Australian Broker Call

Morgans rates ADI as Hold (3) -

APN Industria REIT's FY20 first-half result met the broker, the company posting solid portfolio metrics and rising occupancy.

Management reiterated guidance for funds from operations and Morgans notes room for acquisitions.

Target price rises to $3.16 from $2.96, to reflect a roll-forward of the valuation. Hold rating retained, the broker noting potential for corporate activity, accretive acquisitions, potential leasing deals and asset re-ratings.

Target price is $3.16 Current Price is $3.20 Difference: minus $0.04 (current price is over target).
If ADI meets the Morgans 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 FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Citi rates AHY as Buy (1) -

Citi analysts thought 2019 marked a "good" result with top line growth carried by both B2B and retail, while challenges from pulp prices and increased marketing costs and price investment continue.

Forecasts have been reduced nonetheless, to account for higher taxes. FX also impacted negatively. Citi believes Asaleo Care can exceed its guidance for 2020. Buy rating retained, while the price target lifts to $1.30 from $1.10.

One important factor in Citi's positive outlook for the company is the expectation that margins can be restored to 22.3% from the current 19.6% as the company spends more on brand marketing.

Target price is $1.30 Current Price is $1.14 Difference: $0.16
If AHY meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.19, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Macquarie rates AHY as Neutral (3) -

2019 results were slightly better than expected. FY20 guidance includes the benefit of lower pulp prices and confirms growth, Macquarie observes.

The broker assesses the business is now more attractive, although cost offsets to lower pulp prices are disappointing.

Neutral rating maintained. Target rises to $1.16 from $1.01.

Target price is $1.16 Current Price is $1.14 Difference: $0.02
If AHY meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.19, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

UBS rates AIZ as Buy (1) -

The broker has reassessed capacity, load factor, passenger yield and cargo with respect to the potential impact of the coronavirus. The upshot is a forecast -3% decline in Air New Zealand's FY20 revenue. This is roughly offset by lower fuel prices and fuel savings from fewer flights.

The broker also notes weakness in Asian routes is partly countered by ongoing strength domestically. Buy and NZ$3.10 target retained.

Current Price is $2.62. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

This company reports in NZD. 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

Morgans rates APA as Hold (3) -

APA Group's first-half earnings disappointed the broker and guidance was reaffirmed at the bottom end of the guidance range.

Strong margin growth drove the pre-announced increase in the dividend, and operating cash flow rose 9%. Revenue quality remained high, margin growth remained firm, and debt costs eased. 

S&P has reported a positive view on the company's credit profile and said APA Group is well positioned for growth. 

The main negative was the delay in commercialising Orbost, implying cost over-runs and delayed revenue. Morgans cuts earnings forecasts -1% to -2% across FY20 to FY23. 

The broker views APA Group as best-of-breed in energy infrastructure. Hold rating retained. Target price rises to $10.90 from $10.64.

Target price is $10.90 Current Price is $11.44 Difference: minus $0.54 (current price is over target).
If APA meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.30, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Citi rates ASB as Buy (1) -

Upon initial assessment, it appears Austal's H1 report was much better than expected. Consider Citi's response: "Blowing interim expectations out of the water". The beat in profit growth is no less than 35%.

Citi analysts think the stock will rally on today's result. There remains plenty of potential for the company to beat its updated guidance for FY20, the analysts suggest.

Target price is $4.40 Current Price is $4.36 Difference: $0.04
If ASB meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.42, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Citi rates AX1 as Buy (1) -

The combination of a faster store rollout and lower depreciation has managed to offset margin pressure and thus H1 came out 6% above what Citi analysts had penciled in. The analysts believe they are -7% below market consensus for FY20.

The above suggests Accent Group's performance was merely in-line with broader market expectations. Buy rating retained. Target unchanged at $1.95.

Also, like-for-like sales during the first seven weeks of H2 are up 3%, which is above Citi's forecast of 2%. The analysts note company management is developing a history of meeting or beating market expectations, which may justify the stock’s lofty looking valuation.

