Australian Broker Call

Ord Minnett rates ALQ as Hold (3) -

Ord Minnett expects the company to benefit from exposure to life sciences while the resources-facing business may find end markets starting to recover.

The broker introduces a sum-of-the-parts valuation which pushes the target to $5.78 from $3.60. Hold rating retained.

Given a demanding valuation and the uncertainty over the timing and/or magnitude of a recovery in testing services for resources companies, Ord Minnett envisages the possibility of a short-term correction.

Target price is $5.78 Current Price is $6.45 Difference: minus $0.67 (current price is over target).
If ALQ meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.30, suggesting downside of -14.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Credit Suisse rates CCL as Neutral (3) -

Credit Suisse found the investor briefing slightly more optimistic and upgrades earnings per share estimates marginally.

Two areas improve the broker's confidence: the price reductions for water in the supermarket channel appear to be having a positive effect on volume; and carbonated soft drink consumption transactions suggest consumers are continuing to enjoy these drinks but in smaller sizes.

Credit Suisse retains a Neutral rating. Target is raised to $10.30 from $10.10.

Target price is $10.30 Current Price is $9.45 Difference: $0.85
If CCL meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $9.70, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.0

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

UBS rates FLN as Buy (1) -

September quarter revenue appears to have taken a step down and UBS believes it was impacted by the recent downward trend in Chinese domain names. Marketplace revenue growth also looks soft.

The broker remains positive on the medium to long-term growth potential but believes the company does need to work through some near-term headwinds.

The broker reiterates a Buy rating and reduces the target to $1.55 from $1.95.

Target price is $1.55 Current Price is $1.31 Difference: $0.24
If FLN meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 1.0

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

Macquarie rates GMA as Outperform (1) -

China Oceanwide, a private family-owned international financial business, intends to acquire GFI, the US-based parent company which is still a major shareholder owning 52% of Genworth Mortgage.

Macquarie observes the transaction reduces the risk the major shareholder is a seller and does not expect the transaction to trigger any credit rating contract requirements.

The transaction may impact on the capital return profile of GMA to shareholders, but the broker does not believe China Oceanwide is interested in running a lazy balance sheet. Outperform and $3.98 target retained.

Target price is $3.98 Current Price is $3.00 Difference: $0.98
If GMA meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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) -

China Oceanwide plans to acquire GMA's major shareholder, Genworth Financial Inc. UBS does not believe the proposed transaction will affect the operations in any meaningful way.

The broker expects discussions will eventuate regarding the ownership structure of GMA but does not have a view on the likelihood of any of the various options playing out at this stage, noting there are previous examples of foreign insurers holding strategic stakes for extended periods.

The broker's Neutral rating is retained with a $2.70 target.

Target price is $2.70 Current Price is $3.00 Difference: minus $0.3 (current price is over target).
If GMA meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.5

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

Deutsche Bank rates HLO as Hold (3) -

Deutsche Bank views the acquisition of a 50% stake in Mobile Travel Holdings as a minor positive. The acquisition expands the network and provides minor scale benefits.

The company has raised $30m to fund the $14m transaction with the remainder being used to pay down debt. The broker increases forecasts to reflect the acquisition. Hold rating maintained and target raised to $4.00 from $3.80.

Target price is $4.00 Current Price is $4.40 Difference: minus $0.4 (current price is over target).
If HLO meets the Deutsche Bank target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.36, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates IDR as Hold (3) -

The company has completed the acquisition of WesTrac Newcastle. The portfolio is now valued at $544.7m with a weighted average lease expiry of 7.9 years.

Post the transaction there has been a small uplift to FY17 distribution guidance. Morgans incorporates the acquisition and associated capital raising and lowers the target to $2.15 from $2.18. Hold rating retained.

Target price is $2.15 Current Price is $2.09 Difference: $0.06
If IDR meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.12, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates IVC as Sell (5) -

The broker has rolled forward its valuation model for Invocare post the first half result. Minor changes to forecasts result but no change to the underlying investment thesis.

Target rises to $11.30 from $10.50. Sell retained.

Target price is $11.30 Current Price is $13.17 Difference: minus $1.87 (current price is over target).
If IVC meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.89, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: -0.2

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

Ord Minnett rates MIL as Buy (1) -

The company will acquire Airlite Group for $25.1m, funded from a debt facility. Airlite provides cleaning and integrated services and is based in Western Australia.

Acquisitions have remained a key driver for Millennium, Ord Minnett observes, and this latest is a positive catalyst, given it heralds expansion into WA.

The acquisition is expected to be materially accretive. Buy rating is retained. The target is raised to $1.64 from $1.41.

