Australian Broker Call

Citi rates AHY as Sell (5) -

Ahead of the AGM on April 23, Citi notes rising pulp costs and continued discounting by competitors in personal care pose further downside risks for FY18 earnings. The broker expects the stock to de-rate further, given the competition could lead to lower long-term margins.

Sell rating a $1.25 target maintained.

Target price is $1.25 Current Price is $1.27 Difference: minus $0.02 (current price is over target).
If AHY 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 $1.35, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Morgan Stanley rates API as Underweight (5) -

The broker believes Australian Pharmaceutical's longer term strategy remains intact but the short term green shoots that had been appearing have now given way to intensifying distribution and retail headwinds. Weaker consumer sentiment is having an impact and cash flow is disappointing.

Underwhelming guidance drives a target cut to $1.43 from $1.65. Underweight retained. Industry view: In Line.

Target price is $1.43 Current Price is $1.47 Difference: minus $0.04 (current price is over target).
If API meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in August.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Credit Suisse rates AWC as Neutral (3) -

Credit Suisse analysts have lifted estimates on the back of a substantial rise in aluminium and alumina prices, and they continue to see further upside potential. They are also quick to follow up with expressing concern about the longevity of it all.

On a mid-cycle, more normal approach, they suggest the shares are fully priced. Target price lifts to $3 (was $2.30). Neutral rating retained. Both EPS and DPS forecasts have made a quantum leap.

Target price is $3.00 Current Price is $2.87 Difference: $0.13
If AWC meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.55, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.2

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

Macquarie rates AWC as Outperform (1) -

Production was softer than expected in the March quarter. AWAC share of bauxite and alumina was 6-8% lower than Macquarie's estimates.

The broker suspects operating costs have been pushed up to US$220/t in the quarter for the alumina division, but the outlook for earnings for Alumina Ltd remains strong as spot prices are trading over US$700/t.

Macquarie retains an Outperform rating and raises the target to $3.00 from $2.90.

Target price is $3.00 Current Price is $2.87 Difference: $0.13
If AWC meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.55, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.2

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

UBS rates AWC as Sell (5) -

AWAC's production of alumina in the March quarter stood at 3.0mt and bauxite at 10mt. Alcoa is continuing to review options on re-starting capacity although UBS notes re-starts take time.

The current Alumina Ltd share price is discounting a long run EBITDA margin of US$185/t while the spot margin is US$432/t. UBS calculates, if spot prices were sustained for a year, the dividend yield, given all cash paid out, would be 20.8%.

Nevertheless, the broker does not envisage current pricing strength is sustainable in the long-term and makes just modest upgrades to forecasts. Sell rating maintained. Target rises to $2.30 from $2.10.

Target price is $2.30 Current Price is $2.87 Difference: minus $0.57 (current price is over target).
If AWC meets the UBS target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.55, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.2

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

Citi rates BHP as Buy (1) -

Production was slightly lower than expected in the March quarter. The key change to guidance for Citi was a lowering of FY18 iron ore forecasts to 236-238mt because of car dumper reliability issues.

On the other hand, petroleum guidance is towards the upper end of the 180-190mmboe range. Citi maintains a Buy rating and $33 target.

Target price is $33.00 Current Price is $30.92 Difference: $2.08
If BHP meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $32.75, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

Credit Suisse rates BHP as Neutral (3) -

The analysts thought it was a rather soft-ish March quarter production performance, without any real game changers. After making a number of changes, including incorporating updated commodity prices forecasts, EPS estimates have gone up by 7% in FY18 and by 15% in FY19.

The reduced guidance for iron ore production remains a disappointment, nevertheless, state the analysts. Met coal and petroleum are seen as positive offsets. Neutral rating and $31 price target left untouched.

Target price is $31.00 Current Price is $30.92 Difference: $0.08
If BHP meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $32.75, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

Deutsche Bank rates BHP as Buy (1) -

Target has lifted to $32 (up from $31.50) and the analysts stick with their Buy rating on the back of the discount to valuation, the ongoing outlook for production growth, strong generation of free cash flows and improving shareholder returns.

Post the release of the March quarter production report, Deutsche Bank analysts note copper in particular proved a strong performer during the quarter.

