Australian Broker Call

Ord Minnett rates APA as Buy (1) -

A consortium led by Hong Kong-based CK Infrastructure has bid $11 a share for APA group. Should a deal be announced Ord Minnett envisages the likelihood of a competing bid to be low.

The greatest hurdle may be approval from the Foreign Investment Review Board. The company has indicated that CK Infrastructure has already had discussions with FIRB and ACCC.

Ord Minnett maintains a Buy rating and $9.55 target pending further review.

Target price is $9.55 Current Price is $10.00 Difference: minus $0.45 (current price is over target).
If APA meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.74, suggesting downside of -12.7% (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

Deutsche Bank rates ASL as Buy (1) -

The company has revised its contracts and, although related to changing customer circumstances rather than performance, Deutsche Bank finds this disappointing.

While the changes are relatively minor in the context of the significant activity across the company's business, they will have material earnings impact over the short term.

The changes do not, however, alter the investment case, the broker asserts, as this is supported by a strong recovery in Australia and large tender pipeline in Africa. Buy rating maintained. Target is reduced to $2.70 from $3.20.

Target price is $2.70 Current Price is $1.90 Difference: $0.8
If ASL meets the Deutsche Bank target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Market Sentiment: 1.0

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

Credit Suisse rates AZJ as Outperform (1) -

Credit Suisse believes a solution is required to fix the broken regulatory structure in Queensland that has delivered poor outcomes for all involved. The broker notes in the last four-year regulatory period the Queensland Competition Authority did not reach a final regulatory decision until three years into the period.

Credit Suisse suggests, in the wake of the Queensland budget, that for the first time there appears to be a political focus on fixing the regulatory structure and this may provide comfort for investors in the value of Aurizon's network. Outperform rating and $4.85 target reiterated.

Target price is $4.85 Current Price is $4.15 Difference: $0.7
If AZJ meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.46, suggesting upside of 7.5% (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 BLD as Buy (1) -

Knauf has entered into an agreement to acquire USG, an acquisition Deutsche Bank expects to be approved, given Berkshire Hathaway has publicly supported the deal. Boral has a JV with USG covering Australian and Asian plasterboard/ceilings operations.

Boral has significant change of control rights under the agreement and, although the JV is well run, Deutsche Bank believes this announcement by Knauf represents a great opportunity, although is wary that key end markets are close to cyclical peaks.

Buy rating retained. Price target is $7.65.

Target price is $7.65 Current Price is $6.45 Difference: $1.2
If BLD meets the Deutsche Bank target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $7.61, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Macquarie rates BLD as Outperform (1) -

USG has accepted an offer from Knauf, which sets off the pre-emptive rights that Boral holds in relation to the JV with USG.

Macquarie envisages Boral either buying the remainder of the JV or seeking a deal to consolidate the broader plasterboard interest in the region into the JV and maintain Knauf as a partner.

Either way, Macquarie considers the development is potentially positive for Boral. Outperform rating and $8.45 target maintained.

Target price is $8.45 Current Price is $6.45 Difference: $2
If BLD meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $7.61, suggesting upside of 17.9% (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

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

The REIT has announced new leasing deals, revaluations and an asset sale. Centuria Industrial will sell its Preston asset for $30.1m with proceeds used to reduce debt.

Morgans adjusts forecasts to allow for the news and assumes no further asset sales. Despite some near-term leasing challenges the broker backs management's ability to deliver improved occupancy over the medium term.

Target rises to $2.63 from $2.59. Following appreciation in the security the broker downgrades to Hold from Add.

Target price is $2.63 Current Price is $2.59 Difference: $0.04
If CIP meets the Morgans target it will return approximately 2% (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

Macquarie rates CTX as Upgrade to Outperform from Neutral (1) -

Caltex has provided first half profit guidance that is in line with Macquarie's expectations. The broker observes the core business is defensive and earnings growth is expected. Future drivers are the asset review and convenience strategy.

The broker suggests meaningful infrastructure divestments following the asset review are unlikely and acknowledges the convenience roll-out has its risks.

