Australian Broker Call

Macquarie rates AMC as Outperform (1) -

Macquarie is cautious about the headwinds from raw materials in the near term. Oil is up 10% and US resin producers are seeking a US4c/pound increase from February.

The broker considers there is a reasonable prospect that the company's strong growth in flexibles moderates. Ultimately, Macquarie expects raw material price increases to be passed through and and these could even shift to tailwinds should the new US supply weigh on prices.

Target is reduced to $16.60 from $17.28. Outperform.

Target price is $16.60 Current Price is $14.48 Difference: $2.12
If AMC meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $16.14, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

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

Morgan Stanley has low expectations for the upcoming results. A reinstatement of the buyback presents upside but unlocking long-term value is likely to require patience.

Equal-weight retained. Target is raised to $5.75 from $5.60. Industry view: In-line.

Target price is $5.75 Current Price is $5.18 Difference: $0.57
If AMP meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.55, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Macquarie rates ARF as Initiation of coverage with Outperform (1) -

Macquarie initiates coverage of Arena REIT with an Outperform rating and $2.53 target.

The portfolio has strong underlying growth supported by fixed/CPI-linked annual rent reviews. Market rent review has also been positive and the company has achieved an average rental uplift of 4.7% in FY17 alone.

Macquarie believes a takeover bid from Folkstone Education Trust ((FET)), or even an agreed merger of equals, is another potential source of upside for unit holders.

Target price is $2.53 Current Price is $2.20 Difference: $0.33
If ARF meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

UBS rates BIN as Initiation of coverage with Buy (1) -

UBS has initiated coverage on Bingo Industries with a Buy rating. No further detail is available at this stage.

Current Price is $2.69. Target price not assessed.

Market Sentiment: 1.0

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

Ord Minnett rates BLD as Upgrade to Accumulate from Hold (2) -

Ord Minnett believes Boral has entered a prolonged period of strong earnings growth that is not fully reflected in the share price.

The broker believes investment in infrastructure will be the main driver of growth domestically. In the US, the single family sector appears to be trending higher and repair activity should expand.

The broker upgrades to Accumulate from Hold and raises the target to $8.50 from $6.70.

Target price is $8.50 Current Price is $7.90 Difference: $0.6
If BLD meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $7.70, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Morgan Stanley rates CGF as Underweight (5) -

Morgan Stanley's focus for the upcoming results remains on reducing the maturity profile - estimating a reduction to 25% - and lengthening new business, with reduced reliance on sales to drive book growth.

Underweight. Target is raised to $11.50 from $11.00. Industry view: In-line.

Target price is $11.50 Current Price is $13.88 Difference: minus $2.38 (current price is over target).
If CGF meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.30, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Deutsche Bank rates GNC as Buy (1) -

Following the final 2018 winter harvest report Deutsche Bank reduces estimates for FY18 grain receivals by around -20%. The broker considers the poor crop and disappointing receivals has largely been priced in.

FY18 earnings estimates are reduced by -36%. Buy rating retained. Target is $9.70.

Target price is $9.70 Current Price is $7.57 Difference: $2.13
If GNC meets the Deutsche Bank target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $8.79, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Morgans rates GNC as Upgrade to Add from Hold (1) -

Graincorp's winter grain receivals were down some -50% on the previous winter. Given high fixed costs, Morgans notes a below average year means crunched margins, increased competition and potential loss of market share.

The summer crop is not looking too good either, given ongoing dry conditions. The broker has slashed earnings forecasts and lowered its target to $8.51 from $8.73. The broker nevertheless notes that the time the buy Graincorp is in a bad year, rewarding the patient investor when crops normalise.

Upgrade to Add.

Target price is $8.51 Current Price is $7.57 Difference: $0.94
If GNC meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.79, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Ord Minnett rates HUB as Downgrade to Hold from Buy (3) -

Ord Minnett expects flows to remain strong for the company. Adviser numbers are also up 41% in the December quarter.

The broker likes the business fundamentally but prefers a cheaper entry point and believes the stock has run too hard, too quickly.

Rating is downgraded to Hold from Buy. Target rises to $11.00 from $9.57.

Target price is $11.00 Current Price is $10.85 Difference: $0.15
If HUB meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgan Stanley rates IFL as Overweight (1) -

Morgan Stanley suggests news flow on the ANZ ((ANZ)) wealth deal will shape investor sentiment at the upcoming results.

