Australian Broker Call

UBS rates AGI as Sell (5) -

UBS continues to foresee a number of headwinds in FY19 including negative ship share momentum in the US and Latin America as well as potentially higher R&D expenditure.

The broker expects FY19 earnings will fall -18% before stabilising in FY20. Sell rating maintained. Target is $1.09.

Target price is $1.09 Current Price is $1.14 Difference: minus $0.05 (current price is over target).
If AGI meets the UBS 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 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

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

Morgan Stanley expects Aristocrat to report an additional 1657 units in the second half for its Class III gaming operations, below the 2143 additions made in the first half.

The more optimistic outlook provided by competitors IGT and SGMS could slow the pace of the company's market share gains in the period ahead, the broker suggests. With FY18 upside factored in and growth to slow in FY19 the broker finds it hard to envisage the multiple re-rating further.

Equal-weight. Target is $29. Industry view: Cautious.

Target price is $29.00 Current Price is $31.84 Difference: minus $2.84 (current price is over target).
If ALL meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.65, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in September.

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

Citi rates ALQ as Buy (1) -

First half guidance of $85-90m in net profit implies earnings momentum has been maintained after the company delivered 21% growth in FY18. Citi considers the update positive, given strong sample growth in geochemistry, improvements in life sciences and an increased focus on acquisitions.

The broker maintains a Buy rating and $8.45 target.

Target price is $8.45 Current Price is $8.74 Difference: minus $0.29 (current price is over target).
If ALQ 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 $7.75, suggesting downside of -11.3% (ex-dividends)

The company's fiscal year ends in March.

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 ALQ as Sell (5) -

At its AGM the company has provided first half net profit guidance of $85-90m, versus Deutsche Bank's estimate of $85m. Sell rating and $6.87 target maintained.

Target price is $6.87 Current Price is $8.74 Difference: minus $1.87 (current price is over target).
If ALQ meets the Deutsche Bank target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.75, suggesting downside of -11.3% (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

Macquarie rates ALQ as Outperform (1) -

First half net profit guidance is in the range of $85-90m, which Macquarie observes, importantly, supports consensus expectations. Commentary at the AGM signals positive returns and growth in environment/food services.

Hence an improved performance for life sciences is expected, having been weak in recent periods. The broker maintains an Outperform rating and $8.60 target.

Target price is $8.60 Current Price is $8.74 Difference: minus $0.14 (current price is over target).
If ALQ 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 $7.75, suggesting downside of -11.3% (ex-dividends)

The company's fiscal year ends in March.

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 ALQ as Neutral (3) -

ALS expects first half net profit in a range of $85-90m, which implies 18-25% growth. This is ahead of UBS estimates and forecasts are revised up accordingly. The company is experiencing positive returns and growth across key operating units. Target is lifted to $8.70 from $8.11. Neutral maintained.

Target price is $8.70 Current Price is $8.74 Difference: minus $0.04 (current price is over target).
If ALQ 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 $7.75, suggesting downside of -11.3% (ex-dividends)

The company's fiscal year ends in March.

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

Credit Suisse rates AQG as Outperform (1) -

After an upgrade in early July, Alacer Gold's official June Q report confirmed a strong performance, the broker notes, with FY production guidance lifted.

The sulphide project remains on track and on budget and permits have been obtained for Cakmaktepe. Environmental approval awaits, leaving sulphide commissioning and Cakmaktepe permitting and exploration success as catalysts ahead, the broker suggests. Outperform and $5.30 target retained.

Target price is $5.30 Current Price is $2.78 Difference: $2.52
If AQG meets the Credit Suisse target it will return approximately 91% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 45.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

Deutsche Bank rates AQG as Buy (1) -

The first half produced a net loss of -US$7m, affected by an FX loss and tax expense. Deutsche Bank had expected a relative benefit in terms of the latter.

The broker's 2018 net profit forecast has dropped -30%. The main catalyst is the first gold from the sulphide plant that is due in September. Buy rating maintained on valuation. Target is $4.10.

Target price is $4.10 Current Price is $2.78 Difference: $1.32
If AQG meets the Deutsche Bank target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 45.2% (ex-dividends)

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: 0.8

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

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

June quarter operations were strong, with a 20% beat on Macquarie's cost estimates. The sulphide project is set for first gold during the September quarter and the company expects the project to come in -10% below budget.