Target price is $1.95 Current Price is $2.12 Difference: minus $0.17 (current price is over target).
If AX1 meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.13, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Morgan Stanley rates AX1 as Overweight (1) -

First half results were in line with Morgan Stanley's estimates. The broker notes a strong start to the second half with like-for-like sales growth of 3% or more.

The broker assesses gross margin headwinds should be offset by cost improvements. Overweight rating and $2.30 target. Industry view is In-Line.

Target price is $2.30 Current Price is $2.12 Difference: $0.18
If AX1 meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Morgans rates AX1 as Upgrade to Add from Hold (1) -

Accent Group's FY20 first-half result met consensus, the company reporting low double-digit growth in sales and earnings.

Management guided to an increase in FY20 store rollouts to 59 net new stores from 40.

The broker upgrades earnings forecasts across FY20/21/22 by 3%, 4% and 2%,

Noting the 5.2% yield and strong prognosis, Morgans upgrades to Add from Hold, describing the company as a best-in-class digital offering. Target price rises to $2.15 from $1.79.

Target price is $2.15 Current Price is $2.12 Difference: $0.03
If AX1 meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Morgans rates BHP as Hold (3) -

BHP group reported a FY20 first-half result in line with consensus and ahead of Morgans. Margins met consensus although free-cash generation disappointed to the tune of -US$800m.

The company reports no impact from the coronavirus but plays it safe by containing gearing and maintaining the payout ratio at 64%, announcing a US$65c interim dividend. The broker believes the company's low capital expenditure needs remain supportive of an elevated dividend profile.

The broker notes uncertainties in the background, such as the coronavirus, the trade war, and Chile instability.

Hold rating maintained. Target eases to $36.23 from $36.27.

Target price is $36.23 Current Price is $38.57 Difference: minus $2.34 (current price is over target).
If BHP meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.75, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Citi rates CHC as Buy (1) -

Charter Hall's interim performance was a significant "beat", report the analysts. As a result, FY20 guidance has been upgraded to circa 4% above market consensus. Citi has lifted its estimates by between 8%-18% for the years ahead.

Apart from more assets under management, Citi is now also forecasting funds management EBITDA margins will increase to 65% from 56%. This pushes up the price target to $17.50, up 18%. Buy rating retained.

Target price is $17.50 Current Price is $13.93 Difference: $3.57
If CHC meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $14.86, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Credit Suisse rates CHC as Neutral (3) -

The company has upgraded FY20 guidance, with earnings per share growth now expected to be 40%.

The first half result revealed performance fees that were higher than Credit Suisse expected and this was the main driver of the upgrade.

Still, Charter Hall's operating earnings growth impressed the broker too. Despite the upgrade, distribution growth guidance remains at 6% with retained earnings to be used for reinvestment.

Credit Suisse maintains a Neutral rating and raises the target to $13.58 from $11.52.

Target price is $13.58 Current Price is $13.93 Difference: minus $0.35 (current price is over target).
If CHC meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.86, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Macquarie rates CHC as Outperform (1) -

Charter Hall's first half operating earnings were ahead of expectations, driven by performance and transaction fees. FY20 guidance has been upgraded to growth in earnings of 40%.

While conditions remain favourable for third-party deployment into real assets, Macquarie maintains an Outperform rating. The broker raises the target 13% to $15.23.

Target price is $15.23 Current Price is $13.93 Difference: $1.3
If CHC meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $14.86, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Ord Minnett rates CHC as Downgrade to Accumulate from Buy (2) -

Charter Hall's first half results were in line with expectations. The main focus for Ord Minnett is the earnings quality, given a material contribution from the sale of Folkstone inventory.

The broker forecasts underlying growth in FY20 earnings per share of 33%. The rating is downgraded to Accumulate from Buy on valuation grounds. Target is steady at $14.20.

Target price is $14.20 Current Price is $13.93 Difference: $0.27
If CHC meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $14.86, suggesting upside of 6.7% (ex-dividends)

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

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

Charter Hall's result was well ahead UBS thanks to higher performance fees and and higher transactional revenue and development income. The group remains a beneficiary of low rates, the broker notes, and strong demand for office, logistics and long WALE real estate.

However, the broker does not see a stellar FY20 being repeated, despite Charter Hall's "unparalleled" track record in raising and deploying capital. Target rises to $13.80 from $12.50. Downgrade to Neutral from Buy.