The company needs to provide assurance that the deal will complete by September 30. Morgan Stanley targets first half underlying earnings per share of 29.2c and distributions of 26c.

Rating is Overweight. Target is $13.00. Industry view is In-Line.

Target price is $13.00 Current Price is $10.65 Difference: $2.35
If IFL meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $12.16, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

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

Citi upgrades 2018 and 2019 estimates by 7%, updating flow estimates and performance fee calculations while allowing for US tax cuts.

Given the stock's recent rally, the broker notes it is now trading at a 5% premium to its peer group. Rating is downgraded to Neutral from Buy. Target is raised to $51.30 from $50.75.

Target price is $51.30 Current Price is $50.85 Difference: $0.45
If JHG meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $51.61, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.5

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

Deutsche Bank rates KMD as Buy (1) -

The company's trading update indicates continuing improvements in gross margin. Deutsche Bank observes like-for-like sales decelerated in Australia but this was against a particularly strong prior corresponding period.

The broker expects the inventory position to remain healthy and support further reductions to net debt, which will provide options for capital management over the next 12 months.

Buy rating retained. Target is NZ$2.65.

Current Price is $2.19. Target price not assessed.

Current consensus price target is $2.37, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY18:

Forecast for FY19:

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

Citi updates forecasts to reflect the completion of the CAS acquisition and incorporates the impact of a higher British pound. FY18 estimates for earnings per share are lifted by 7% and FY19 and FY20 by 3%.

Citi considers the synergies are conservative and debt servicing may not be as risky as first feared. Buy rating retained and target raised to $10.00 from $9.05.

Target price is $10.00 Current Price is $8.68 Difference: $1.32
If LNK meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.03, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Morgans rates LVH as Add (1) -

Livehire has announced new growth initiatives, aimed at growing the number of distribution partners and technology partners that can integrate with the company's Talent Community system. Short term costs should translate into growth in longer term recurring revenue, the broker suggests.

Add (High Risk) retained. Target rises to $1.38 from $1.10. Not a stock for the risk averse, the broker warns.

Target price is $1.38 Current Price is $1.28 Difference: $0.1
If LVH meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

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

The company has announced it will exit the US market and re-position the Emma & Roe brand. Credit Suisse welcomes this announcement but, given the recent share price performance, believes the impact is largely priced in.

The broker updates forecasts to reflect a reduced loss profile for Emma & Roe and the exit of the US market, but expects to further refine assumptions once more detail emerges regarding the new proposition for the company.

Rating is downgraded to Neutral from Outperform and the target raised to NZ$1.55 from NZ$1.50.

Current Price is $1.29. Target price not assessed.

Current consensus price target is $1.46, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Macquarie rates MHJ as Outperform (1) -

The company has announced the exit of its US operations. The US business delivered less than 3% of group revenue in FY17 and contributed an operating earnings loss of -$5m.

The company has reached the decision that the amount of capital required to scale up the business is not warranted. The company will also re-position Emma & Roe in the demi-fine jewelry segment and invest in omni channel capabilities and marketing.

Outperform and $1.54 target.

Target price is $1.54 Current Price is $1.29 Difference: $0.25
If MHJ meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.46, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Morgans rates MP1 as Add (1) -

Megaport has announced the launch of its new Megaport Cloud Router, which simplifies a complex set of cloud connectivity products to create an easier solution for the customer. The product opens up a new complimentary market for the company, the broker notes.

The broker expects substantial growth in new cloud-to-cloud and cloud-to-data centre connectivity. Add retained. Target rises to $4.44 from $2.88.

Target price is $4.44 Current Price is $3.75 Difference: $0.69
If MP1 meets the Morgans target it will return approximately 18% (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

Morgans rates MRG as Hold (3) -

Murray River's new CEO has completed a stocktake and written down inventory. Meredith Partners succeeded at the company's EGM to replace board members. New management has offered more conservative assumptions regarding the company's business model.

The broker thus now has less conviction in forecasts. There are better alternatives in the ag space but patient investors may be rewarded with a potential turnaround or corporate action, the broker suggests. Target falls to 38c from 45c, Hold retained.

Target price is $0.38 Current Price is $0.36 Difference: $0.02
If MRG meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Ord Minnett rates NWL as Initiation of coverage with Hold (3) -

Ord Minnett believes Netwealth is well-placed in a market where advisers are seeking independence in ownership, product and platform.

