Australian Broker Call

Macquarie rates AGL as Neutral (3) -

First half results were ahead of Macquarie's expectations. The broker believes the consumer business remains challenging, although one positive is that customer numbers declined only marginally.

Operating cash flows remain disappointing, with working capital having a drag of $220m as the average energy price increased.

Still, the result is considered strong and the broker maintains a Neutral rating and $21.70 target.

Target price is $21.70 Current Price is $21.10 Difference: $0.6
If AGL meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $20.82, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgan Stanley rates AHG as Underweight (5) -

The broker notes new vehicle registrations were down -7.4% year on year in January. Declines began to accelerate in the second half of last year and the pace may well be sustained into the second half of this year given tighter lending and the wealth effect.

The broker sees Auto Holdings most at risk in the sector given weightings to NSW, Vic and WA. Underweight and $1.40 target retained. Industry view: In Line.

Target price is $1.40 Current Price is $1.74 Difference: minus $0.34 (current price is over target).
If AHG meets the Morgan Stanley target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.76, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Deutsche Bank rates ALL as Buy (1) -

The New South Wales market was weaker than Deutsche Bank expected in the December quarter but Aristocrat Leisure continued to gain market share.

Australia represents 11% of earnings and the broker expects the company to generate 6% earnings growth in FY19.

Buy rating and $39.75 target maintained.

Target price is $39.75 Current Price is $25.37 Difference: $14.38
If ALL meets the Deutsche Bank target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $32.24, suggesting upside of 27.1% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Credit Suisse rates AQG as Outperform (1) -

2018 results were broadly in line with Credit Suisse albeit, the broker notes, distorted by unrealised FX and tax adjustments.

The company has achieved 2018 production guidance at a lower cost. Credit Suisse notes the sulphide circuit is rapidly de-risking and the balance sheet is now expected to strengthen.

The broker maintains an Outperform rating and $5.05 target.

Target price is $5.05 Current Price is $3.59 Difference: $1.46
If AQG meets the Credit Suisse target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 1.0

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

Macquarie rates AQG as Outperform (1) -

2018 net profit of US$24.5m significantly beat Macquarie's expectations, albeit there was an additional tax benefit along with a smaller FX loss.

Alacer Gold finished the year strongly, producing 81,600 ounces in the fourth quarter to meet guidance. 2019 guidance is much stronger than Macquarie expected.

The broker makes material upgrades to the operating outlook and expects cash generation to improve over 2019 as the sulphide project ramps up.

Macquarie maintains an Outperform rating and raises the target is $4.70 from $3.90.

Target price is $4.70 Current Price is $3.59 Difference: $1.11
If AQG meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 1.0

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

Macquarie rates ASB as Outperform (1) -

Revenue guidance for FY19 is up 36-46%, driven by strong momentum and contract awards. Macquarie believes there is further re-rating potential in the stock, which offers above-market growth at a sub-market PE ratio of 13.5x FY19 estimates.

Additionally, the stock's defensive attributes are attractive, given the challenging outlook for the broader market. Outperform rating maintained. Target is raised to $2.60 from $2.30.

Target price is $2.60 Current Price is $2.16 Difference: $0.44
If ASB meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

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 BWP as Sell (5) -

Citi finds little in the first half result to make a change to its view. The broker notes the stock trades at a 26% premium to net tangible assets and yields only 5%.

While management is progressing the re-positioning of non-core assets, this is creating significant headwinds for earnings and valuation. Citi reiterates a Sell rating and $2.66 target.

Target price is $2.66 Current Price is $3.63 Difference: minus $0.97 (current price is over target).
If BWP meets the Citi target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.00, suggesting downside of -17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -1.0

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

Ord Minnett rates BWP as Lighten (4) -

First half results were in line with expectations. BWP Trust continues to rationalise its portfolio with asset sales.

The broker believes the business is exposed to rising e-commerce and large format user demand, with a high quality portfolio and balance sheet.

The risk centres on whether the company is delivering enough growth to maximise unit holder returns.

Lighten rating maintained and the target is raised to $3.35 from $3.30.

Target price is $3.35 Current Price is $3.63 Difference: minus $0.28 (current price is over target).
If BWP meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.00, suggesting downside of -17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -1.0

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

UBS rates BWP as Sell (5) -

The first half result was slightly ahead of UBS estimates. The broker estimates flat earnings growth in FY19 and FY20.

The first half highlights the lack of earnings growth as a result of selling non-core assets.

The broker retains a Sell rating to reflect the valuation and lack of growth as well as the increasing risk profile. Target is raised to $2.99 from $2.77.

