3) -

UBS believes P&I earnings are going backwards. IOOF currently enjoys a stable coupon ahead of completing the ANZ deal but actual earnings are now tracking slightly below the levels implied by the coupon.

Medium-term P&I revenue growth prospects remain challenging, in the broker's view, increasing the onus on synergy realisations to drive earnings. Neutral rating and $5.80 target maintained.

Target price is $5.80 Current Price is $6.20 Difference: minus $0.4 (current price is over target).
If IFL meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.81, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Deutsche Bank rates IGO as Buy (1) -

March quarter production was strong, driven by higher grades and realised prices at Nova. The company now expects the higher end of guidance of 27-30,000t will be achieved.

Tropicana was a drag on the performance in the quarter but attributable production is expected to be within guidance of 150-165,000 ounces.

Buy rating retained. Target is $5.

Target price is $5.00 Current Price is $4.63 Difference: $0.37
If IGO meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 3.5% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Ord Minnett rates IGO as Accumulate (2) -

March quarter production was robust, with the company well-placed because of strong margins at Nova, an excellent balance sheet position and exposure to the improving nickel market, in Ord Minnett's view.

Tropicana was slightly softer than forecast. Ord Minnett maintains an Accumulate rating and $5.30 target.

Target price is $5.30 Current Price is $4.63 Difference: $0.67
If IGO meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Morgans rates MAI as Add (1) -

Morgans believes the company is well-positioned to take advantage of structural growth and emerging opportunities. Funds under management for the March quarter rose 11% sequentially and 23% on a year ago.

A significant portion of the uplift was driven by organic growth. Morgans upgrades FY19 and FY20 estimates for earnings per share by 5% and lifts the target to $0.84 from $0.81. Add maintained.

Target price is $0.84 Current Price is $0.68 Difference: $0.16
If MAI meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates MGX as Downgrade to Sell from Neutral (5) -

Following updates to commodity prices forecasts, and a general re-appraisal after a strong rally in share prices, Citi analysts have decided to downgrade to Sell/High Risk from Neutral/High Risk.

Noteworthy: iron ore price forecasts have remained unchanged. Compared to current spot commodity prices, Citi continues to prefer base metals (ex zinc) exposure over bulks.

Today's update has mainly caused price targets across the mining sector to be reduced. For Mount Gibson, the impact on the price target is nil. $0.80 it is.

Target price is $0.80 Current Price is $1.12 Difference: minus $0.32 (current price is over target).
If MGX meets the Citi target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.5

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

Morgan Stanley rates MIN as Overweight (1) -

Mineral Resources has upgraded operating earnings guidance (EBITDA) to $360-390m. Morgan Stanley had expected an upgrade to guidance and believes this is a confidence-building announcement.

The company assumes a spodumene price of US$682.38/t and iron ore price of US$83.89/t for the fourth quarter.

Overweight rating, $21.50 target maintained. Industry view: Attractive.

Target price is $21.50 Current Price is $15.62 Difference: $5.88
If MIN meets the Morgan Stanley target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $19.83, suggesting upside of 27.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Macquarie rates MLX as Outperform (1) -

The company's re-set plan for Nifty provides a path to profitability and is split into two phases over three years. Production and costs are below Macquarie's forecasts, which drives a weaker earnings outlook.

Delivering on the new targets is critical and, if the company is successful, this should underpin a re-rating for the stock, in the broker's view. Outperform rating maintained. Target is reduced to $0.45 from $0.60.

Target price is $0.45 Current Price is $0.26 Difference: $0.19
If MLX meets the Macquarie target it will return approximately 73% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

UBS rates NAB as Sell (5) -

Sell rating retained, as well as the $23 price target as UBS analysts note their forecast for a dividend reduction has been proved correct today. In an initial response to the release of interim financials, the analysts state NAB is rebasing its balance sheet in order to be better prepared for a challenging environment.

UBS thinks the move is "prudent". The analysts expect NAB to slow credit growth and reduce risk over coming months prior to the announcement of a new CEO.

Target price is $23.00 Current Price is $25.73 Difference: minus $2.73 (current price is over target).
If NAB meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.80, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Morgan Stanley rates NEA as Overweight (1) -

Morgan Stanley observes growth initiatives are on track. The company has reiterated guidance. Lifetime value of the base is up 30% since the first half, a positive development in the broker's view.

Overweight. Industry view is In-Line. Price target is $4.20.

Target price is $4.20 Current Price is $3.79 Difference: $0.41
If NEA meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Credit Suisse rates NEC as Outperform (1) -

Nine has tightened its FY earnings guidance range to $420-430m from a prior "at least $420m". It's a solid outcome, the broker suggest, given difficult conditions for FTA TV and property listings. TV revenue reflects market share gains in an otherwise declining market.

Digital gains were exceptional in the quarter, although likely all down to one popular program, the broker suspects (Married at First Sight). God help us.

