Australian Broker Call

Ord Minnett rates AMC as Hold (3) -

Ord Minnett updates its model following the AGM and guidance commentary. Underlying forecasts for earnings per share are reduced by an average of -1.7% over FY18-20.

Hold rating retained. Target rises to $16.10 from $15.75.

Target price is $16.10 Current Price is $14.99 Difference: $1.11
If AMC meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $16.14, suggesting upside 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

Ord Minnett rates BSL as Accumulate (2) -

Ord Minnett updates modelling and marks to market for commodity and currency prices. BlueScope remains the broker's key preference in the steel sector.

Accumulate rating retained. Target is raised to $14.00 from $12.30.

Target price is $14.00 Current Price is $13.33 Difference: $0.67
If BSL meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $13.85, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

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

Credit Suisse rates COH as Neutral (3) -

The company has won half of the Chinese government's final tender for 2017. It will supply 1491 cochlear implant units in FY18 at an estimated unit price of $7700.

Credit Suisse incorporates the contract win into assumptions and rolls out currency updates, resulting in a 0.6% upgrade to FY18 earnings estimates and around 2.5% thereafter.

Rating is Neutral. Target is $142.50.

Target price is $142.50 Current Price is $180.18 Difference: minus $37.68 (current price is over target).
If COH meets the Credit Suisse target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $142.97, suggesting downside of -20.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Morgans rates FDV as Add (1) -

The company has optimised its African portfolio of web portals through an assets swap with Jumia, a local player. The asset swaps are part of the company strategy to only own the market leader in each country in which it operates.

Morgans revises forecasts to take into account the transaction and associated divestments, which reduces revenue in FY18 and accounts for a faster transition to operating profit because of the removal of loss-making entities.

Add rating retained. Target rises to $0.82 from $0.79.

Target price is $0.82 Current Price is $0.68 Difference: $0.14
If FDV meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Ord Minnett rates GUD as Hold (3) -

The company will divest the Oates cleaning products business for $80m. Ord Minnett is not surprised, given the re-positioning of the company's portfolio and the recent challenges faced by that division.

Sale proceeds will slightly reduce the company's gearing,, while the broker notes the capacity to fund via debt further acquisitions in the automotive parts sector.

Hold rating retained. Target rises to $11.50 from $11.00.

Target price is $11.50 Current Price is $11.98 Difference: minus $0.48 (current price is over target).
If GUD meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.69, suggesting downside of -2.4% (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

Ord Minnett rates JBH as Upgrade to Hold from Lighten (3) -

Ord Minnett retains concerns regarding the health of the consumer sector and the negative impact of Amazon. Nonetheless, there are emerging signs that, while consumer sentiment will likely remain subdued, wage growth could improve.

The broker is also more confident that the company has attributes which provide some support that is yet to be fully reflected in the share price. Rating is upgraded to Hold from Lighten. Target is raised to $23.00 from $22.50.

Target price is $23.00 Current Price is $22.76 Difference: $0.24
If JBH meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $24.58, suggesting upside of 8.0% (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 LVH as Upgrade to Add from Hold (1) -

Morgans upgrades to Add from Hold because of a recent fall in the share price.

The broker expects the company to continue to signup significant new customers for its Talent Community in coming months. No change to forecasts or $1.10 target are made.

Target price is $1.10 Current Price is $0.94 Difference: $0.16
If LVH meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Credit Suisse rates MFG as Upgrade to Outperform from Neutral (1) -

Funds under management at the end of October were up 8.6%. The strong growth was driven by both positive market movements and net inflows.

The strong market movements were significantly ahead of Credit Suisse assumptions, leading to upgrades of 4% to funds under management.

Rating is upgraded to Outperform from Neutral. Target is raised to $28.25 from $27.00.

Target price is $28.25 Current Price is $26.17 Difference: $2.08
If MFG meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $27.36, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates NVT as Neutral (3) -

Macquarie reviews its investment case and modelling assumptions. FY18 is considered a transition year as the business cycles out of contract losses.

Two important contract renewals are due in the next four months but contract risk then reduces until 2020.  While the stock offers leverage to an attractive segment of the market the broker considers this factored into the share price.

Neutral rating retained. Target is raised to $4.92 from $4.51.

Target price is $4.92 Current Price is $4.85 Difference: $0.07
If NVT meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.47, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

Citi rates ORI as Downgrade to Sell from Neutral (5) -

"Running hard to stand still" and "more downside risk in the near term" easily explain why Citi has elected to downgrade to Sell from Neutral. The stock is trading at a 10% premium versus the broader market as investors have been anticipating a recovery in profits, but Citi is not on board.

Forecasts have been cut by -13.5% in FY18 and -6% in FY19 after what is labeled a disappointing FY17 report. Citi thinks ammonium nitrate (AN) will be pushed into surplus in Western Australia from the moment the Burrup AN plant will ramp up.