The opportunity is considered to be very large, as the company's share of the $774bn platform industry is just 1.8% while its share of net inflows is 20%.

Ord Minnett initiates with a Hold rating and $6.40 target.

Target price is $6.40 Current Price is $6.40 Difference: $0
If NWL meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgans rates ORA as Add (1) -

Ahead of Orora's result release next month, the broker has lifted its target to $3.45 from $3.22, retaining Add. The broker forecasts 8% first half earnings growth driven both organically and from acquisitions.

Orora remains the broker's top pick in the packaging sector.

Target price is $3.45 Current Price is $3.23 Difference: $0.22
If ORA meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.34, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Morgans rates PGH as Hold (3) -

The broker expects Pact to post a broadly flat profit result next month, with earnings boosted by acquisitions.

Target falls to $5.30 from $5.37 on A$ adjustments. Hold retained.

Target price is $5.30 Current Price is $5.26 Difference: $0.04
If PGH meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.73, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Credit Suisse rates QBE as Underperform (5) -

The company has lowered its 2017 combined operating ratio (COR) guidance to 104% and Credit Suisse continues to envisage downside earnings risk. The broker notes a view that the re-set FY18 COR guidance, to 97.5% from 95%, is conservative.

Significantly, the broker points out that QBE did not provide any top-line guidance. The broker expects earnings pressure will continue in 2018.

Underperform retained. Target is reduced to $9.85 from $11.00.

Target price is $9.85 Current Price is $10.99 Difference: minus $1.14 (current price is over target).
If QBE meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.92, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.2

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

Deutsche Bank rates SGM as Hold (3) -

Deutsche Bank upgrades 2018/2019 price forecasts for US scrap by around 40% and increases Sims Metal's FY18 operating earnings forecasts by 8%.

US volumes are robust, which the broker believes should offset the impact of Chinese scrap exports and non-ferrous import restrictions.

Nevertheless, the broker considers the stock fully valued. Hold rating. Target is raised to $14.50 from $13.50.

Target price is $14.50 Current Price is $17.22 Difference: minus $2.72 (current price is over target).
If SGM meets the Deutsche Bank target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.50, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

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

Somnomed has reported record second quarter revenues thanks to strength in Europe, and early, but significant, contributions from the Renew Sleep Solutions business, Morgans notes. However FY18 guidance has been downgraded due to slower than forecast initial RSS sales.

The result is a pushing out in time of earnings growth expectations. The broker has cut its target to $3.58 from $4.04 and downgraded to Hold.

Target price is $3.58 Current Price is $3.46 Difference: $0.12
If SOM meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Citi rates STO as Sell (5) -

December quarter production was slightly below Citi's estimates, although sales revenue was 16% ahead. The company expects to focus on its "build and grow" strategy but Citi notes key assets are unchanged and de-risking may be a multi-year process.

Realising value might be a story for 2019, the broker contends. Sell rating maintained. Target reduced to $5.13 from $5.15.

Target price is $5.13 Current Price is $5.24 Difference: minus $0.11 (current price is over target).
If STO meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.31, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.0

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

Credit Suisse rates STO as Outperform (1) -

Production and sales in the December quarter were at the top end, or above, prior guidance while production costs and capital expenditure were at, or below, guidance, Credit Suisse observes. 2018 guidance is unchanged.

Santos remains the broker's top pick in the pure E&P's. Outperform retained. Target is $5.70.

Target price is $5.70 Current Price is $5.24 Difference: $0.46
If STO meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.31, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.0

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

Deutsche Bank rates STO as Buy (1) -

December quarter production was broadly in line with expectations and brings the full year to the top end of the company's guidance range of 58-60 mmboe. Production guidance of 55-60 mmboe for 2018 was reiterated.

Given the material ramp up in the company's drilling program in 2018, Deutsche Bank is of the view that guidance is conservative. The broker increases 2018 and 2019 estimates for net profit by 26% and 14% respectively. Buy rating retained. Target rises to $5.90 from $5.85.

Target price is $5.90 Current Price is $5.24 Difference: $0.66
If STO meets the Deutsche Bank target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.31, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.0

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

Macquarie rates STO as Neutral (3) -

December quarter production and revenue was in line with Macquarie's estimates. However, higher oil prices have resulted in a US$65m pre-tax liability on hedging which will affect reported profit.