Target price is $2.99 Current Price is $3.63 Difference: minus $0.64 (current price is over target).
If BWP meets the UBS target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.00, suggesting downside of -17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -1.0

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

Citi rates CBA as Neutral (3) -

Citi found the first half result weak, with cash earnings below expectations. However, concerns were ameliorated by surprisingly strong CET1 ratio of 10.79%, which raises the prospect of substantial capital returns.

In the midst of a challenging housing market, intense competition and higher regulatory imposts, the broker believes retail banking was a significant drag on the result and the headwinds are set to continue.

Neutral rating maintained, and the target is lowered to $70.50 from $72.00.

Target price is $70.50 Current Price is $74.17 Difference: minus $3.67 (current price is over target).
If CBA meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $70.59, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Credit Suisse rates CBA as Outperform (1) -

The bank reported cash earnings of $4.68bn in the first half, in line with estimates. Credit Suisse likes the CET1 ratio of 10.8%, which was 50 basis points above forecasts.

However, non-interest income was soft. The broker now factors in capital management in the next result, removing discontinued operations in FY20/21.

An Outperform rating is reiterated with a $78 target.

Target price is $78.00 Current Price is $74.17 Difference: $3.83
If CBA meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $70.59, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Deutsche Bank rates CBA as Sell (5) -

First half results were in line with Deutsche Bank's forecasts but appeared to be underwhelming versus market expectations.

The broker notes a small benefit from a lower tax rate. Deutsche Bank maintains a Sell rating and $60 target.

Target price is $60.00 Current Price is $74.17 Difference: minus $14.17 (current price is over target).
If CBA meets the Deutsche Bank target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $70.59, suggesting downside of -4.8% (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 CBA as Neutral (3) -

Further to the first half result, Macquarie observes revenue conditions are challenging, amid falling volume growth and declining outlook for margins.

The broker was disappointed with the first half underlying revenue trends but expects the strong pro forma capital position should result in future capital management initiatives.

Macquarie maintains a Neutral rating and raises the target to $72.00 from $71.50.

Target price is $72.00 Current Price is $74.17 Difference: minus $2.17 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $70.59, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgan Stanley rates CBA as Underweight (5) -

CBA's cash profit missed the broker by -3.5% and consensus by -2-3% due to weaker revenue trends. Despite new cost reduction aspirations, the broker does not believe this result justifies the recent re-rating. The capital position met expectation and the dividend was unchanged.

Underweight and $62.50 target retained. Industry view: In-Line.

Target price is $62.50 Current Price is $74.17 Difference: minus $11.67 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $70.59, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates CBA as Add (1) -

First half results missed Morgans expectations, largely as a result of weaker funds management and general insurance income. The core banking business is performing in line with expectations.

The strong CET1 capital position supports the broker's base case for no reduction to the nominal dividend and creates potential for capital management. Add rating and $76 target maintained.

Target price is $76.00 Current Price is $74.17 Difference: $1.83
If CBA meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $70.59, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Ord Minnett rates CBA as Hold (3) -

First half results were slightly weaker than Ord Minnett expected. The result reflected a very difficult retail banking environment.

The bank's capital position was significantly better than the broker expected and most of this improvement is likely to be permanent.

Ord Minnett maintains a Hold rating and lowers the target to $73.70 from $75.40.

Target price is $73.70 Current Price is $74.17 Difference: minus $0.47 (current price is over target).
If CBA meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $70.59, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates CIP as Hold (3) -

First half results revealed improved leasing conditions in Victoria. FY19 guidance has been reiterated, comprising distributable earnings of 18.5-19c per security.

Morgans observes the A-REIT offers investors a pure exposure to Australian industrial property, which is leveraged to the growing e-commerce/logistics thematic.

Hold rating maintained. Target rises to $2.73 from $2.72.

Target price is $2.73 Current Price is $2.79 Difference: minus $0.06 (current price is over target).
If CIP meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates CMA as Add (1) -

First half results were in line with expectations. FY19 guidance is reiterated, comprising free funds from operations of 18.7c per security and distribution of 17.6c, paid quarterly.

Morgans finds the distribution yield of around 7.3% attractive, underpinned by contracted rental income. The broker retains an Add rating and reduces the target to $2.51 from $2.52.

Target price is $2.51 Current Price is $2.43 Difference: $0.08
If CMA meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

UBS rates CMA as Buy (1) -

UBS believes the company is doing a good job of de-risking the lease expiry profile. Century Metropolitan is now a pure play office A-REIT.

The broker retains a Buy rating and $2.58 target.