The sulphide circuit is set to transform the operating outlook while there are a number of organic development options, the broker notes. Macquarie downgrades to Neutral from Outperform, given recent strength in the share price. Target is $3.

Target price is $3.00 Current Price is $2.78 Difference: $0.22
If AQG meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 45.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

UBS rates AQG as Buy (1) -

As construction of the sulphide project is almost complete and ramp up is imminent and fully funded, UBS believes the risks are reducing. Nevertheless, ramp up is still a risk, given the relative technical difficulty.

Meanwhile, the share price has begun to re-rate but the broker suspects more will be forthcoming. Buy retained. Target is raised to $3.75 from $3.60.

Target price is $3.75 Current Price is $2.78 Difference: $0.97
If AQG meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 45.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

Citi rates BWP as Sell (5) -

The FY18 distribution of 17.81c was in line with guidance and estimates. The distribution was higher than EPS as it was supplemented by $1.2m of capital profits. The company expects to maintain equivalent distribution growth in FY19.

The company needed a strong result to justify the rally in the share price, in Citi's view. Ongoing headwinds and the potential for more vacancies cloud the medium-term outlook and the broker maintains a Sell rating. Target is raised to $2.72 from $2.71.

Target price is $2.72 Current Price is $3.21 Difference: minus $0.49 (current price is over target).
If BWP 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 $2.85, suggesting downside of -11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.8

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

Citi rates DCG as Buy (1) -

The second half was weaker than Citi expected but a reiteration of FY19 revenue guidance is considered positive and Decmil is well-placed to capitalise on increased infrastructure spending on the east coast as well as mining construction expenditure.

While expecting engineering & construction margins to improve in FY19 Citi's estimate is below the target set by management of 5%, given concerns around labour availability and delivery. Buy rating maintained. Target is reduced to $1.38 from $1.40.

Target price is $1.38 Current Price is $0.94 Difference: $0.44
If DCG meets the Citi target it will return approximately 47% (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

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

Gold production for FY18 was close to the top of the guidance range, at a record low cost of $797/oz. Guidance is for production of 720-770,000 ounces in FY19 with a cost range of $850-900/oz.

Guidance has slightly enhanced the broker's valuation and the target is raised to $3.20 from $2.65. Rating is upgraded to Add from Hold.

Target price is $3.20 Current Price is $2.85 Difference: $0.35
If EVN meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.06, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Macquarie rates GMA as Outperform (1) -

First half underlying net profit was ahead of Macquarie's estimates. FY18 guidance is unchanged. Macquarie believes the stock remains attractive, with an annual dividend yield of around 10% and excess capital.

The broker expects the company to reactivate its buyback following this result. Outperform rating maintained. Target rises to $3.55 from $3.50.

Target price is $3.55 Current Price is $2.82 Difference: $0.73
If GMA meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

UBS rates GMA as Neutral (3) -

Most trends in the first half were in line or modestly softer than UBS expected. The main change in UBS estimates reflects the loss ratio guidance, which has been narrowed to the "higher end" of 40-50%.

The broker already factors in an additional $100m buyback in FY19. Neutral rating maintained. Target is raised $2.50 from $2.30.

Target price is $2.50 Current Price is $2.82 Difference: minus $0.32 (current price is over target).
If GMA meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

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 IPD as Add (1) -

Revenue in the June quarter was similar to the March quarter. Annual recurring revenue, importantly, was $1.3m, Morgans notes. The main catalyst is the release of two peer-reviewed publications for the PREVENT trial.

The broker is encouraged by the early heart failure data, and further trials are now being run to determine the medication changes that can be made to reduce hospitalisation. Add maintained. Target is reduced to $1.28 from $1.43.

Target price is $1.28 Current Price is $0.38 Difference: $0.9
If IPD meets the Morgans target it will return approximately 237% (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

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

The second quarter result was only slightly worse than Citi expected and the trading multiple appears undemanding. Risks are now elevated because of a change in personnel and a deteriorating performance in Intech.

Hence the broker downgrades to Neutral from Buy and reduces the target to $43.60 from $50.35. To date the company has achieved US$107m in pre-tax synergies and appears well on track to achieve its target of over US$125m within three years. Citi does not rule out an upgrade to this target at some point but finds it hard to know when.

Target price is $43.60 Current Price is $40.04 Difference: $3.56
If JHG meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $48.15, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.5

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

Credit Suisse rates JHG as Neutral (3) -

Given low expectations, its fair to say that Janus Henderson's weak result was in line with consensus, the broker suggests. Assets under management growth was flat due to ongoing outflows and revenue margins were stable.