Target price is $1.64 Current Price is $1.53 Difference: $0.11
If MIL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Deutsche Bank rates MQG as Buy (1) -

Deutsche Bank forecasts Macquarie Bank to deliver an in-line first half. Net profit of $1.01bn is expected, down 6% because of significantly lower forecast performance fees versus the record level in the prior corresponding half.

While the stock does not look as cheap as it did six months ago, the broker envisages good momentum still exists and retains a Buy rating. $84.00 target.

Target price is $84.00 Current Price is $82.65 Difference: $1.35
If MQG meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $76.69, suggesting downside of -7.7% (ex-dividends)

The company's fiscal year ends in March.

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

Morgans rates NAB as Hold (3) -

Morgans reduces cash earnings per share forecasts by 1.1% for FY17 because of a slight reduction to income forecasts.

The broker will be scrutinising the upcoming results to find if the second half benefits from a collective provision release despite a deterioration in asset quality.

Hold retained. Target is $26.70.

Target price is $26.70 Current Price is $27.63 Difference: minus $0.93 (current price is over target).
If NAB meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.19, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.1

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

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

While acknowledging the company is benefitting from the well-timed acquisition of a stake in Bengalla, the delays to New Acland are now a pressing concern for Credit Suisse.

New Acland will run out of stage 2 coal reserves by late 2017 and delays to stage 3 approvals now mean it is less likely a smooth transition can be made.

Credit Suisse notes the shares are up 26% over the last month and the skew in the risk/reward ratio now looks unfavourable. Rating is downgraded to Underperform from Neutral. Target is raised to $1.75 from $1.65.

Target price is $1.75 Current Price is $1.95 Difference: minus $0.2 (current price is over target).
If NHC 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 $1.68, suggesting downside of -13.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Ord Minnett rates ORG as Accumulate (2) -

Ord Minnett has reviewed the cash flows between Origin and APLNG and expects net debt to decline to $8.7bn by June 2017 and to $6.9bn by June 2018. Further asset sales could speed up the de-leveraging process.

An Accumulate rating is maintained. Target is reduced to $6.50 from $6.85.

Target price is $6.50 Current Price is $5.55 Difference: $0.95
If ORG meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.04, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Morgans rates ORI as Hold (3) -

Morgans expects, in the light of market conditions, that Orica should report a reasonable result in November, supported by self-help initiatives. Costs continue to be taken out of the business.

The broker does not expect profit growth to resume until FY18 as FY17 will be affected by price re-setting.

Morgans believes the stock is fairly priced and a Hold rating is retained. Target is raised to $16.00 from $14.30 on the rolling forward of multiples.

Target price is $16.00 Current Price is $16.60 Difference: minus $0.6 (current price is over target).
If ORI meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.80, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.0

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

Citi rates PRU as Neutral (3) -

Perseus enjoyed a positive Sep Q, the broker suggests, with Edikan production running on track for FY17 guidance and ahead of opex guidance.

Looking ahead, the broker sees the potential for increased production and decreased costs at Edikan and progress on the construction of Sissingue. Target rises to 58c from 51c. Neutral retained.

Target price is $0.58 Current Price is $0.60 Difference: minus $0.015 (current price is over target).
If PRU 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 $0.73, suggesting upside of 28.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

Credit Suisse rates PRU as Outperform (1) -

September quarter production was in line with expectations. costs were at the lower end of guidance and FY17 production guidance is unchanged for 205-245,000 ozs. Sissingue development is progressing.

Credit Suisse retains an Outperform rating and 87c target.

Target price is $0.87 Current Price is $0.60 Difference: $0.275
If PRU meets the Credit Suisse target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $0.73, suggesting upside of 28.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

Macquarie rates PRU as Outperform (1) -

September quarter production was better than expected. Higher throughput drove down costs at Edikan and the company is on track to meet guidance for the December half.

Macquarie observes the positive impact of improved mill performance bodes well and the completion of modifications should further enhance performance. Outperform and 90c target retained.

Target price is $0.90 Current Price is $0.60 Difference: $0.305
If PRU meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $0.73, suggesting upside of 28.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

UBS rates PRU as Neutral (3) -

September quarter production was ahead of UBS forecasts. Better performance at the mill drove the result but UBS notes recoveries of 83% still lag the target of 86%.

The broker estimates a 3% lift to recoveries could add around 10,000 ozs and reduce costs by US$35/oz. Sissingue, meanwhile, is on track for first gold at the end of 2017.

Neutral and 50c target retained.

Target price is $0.50 Current Price is $0.60 Difference: minus $0.095 (current price is over target).
If PRU meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.73, suggesting upside of 28.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

Morgans rates RBL as Add (1) -

FY17 prospectus guidance is reaffirmed with the company signalling the first quarter is on track and transaction volumes grew 25.7% in Australian dollar terms.