Target price is $13.80 Current Price is $13.93 Difference: minus $0.13 (current price is over target).
If CHC meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.86, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Credit Suisse rates CTD as Outperform (1) -

First half results slightly missed Credit Suisse estimates. The company has quantified the impact of coronavirus and reduced guidance to an operating earnings (EBITDA) range of $125-150m.

The broker reduces FY20 and FY21 forecasts by -14% and -11% respectively. Coronavirus is the largest driver of the reduction.

Outperform rating maintained. Target is reduced to $24 from $27.

Target price is $24.00 Current Price is $15.65 Difference: $8.35
If CTD meets the Credit Suisse target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $23.50, suggesting upside of 50.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Morgan Stanley rates CTD as Overweight (1) -

The main issue in the first half result was the company flagging a -$15-40m impact from the coronavirus in the second half, depending on the length of the impact on the speed of a recovery.

Morgan Stanley adjusts forecasts to reflect this and assumes a lingering impact into FY21.

However, first half operating earnings were in line and customer count grew, so the broker thus considers the underlying business strength at Corporate Travel intact.

Overweight rating retained. Price target is reduced to $27 from $31. Industry view is In-Line.

Target price is $27.00 Current Price is $15.65 Difference: $11.35
If CTD meets the Morgan Stanley target it will return approximately 73% (excluding dividends, fees and charges).

Current consensus price target is $23.50, suggesting upside of 50.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Morgans rates CTD as Hold (3) -

Corporate Travel Management's FY20 first-half result disappointed, thanks to a poor performance in US operations, geopolitics and materially higher corporate costs.

Guidance was revised down to account for the coronavirus (down -14% to -24% on previous guidance), and the broker revises forecasts accordingly. Earnings forecasts are cut -17.6%, -10.7% and -7.6% across FY20/21/22.

Morgans retains a Hold rating but is keeping a keen eye to the risk-reward profile given: the company is highly leveraged to any recovery; signs China's borders are re-opening and North America is improving; and in the light of better macroeconomic indicators.

Target price falls to $18.45 from $19.40.

Target price is $18.45 Current Price is $15.65 Difference: $2.8
If CTD meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $23.50, suggesting upside of 50.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Ord Minnett rates CTD as Buy (1) -

First half results were slightly ahead of estimates. The company has downgraded FY20 operating earnings (EBITDA) guidance to $125-150m because of the estimated impact of coronavirus.

The US division reported a -20% decline in operating earnings and the broker notes sustainable organic growth appears difficult to achieve.

Improved results from the US will be needed in FY21 to prove the company's global growth credentials, in the broker's opinion. Buy rating maintained. Target is reduced to $20.42 from $25.53.

Target price is $20.42 Current Price is $15.65 Difference: $4.77
If CTD meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $23.50, suggesting upside of 50.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Credit Suisse rates CTX as Neutral (3) -

EG Group has made a proposal to acquire Caltex Australia, adding bidding tension to the offer by Couche Tard.

The proposal is based on the acquisition of the convenience business for $3.9bn on a debt-free basis and a separate listing of the fuels and infrastructure business.

Credit Suisse calculates the proposal consideration equates to around $15.62 a share. Execution risks appear to be higher under this proposal, with ACCC clearance probably required in addition to the Foreign Investment Review Board.

Neutral rating and $36.25 target maintained.

Target price is $36.25 Current Price is $34.74 Difference: $1.51
If CTX meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $34.75, suggesting upside of 0.0% (ex-dividends)

The company's fiscal year ends in December.

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 CTX as Equal-weight (3) -

Caltex Australia has received a non-binding proposal from EG Group, offering $3.9bn in cash and securities to be issued in Ampol, which will operate the Caltex fuel and infrastructure business.

Morgan Stanley calculates the offer could represent anywhere from $29.32 a share and up to $39.77, depending on the multiples assumed. Refining is difficult to value as the refinery made no profit in January 2020 on the broker's estimates.

Target is $34. Industry view is In-Line. Equal-weight.