Target price is $2.58 Current Price is $2.43 Difference: $0.15
If CMA meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates COL as Buy (1) -

Citi observes the unsustainable alliance with Viva Energy ((VEA)) has resulted in a larger-than-expected re-basing of earnings, while also materially de-risking the outlook for convenience.

Essentially, Coles is exiting fuel retailing under the new agreement as Viva Energy takes on board pricing risk and responsibility for volume growth.

While the uncertainty around convenience has materially reduced, Citi believes investors can now focus on the momentum in food & liquor, which drives 95% of earnings.

Buy rating maintained. Target is reduced to $14.00 from $14.50.

Target price is $14.00 Current Price is $12.29 Difference: $1.71
If COL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $12.45, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Credit Suisse rates COL as Underperform (5) -

Credit Suisse suspects the small negative share price reaction in relation to the -6% earnings guidance downgrade indicates there was something positive in the new alliance agreement with Viva Energy ((VEA)).

Coles has agreed to receive $137m up front, which reflects capitalisation of retail margins on fuel sales that are sacrificed under the new alliance terms.

Credit Suisse believes a shift in commercial risk is favourable for Coles. However, Coles enters FY20 with a profitless convenience business.

Credit Suisse maintains an Underperform rating and reduces the target to $10.68 from $11.76.

Target price is $10.68 Current Price is $12.29 Difference: minus $1.61 (current price is over target).
If COL meets the Credit Suisse target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.45, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Deutsche Bank rates COL as Hold (3) -

The revised alliance agreement with Viva Energy ((VEA)) was a worse outcome than Deutsche Bank expected, given there has been effectively a profit transfer from Coles, and Coles has retained a high fixed cost base.

The broker likes the supermarket business as food inflation is materialising. Hold rating and $12.50 target maintained.

Target price is $12.50 Current Price is $12.29 Difference: $0.21
If COL meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $12.45, suggesting upside of 1.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Macquarie rates COL as Neutral (3) -

Coles and Viva Energy ((VEA)) have agreed to new fuel & convenience terms. Coles will forgo retail fuel margin and price setting going forward.

Meanwhile, the convenience trading update was below Macquarie's expectations. The broker notes recent feedback has been positive for the company's food business which could offset some of the issues with convenience, which are nevertheless well known.

Outperform rating maintained. Target is $13.59. Coles will report its maiden first half result on February 19.

Target price is $13.59 Current Price is $12.29 Difference: $1.3
If COL meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $12.45, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

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

The broker believes Coles' new deal with Viva Energy ((VEA)) is costly but necessary. While convenience earnings expectations are re-based, the deal should enable the business to be more competitive and reduce the risk of Coles being seen as expensive, the broker suggests.

The broker sees longer term leverage to fuel volume growth and food sales and thus expects growth, albeit off a lower base. Target falls to $12.50 from $13.00, Equal-Weight retained. Industry view: Cautious.

Target price is $12.50 Current Price is $12.29 Difference: $0.21
If COL meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $12.45, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgans rates COL as Hold (3) -

Morgans believes the new alliance with Viva Energy ((VEA)) is a positive for both parties, although remains weighted in Viva Energy's favour given its ability to earn a healthy retail fuel margin going forward.

Still, for Coles the deal eliminates direct exposure to movements in the retail fuel price, allowing it to concentrate on the convenience offering.

Meanwhile, the broker was disappointed with the trading update on convenience and reduces FY19 estimates for earnings by -6%.

Hold rating is maintained. Target is reduced to $12.37 from $12.50.

Target price is $12.37 Current Price is $12.29 Difference: $0.08
If COL meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $12.45, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Ord Minnett rates COL as Hold (3) -

Coles has reviewed its alliance with Viva Energy ((VEA)). Coles will move to a commission agent model, ceding retail fuel margin.

Ord Minnett calculates, under the new model, convenience store EBIT guidance has fallen at least -60% versus forecasts.

While the food industry retail outlook provides an earnings stream that is somewhat defensive, the broker does not believe this as defensive as for the company's peer Woolworths ((WOW)).

Hold rating maintained. Target is reduced to $12.25 from $12.75.

Target price is $12.25 Current Price is $12.29 Difference: minus $0.04 (current price is over target).
If COL meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.45, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

UBS rates COL as Sell (5) -

The company has renegotiated the fuel alliance with Viva Energy ((VEA)) to resolve tension in contracted pricing arrangements. UBS believes the revised deal is negative for Coles in the near term and highlights the power that Viva Energy holds.

Coles will no longer set retail fuel prices nor earn a margin on retail volumes, but instead earn a fixed commission.