The move to a single CEO was a shock, but Dick Weil's appointment could assist in firming up the relationship with Dai-ichi, which the broker notes is a large growth opportunity. Despite valuation support at this level the broker does not see any near term catalysts.

Neutral and $45 target retained.

Target price is $45.00 Current Price is $40.04 Difference: $4.96
If JHG meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $48.15, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.5

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

Macquarie rates JHG as Outperform (1) -

Macquarie was disappointed by the net outflows and weak performance in the June quarter. The lack of a recovery in flows was a material driver of weakness in the share price, the broker contends, as investors are clearly concerned about a return to poor performance.

The company has also announced that Dick Weil will become the sole CEO, effective immediately. Management has confirmed it will commence a US$100m buyback in the September quarter which should mitigate some downside risk, in the broker's view. Outperform maintained. Target is reduced to $48 from $50.

Target price is $48.00 Current Price is $40.04 Difference: $7.96
If JHG meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $48.15, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.5

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

Morgan Stanley rates JHG as Overweight (1) -

Morgan Stanley found the June quarter results solid, noting the buyback was confirmed and there are more catalysts in train. The broker suspects the stock is currently pricing in a flat return into FY20 and over 4% annualised outflow. If this were to be realised it would reduce the broker's earnings estimates by around -12% for FY19 and -19% for FY20.

The timing of the co-CEO departure surprised the market but Morgan Stanley believes a single CEO, Dick Weil, will bring strategic clarity. Overweight rating and In-Line industry view maintained. Target is reduced to $56 from $58.

Target price is $56.00 Current Price is $40.04 Difference: $15.96
If JHG meets the Morgan Stanley target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $48.15, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.5

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

UBS rates JHG as Buy (1) -

Lower performance fees affected an otherwise solid result in the June quarter, UBS observes. Adjusted net profit was -2.2% below the broker's estimates. UBS notes, while execution around merger-related cost synergies is strong, net fund flow trends remain weak and the resignation of the company's global head of distribution adds to the risks.

However, a move to a single CEO may provide an opportunity to accelerate key decisions and initiatives, the broker suggests. Buy rating and US$41.50 target maintained.

Current Price is $40.04. Target price not assessed.

Current consensus price target is $48.15, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.5

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

Morgan Stanley rates LLC as Overweight (1) -

Morgan Stanley envisages a step change in project origination, development and FUM growth. Over the past five years the company has matched public demand for space with its private partner desires for real estate assets by completing $17bn in development product and driving 16% per annum FUM growth.

Ongoing execution should, in the broker's view, bring a step change in completions, capital efficiency and income diversity. This should result in low-risk growth, lower gearing and improved returns. Morgan Stanley also remains comfortable with construction forecasts.

Overweight. Target is raised to $23.05 from $18.65. Industry view is Cautious.

Target price is $23.05 Current Price is $20.69 Difference: $2.36
If LLC meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $21.30, suggesting upside of 3.0% (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 NAB as Underweight (5) -

The bank will provide a trading update on August 14 and Morgan Stanley expects cash profit for the quarter of around $1.6bn, down -2.5% on the first half quarterly average. This assumes flat revenue, a slight decline in margins and costs growth.

The broker expects a CET1 ratio of around 10% as of the third quarter, down from 10.2% at the first half because of the payment of the interim dividend. Limited capital management opportunities are foreseen in the absence of further asset sales.

Underweight rating. Target is $25.50. In-Line industry view maintained.

Target price is $25.50 Current Price is $27.98 Difference: minus $2.48 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.78, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in September.

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 ORA as Downgrade to Neutral from Buy (3) -

The shares have outperformed the broader market over the year to date, driven by a solid performance in Australasia, lower costs and strong container board markets.

Citi expects another solid FY18 result on August 8 and guidance for further growth into FY19 but believes the recent rally in the share price has now priced this in.

Hence, the broker downgrades to Neutral from Buy. Target is $3.70.

Target price is $3.70 Current Price is $3.67 Difference: $0.03
If ORA meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting downside of -3.2% (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 ORE as Buy (1) -

Production and costs improved in the June quarter. No specific guidance for FY19 was provided but the company has flagged a shutdown in the first quarter for one-two weeks.

Deutsche Bank expects production to fall to 3200t in the September quarter. The broker reduces estimates based on lower FY19 production and a delay to both Olaroz phase 2 and the hydroxide plant. Buy maintained on valuation and the target price is $7.20.