Target price is $34.00 Current Price is $34.74 Difference: minus $0.74 (current price is over target).
If CTX meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.75, suggesting upside of 0.0% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates CWN as Neutral (3) -

Citi analysts have concluded the decline in profits at Crown Resorts is set to accelerate in H2 and they have reduced forecasts in response. Price target falls by -7% to $12.20. For now, the coronavirus fall-out is dominating the outlook.

Citi analysts are prepared to look beyond the short to medium term. On a longer term horizon, they see value emerging if only because capex will normalise. There should even be potential for capital mangement, once that is happening.

There is no quantification of Crown's H1 report, but the cuts to estimates suggest Citi had higher expectations. Neutral rating retained.

Target price is $12.10 Current Price is $11.90 Difference: $0.2
If CWN meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $11.74, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Credit Suisse rates CWN as Neutral (3) -

First half results were mixed and Credit Suisse downgrades FY20 estimates for earnings per share by -7% as Crown resorts management has indicated FY20 corporate cost will be higher as well as flagging concerns about coronavirus affecting players congregating in venues.

The broker reduces the target to $12.00 from $12.45 and retains a Neutral rating.

Target price is $12.00 Current Price is $11.90 Difference: $0.1
If CWN meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $11.74, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates CWN as Neutral (3) -

First half operating earnings were below Macquarie's estimates, given higher-than-expected operating costs at Crown Melbourne.

Despite the near-term uncertainty across the VIP segment and the opening of Crown Sydney in early 2021, Macquarie envisages share price support, given the dividend yield and options on the balance sheet in FY22 and beyond.

Neutral maintained. Target is lowered to $11.95 from $12.60.

Target price is $11.95 Current Price is $11.90 Difference: $0.05
If CWN meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $11.74, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

First half results were slightly better than Morgan Stanley expected. However, the business still needs a strong recovery in the second half to meet consensus expectations.

Morgan Stanley calculates 4% growth is required in the second half which may be challenging, given the economic backdrop. Crown Sydney remains on time and budget with progressive opening scheduled from December.

Morgan Stanley retains an Equal-weight rating, Cautious industry view and $11.80 target.

Target price is $11.80 Current Price is $11.90 Difference: minus $0.1 (current price is over target).
If CWN 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 $11.74, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Ord Minnett rates CWN as Hold (3) -

First half results were considered positive in terms of slot performance and the VIP business, where the rate of turnover decline slowed to 34.2% from the 44.4% noted at the AGM.

Still, questions persist around Australia-wide tourism generally, as a result of coronavirus, and also specifically in the case of the domestic Crown business at Barangaroo.

Hold rating maintained. Target is reduced to $11.20 from $11.75.

Target price is $11.20 Current Price is $11.90 Difference: minus $0.7 (current price is over target).
If CWN meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.74, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

UBS rates CWN as Neutral (3) -

Crown Resorts' result was in line with the broker and contained few surprises. Growth on the main floor in Perth, for the first time since 2016, was a highlight.

While the opening of Crown Sydney in 2021 is a key medium term catalyst, short term the coronavirus is likely to have a significant impact, the broker warns.

And there's the ongoing public inquiry into the business. Target falls to $11.40 from $11.65. Neutral retained.

Target price is $11.40 Current Price is $11.90 Difference: minus $0.5 (current price is over target).
If CWN 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 $11.74, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgans rates CWP as Hold (3) -

Cedar Woods Properties FY20 first-half result met the broker, albeit down -67% on the previous corresponding period.

Management reiterated guidance for slightly lower FY20 earnings, expecting $340m in pre-sales to settle in the second half.

Morgans expects that a solid development pipeline and embedded value in the WLTC project will underpin medium term earnings, and the company's strong balance sheet and consistent earnings will drive steady dividend growth.

Target price rises to $7.65 from $6.17 but Hold rating is retained given the company's shares are already trading within the valuation range.

Target price is $7.65 Current Price is $8.09 Difference: minus $0.44 (current price is over target).
If CWP 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 June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Citi rates CWY as Buy (1) -

It's not clear whether the H1 performance of Cleanaway Waste Management met expectations, but Citi analysts made lots of adjustments post the release that ultimately resulted in 1-2% increases to forecasts.