Coles has also indicated first half convenience earnings (EBIT) guidance of $47-51m, materially below expectations. UBS finds the developments particularly disappointing so soon after the de-merger from Wesfarmers.

The broker maintains a Sell rating and reduces the target to $11.70 from $11.90.

Target price is $11.70 Current Price is $12.29 Difference: minus $0.59 (current price is over target).
If COL meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.45, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

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

Following a review of the investment thesis and the modest share price recovery, as well as a new alliance between Coles ((COL)) and Viva Energy ((VEA)), Ord Minnett downgrades to Hold from Buy and lowers the target to $27.50 from $30.00.

The broker believes the new alliance between the latter two makes gross margin expansion more difficult and market share losses are expected for Caltex customer Woolworths ((WOW)) and, to a lesser extent, Caltex itself.

Target price is $27.50 Current Price is $27.50 Difference: $0
If CTX meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $30.65, suggesting upside of 11.4% (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 DOW as Outperform (1) -

First half underlying earnings (EBIT) were ahead of Macquarie's expectations. In the divisions, utilities and mining was stronger than expected. FY19 guidance has been reaffirmed.

The broker believes Downer continues to offer above-market growth at a sub-market PE. Outperform rating and $8.01 target maintained.

Target price is $8.01 Current Price is $7.22 Difference: $0.79
If DOW meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $7.95, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Citi rates DXS as Neutral (3) -

Citi observes a solid start to FY19, with first half results ahead of expectations. Office portfolio metrics continue to improve.

The broker believes the balance sheet is well-positioned and would not rule out equity-funded acquisitions.

Citi maintains a Neutral rating and raises the target to $11.62 from $11.05.

Target price is $11.62 Current Price is $11.80 Difference: minus $0.18 (current price is over target).
If DXS meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.25, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Deutsche Bank rates DXS as Hold (3) -

First half results were in line with expectations, although office earnings fell somewhat short, and guidance has been reaffirmed.

Although Deutsche Bank believes the office market will continue to outperform other property sectors this has already been priced into the shares.

Hold rating maintained. Target is $11.06.

Target price is $11.06 Current Price is $11.80 Difference: minus $0.74 (current price is over target).
If DXS meets the Deutsche Bank target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.25, suggesting downside of -4.7% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Macquarie rates DXS as Neutral (3) -

First half results were slightly ahead of expectations. Macquarie notes market conditions are solid but the company was affected by individual expiries.

No update was provided on MLC but the broker continues to believe an equity-funded transaction may occur.

Macquarie maintains a Neutral rating and reduces the target to $11.31 from $11.51.

Target price is $11.31 Current Price is $11.80 Difference: minus $0.49 (current price is over target).
If DXS 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 $11.25, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Ord Minnett rates DXS as Lighten (4) -

First half results were below Ord Minnett's forecasts. The broker considers the operating results strong, although suspects that capitalisation rates in Sydney are at risk of reaching an inflection point in 2020.

This view stems from moderate take up, slowing rental growth and a lack of affordability that may force decentralisation.

As a result, Ord Minnett maintains a Lighten rating. Target raised to $10.80 from $10.60.

Target price is $10.80 Current Price is $11.80 Difference: minus $1 (current price is over target).
If DXS meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.25, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

UBS rates DXS as Neutral (3) -

The company delivered first half results that were ahead of expectations, largely because of a positive skew in trading profits.

Office operating metrics on the other hand disappointed UBS, although this should correct in the second half.

In the short term, the focus is on how the company chooses to fund the acquisition of MLC should it exercise its pre-emptive option.

Neutral rating maintained and the target is raised to $11.45 from $11.17.

Target price is $11.45 Current Price is $11.80 Difference: minus $0.35 (current price is over target).
If DXS meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.25, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Macquarie rates FXL as Neutral (3) -

The company has downgraded FY19 net profit guidance to a range of $76-80m, which Macquarie calculates is down -20% at the mid point. Operating conditions are considered incrementally negative in the first half.

The company has taken a $12m provision in relation to one of its equipment finance vendor partners that has entered into voluntary liquidation, a key source of the downgrade.

Australian cards are also below budget in terms of growth while higher arrears are ongoing. Macquarie maintains a Neutral rating and reduces the target to $1.14 from $2.44.

Target price is $1.14 Current Price is $1.16 Difference: minus $0.02 (current price is over target).
If FXL 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 $1.74, suggesting upside of 49.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Morgans rates FXL as Add (1) -

The company has revised FY19 guidance, with the -20% downgrade including an impairment in the equipment finance division while the underlying business is performing below prior expectations.