 Macquarie considers the stock fairly valued and believes the upside from delivering on cost reductions, highlighted throughout 2017, is now priced in.

Upside now lies with the speed at which the company can reach its gearing target and the potential to reinstate dividends. Neutral maintained. Target is $5.70.

Target price is $5.70 Current Price is $5.24 Difference: $0.46
If STO meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.31, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.0

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

Ord Minnett rates STO as Hold (3) -

December quarter production was strong and 2018 guidance is reiterated, although this implies production will decline by up to -8%.

Despite a strong quarter and positive outlook, Ord Minnett considers the stock fully valued. Moreover, the broker believes oil prices will slide because of a supply response from US shale producers.

Target is $5.30. Hold maintained.

Target price is $5.30 Current Price is $5.24 Difference: $0.06
If STO meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.31, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.0

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

UBS rates STO as Sell (5) -

December quarter production was in line although a large increase in realised prices meant revenue beat UBS estimates. The broker notes a good quarter for GLNG, but this was driven by gas purchase from QC LNG.

There is no change to 2018 guidance and an oil hedging loss has been flagged as prices rise above US$60/bbl.

The broker still considers the stock one of the more expensive under coverage. Sell retained. Price target rises to $5.25 from $5.20.

Target price is $5.25 Current Price is $5.24 Difference: $0.01
If STO meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $5.31, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.0

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

Citi rates TWE as Sell (5) -

Citi reviews a wide range of data on the company's key markets, noting Asia is strong, a decline in Australia and softness in the US.

The broker observes the valuation multiple is closely linked to Chinese demand and, while there are encouraging signs, other regions will reduce the upside risk. The broker wants more evidence of a recovery in the Americas before becoming more positive.

Sell rating and $10.90 target maintained.

Target price is $10.90 Current Price is $16.76 Difference: minus $5.86 (current price is over target).
If TWE meets the Citi target it will return approximately minus 35% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.81, suggesting downside of -11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Morgans rates VHT as Add (1) -

Volpara has reported 152% growth in annual recurring revenue in the third quarter, with 13 new SaaS customers bringing the total to 38. The broker keenly awaits a trial in the UK and developments in Japan and Taiwan, where regulatory approval has been granted.

No change to forecasts. Add and 81c target retained.

Target price is $0.81 Current Price is $0.70 Difference: $0.11
If VHT meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Citi rates WSA as Sell (5) -

December quarter production held no surprises for Citi. The Forrestania mill recovery enhancement project is expected to be commissioned in the current quarter and this could increase nickel recoveries to over 90% from the current 86%.

Citi still considers the stock too expensive and maintains a Sell rating. Target is reduced to $2.50 from $2.60.

Target price is $2.50 Current Price is $3.38 Difference: minus $0.88 (current price is over target).
If WSA meets the Citi target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.81, suggesting downside of -16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

Credit Suisse rates WSA as Neutral (3) -

December quarter production was in line with guidance and Credit Suisse notes a good a performance on costs. The dip in grade reflects the planned extraction sequence and the contribution from the ore sorter.

The broker notes strong battery market interest in the high-grade concentrate at higher payback, and the mill recovery enhancement project remains on schedule and on budget for commissioning in March.

Neutral retained. Target is raised to $3.15 from $2.70.

Target price is $3.15 Current Price is $3.38 Difference: minus $0.23 (current price is over target).
If WSA meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.81, suggesting downside of -16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

Deutsche Bank rates WSA as Sell (5) -

Production increased in the December quarter on record mill throughput, but recoveries fell -1% to 86% as low-grade fines were fed to the plant.

Deutsche Bank retains forecasts for FY18 at the top end of guidance, which is 23-25,000t, but notes milled production will have to lift 6% in the second half to achieve this.

Sell rating and $2.80 target.

Target price is $2.80 Current Price is $3.38 Difference: minus $0.58 (current price is over target).
If WSA meets the Deutsche Bank target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.81, suggesting downside of -16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

Macquarie rates WSA as Outperform (1) -

December quarter production was solid and nickel output and cash generation in line with Macquarie's estimates. The potential for a larger development at Odysseus presents upside risk to the broker's forecasts.

Outperform retained. Target is $3.80.

Target price is $3.80 Current Price is $3.38 Difference: $0.42
If WSA meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.81, suggesting downside of -16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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