Nevertheless, given the share price has de-rated the valuation upside is improved. Rating is upgraded to Outperform from Neutral. The broker increases the target to $37.00 from $36.60.

Target price is $37.00 Current Price is $30.57 Difference: $6.43
If CTX meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $36.49, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in December.

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 CTX as Underweight (5) -

The company has provided first half profit guidance that is ahead of expectations. Morgan Stanley finds the new reporting structure difficult to analyse at this point as there is no previous data to compare. Refining appears slightly better than expected.

Underweight rating. Target is $26. Industry view is Attractive.

Target price is $26.00 Current Price is $30.57 Difference: minus $4.57 (current price is over target).
If CTX meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.49, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in December.

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 CTX as Upgrade to Buy from Hold (1) -

The company's net profit guidance for the first half of $295-315m is ahead of Ord Minnett's forecasts, as refining has fallen less than expected. Toyota Fleet Management and Ampol Singapore are boosting underlying supply & marketing earnings as well.

The broker upgrades to Buy from Hold and raises the target to $35 from $34 because of earnings revisions, confidence in refiner margins and the positive changes emerging in the asset portfolio.

Target price is $35.00 Current Price is $30.57 Difference: $4.43
If CTX meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $36.49, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in December.

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 CTX as Buy (1) -

The company's first half net profit guidance range of $295-315m is ahead of UBS estimates at the mid point. The broker's FY18-21 estimates for earnings per share rise 1-2% to reflect higher refining earnings and guidance.

UBS maintains a Buy rating and raises the target to $39.20 from $38.70.

Target price is $39.20 Current Price is $30.57 Difference: $8.63
If CTX meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $36.49, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in December.

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 CWN as Neutral (3) -

Macquarie has a Neutral rating and $14.30 target for Crown.

Target price is $14.30 Current Price is $13.38 Difference: $0.92
If CWN meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $13.31, suggesting downside of -0.5% (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

Credit Suisse rates CYB as Outperform (1) -

The company has announced a revised bid to acquire Virgin Money, offering 1.2125 shares per Virgin Money share.

While mindful of the challenges of integration, Credit Suisse suggests the nature of the transaction could support a significantly accretive deal. Outperform. Target is $6.

Target price is $6.00 Current Price is $5.37 Difference: $0.63
If CYB meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.93, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.2

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

Citi rates GMG as Buy (1) -

Citi examines the impact on group earnings under a bull case scenario where assets under management double to $60bn by FY23. To hit this mark the implied growth rate is 12.5% per annum versus 13.6% over the past five years.

The broker suggests the stock is trading at a discount to global peers despite its stronger earnings growth and the earnings mix transitioning to a more stable investment and management stream.

Buy rating reiterated. Target is $9.66.

Target price is $9.66 Current Price is $9.44 Difference: $0.22
If GMG meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $8.63, suggesting downside of -8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Macquarie rates KLL as Outperform (1) -

Macquarie observes the company is rapidly advancing Beyondie towards a final investment decision and planning early development works during the September quarter.

The broker expects near term catalysts, such as binding offtake agreements and the outcome of the bankable feasibility study, to provide significant de-risking events. Outperform rating and $0.60 target maintained.

Target price is $0.60 Current Price is $0.44 Difference: $0.16
If KLL meets the Macquarie target it will return approximately 36% (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

Deutsche Bank rates MIN as Hold (3) -

The scope for the Wodgina project has changed and  Ausdrill ((ASL)) now expects the value of the contract to be half the previously announced value. Deutsche Bank suggests this points to either a lower strip ratio, lower production or Mineral Resources taking on some of the responsibilities.

The broker believes, given the low value of the DSO product, softening lithium prices and current shipping performance that this represents a pullback from DSO operations.

Hold rating maintained. Target is reduced to $18 from $19.

Target price is $18.00 Current Price is $16.40 Difference: $1.6
If MIN meets the Deutsche Bank target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $21.03, suggesting upside of 28.2% (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

Morgan Stanley rates MIN as Overweight (1) -

Ausdrill ((ASL)) has announced a halving of the scope of contract at Wodgina over the next three years. In addition, Morgan Stanley notes port data indicates a slowing of DSO shipments in May versus April.