The company will highlight a new strategy on February 26, which Morgans suspects has potential for an exit from some products/divisions.

The broker believes value can be realised over the medium term and retains an Add rating. Target is reduced to $1.80 from $2.65.

Target price is $1.80 Current Price is $1.16 Difference: $0.64
If FXL meets the Morgans target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $1.74, suggesting upside of 49.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Macquarie rates GMA as Outperform (1) -

2018 underlying net profit was in line with Macquarie's estimates. The broker notes capital management is ongoing with a $100m buyback and 100% dividend pay-out.

Unearned premium increased materially over the year while delinquency rates were also higher.

The broker considers the stock attractive and maintains an Outperform rating, reducing the target to $3.50 from $3.55.

Target price is $3.50 Current Price is $2.46 Difference: $1.04
If GMA meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

UBS rates GMA as Neutral (3) -

Underlying net profit in 2018 was ahead of UBS estimates. The broker observes top-line trends have stabilised and gross written premium is tracking better than expected.

However, if the broker had more conviction that delinquencies had peaked it would be more favourably disposed to a positive view. Neutral rating and $2.20 target maintained.

Target price is $2.20 Current Price is $2.46 Difference: minus $0.26 (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 FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Morgans rates HIG as Hold (3) -

The Ramu nickel cobalt project reported a record quarter, although Morgans notes the offer from Cobalt 27 dominates trading on the stock. Highlands Pacific has an 8.56% interest in the Ramu project.

With the collapse of the streaming deal, the underlying financial position of the company has weakened fundamentally, in the broker's view. Morgans retains a target of 10.5c, the offer price, and a Hold rating.

Target price is $0.11 Current Price is $0.11 Difference: minus $0.005 (current price is over target).
If HIG meets the Morgans target it will return approximately minus 5% (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:

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

Market Sentiment: 0.0

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

Citi rates IAG as Neutral (3) -

First half results were largely in line with expectations. Citi observes margins appear to be on a meaningful upward trend and further capital initiatives are likely in time, particularly if an early resolution can be found for the Malaysia/India business.

Further reinsurance quota shares are also possible and could release more capital. The broker expects rate rises should drive premium growth to the top end of reiterated guidance.

One major issue the broker has is the high multiple, hence a Neutral rating and $8.05 target are maintained.

Target price is $8.05 Current Price is $7.63 Difference: $0.42
If IAG meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.70, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

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

First half results beat Credit Suisse estimates. The broker is cautious about whether the business will still hit the upper end of its guidance range for the full year.

This requires an allowance for expense savings in the second half and steady assumptions of peril and investment income. The broker increases FY19 net profit estimates by 11% to incorporate the beat to forecasts.

As the stock has outperformed the market in the last four months and there is some earnings risk emerging into the second half, the broker downgrades to Neutral from Outperform. Target is raised to $7.80 from $7.65.

Target price is $7.80 Current Price is $7.63 Difference: $0.17
If IAG meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.70, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Deutsche Bank rates IAG as Buy (1) -

First half net profit was ahead of forecasts while gross written premium increased by 4.1%. Growth was largely driven by rates but also helped by favourable foreign exchange.

Deutsche Bank maintains a Buy rating and $8 target.

Target price is $8.00 Current Price is $7.63 Difference: $0.37
If IAG meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.70, suggesting upside of 0.9% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Macquarie rates IAG as Underperform (5) -

First half results were mixed, but Macquarie suggests the underlying margin improvement indicates the business is heading in the right direction.

New Zealand provided the majority of the margin uplift. As there are continued pressures on revenue and margins Macquarie believes the stock is overvalued at current levels.

Underperform rating maintained. Target is reduced to $6.70 from $6.85.

Target price is $6.70 Current Price is $7.63 Difference: minus $0.93 (current price is over target).
If IAG meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.70, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Morgan Stanley rates IAG as Overweight (1) -

In the wake of IAG's result the broker suggests the investment case remains robust, featuring top-line growth, cost-outs, underlying margin expansion and likely further capital initiatives. Margin momentum should continue through FY20, the broker suggests, peaking in FY21.

Overweight and $8.50 target retained. Industry view: In Line.

Target price is $8.50 Current Price is $7.63 Difference: $0.87
If IAG meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $7.70, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Morgans rates IAG as Hold (3) -

First half net profit was ahead of expectations. Morgans suspects the company can achieve the lower end of its FY19 insurance margin guidance range of 16-18%, while further capital management may be on the agenda for the near term.

Insurance Australia Group does not expect the claim events early in the second half, such as the Townsville floods, will be material. The broker maintains a Hold rating and raises the target to $7.13 from $7.10.