Target price is $32.00 Current Price is $30.92 Difference: $1.08
If BHP meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $32.75, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

Macquarie rates BHP as Outperform (1) -

March quarter production was broadly in line with Macquarie's estimates, with the exception of thermal coal. Iron ore production guidance has been downgraded by -1-2%.

The broker notes a divestment process for the onshore US shale assets continues to progress with bids expected by the end of the fourth quarter and transactions potentially being announced in the first half of FY19. Outperform rating maintained. Target eases 1% to $35.20.

Target price is $35.20 Current Price is $30.92 Difference: $4.28
If BHP meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $32.75, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

Morgan Stanley rates BHP as Overweight (1) -

BHP's March Q production was disappointing, with only copper meeting the broker's forecast. Progress at Olympic Dam is slow and a rail car dumper issue impacted on iron ore. There is little impact on earnings forecasts nonetheless, the broker notes.

The key near term driver of valuation is nevertheless the sale of the US shale assets, with first bids expected in June. The sale will both boost capital management and BHP's capacity to invest, the broker notes. Overweight and $34.25 target retained. Industry view:In Line.

Target price is $34.25 Current Price is $30.92 Difference: $3.33
If BHP meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $32.75, suggesting upside of 5.9% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

Morgans rates BHP as Add (1) -

Copper was the highlight for Morgans in the third quarter production report, with another strong performance from Escondida. FY18 petroleum guidance is unchanged but expected at the upper end of 180-190mmboe guidance because of the outperforming US offshore fields.

Morgans still envisages further upside to the share price from a combination of earnings growth and the high probability of additional capital management. Add rating retained. Target reduced to $32.57 from $32.92.

Target price is $32.57 Current Price is $30.92 Difference: $1.65
If BHP meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $32.75, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

UBS rates BHP as Buy (1) -

UBS observes the March quarter performance was sound, driven by strong performances at Escondida, Pampa Norte and Antamina. Because of reliability issues with the car dumper, FY18 guidance for iron ore production has been revised down to 272-274mt.

The company has received regulatory approval to increase capacity at Port Hedland to 290mtpa and expects to achieve this run rate by the end of FY19. UBS maintains a Buy rating and $34 target.

Target price is $34.00 Current Price is $30.92 Difference: $3.08
If BHP meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $32.75, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

Citi rates CGF as Neutral (3) -

Citi observes March quarter annuity sales were weak and, while the impact on near-term earnings is not large, it raises questions over one of the potential growth avenues. Citi pulls back its forecasts to be in line with the top end of the guidance range for FY18 normalised net profit of $565m.

Japanese sales particularly disappointed the broker, down -21%, and this raises questions regarding the likely sales of this product if US interest rates continue to rise faster than Australian rates. Neutral rating maintained. Target is reduced to $11.20 from $13.75.

Target price is $11.20 Current Price is $10.78 Difference: $0.42
If CGF meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $11.74, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Deutsche Bank rates CGF as Hold (3) -

Deutsche Bank notes Challenger's update on cash flows was supported by lower maturities during the March quarter. The analysts stick with their Hold rating. Target $11.20.

Target price is $11.20 Current Price is $10.78 Difference: $0.42
If CGF meets the Deutsche Bank target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $11.74, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

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

Funds management revealed strong momentum in the March quarter, Macquarie suggests, particularly in the context of a fairly weak quarter for other listed fund managers. FY18 guidance for normalised net profit of $545-565m has been maintained.

Macquarie upgrades to Outperform from Neutral, expecting net book growth rates to be sustained and with near-term credit quality metrics holding up. Target is raised to $13.00 from $12.95.

Target price is $13.00 Current Price is $10.78 Difference: $2.22
If CGF meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $11.74, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Morgans rates CGF as Hold (3) -

March quarter annuity sales were soft, Morgans observes, down -13%. Nevertheless, net book growth was solid because of a slowing of the annuity run-off rate.

The broker likes the story longer term, given a strong organic growth profile, but considers, even with the recent share pullback, that the stock is fair value. Hold rating maintained. Target reduced to $11.75 from $12.03.

Target price is $11.75 Current Price is $10.78 Difference: $0.97
If CGF meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $11.74, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

UBS rates CGF as Neutral (3) -

UBS observes the retail annuity book was relatively stable in the March quarter, which reflected a slowing in back book maturities. Sales were down -14% primarily because of a large decline in Japanese sales.