Target price lifts to $2.55 from $2.25 with the Buy rating unchanged as Citi suggests investors should take a positive longer term view on the company's prospects. Citi forecasts circa 11% 3 year EPS compounded growth (CAGR) while also lauding the quality balance sheet.

In a generalised sense, the analysts believe industry rationality and consolidation should be the focus for investors, particularly as the Australian waste industry pivots to deal with regulatory and policy changes.

Target price is $2.55 Current Price is $2.32 Difference: $0.23
If CWY meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.37, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Credit Suisse rates CWY as Neutral (3) -

First half results were stronger than Credit Suisse expected. This was driven by a stronger EBITDA margin in solid waste and lower financing costs.

Management at Cleanaway Waste Management has reiterated segment margin targets of 27% for solid waste, 20% for liquids & health and 15% for industrial.

Neutral rating maintained. Target is raised to $2.30 from $1.80.

Target price is $2.30 Current Price is $2.32 Difference: minus $0.02 (current price is over target).
If CWY meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.37, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates CWY as Outperform (1) -

Cleanaway Waste Manegement's first half underlying net profit was ahead of expectations.

Macquarie finds the outlook marginally softer for the second half, relative to expectations, but notes the risks are receding in key areas and this has underpinned the share price performance.

Target is raised to $2.60 from $2.50. Outperform retained.

Target price is $2.60 Current Price is $2.32 Difference: $0.28
If CWY meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.37, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgans rates CWY as Hold (3) -

Cleanaway Waste Management's FY20 first-half result beat the broker by 2%, thanks mainly to 15% growth in the Liquid Waste and Health Services. The company also guided to modest growth and increased the dividend by 21%.

The company reports stronger earnings, margins and cash conversion. Lower depreciation and amortisation and finance costs were also supportive. All was hunky dory on the contracts front and the TOX integration is on track.

On the gearing front, the $399m US private placement issue for 8-12 years has strengthened the balance sheet and low net debt suggests room for acquisitions.

On the downside, the broker expects weaker commodity revenue, excluding oil, will provide challenges to revenue growth, but the company has been mitigating this through rebate reductions.

Hold rating retained. Target price rises to $2.17 from $2.03.

Target price is $2.17 Current Price is $2.32 Difference: minus $0.15 (current price is over target).
If CWY meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.37, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Ord Minnett rates CWY as Accumulate (2) -

First half net profit, while down -3.2%, was ahead of expectations. There was strong underlying revenue growth in the solid waste services segment.

Ord Minnett believes the Australian waste management industry is poised for structural change and the company is ideally positioned.

Accumulate rating maintained. Target is raised to $2.40 from $2.25.

Target price is $2.40 Current Price is $2.32 Difference: $0.08
If CWY meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.37, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

UBS rates CWY as Neutral (3) -

Market expectations heading into Cleanaway Waste's result were low, the broker notes, given the combination of bushfires, coronavirus, plant fires and weak commodity prices.

However earnings beat the broker by 4%, thanks to strong revenue growth for Solid Waste Services. FY guidance is also 4% above and highlights the company's ability to overcome economic and commodity price weakness, the broker suggests.

Neutral retained, target rises to $2.20 from $2.02.

Target price is $2.20 Current Price is $2.32 Difference: minus $0.12 (current price is over target).
If CWY 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 $2.37, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Citi rates DMP as Sell (5) -

There was a lot happening in H1 at Domino's Pizza. Citi analysts have drawn the conclusion that cost control was the key feature, with a suspicion that costs in Australia actually fell during the period. The conclusion is that H1 was "soft" but H2 should be better.

Excluding asset sales and FX, the analysts don't think operational growth (EBITDA) was more than 2%. AASB16 lease accounting has now been incorporated. Target price makes a small move upwards to $49.80 (was $48.60).

Sell rating reiterated, while noting the company suggested it had an encouraging start into H2. Citi doesn't think the recent re-rating for the shares is justified.

Target price is $49.80 Current Price is $64.76 Difference: minus $14.96 (current price is over target).
If DMP meets the Citi target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.60, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

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

Credit Suisse believes the enthusiastic market response to the first half result reflects support for a return to strong store and revenue growth.