Outperform and $2.10 target retained.

Target price is $2.10 Current Price is $1.89 Difference: $0.21
If NEC meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Ord Minnett rates OGC as Accumulate (2) -

March quarter production was down -13%, and -19% below Ord Minnett's forecasts. The broker lowers operating and financial assumptions to reflect the weak quarter.

As a result of the production miss, costs were higher than expected. Haile disappointed, with wet conditions persisting in the first two months of year while Didipio and Macraes surprised to the upside.

The broker maintains an Accumulate rating and reduces the target to $4.80 from $5.00.

Target price is $4.80 Current Price is $3.93 Difference: $0.87
If OGC meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.78, suggesting upside of 21.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Citi rates ORA as Neutral (3) -

Company management has reaffirmed guidance for FY19 while also acknowledging ongoing challenging market conditions with a slow 2H FY19 start in the USA. Integration of recent acquisitions seems to be progressing as expected.

Citi analysts observe Orora shares have markedly underperformed the broader market thus far in 2019. They have sliced forecasts by -2%-3% and retained the Neutral rating. Target price loses -10c to $3.30.

The company is focused on securing gas from January 2020 and the analysts point out Senex Energy ((SXY)) recently announced it had secured Orora as a new customer. The analysts estimate the company is facing a -$7m headwind from a higher gas purchasing price in 2020.

Target price is $3.30 Current Price is $3.10 Difference: $0.2
If ORA meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Deutsche Bank rates ORA as Hold (3) -

Deutsche Bank considers the trading update slightly negative, as it highlights a slower start to the second half, particularly in North America.

The company expects challenging market conditions, although some improvement was seen in March and April.

Deutsche Bank retains a Hold rating and $3.30 target.

Target price is $3.30 Current Price is $3.10 Difference: $0.2
If ORA meets the Deutsche Bank target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 12.2% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates ORA as Outperform (1) -

The company has reiterated FY19 guidance but notes a slower start to 2019. Short-term demand in Australasia is considered mixed, amid signs the economy is slowing.

Glass volumes are lower but fruit produce packaging is quite strong. Macquarie considers the US performance should strengthen into FY20.

The broker maintains an Outperform rating and raises the target to $3.79 from $3.78.

Target price is $3.79 Current Price is $3.10 Difference: $0.69
If ORA meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgans rates ORA as Add (1) -

The company's trading update was slightly weaker than Morgans expected. Orora has noted a slower start in 2019, primarily in North America. Challenging conditions are ongoing and the company is reviewing cost structures as appropriate.

Renewable energy agreements entered in FY18 are providing greater certainty for electricity costs and the company does not expect a material impact going forward.

Morgans believes recent weakness in the share price offers an attractive entry point for long-term investors. Add rating maintained. Target is reduced to $3.47 from $3.61.

Target price is $3.47 Current Price is $3.10 Difference: $0.37
If ORA meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgans rates ORG as Add (1) -

Origin Energy achieved record revenue from APLNG in the March quarter. Production volumes have stabilised. Morgans believes the company is the best positioned of the listed integrated energy retailers to handle a weakening wholesale electricity market.

The broker refreshes energy market pricing assumptions, which reduces the estimated value of the segment by -$0.97 per share. Unless the company surprises with a new capital expenditure program the broker believes it will significantly lift the dividend above the current $0.20 per share.

The main threat to higher dividends is sustained volatility in the oil market. Add rating maintained. Target is reduced to $8.40 from $8.46.

Target price is $8.40 Current Price is $7.66 Difference: $0.74
If ORG meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $8.13, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Credit Suisse rates OSH as Neutral (3) -

The broker was unsurprised by a -21% fall in revenue for Oil Search in the March Q, given sales and volume declines. A slower ramp-up at Kutuba and Moran is now expected, leading to a cut in earnings forecasts.

It appears the company will not look to partially sell-down Alaska when the option is exercised in the second half, suggesting to the broker a buyer at the right price has not been found. And it appears the broker's suspicions of a possible delay to PNG LNG expansion due to political instability may be founded. Neutral retained, target falls to $7.33 from $7.60.

Target price is $7.33 Current Price is $7.72 Difference: minus $0.39 (current price is over target).
If OSH 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 $8.64, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Macquarie rates PAN as Outperform (1) -

Macquarie notes underground development rates at Savannah have been slower than expected and could delay the start of mining at Savannah North.

March quarter production was ahead of estimates but the slower development rates are putting pressure on the ramp-up schedule. This is the key catalyst for Panoramic Resources, as the project is expected to become positive for cash flow by the end of 2019.

Outperform rating is reiterated. Target is $0.60.

Target price is $0.60 Current Price is $0.37 Difference: $0.23
If PAN meets the Macquarie target it will return approximately 62% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Morgan Stanley rates RMD as Overweight (1) -

Morgan Stanley notes the second quarter results triggered a sell-off, as small individual items surprised the market and had a relatively big impact.