Morgans expects the better margins will be sustained through the rest of the year. The business is highly cyclical, with a disproportionate share of revenue generated in the December and June quarters because of shopping patterns in the northern hemisphere.

Add rating and $1.62 target retained.

Target price is $1.62 Current Price is $0.96 Difference: $0.66
If RBL meets the Morgans target it will return approximately 69% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Morgan Stanley rates RMD as Overweight (1) -

Product and geographic mix have reduced gross margins over the past two years or so in the US but Morgan Stanley believes better mask and rest-of-world growth in FY17, as well as the integration of Brightree, will have a favourable impact.

That said, the first quarter contains further reimbursement reductions which are yet to be incorporated. Morgan Stanley retains an Overweight rating and In-Line sector view. Target is US$73.70.

Current Price is $8.36. Target price not assessed.

Current consensus price target is $9.63, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

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: 0.7

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

Ord Minnett rates RWH as Accumulate (2) -

Ord Minnett suggests, while the failure of Titan Energy was undoubtedly a negative for the company, Royal Wolf's ongoing exposure to the resources sector has reduced significantly.

Earnings appear to be bottoming out and the broker believes the risk/reward remains attractive, retaining an Accumulate rating. Target is $1.60.

Target price is $1.60 Current Price is $1.29 Difference: $0.315
If RWH meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.53, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.9

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

Citi rates SGR as Buy (1) -

Star's share price has been dragged down 7% on the back of the arrests in China of Crown Resorts ((CWN)) employees. The broker sees this as an overreaction, given current pricing now implies close to zero value for VIP and the Queen's Wharf development.

The broker has trimmed earnings and dropped its target to $6.50 from $6.80 but notes the bulk of Star's VIP junket customers come from SE Asia rather than China. Buy retained.

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

Current consensus price target is $6.62, suggesting upside of 30.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Credit Suisse rates SGR as Outperform (1) -

Credit Suisse believes the stock looks cheap as a bearish outlook is priced in for the VIP business after the detainment of Crown ((CWN)) staff in China.

The broker believes the issue pertains particularly to Crown, or is confined to direct marketing of VIP in China. The latter is only a minor exposure for Star, which derives 80% of its VIP volume from junkets. Of the 20% remaining that is direct, most is from SE Asia.

In addition, a strong pipeline of growth projects underpin the broker's investment case. Outperform rating and $6.50 target retained.

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

Current consensus price target is $6.62, suggesting upside of 30.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Citi rates STO as Buy (1) -

Santos has sold its Victorian assets to Cooper Energy ((COE)). The deal is negligible in terms of valuation but the broker does suggests this signals the beginning of what will likely be a further asset clean-out intended to rationalise the business.

Santos' break-up value is greater than its current trading price, the broker notes. The company could give away, for nothing, assets in Vietnam and offshore WA and still improve its credit metrics. Target rises to $6.02 from $6.01. Buy retained.

Target price is $6.02 Current Price is $3.73 Difference: $2.29
If STO meets the Citi target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 32.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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 STO as Underperform (5) -

Credit Suisse observes the market has not reacted well to the announcement that Santos will sell its Victorian assets to Cooper Energy ((COE)). While the price appears cheap Credit Suisse notes remediation liabilities must be considered.

The broker expects more of these type of asset sales to occur but notes, outside of a couple of the larger assets, these sales do not make significant inroads into the debt mountain. Underperform and $3.50 target retained.

Target price is $3.50 Current Price is $3.73 Difference: minus $0.23 (current price is over target).
If STO meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.93, suggesting upside of 32.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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 STO as Buy (1) -

Santos will sell its Victorian assets to Cooper Energy ((COE)). The sale price of $82m exceeds Deutsche Bank's valuation of the assets by 2% although it is understood Santos will save $140m in abandonment costs across the three mature assets.

Proceeds will be used for debt reduction. Deutsche Bank retains a Buy rating and raises the target to $5.20 from $5.10.

Target price is $5.20 Current Price is $3.73 Difference: $1.47
If STO meets the Deutsche Bank target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 32.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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 STO as Outperform (1) -

Santos is selling assets in Victoria to Cooper Energy ((COE)) for $82m. While the deal does not have a major impact on the cash balance it removes an abandonment liability from the balance sheet, Macquarie notes.

The broker expects non-core divestments of a similar nature to continue. Outperform retained. Target is $5.70.

Target price is $5.70 Current Price is $3.73 Difference: $1.97
If STO meets the Macquarie target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 32.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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 STO as Overweight (1) -

Santos is selling its Victorian assets to Cooper Energy ((COE)) for $82m. Morgan Stanley believes this is a sensible development as it reduces abandonment liabilities but considers the price to be low.

The broker expects more portfolio rationalisation over time. Overweight rating, In-Line industry view and target of $6.03 retained.