The results benefitted from increased profit on the sale of franchises and favourable currency.

Rating is downgraded to Underperform from Neutral to reflect valuation. Target is reduced to $53.21 from $53.77.

Target price is $53.21 Current Price is $64.76 Difference: minus $11.55 (current price is over target).
If DMP meets the Credit Suisse target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.60, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

Macquarie rates DMP as Neutral (3) -

First half results beat Macquarie's estimates. Like-for-like sales exceeded forecasts in Europe as did Australasian sales.

Macquarie lifts the target to $66.10 from $48.40 amid improved confidence in the growth outlook and rising equity market valuations. Neutral maintained.

Target price is $66.10 Current Price is $64.76 Difference: $1.34
If DMP meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $57.60, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

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

Earnings growth has resumed in Australasia while growth in Europe has accelerated. Morgan Stanley believes this has de-risked the outlook after a challenging FY19.

First half results were ahead of estimates, benefiting from an increase in profit on store sales.

However, given the outperformance in the stock over the last six months the broker sticks with Equal-weight. Target is raised to $57 from $41. Cautious industry view.

Target price is $57.00 Current Price is $64.76 Difference: minus $7.76 (current price is over target).
If DMP meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.60, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

Morgans rates DMP as Reduce (5) -

Domino's Pizza reported a FY20 first-half result in line with consensus, same store sales accelerating 6.3% thanks in part to the reintroduction of the $5 value range.

Management reiterated guidance for 10% to 15% top line growth - a 10% compound average growth rate in EPS.

Despite the company's strong defensive stance and strong growth profile, the broker retains a Reduce recommmendation.

Target price rises to $57.61 from $45.23.

Target price is $57.61 Current Price is $64.76 Difference: minus $7.15 (current price is over target).
If DMP meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.60, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

Ord Minnett rates DMP as Upgrade to Accumulate from Lighten (2) -

First half results were behind Ord Minnett's forecasts, yet sales growth was recorded across the business. Same-store sales growth recovered in Australasia while Europe was a key driver of growth.

Ord Minnett reviews its investment thesis and upgrades Domino's Pizza to Accumulate from Lighten.

The broker remains confident strong earnings growth will continue and identifies a degree of valuation support, making the risk/reward balance attractive despite the recent share price performance. Target is raised to $67 from $52.

Target price is $67.00 Current Price is $64.76 Difference: $2.24
If DMP meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $57.60, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

UBS rates DMP as Neutral (3) -

Domino's Pizza's result featured strong earnings (EBITDA) growth and solid cash conversion, and the trading update was an improvement, UBS notes.

But EBIT fell -3% short of consensus and 44% of profit came from store sales. The balance leads to forecast cuts from the broker, citing commodity price pressure, slow store growth and weaker margins in Japan.

UBS sees a long term growth opportunity but considers shorter term expectations to be too optimistic. Downgrade to Sell from Neutral. Target rises to $52.50 from $50.00.

Target price is $52.50 Current Price is $64.76 Difference: minus $12.26 (current price is over target).
If DMP meets the UBS target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.60, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

Citi rates FBU as Buy (1) -

Fletcher Building missed the mark with its H1 performance, but as management stuck by its FY20 guidance, Citi analysts conclude a strong recovery in H2 must be building (sorry, pun intended).

Citi suggests housing markets in New Zealand look well supported. In Australia, a bottom seems to be in place. Management is still cutting costs out of the business.

The combination of being the cheapest stock in the sector plus leverage to the housing cycle keeps the Buy rating not just in place, but it is hereby reiterated.

Current Price is $5.34. Target price not assessed.

Current consensus price target is N/A

Forecast for FY20:

Forecast for FY21:

This company reports in NZD. 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

Credit Suisse rates FBU as Neutral (3) -

First half results were slightly below Credit Suisse's expectations. Steel broke even while softness was noted across other NZ divisions. Australia was a disappointment, with EBIT down -19%.

The company reports the cost cutting in Australia is nearing completion. Full-year earnings guidance of NZ$515-565m was re-affirmed.