Target price is $7.20 Current Price is $4.57 Difference: $2.63
If ORE meets the Deutsche Bank target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $6.80, suggesting upside of 48.9% (ex-dividends)

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

Macquarie rates ORG as Outperform (1) -

APLNG reported the June quarter result, with production up 10% to 677 PJ. This met Macquarie's expectations and management's guidance. For Origin Energy this accelerates the capital release and its debt reduction has thus been boosted.

Macquarie reduces FY18 estimates by -7% to reflect a write-down and hedging loss. FY19 estimates increase 5% on higher oil price forecasts. Target is raised to $10.90 from $10.80. Outperform maintained.

Target price is $10.90 Current Price is $9.75 Difference: $1.15
If ORG meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $10.32, suggesting upside of 5.9% (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

Citi rates RIO as Buy (1) -

First half results were below expectations and Citi downgrades earnings estimates. Yet an increase in valuation offsets the impact of the downgrades. Cost pressures are increasing and the escalation of trade wars amid a slowing Chinese economy remains a threat.

The upside risk comes from spot iron ore prices, while underlying cash generation is strong and the broker expects further capital management returns in the second half. Buy rating and $87 target maintained.

Target price is $87.00 Current Price is $79.47 Difference: $7.53
If RIO meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $88.27, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.7

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

Macquarie rates RIO as Outperform (1) -

First half results were weaker than Macquarie expected. The company has boosted its buyback by US$1bn for plc stock and cash proceeds from asset sales will be returned at a later date.

The main weak spots were higher costs for the alumina assets and weaker results at Escondida. The broker cuts 2018 earnings estimates by -7% while 2019 is largely unchanged. Target is reduced to $91 from $94. Outperform maintained.

Target price is $91.00 Current Price is $79.47 Difference: $11.53
If RIO meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $88.27, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.7

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

Morgans rates RIO as Hold (3) -

First half results were strong, although Morgans notes margin pressure is starting to build. Legacy contracts disappointed as they held down realised alumina prices. The broker notes a lack of diversification and low growth competes with high margins and low gearing.

The company is yet to feel the need to add new growth to its portfolio. Rio Tinto has also flagged distribution of net proceeds from recent divestments to shareholders. Hold rating maintained. Target is reduced to $80.67 from $84.42.

Target price is $80.67 Current Price is $79.47 Difference: $1.2
If RIO meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $88.27, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.7

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

UBS rates RIO as Buy (1) -

First half results were slightly below UBS estimates, because of higher costs and expenditure on items such as restructuring and Information Systems.

The company has completed the sale of its remaining coal assets and will return an additional US$7.2bn to shareholders. Offsetting rising raw material costs in the half were higher volumes and prices.

Buy rating maintained. Target reduced to $90 from $93.

Target price is $90.00 Current Price is $79.47 Difference: $10.53
If RIO meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $88.27, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.7

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

Macquarie rates SXY as Outperform (1) -

Senex produced a strong fourth quarter, beating Macquarie's expectations, and the new $150m debt package suggests it will not require equity. The broker envisages multiple catalysts regarding gas offtake, infrastructure and oil exploration. Outperform rating and $0.55 target maintained.

Target price is $0.55 Current Price is $0.45 Difference: $0.1
If SXY meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $0.47, suggesting upside of 5.4% (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

UBS rates TAH as Buy (1) -

Tabcorp appears to UBS to be an early beneficiary of the passing of the Interactive Gaming Amendment bill in the Senate in June, which is expected to end synthetic lottery betting in Australia in early 2019 after a six-month transition.

Buy rating maintained. Target is raised to $5.40 from $5.10.

Target price is $5.40 Current Price is $4.63 Difference: $0.77
If TAH meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Macquarie rates XRO as Neutral (3) -

The company has acquired Hubdoc, a Canadian data capture company. Hubdoc has been a system partner since 2014 and the acquisition price is US$60m with a further US$10m equity issue to Hubdoc shareholders subject to targets.

In the context of the company's business the acquisition is relatively small, Macquarie notes, although the impact is considered 9% accretive to FY19 operating earnings estimates. This reflects the fact that Xero only recently delivered its first positive EBITDA result. Neutral rating and $37 target maintained.

Target price is $37.00 Current Price is $43.98 Difference: minus $6.98 (current price is over target).
If XRO 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 $40.52, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in March.

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: 0.0

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