Target price is $7.13 Current Price is $7.63 Difference: minus $0.5 (current price is over target).
If IAG meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.70, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Ord Minnett rates IAG as Accumulate (2) -

First half underlying earnings were in line with Ord Minnett's forecasts, reflecting benefits from the cycle and some cost savings.

The broker expects the stock to benefit from the boost ensuing from the insurance cycle.

The stock offers the prospect of further capital management and the broker maintains an Accumulate rating with a target of $8.

Target price is $8.00 Current Price is $7.63 Difference: $0.37
If IAG meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.70, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

UBS rates IAG as Neutral (3) -

Net profit in the first half was ahead of estimates. UBS believes the first half result has gone a long way to restoring investor confidence regarding the company's leverage to an improving general insurance cycle.

However, with underlying improvements already factored into forecasts the trends have only meant small upgrades to the outer years and support the broker's view that the stock is fairly valued.

UBS maintains a Neutral rating and raises the target to $7.40 from $7.10.

Target price is $7.40 Current Price is $7.63 Difference: minus $0.23 (current price is over target).
If IAG meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.70, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Macquarie rates IEL as Outperform (1) -

It seems IDP Education has released an expectations beating interim report. Macquarie stands in awe, and smiles. The broker remains convinced the outlook remains positive and strong, with the digital strategy to convert into revenues and earnings beyond FY20.

Outperform rating retained. Target $11.50. The analysts note the company's balance sheet remains strong, providing ample capacity for acquisitions.

Target price is $11.50 Current Price is $13.80 Difference: minus $2.3 (current price is over target).
If IEL meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.74, suggesting downside of -22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

UBS rates IEL as Initiation of coverage with Neutral (3) -

UBS, in its analysis of visas, believes favourable conditions exist for the company over the next 12 months. Given concerns around the Australian economy, the broker also believes investors are ascribing a premium for international-driven growth.

Nevertheless, the broker is conscious growth outside of the next 12 months could prove more challenging and there is also regulatory risk. UBS initiates coverage with a Neutral rating and $11.30 target.

Target price is $11.30 Current Price is $13.80 Difference: minus $2.5 (current price is over target).
If IEL meets the UBS target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.74, suggesting downside of -22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Macquarie rates JHG as Outperform (1) -

Macquarie observes outflows accelerated in the fourth quarter, while lower performance fees, weaker markets and tax rates were the source of weakness.

Some improvement has been observed from January and the broker notes the board has now approved a new on-market buyback, with an additional $200m allocated over the next 12 months.

Macquarie maintains an Outperform rating and reduces the target to $39.50 from $43.50.

Target price is $39.50 Current Price is $32.44 Difference: $7.06
If JHG meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $32.70, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.2

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

UBS rates JHG as Buy (1) -

UBS believes the fourth quarter was always going to be a test for earnings. Adjusted earnings fell short of estimates and outflows were worse than anticipated.

The broker believes a continuation of the improving trends in January is critical for sustained medium-term upside but this could take some time to play out, while the dividend yield offers attractive compensation for patient investors.

Buy rating and US$29.60 target maintained.

Current Price is $32.44. Target price not assessed.

Current consensus price target is $32.70, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.2

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

Macquarie rates MFG as Outperform (1) -

The company experienced net inflows of $317m in January and momentum continues from the first half.

 Macquarie notes, although relative performance metrics for January are yet to be released, they appear to be strong and should continue to support flows in coming months.

Outperform rating and $29 target maintained.

Target price is $29.00 Current Price is $28.96 Difference: $0.04
If MFG meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $28.89, suggesting downside of -0.3% (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

Macquarie rates MGR as Outperform (1) -

The company has refined the lower end of its guidance for earnings per security to 3-4% growth from 2-4% growth.

First half results were ahead of expectations and reflected a better residential result, while the variance to Macquarie's numbers was mainly because of office and industrial income from the early recognition of development profits.

The broker maintains an Outperform rating and $2.71 target.

Target price is $2.71 Current Price is $2.54 Difference: $0.17
If MGR meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Morgan Stanley rates MIN as Overweight (1) -

Mineral Resources has announced Mt Marion spodumene prices for the March Q of US$792/t and Dec Q of US$931/t compared to the broker's US$810/t forecast.

The broker sees Mineral Resources as a key Overweight, pointing to 12% better than expected lithium pricing and the fact the company's pricing mechanism is linked to Chinese and International markets, whereas competitors may end up paying closer to Chinese spot (US$709/t). The broker also points out the market forgets that the company also mines iron ore, and suggests having a look at the iron ore price.