Citi sees AN not rebalancing until FY20. Incitec Pivot ((IPL)) is preferred. Target drops to $17.

Target price is $17.00 Current Price is $18.96 Difference: minus $1.96 (current price is over target).
If ORI meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.08, suggesting downside of -4.6% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Credit Suisse rates ORI as Neutral (3) -

Credit Suisse was disappointed with the FY17 result, as the benefits of a recovery in mining activity appear to be pushed into FY19 and beyond.

Orica is the natural beneficiary of growth in market demand in Australia but, pushing out profit growth expectations for another year, warrants caution, in the broker's opinion.

Neutral rating retained. Target is reduced to $18.19 from $18.71.

Target price is $18.19 Current Price is $18.96 Difference: minus $0.77 (current price is over target).
If ORI meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.08, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Deutsche Bank rates ORI as Hold (3) -

Price resets, higher input costs and plant outages led Orica to a -4% miss of forecasts with its result yesterday. This is despite some improving trends, the broker notes, in Aust, Indonesia and North America and benefits from business improvement initiatives.

Things aren't so great in Europe and LatAm and guidance disappointed alongside the result. The broker has cut earnings by -7-8% and dropped its target to $18.85 from $20.25. Hold retained.

Target price is $18.85 Current Price is $18.96 Difference: minus $0.11 (current price is over target).
If ORI meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.08, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Macquarie rates ORI as Neutral (3) -

FY17 net profit was below Macquarie's forecast. This was largely because of weaker-than-expected results in Europe, Africa and the Middle East via additional Gyttorp sourcing costs and higher interest/minorities.

The macro outlook is positive, particularly in Australia, the broker suggests, because of increased overburden removal and brownfield mine expansions but this will take time to flow through.

Neutral rating retained. Target reduces to $19.62 from $21.00.

Target price is $19.62 Current Price is $18.96 Difference: $0.66
If ORI meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $18.08, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Morgan Stanley rates ORI as Underweight (5) -

FY17 results missed Morgan Stanley's forecasts. The broker acknowledges the performance on costs but believes the underlying operating environment remains challenged.

While the stock has corrected around -10% since the results were announced, Morgan Stanley believes it continues to reflect an overly robust cyclical recovery over the medium term.

Underweight. Target is reduced to $16.50 from $17.50. Industry view is Cautious.

Target price is $16.50 Current Price is $18.96 Difference: minus $2.46 (current price is over target).
If ORI meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.08, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Morgans rates ORI as Hold (3) -

FY17 results fell short of Morgans expectations. While market conditions have improved the broker envisages headwinds from further price re-sets, higher gas costs and increased depreciation & amortisation.

Given the stock was fully valued leading into the result, the broker suggests a severe reaction in the market was to be expected.

Morgans continues to hold the view that the stock is more of a late cycle play because of its leverage to volumes, versus some of its peers.

Hold rating retained. Target rises to $18.90 from $18.10.

Target price is $18.90 Current Price is $18.96 Difference: minus $0.06 (current price is over target).
If ORI meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.08, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Ord Minnett rates ORI as Hold (3) -

The company expects pricing headwinds and increased R&D investment to be offset by its business improvement initiatives.

Ord Minnett still believes the company is challenged from a growth perspective and there is uncertainty around the near-term profit profile at Burrup and the future for Bontang once Burrup ramps up.

The broker retains a Hold rating and raises the target to $19.00 from $16.80.

Target price is $19.00 Current Price is $18.96 Difference: $0.04
If ORI meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $18.08, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Macquarie rates PRU as Neutral (3) -

The company has completed a definitive feasibility study for the Yaoure gold project. The project is attractive, in Macquarie's opinion, and could lift production towards 500,000 ounces per annum for the company.

The company expects to fund the project with a combination of cash flow and debt and an improved performance at Edikan and delivery on Sissingue remain central to this strategy.

Macquarie retains a Neutral rating and $0.40 target.

Target price is $0.40 Current Price is $0.32 Difference: $0.08
If PRU meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $0.48, suggesting upside of 51.3% (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

Credit Suisse rates PTM as Upgrade to Neutral from Underperform (3) -

Credit Suisse observes growth in funds under management appears to be particularly strong, with unit prices for the international fund indicating a rise of 6.9% in October.

Both this fund and the Asia fund, which rose 8.9%, are ahead of  the broker's normalised growth assumptions.

While the broker considers the trading multiple slightly stretched, the rebound in fund performance could lead to higher net flows and performance fees. Rating is upgraded to Neutral from Underperform. Target rises to $7.00 from $5.90.