The broker suggests the two items could indicate that DSO shipments are likely to cease earlier than previously anticipated.

Target is $23.60. Overweight retained. Industry view: Attractive.

Target price is $23.60 Current Price is $16.40 Difference: $7.2
If MIN meets the Morgan Stanley target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $21.03, suggesting upside of 28.2% (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

Morgan Stanley rates MTS as Overweight (1) -

Morgan Stanley expects the new CEO, Jeff Adams, to announce his strategic agenda at the FY18 results on June 25. The broker envisages substantial upside potential, expecting capital management will be unveiled.

The broker expects the CEO will underpin investor confidence by indicating the loss of the Drakes contract is contained and reiterate a healthy outlook for the liquor and hardware businesses.

Overweight rating maintained. Cautious sector view. Target is $3.90.

Target price is $3.90 Current Price is $2.79 Difference: $1.11
If MTS meets the Morgan Stanley target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

UBS rates MTS as Upgrade to Buy from Neutral (1) -

UBS upgrades to Buy from Neutral believing the company's FY19 earnings multiple for the food & grocery division is pricing in further contract losses. The broker lifts FY19-21 forecasts by 1% to reflect stronger hardware earnings.

The main catalysts in the near term will be capital management at the FY18 result, in the broker's opinion. The main risk is new price investment initiatives, although UBS considers this unlikely. Target is raised to $3.00 from $2.95.

Target price is $3.00 Current Price is $2.79 Difference: $0.21
If MTS meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Credit Suisse rates OGC as Outperform (1) -

Credit Suisse observes the exploration update at Waihi endorses a mine life out to 2030. The broker's valuation assumes just three years of life rather than the 2030 projection.

Drilling has intersected high-grade mineralisation along both the Martha and Empire veins beneath the Martha pit to support this mining concept to 2030.

The broker has retained an Outperform rating and $3.80 target.

Target price is $3.80 Current Price is $3.41 Difference: $0.39
If OGC meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 34.4% (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: 0.9

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

Macquarie rates OGC as Outperform (1) -

Thick high-grade gold-silver mineralisation has been documented at the Martha project in New Zealand. Veins with high-grade mineralisation have been documented outside of the targeted mining shapes and new veins identified.

This increases confidence in mine life expansion at Waihi beyond Macquarie's modelling, with each additional year adding CAD0.05 to valuation.

Outperform and $6.00 target reiterated.

Target price is $6.00 Current Price is $3.41 Difference: $2.59
If OGC meets the Macquarie target it will return approximately 76% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 34.4% (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: 0.9

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

Ord Minnett rates RCR as Buy (1) -

Ord Minnett believes the most likely reason for the weakness in the share price in recent weeks is that the run rate of contracts being awarded is below what is required to achieve FY19 forecasts.

The broker refrains from making any changes to estimates ahead of the Auckland City rail link announcement, expected later this month or in July, and suggests the current stock situation provides an attractive risk/reward for that potential catalyst.

Buy rating maintained. Target is $5.19.

Target price is $5.19 Current Price is $2.91 Difference: $2.28
If RCR meets the Ord Minnett target it will return approximately 78% (excluding dividends, fees and charges).

Current consensus price target is $4.71, suggesting upside of 61.9% (ex-dividends)

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

Deutsche Bank rates RIO as Downgrade to Hold from Buy (3) -

While believing some of the bear scenarios regarding rapidly rising scrap consumption are premature, Deutsche Bank expects Chinese demand for iron ore to peak around 2020 and limit the growth potential for the major producers. The broker reduces assumptions for Rio Tinto's iron ore production from 2021.

The stock has re-rated versus its peers following a successful strategy of asset sales, de-leveraging and high cash returns. Following this significant rebound the broker downgrades to Hold from Buy. Target is steady at $89.