UBS believes uncertainty over rising US rates could undermine investor confidence in this segment. Neutral maintained. Target is $12.85.

Target price is $12.85 Current Price is $10.78 Difference: $2.07
If CGF meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $11.74, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.1

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

Citi rates CPU as Neutral (3) -

The company has increased its cost savings measures, which will accrue in FY21 and beyond. There is minimal impact from cost saving on FY18-20 and Citi makes no changes to estimates at this point.

The broker believes it highly unlikely the company will limit its growth ambitions in US mortgage servicing to US$100bn UPB, but notes a promise to refrain from deploying a large amount of capital until these returns are proven.

Neutral maintained. Target rises to $18.00 from $17.50.

Target price is $18.00 Current Price is $17.23 Difference: $0.77
If CPU meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $16.27, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: -0.3

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

Macquarie rates CPU as Neutral (3) -

The company has affirmed FY18 guidance and announced further cost reduction measures. Macquarie notes realisation of the cost reductions is fairly long dated.

Macquarie envisages limited upside potential and maintains a Neutral rating. Target is reduced to $16.00 from $16.17.

Target price is $16.00 Current Price is $17.23 Difference: minus $1.23 (current price is over target).
If CPU meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.27, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: -0.3

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

Morgans rates CPU as Hold (3) -

The company has reaffirmed guidance and announced cost savings of US$40-55m are expected from stage 3 of its cost reduction program.

Morgans lifts FY20-21 forecasts for earnings per share by 3%. The broker notes a solid increase in shareholder numbers in global registry is a positive development. Hold rating maintained. Target rises to $16.53 from $16.23.

Target price is $16.53 Current Price is $17.23 Difference: minus $0.7 (current price is over target).
If CPU 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 $16.27, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: -0.3

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

UBS rates CPU as Neutral (3) -

UBS believes the company is executing well, making progress with cost reductions and initiatives surrounding US mortgage services.

However, medium-turn targets remain short of the levels the broker believes are needed to support value upside of at least 10%. Neutral rating and $17.40 target maintained.

Target price is $17.40 Current Price is $17.23 Difference: $0.17
If CPU meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $16.27, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: -0.3

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

Citi rates EVN as Buy (1) -

March quarter production was consistent with Citi's expectations. The broker notes the share price has performed strongly in the past 12 months, catching up with peers such as Northern Star ((NST)).

Share price upside could also be driven by brownfield exploration, in particular at the porphyry prospect Cowal, Citi suggests. A Buy rating is maintained and the target is steady at $3.45.

Target price is $3.45 Current Price is $3.36 Difference: $0.09
If EVN meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting downside of -13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Deutsche Bank rates EVN as Hold (3) -

March quarter production report seems to have exceeded expectations, leading the analysts to highlight the strong cash generation. On Deutsche Bak's projections, this company will be net cash positive by the end of the current calendar year.

Forecasts have slightly reduced on higher costs, but overall updating the modeling has generated a higher valuation. Price target lifts to $2.80 from $2.40. Hold rating retained on valuation.

Target price is $2.80 Current Price is $3.36 Difference: minus $0.56 (current price is over target).
If EVN meets the Deutsche Bank target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.92, suggesting downside of -13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Macquarie rates EVN as Neutral (3) -

The company posted a strong March quarter. The reserve update has slightly softened Macquarie's grade and production outlook as, while quantities are up, quality has fallen with the inclusion of the lower-grade Marsden resource.

The broker notes good progress at Cowal. Neutral rating and $3.20 target maintained.

Target price is $3.20 Current Price is $3.36 Difference: minus $0.16 (current price is over target).
If EVN meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.92, suggesting downside of -13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

UBS rates EVN as Downgrade to Neutral from Buy (3) -

The stock has re-rated substantially and UBS now believes it is fairly priced versus its peers, downgrading to Neutral from Buy. The re-rating has occurred on the back of operating excellence and a clear strategy, the broker suggests.

In the final quarter of FY18 the company has lifted guidance by 3%. UBS notes individual guidance for each mine has not changed but the mines are achieving at the top end of expectations. Target is raised to $3.40 from $3.16.

Target price is $3.40 Current Price is $3.36 Difference: $0.04
If EVN meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting downside of -13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Citi rates ILU as Neutral (3) -

March quarter sales volumes was slightly better than Citi expected. The broker increases rutile and zircon price forecasts, which drives earnings upgrades.