Target price is $7.00 Current Price is $7.76 Difference: minus $0.76 (current price is over target).
If PTM meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.99, suggesting downside of -35.7% (ex-dividends)

The company's fiscal year ends in June.

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

Deutsche Bank rates S32 as Downgrade to Sell from Hold (5) -

South32 has highlighted additional cost inflation going forward from rising input prices, commodity price-linked contracts and the A$. Deutsche Bank believes costs could rise by as much as 20% in FY18, cutting earnings by -15%.

Meanwhile, the market is valuing the stock based on spot commodity prices and A$ at current levels through to end-FY19, yet the broker believes all of alumina, manganese and coal are expensive based on current cost curves.

Deutsche has thus downgraded to Sell. Target falls to $2.80 from $2.85.

Target price is $2.80 Current Price is $3.52 Difference: minus $0.72 (current price is over target).
If S32 meets the Deutsche Bank target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.18, suggesting downside of -9.7% (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: 0.1

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

Deutsche Bank rates SCG as Buy (1) -

Scentre reaffirmed 2017 guidance at its operational update. Retail sales are expected to continue slowing but the REIT has outperformed peers, the broker notes.

Scentre continues to progress its development pipeline and the broker sees an attractive valuation against both historical levels and peers. Buy and $4.26 target retained.

Target price is $4.26 Current Price is $4.03 Difference: $0.23
If SCG meets the Deutsche Bank target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.46, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Macquarie rates SCG as Outperform (1) -

The company has re-affirmed FY17 guidance for around 4.25% growth in free funds from operations. Distribution guidance of 21.73 cents per share has also been re--affirmed.

The share price has de-rated significantly in 2017. The fundamentals for retail landlords are expected to remain challenging and Macquarie believes this is reflected in the share price.

Outperform. Target is $4.51.

Target price is $4.51 Current Price is $4.03 Difference: $0.48
If SCG meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.46, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

UBS rates SCG as Buy (1) -

UBS asks when will the company's superior portfolio start to outperform peers amid low expectations for the consumer sector?

The company's update provided little comfort, with specialty sales marginally better than peers but overshadowed by the trend. The broker maintains a value bias and expects the company will provide resilient 2018 guidance.

Buy retained. Target is $4.30.

Target price is $4.30 Current Price is $4.03 Difference: $0.27
If SCG meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.46, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Citi rates SGM as Neutral (3) -

Citi analysts remain bullish on market dynamics for global steel, but they are left holding too many question marks when it comes to Sims Metal. They thus prefer BlueScope Steel ((BSL)) in the sector.

Target price is $14.40 Current Price is $13.71 Difference: $0.69
If SGM meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $14.72, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Ord Minnett rates SGM as Hold (3) -

Ord Minnett updates its modelling and marks to market commodity and currency prices. This has had the effect of lowering scrap prices and margins on an absolute basis.

The broker gives the company the benefit of a large proportion of its efficiency targets in FY18 and FY19 but believes the stock is fully valued. Hold rating retained. Target is lowered to $13 from $14.

Target price is $13.00 Current Price is $13.71 Difference: minus $0.71 (current price is over target).
If SGM meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.72, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Ord Minnett rates SUL as Upgrade to Hold from Lighten (3) -

Ord Minnett retains concerns regarding the health of the consumer sector and the negative impact of Amazon. Nonetheless, there are emerging signs that, while consumer sentiment will likely remain subdued, wage growth could improve.

The broker is also more confident that the company has attributes which provide some support that is yet to be fully reflected in the share price. Rating is upgraded to Hold from Lighten. Target is unchanged at $8.

Target price is $8.00 Current Price is $7.74 Difference: $0.26
If SUL meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.22, suggesting upside of 19.2% (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

Macquarie rates SYR as Neutral (3) -

Macquarie updates estimates to include the September quarter cash position and revised production outlook for Balama. First production of intermediate flake and fines product has been achieved.

As construction is effectively complete, commissioning at Balama is now in focus. The broker believes commissioning is the key milestone and the main risk to valuation.

Neutral and $3.70 target retained.

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

Current consensus price target is $4.46, suggesting upside of 21.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

Morgans rates TPE as Add (1) -

Morgans observes the company has made considerable progress in becoming one of only a handful of vertically integrated global narcotic suppliers.

Management has reconfirmed a positive outlook for second half operating earnings, forecasting a 127% increase in revenue through 2018. The Portugal subsidiary has been sold for a net gain of $875,000.

Morgans raises 2017-19 earnings estimates and envisages 2017 underlying earnings will make a profit.

Add retained. Target rises to $3.53 from $3.06.

Target price is $3.53 Current Price is $2.70 Difference: $0.83
If TPE meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Citi rates VCX as Buy (1) -

Vicinity Centres has agreed upon an asset swap; in exchange for 49% of Chatswood Chase it will acquire 50% in three centres in Sydney CBD, which, Citi assures us, are of high quality.