Target unchanged at $21.30. Industry view: Attractive.

Target price is $21.30 Current Price is $16.98 Difference: $4.32
If MIN meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $19.77, suggesting upside of 16.4% (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

Morgans rates MTO as Hold (3) -

The company expects first half operating earnings (EBITDA) to be $10-10.5m, down -8-12% on Morgans' prior forecasts. The downgrade is attributed to continued weakness in the base dealership, particularly the result of lower bike sales.

The broker considers a lower cost base is now required to stem the severe margin contraction. Hold rating maintained. Target is reduced to $1.71 from $2.19.

Target price is $1.71 Current Price is $1.51 Difference: $0.2
If MTO meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Macquarie rates NCK as Neutral (3) -

Macquarie considers the first half result commendable, with net profit up 8% and ahead of expectations.

Trends have weakened over the half and the absence of any guidance did not surprise the broker as this highlights the volatility in conditions and uncertain outlook.

Hence, the case for a sustained re-rating is difficult to justify and Macquarie maintains a Neutral rating. Target is steady at $5.70.

Target price is $5.70 Current Price is $5.62 Difference: $0.08
If NCK meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Morgans rates QUB as Hold (3) -

Patrick has substantially increased infrastructure surcharges on container movements in Brisbane, Sydney and Melbourne from March 4. Charges apply to trucks and rail operators for container movements at its terminals.

Morgans increases the target to $2.93 from $2.85 to factor in the increase in levies. Hold rating maintained, as the broker believes, at the current prices, the potential return does not adequately reward investors for the risk.

Target price is $2.93 Current Price is $2.85 Difference: $0.08
If QUB meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.76, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

UBS rates QUB as Neutral (3) -

Patrick has announced an increase to infrastructure fees from March 4. Fees will now average $67 per container across the four ports.

UBS believes the likelihood of unfair contract terms or third line forcing being used against stevedores has declined.

As a result, trucking companies are relying on the review by the Victorian government that is likely to be looking at the impact of infrastructure levies on the supply chain.

UBS maintains a Neutral rating and $2.75 target.

Target price is $2.75 Current Price is $2.85 Difference: minus $0.1 (current price is over target).
If QUB meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.76, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgans rates SGR as Add (1) -

Morgans expects first half operating earnings (EBITDA) of $309m, up 10.1%, when the company reports its results on February 21.

The broker envisages a go-ahead for Chow Tai Fook and Far East Consortium to increase their holding to 20% will be a potential catalyst.

Target is reduced to $5.89 from $6.01 following a tempering of VIP and broader gaming revenue expectations. Add rating maintained.

Target price is $5.89 Current Price is $4.56 Difference: $1.33
If SGR meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $5.85, suggesting upside of 28.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Morgan Stanley rates SHL as Overweight (1) -

Sonic had targeted $100m in new capital from a share purchase plan to help fund the acquisition of Aurora, and has announced applications for $330m. A total of $600m is to be raised via placement and SPP. The broker sees the acquisition as 1.6% accretive in FY20.

Overweight and $27.70 target retained. Industry view: In Line.

Target price is $27.70 Current Price is $23.68 Difference: $4.02
If SHL meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $25.33, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Ord Minnett rates SSM as Buy (1) -

First half results were solid and ahead of Ord Minnett's forecasts. FY19 guidance is for EBITDA of around $88m.

Once again, the NBN drove a better-than-expected result for fixed communications and network construction.

Ord Minnett reiterates a Buy rating and raises the target to $2.15 from $2.10.

Target price is $2.15 Current Price is $2.17 Difference: minus $0.02 (current price is over target).
If SSM meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates SYD as Sell (5) -

The Productivity Commission has stated that the existing airport regulations benefit the community and are fit for purpose so wholesale changes are not justified.

While the draft report has lifted the regulatory overhang on the stock, Citi believes it is unlikely to change earnings expectations in the near term.

The broker believes risks are skewed to the downside because of weakening international passenger growth. Sell rating and $6 target maintained.

Target price is $6.00 Current Price is $6.90 Difference: minus $0.9 (current price is over target).
If SYD meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.08, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in December.

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 SYD as Buy (1) -

The Productivity Commission draft report on airport services regulation is a positive for Sydney Airport, Deutsche Bank believes.

The report suggests airports have not systematically exercised market power, while the request for an arbitration mechanism to resolve disputes has been knocked back.

While the PC has recommended additional reporting to the ACCC, the broker does not believe this is a major issue for Sydney. Buy rating and $8 target maintained.