2018 and 2019 earnings forecasts are upgraded by 11% and 13% respectively. Neutral rating maintained. Target rises to $11.40 from $10.50.

Target price is $11.40 Current Price is $11.68 Difference: minus $0.28 (current price is over target).
If ILU 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 $11.04, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates ILU as Neutral (3) -

March quarter production was mixed, as zircon was better than expected while outages and low grades affected rutile.

Macquarie observes market conditions are improving but continues to struggle with the valuation. Future production is reliant on Sierra Leone and potential developments in other challenging jurisdictions.

Neutral rating and $10.60 target maintained.

Target price is $10.60 Current Price is $11.68 Difference: minus $1.08 (current price is over target).
If ILU meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.04, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Morgan Stanley rates ILU as Overweight (1) -

One key takeaway for the broker from Iluka's March Q report was a decision to begin mining Ambrosia from 2019 rather than 2022, concurrently with Jacinth. This could increase zircon production by 20% and provide for a more constant production profile, the broker suggests.

The other takeaway was a -16% miss for Sierra rutile production due to operating issues and lower grades. But as Rio Tinto ((RIO)) is also experiencing problems at Richards Bay, the broker expects short term tightness in titanium oxide supply.

Overweight and $12.45 target retained. Industry view: Attractive.

Target price is $12.45 Current Price is $11.68 Difference: $0.77
If ILU meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.04, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

UBS rates ILU as Buy (1) -

March quarter production was ahead of UBS estimates. The 8% lift quarter on quarter can be attributed to the Eucla Basin returning to full capacity while the decline of -22%, year-on-year, stems from the closure of the Murray Basin.

UBS forecasts net debt to lift as Cataby progresses. A Buy rating is maintained. Target rises to $13.00 from $11.50.

Target price is $13.00 Current Price is $11.68 Difference: $1.32
If ILU meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.04, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Citi rates JHG as Upgrade to Buy from Neutral (1) -

Citi adjusts estimates to account for recent flow data, lowering forecasts for earnings per share in FY18 by -2% and FY19 by -1%.

Although net outflows present a harsh backdrop for the stock, the sell-off has been significant and Citi believes there are positive aspects that signal value and provide support for the equity market.

Rating is upgraded to Buy from Neutral. Target is lowered to $47.50 from $50.00.

Target price is $47.50 Current Price is $41.42 Difference: $6.08
If JHG meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $51.41, suggesting upside of 24.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.7

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

Morgans rates ORE as Add (1) -

Morgans revises cost projections higher but also lifts short-term price estimates for lithium to US$13,750/t. The Olaroz project produced 2,802t of lithium carbonate in the March quarter but this quarter is typically affected by rain and weaker evaporation rates.

Production was down -29% on the December quarter but above the prior March quarter. Add rating maintained. Target rises to $8.87 from $8.44.

Target price is $8.87 Current Price is $5.36 Difference: $3.51
If ORE meets the Morgans target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 34.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Macquarie rates OSH as Outperform (1) -

March quarter production was weaker than expected, although Macquarie notes strong LNG pricing mitigated the outcome. The company has updated guidance for 2018, with lower production and higher costs.

Macquarie believes catalysts for both Alaska and PNG will unlock further risk weighting on these projects and increase investor confidence in their value.

Outperform and $8.10 target retained.

Target price is $8.10 Current Price is $7.77 Difference: $0.33
If OSH meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.12, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Citi rates S32 as Neutral (3) -

In the wake of the mixed March quarter production result, Citi upgrades medium-term forecasts for earnings per share by 12-15%.

The broker notes the strong balance sheet signals the potential for further returns to shareholders. Nevertheless, Citi believes there are limited growth opportunities for the existing portfolio. Neutral maintained. Target rises to $3.80 from $3.40.

Target price is $3.80 Current Price is $3.88 Difference: minus $0.08 (current price is over target).
If S32 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 $3.58, suggesting downside of -7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Deutsche Bank rates S32 as Hold (3) -

The March quarter production report missed expectations. Deutsche Bank has retained its Hold rating. Target price $3.40.

Target price is $3.40 Current Price is $3.88 Difference: minus $0.48 (current price is over target).
If S32 meets the Deutsche Bank target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.58, suggesting downside of -7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Macquarie rates S32 as Outperform (1) -

Manganese and nickel output was strong in the March quarter. FY18 production guidance for Illawarra is downgraded by -9%.