The broker is comfortable with more transparency on the issues and envisages the long-term is supported by a large installed base, stable pricing while Brightree is driving higher re-supply.

Overweight rating and target is $17. Industry view: In-Line.

Target price is $17.00 Current Price is $14.80 Difference: $2.2
If RMD meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $15.08, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.3

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

Deutsche Bank rates RRL as Upgrade to Hold from Sell (3) -

March quarter production was solid and the company is on track to meet full year guidance. Regis Resources has guided to FY19 production in the mid to upper end of its range of 340-370,000 ounces.

Costs are expected at the lower end of the range of $985-1055/oz. Deutsche Bank upgrades to Hold from Sell. Target is $4.40.

Target price is $4.40 Current Price is $4.54 Difference: minus $0.14 (current price is over target).
If RRL meets the Deutsche Bank target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.56, suggesting upside of 0.5% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Ord Minnett rates RRL as Lighten (4) -

Gold production in the March quarter was -2% below Ord Minnett's forecasts. The broker has reservations on the stock because of declining margins from the Duketon open pits and delays to the McPhillamys project.

Strong shareholder returns are likely to continue, but the broker assesses FY20 guidance is implying a risk of margin declines.

Ord Minnett does not believe the stock warrants a premium valuation and maintains a Lighten rating and $4 target.

Target price is $4.00 Current Price is $4.54 Difference: minus $0.54 (current price is over target).
If RRL meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.56, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Deutsche Bank rates SCG as Sell (5) -

The company has reaffirmed FY19 guidance for distribution growth of 2% and free funds from operations growth of 3%. The focus is on retail sales and reducing the development pipeline.

Deutsche Bank notes, unlike other A-REITs, Scentre Group is still to announce any divestment plans, despite its high gearing. The broker maintains a Sell rating and $3.68 target.

Target price is $3.68 Current Price is $3.76 Difference: minus $0.08 (current price is over target).
If SCG meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.83, suggesting upside of 1.9% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.5

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

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

After the company's quarterly update, UBS is less confident that retail sales have stabilised or will grow materially in the short to medium term. This will put pressure on future operating income growth.

The broker downgrades to Neutral from Buy and reduces the target to $3.74 from $4.18. Regional retail malls are traversing a period of price discovery, UBS believes, as expected asset sales exceed investor demand.

UBS forecasts comparable net operating income growth to slow 1% in 2021/22 from 2.5% in 2019.

Target price is $3.74 Current Price is $3.76 Difference: minus $0.02 (current price is over target).
If SCG meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.83, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.5

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

Citi rates TWE as Sell (5) -

Following a market update by the company which seems to contradict at least some of the industry data, Citi analysts point out Treasury Wine is losing market share in the US where the company is recording falling volumes at higher prices; at least such is the conclusion derived from Nielsen data.

All in all, the analysts see rising risk with the company more exposed to grape market pricing movements, but guidance for FY19 is likely to be achieved. Also, in the absence of consensus forecasts revisions, Citi analysts expect the stock to be driven by broader sentiment towards Chinese demand.

Sell rating and $14.90 price target retained.

Target price is $14.90 Current Price is $17.15 Difference: minus $2.25 (current price is over target).
If TWE meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.74, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Deutsche Bank rates TWE as Hold (3) -

Deutsche Bank continues to believe that Treasury Wine is executing well in China and will deliver solid earnings growth, although risks are building. The US market is also getting tougher.

Positive news consists of confirmation that Australian luxury V19 intake is up 10%. The transformation from being winemaker-led to brand-led also helps the company navigate challenging growing conditions.

Deutsche Bank considers the risk/reward balanced and retains a Hold rating and $16 target.

Target price is $16.00 Current Price is $17.15 Difference: minus $1.15 (current price is over target).
If TWE meets the Deutsche Bank target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.74, suggesting upside of 3.4% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

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

The company has stated that trading over the Chinese New Year was strong, with record depletions. Guidance has been reiterated.

Moreover, Wine Australia export data is no longer considered an indicator of Treasury Wines performance in China.

Morgan Stanley envisages little risk to Asian earnings forecasts.  Equal-weight. Industry view: Cautious. Price target $17.

Target price is $17.00 Current Price is $17.15 Difference: minus $0.15 (current price is over target).
If TWE 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 $17.74, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

UBS rates TWE as Buy (1) -

UBS is more confident in its estimates after the company's update. Guidance has been reiterated for earnings growth of 25% in FY19 and 15-20% in FY20. Consistent positive momentum has been sustained in Asia, contrary to soft China wine export data.

The 2019 vintage in Australia is very strong and high-quality, with luxury intake up 10%. The next key catalyst, in the broker's view, is cash flow and potential M&A in both the US and France. Buy rating and $19 target maintained.

Target price is $19.00 Current Price is $17.15 Difference: $1.85
If TWE meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $17.74, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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