Target price is $89.00 Current Price is $84.11 Difference: $4.89
If RIO meets the Deutsche Bank target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $88.06, suggesting upside of 4.7% (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 SEH as Buy (1) -

The company has announced modifications to its product sharing contract with its JV partner, CUCBM. Modifications include a reduction in participating interest in the Linxing field to 49% from 70% and relinquishing a portion of exploration in return for an 8-year field extension.

Citi observes the modifications satisfy the hurdle in takeover conditions and progress Lone Star's bid towards completion. Buy/High Risk and $0.27 target maintained.

Target price is $0.27 Current Price is $0.23 Difference: $0.04
If SEH meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

UBS rates SFR as Sell (5) -

The company has announced the acquisition of the Springfield JV and now controls 100% of Monty and the surrounding exploration potential. UBS observes the share price has performed well and the market is likely focused on the copper exposure, strong free cash flow and the strength in the balance sheet.

The company is also benefiting from a reduction in mine development and the imminent start of Monty production. While all these aspects are positive, the broker remains concerned about the valuation and believes Sandfire may engage in further M&A activity to extend mine life. Sell rating maintained. Target is raised to $7.40 from $6.77.

Target price is $7.40 Current Price is $9.61 Difference: minus $2.21 (current price is over target).
If SFR meets the UBS target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.40, suggesting downside of -23.0% (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 SGR as Outperform (1) -

Macquarie observes Gold Coast slot machine revenue has returned to growth in May following a soft period in April, likely affected by the Commonwealth Games.

Macquarie is monitoring local market growth closely in this region as the company's Gold Coast property expansion was completed in late March.

The broker continues to forecasts 4.8% revenue growth in slot machines across the company's Queensland casinos. Outperform rating and $6.25 target maintained.

Target price is $6.25 Current Price is $4.78 Difference: $1.47
If SGR meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $6.07, suggesting upside of 26.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Macquarie rates SUN as Underperform (5) -

The ACCC has updated on its long-standing review of insurance in northern Australia. With the Royal Commission covering the same issues, Macquarie believes the ACCC's findings could be accelerated and this could ultimately be a negative for margins in the sector.

The initial findings suggest customers do not believe they are being compensated for disaster mitigation efforts and there is concern that insurers have inadequate claims handling processes.

Underperform rating maintained and target raised to $13.35 from $13.15.

Target price is $13.35 Current Price is $13.84 Difference: minus $0.49 (current price is over target).
If SUN meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.28, suggesting upside of 3.2% (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

Deutsche Bank rates TAH as Buy (1) -

Deutsche Bank considers the Queensland government's introduction of a 15% point of consumption wagering tax from October to be a minor positive for Tabcorp. The broker expects the local wagering operator to be able to fully recover this increase.

NSW is expected to announce a similar tax at a rate of between 8-15% next week in the budget. Buy rating and $5.50 target retained.

Target price is $5.50 Current Price is $4.61 Difference: $0.89
If TAH meets the Deutsche Bank target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 13.0% (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 TAH as Outperform (1) -

Queensland will introduce a 15% point of consumption tax on wagering from October 1. Macquarie calculates that this tax will cost corporate bookmakers around $195m once enforced across all states - potentially during 2019 and based on a 13% effective rate, assuming 15% in NSW (likely to be announced in the June budget).

The broker expects the wagering environment for Tabcorp to improve in time given the introduction of this tax and regulatory reforms which may impact marketing activities. Outperform maintained. Target is $5.20.

Target price is $5.20 Current Price is $4.61 Difference: $0.59
If TAH meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 13.0% (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

Morgan Stanley rates TWE as Overweight (1) -

From information gathered at the Australian briefing by the Swisse vitamin business, Morgan Stanley notes suggestions that Australian wine exports were now moving across the border to China far more easily and the bottleneck previously signalled by Treasury Wine could be over.

Morgan Stanley suggests this reduces FY18 earnings risk for Treasury Wine. The broker retains an Overweight rating and $20 target. Industry view: Cautious.

Target price is $20.00 Current Price is $17.22 Difference: $2.78
If TWE meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $17.13, suggesting downside of -0.5% (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