The transaction will be EPS accretive but Citi sees benefits beyond the obvious. Buy rating reiterated.

Target price is $3.09 Current Price is $2.70 Difference: $0.39
If VCX meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

UBS rates VCX as Buy (1) -

The company has swapped a 50% interest in Chatswood Chase for a 50% interest and management rights to Queen Victoria Building, The Galleries and Strand Arcade.

UBS likes the strategic aspects of the transaction, given the increased exposure to the Sydney CBD and improved tenancy mix.

Factoring in the asset swap and buyback results in a 1% increase in FY18 estimates and a 2% increase in FY19 and beyond.

Buy and a $2.92 target maintained.

Target price is $2.92 Current Price is $2.70 Difference: $0.22
If VCX meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Deutsche Bank rates VVR as Buy (1) -

Viva has successfully acquired two properties following due diligence and the other $45m of acquisitions announced back in June have now settled. It is Viva's intention to grow through acquisition, the broker notes.

The broker thus expects more of the same and highlights a robust acquisition pipeline. A plan to refinance debt is also underway. Buy and $2.72 target retained.

Target price is $2.72 Current Price is $2.16 Difference: $0.56
If VVR meets the Deutsche Bank target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Citi rates WBC as Neutral (3) -

FY17 turned into deja vu for the analysts at Citi as cost growth is outpacing sluggish revenue growth. It's characteristic for the sector overall in Australia.

Luckily for the banks, point out the analysts, the benign credit environment continues to act as a saviour with BDD’s at an historical low of 11bps as new gross impaireds disappeared and provisions were released.

Citi sees no urgency from management to shake up things and therefore no imminent catalyst for the share price.

Sector pecking order is now National Australia Bank ((NAB)), ANZ Bank ((ANZ)), Westpac and then CommBank ((CBA)). Neutral rating retained, as well as the $31 price target.

Target price is $31.00 Current Price is $32.57 Difference: minus $1.57 (current price is over target).
If WBC 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 $33.70, suggesting upside of 3.5% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

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

Credit Suisse liked the balance sheet growth in FY17 but did not like the negative tone of the FY18 guidance statements, particularly around revenue.

Following the upgrade of the stock mid 2017 to Outperform as a tactical call on the leverage to Australian mortgage re-pricing, the broker now downgrades to Neutral as the benefits have become embedded and there are emerging margin headwinds.

Target is reduced to $33.50 from $34.00.

Target price is $33.50 Current Price is $32.57 Difference: $0.93
If WBC meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $33.70, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Deutsche Bank rates WBC as Buy (1) -

Westpac suffered from the same malaise as peers in the Sep Q -- a market going nowhere hence weak trading profits. This led to a miss at the headline but the broker saw a solid result on operational trends. The bank's net income margin rose despite the impact of the levy.

At 10.6%, the capital position is better than the broker expected and bad debts fell once more, with Westpac highlighting a peak in WA mortgage arrears. Buy retained, target rises to $35.00 from $34.50.

Target price is $35.00 Current Price is $32.57 Difference: $2.43
If WBC meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $33.70, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Macquarie rates WBC as Neutral (3) -

FY17 results were solid and, while the headline result fell short of Macquarie's expectations, underlying trends are considered broadly supportive. The broker expects the bank to benefit from improved trading income and residual mortgage re-pricing benefit.

Of concern is the medium-term impact of slowing mortgage growth and normalising of margins as loans are switched to principal & interest from interest only.

Neutral rating retained.Target is raised to $34.50 from $34.00.

Target price is $34.50 Current Price is $32.57 Difference: $1.93
If WBC meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $33.70, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Morgan Stanley rates WBC as Overweight (1) -

Morgan Stanley believes the bank offers less uncertainty and execution risk versus its peers, as it has a settled strategy, good margin management and a consistency on costs.

FY17 was considered a challenging year and the second half result reinforces the broker's view that the bank is in a sweet spot for margins and further expansion is likely in the first half of FY18. The broker envisages a stronger CET1 ratio but limited capital management options going forward.

Target is reduced to $32.10 from $32.60. Overweight retained. Industry View: In Line.

Target price is $32.10 Current Price is $32.57 Difference: minus $0.47 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.70, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Ord Minnett rates WBC as Hold (3) -

Ord Minnett was disappointed with FY17 cash earnings at the headline level. FY18 outlook commentary also underwhelmed but on further analysis the underlying result appeared slightly better.

The stock appears inexpensive but a positive catalyst to re-rate may be lacking for the short-term, in the broker's opinion.

Hold rating and $33 target retained.

Target price is $33.00 Current Price is $32.57 Difference: $0.43
If WBC meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $33.70, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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