Target price is $8.00 Current Price is $6.90 Difference: $1.1
If SYD meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.08, suggesting upside of 2.6% (ex-dividends)

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

Macquarie rates SYD as Underperform (5) -

The Productivity Commission draft recommendations consider only minor changes to current arrangements for Sydney Airport.

Macquarie finds the report a positive, as there were no indications of exploitation of market power by the industry.

The broker still envisages terminal and international aeronautical agreements will be tough to negotiate and this will impact the 2020 and 2021 growth outlook.

Underperform rating and $6.64 target maintained.

Target price is $6.64 Current Price is $6.90 Difference: minus $0.26 (current price is over target).
If SYD 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 $7.08, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates SYD as Overweight (1) -

The Productivity Commission has delivered a benign draft review of airport regulation, finding Sydney Airport to be efficient and finding no evidence of the systematic exercise of market power.

The broker reiterates its Overweight rating and retains a $7.07 target. Industry view: Cautious.

Target price is $7.07 Current Price is $6.90 Difference: $0.17
If SYD meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.08, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Morgans rates SYD as Add (1) -

Morgans considers the Productivity Commission's draft report benign, and the final report potentially offers some upside.

As the threat has lifted, at least until the next inquiry, the broker adjusts 2040 terminal value, which lifts the 12-month target to $7.33 from $7.13.

Following the positive share price reaction, the broker calculates the total potential return over the next 12 months is around 13% and maintains an Add rating.

Target price is $7.33 Current Price is $6.90 Difference: $0.43
If SYD meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.08, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates SYD as Buy (1) -

The conclusions and recommendations from the Productivity Commission draft report are better than Ord Minnett assumed.

Importantly, the PC rejected the suggestion from airlines and the ACCC that airport services should be subject to negotiate-arbitrate model.

Along with the recent fall in interest rates this leads the broker to maintain a Buy rating with a target of $8.20.

Target price is $8.20 Current Price is $6.90 Difference: $1.3
If SYD meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $7.08, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates SYD as Neutral (3) -

The Productivity Commission review of Australian airport regulation has recommended retaining the status quo. This effectively means Sydney Airport would continue to be only subject to monitoring.

UBS suspects the market will treat this is a positive outcome. On the negative side, the PC has recommended removing any clauses from contracts that restrict airlines' ability to seek regulatory remedies under the National Access Regime.

Further disclosure of international profitability has been recommended. UBS maintains a Neutral rating and $7 target.

Target price is $7.00 Current Price is $6.90 Difference: $0.1
If SYD meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $7.08, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in December.

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 VEA as Buy (1) -

Deutsche Bank believes the revised Coles ((COL)) alliance agreement is a very good outcome for Viva Energy.

Viva Energy will now control the board price and have exposure to margins at a time when marketers should benefit from lower oil prices.

Weak global refining margins are likely to weigh in the near term, but the broker expects this to revert and multiple expansion could compound the earnings improvement.

Buy rating and $2.50 target maintained.

Target price is $2.50 Current Price is $2.25 Difference: $0.25
If VEA meets the Deutsche Bank target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.46, suggesting upside of 9.4% (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

UBS rates VEA as Buy (1) -

The retail alliance with Coles ((COL)) has been extended and the terms reviewed. The revised deal, UBS believes, is for the benefit of Viva Energy and highlights its superior positioning in the relationship.

The broker lifts forecast for Viva Energy by 3-9%. The broker believes earnings upgrades and confidence around the deal structure will mean the market re-rates the retail business over time.

UBS maintains a Buy rating and raises the target to $2.65 from $2.45.

Target price is $2.65 Current Price is $2.25 Difference: $0.4
If VEA meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.46, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Morgans rates VMY as Add (1) -

Morgans believes the December quarter report should have attracted a positive reaction, given the release of the scoping study for developing the high-grade Angularli uranium deposit.

In the longer term the major driver for valuation is the contract uranium price, with a price over US$50-60/pound expected to justify development of Mulga Rock.

Morgans maintains an Add rating and reduces the target to $0.38 from $0.42.

Target price is $0.38 Current Price is $0.06 Difference: $0.32
If VMY meets the Morgans target it will return approximately 533% (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

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

Ord Minnett downgrades to Hold from Accumulate, following the first half result from Commonwealth Bank ((CBA)) which provides further evidence of a very challenging retail banking environment.

Retail banking accounts for 38% of Westpac's revenue and Australian home loans are 62% of its group loans. The broker reduces the target to $28.90 from $30.90.

Target price is $28.90 Current Price is $26.89 Difference: $2.01
If WBC meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $27.93, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in September.

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