Target price is $6.03 Current Price is $3.73 Difference: $2.3
If STO meets the Morgan Stanley target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 32.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Market Sentiment: 0.5

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

Morgans rates STO as Hold (3) -

September quarter production was reasonable in Morgans' view, with the exceptional performance at PNG LNG carrying the result. The company has initiated a hedging policy against FY17 oil production, to protect the downside in oil prices.

The broker considers the discount at which the stock is trading is justifiable given the level of uncertainty regarding its strategy and GLNG outlook.

Hold rating retained. Target is raised to $4.55 from $4.38.

Target price is $4.55 Current Price is $3.73 Difference: $0.82
If STO meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 32.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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 STO as Buy (1) -

Santos will sell its Victorian assets to Cooper Energy ((COE)) for $82m. UBS calculates the assets account for only 3% of 2016 production.

Buy rating is retained as the broker notes the company continues to focus on driving down costs and the sale is a positive step for credit metrics. $4.50 target retained.

Target price is $4.50 Current Price is $3.73 Difference: $0.77
If STO meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 32.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Citi rates SUL as Neutral (3) -

Super Retail's AGM showed a positive sales trend continuing in Sports but the reliable Auto business impacted by a competitor's clearance activity, the broker notes The company's own clearance activity at Ray's is making Leisure sales volatile.

The broker suggests the stock is trading broadly in line with valuation, hence Neutral and $10.40 target retained.

Target price is $10.40 Current Price is $10.28 Difference: $0.12
If SUL meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $10.84, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

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

Credit Suisse rates SUL as Underperform (5) -

September quarter trading was in line with Credit Suisse's expectations. While sales were soft profit is in line with budget because of cost controls.

The broker suggests that Bapcor's ((BAP)) retail expansion may provide a stronger competitor for the automotive division, while the entry of Decathlon and JD Sports to the Australian sports market may challenge the profitability of the sector and are new challenges for Rebel Sport and Amart.

Underperform retained. Target is $9.77.

Target price is $9.77 Current Price is $10.28 Difference: minus $0.51 (current price is over target).
If SUL meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.84, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

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

Deutsche Bank rates SUL as Buy (1) -

Deutsche Bank notes sales in the first quarter were behind the company's expectations but this has been offset by supply chain benefits and cost control to keep profits in line with budget.

The broker observes comparables can be volatile over any given period and need to be viewed in conjunction with gross margin to gauge performance. Buy rating and $11.50 target retained.

Target price is $11.50 Current Price is $10.28 Difference: $1.22
If SUL meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $10.84, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

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 SUL as Outperform (1) -

Sales were weaker than expected in the first 16 weeks and modestly below Macquarie's forecast run rate.

Nevertheless, the broker believes the cost savings and improved margins in BCF provide a bridge to FY17 forecasts and still envisages a better year of growth.

Outperform and $11.10 target retained.

Target price is $11.10 Current Price is $10.28 Difference: $0.82
If SUL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $10.84, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates SUL as Overweight (1) -

The company appears on track for FY17 forecasts and is expected to deliver around 20% growth in earnings per share. Morgan Stanley observes supply chain improvements and cost control have been maintained while sales lag expectations.

The investment case remains in place, centred on strong like-for-like growth in automotive and sports. An Overweight rating and In-Line industry view are retained. Target is $10.60.

Target price is $10.60 Current Price is $10.28 Difference: $0.32
If SUL meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.84, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates SUL as Sell (5) -

Sales were weaker than expected in the September quarter but cost cutting efforts ensured profits were in line with budget.

Ord Minnett retains an Accumulate rating because of the prospects for a turnaround in the leisure business and a continuation of the strong performance in automotive and sports. Target is $11.50.

Target price is $11.50 Current Price is $10.28 Difference: $1.22
If SUL meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $10.84, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates SUL as Buy (1) -

Trading in the year to date has been mixed with acceleration in sports but a slowing in automotive and leisure divisions. UBS forecasts an 11% 3-year growth rate for earnings per share and believes the stock screens as inexpensive on a risk/reward basis.

Investor sentiment is expected to improve in the near term as the turnaround in the leisure division is executed. UBS reiterates a Buy rating and $11.00 target.

Target price is $11.00 Current Price is $10.28 Difference: $0.72
If SUL meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $10.84, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

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

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

Morgan Stanley expects the Westpac Institutional Bank will stabilise in FY17, with a change in strategy, and remove a significant drag on Westpac's earnings.

The division's profit has decreased over the last six years and its contribution to group earnings has fallen to 14% from 26%, the broker observes.

Equal-weight rating and In-Line industry view maintained. Target steady at $29.50.

Target price is $29.60 Current Price is $30.57 Difference: minus $0.97 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.34, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.6

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