Macquarie notes spot earnings upside relative to forecasts is significant, as prices for several of the company's commodities are trending strongly upwards. Outperform rating. Target is $4.00.

Target price is $4.00 Current Price is $3.88 Difference: $0.12
If S32 meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.58, suggesting downside of -7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Citi rates SBM as Sell (5) -

High gold grades in the March quarter from Gwalia were offset by weak tonnage, although Citi notes the company does expect to mine increasing volumes and counter a long-term decline in grades.

The broker includes a ramp up at the Gwalia mass extraction plant to 1.4mtpa by FY21 in its modelling, leaving downside risk to numbers. Sell rating and $3.70 target maintained.

Target price is $3.70 Current Price is $4.26 Difference: minus $0.56 (current price is over target).
If SBM 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 $4.03, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Deutsche Bank rates SBM as Hold (3) -

There seems to have been a number of moving factors during the March quarter. In the end, Deutsche Bank analysts have stuck with their Hold rating, with the target price lifting 20c to $3.60.

Target price is $3.60 Current Price is $4.26 Difference: minus $0.66 (current price is over target).
If SBM meets the Deutsche Bank target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.03, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Macquarie rates SBM as Outperform (1) -

A strong result on costs at Simberi offset weaker production at Gwalia, Macquarie observes. Gwalia grades continue to strengthen, and the mass extraction study underway is expected to maintain margins at over 1.8km depth and provide scope for expanded production.

Outperform rating and $4.70 target maintained.

Target price is $4.70 Current Price is $4.26 Difference: $0.44
If SBM meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Citi rates STO as Neutral (3) -

March quarter production was below estimates because of lower volumes from PNG LNG and disruptions at GLNG's Fairview. The company has lowered the upper end of its production guidance for 2018, now 55-58mmboe, because of lower expected volumes from PNG LNG.

The free cash flow yield, while expected to soften in coming years, remains attractive, leading Citi to suspect shareholders may want greater compensation from Harbour Energy. The company has confirmed the due diligence is underway.

Neutral rating maintained. Target rises to $6.50 from $5.31.

Target price is $6.50 Current Price is $6.00 Difference: $0.5
If STO meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.64, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.1

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

Macquarie rates STO as Neutral (3) -

Lower production in the March quarter at PNG and GLNG was offset by DLNG and the Cooper Basin, Macquarie observes. This underscores why having a diverse portfolio is important, the broker asserts.

Although the process on the Harbour Energy bid is underway Macquarie does not expect an outcome until at least May. The broker maintains a Neutral rating and $5.30 target.

Target price is $5.30 Current Price is $6.00 Difference: minus $0.7 (current price is over target).
If STO 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 $5.64, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.1

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

Morgans rates STO as Reduce (5) -

Morgans notes a larger impact on PNG LNG production from the earthquake and a fall in production from GLNG weighed on the first quarter performance.

The main focus is the prospect of a formal bid emerging from Harbour Energy. Yet, given the national significance of the company's interests , the FIRB review process is likely to be a drawn out process, the broker suspects.

Reduce rating maintained. Target is raised to $4.55 from $4.31.

Target price is $4.55 Current Price is $6.00 Difference: minus $1.45 (current price is over target).
If STO meets the Morgans target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.64, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.1

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

UBS rates STO as Neutral (3) -

March quarter production was slightly ahead of UBS estimates because of higher output from Darwin LNG while the company continues to improve capacity in the Cooper Basin.

The company continues to make progress on growth projects, Barossa and the PNG expansion. Neutral rating and $6 target maintained.

Target price is $6.00 Current Price is $6.00 Difference: $0
If STO meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $5.64, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.1

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

Morgans rates WHC as Hold (3) -

Morgans believes there is potential to beat FY18 production guidance of 20.5-21.0mt following robust third-quarter production. Thermal coal pricing continues to surprise on the upside, responding to Chinese domestic policy and the concentration of Australian supply.

Morgans envisages scope for capital management, possibly at the FY18 result. The broker maintains a Hold rating and increases the target to $4.56 from $4.00.

Target price is $4.56 Current Price is $4.52 Difference: $0.04
If WHC meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.76, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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