Target price for Fletcher Building rises to NZ$5.39 from NZ$4.98. Neutral rating retained.

Current Price is $5.34. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

This company reports in NZD. 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 FBU as Neutral (3) -

Fletcher Building's first half results were lower than expected. FY20 guidance has been maintained and appears achievable to Macquarie.

The broker notes the expected second half earnings recovery is based on lower depreciation and higher land development guidance. It also requires a recovery in NZ steel.

Macquarie maintains a Neutral rating and reduces the target to NZ$4.88 from NZ$5.00.

Current Price is $5.34. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

This company reports in NZD. 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

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

Morgan Stanley notes a significant skew to the second half is required for Fletcher Building to achieve guidance. First half results were softer than expected, with EBIT down -19%.

While profit in the Australian business fell, the turnaround appears on track, the broker adds. Equal-weight rating maintained. Target is raised to NZ$4.78 from NZ$4.72. Cautious industry view.

Current Price is $5.34. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

This company reports in NZD. 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 FBU as Neutral (3) -

Fletcher Building's share price has been range-bound over the past year as expectations for growth continue to be met by earnings downgrades.

The first half result provided little reason for the broker to expect this to change. While earnings were only modestly weak, all six divisions reported weakness.

This leaves the broker with the impression that competitive pressures are increasing. Neutral and NZ$5.05 target retained.

Current Price is $5.34. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

This company reports in NZD. 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 FMG as Neutral (3) -

Citi found H1 "terrific" with the performance essentially in-line with expectations. Underlying profit was some 4% above market consensus, on the analysts' assessment. They laud management at Fortescue Metals for having been remarkably consistent over the past three years.

Earnings adjustments post the release have been minimal. The target price rises to $10.50, with Citi analysts pointing out the 10%-plus dividend yield can become a two-edged sword when the company can no longer sustain such a high payout.

Target price is $10.50 Current Price is $11.34 Difference: minus $0.84 (current price is over target).
If FMG meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.97, suggesting downside of -12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Credit Suisse rates FMG as Neutral (3) -

First half results were in line with expectations. Credit Suisse observes the numbers reflect a strong operating performance and a market backdrop that continues to deliver on pricing.

If market conditions remain favourable the company should be in a position to deliver another strong dividend in August, in the broker's view. Neutral rating and $11 target maintained.

Target price is $11.00 Current Price is $11.34 Difference: minus $0.34 (current price is over target).
If FMG meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.97, suggesting downside of -12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 FMG as Outperform (1) -

First half results were slightly ahead of estimates. The operating performance remains strong with the company on track to push the upper end of guidance, Macquarie asserts.

Earnings upgrade momentum remains strong, with the spot price scenario generating substantially higher earnings versus the broker's base case for both FY21 and FY22. Target is raised to $13.00 from $12.80.

Target price is $13.00 Current Price is $11.34 Difference: $1.66
If FMG meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.97, suggesting downside of -12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Morgan Stanley rates FMG as Underweight (5) -

First half results were slightly better than expected, although the dividend was below estimates. Cash generation was better, derived from working capital releases.

Morgan Stanley considers Fortescue Metals a quality business with an expensive valuation and retains an Underweight rating and $8 target. Industry view is In-Line.

Target price is $8.00 Current Price is $11.34 Difference: minus $3.34 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.97, suggesting downside of -12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 FMG as Reduce (5) -

Fortescue Metals Group reports a FY20 first-half result that broadly met the broker. Earnings and free cash flow were strong, further supporting a healthy balance sheet.

Similar to BHP Group ((BHP)), the company takes a conservative stance on the dividend, possibly in light of the coronavirus, reducing its payout ratio to the policy midrange of 65%. Management says the company has experienced no direct impact from the coronavirus and maintains sales and cost guidance.

Morgans expect the collapse in Chinese steel margins over the past six weeks, combined with the build-up of steel inventories, could hurt iron-ore demand, and expects a net decline in all iron-ore grades in the June half in the absence of substantial stimulus.

Reduce rating retained. Target price edges up to $6.96 from $6.77.

Target price is $6.96 Current Price is $11.34 Difference: minus $4.38 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 39% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.97, suggesting downside of -12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 FMG as Hold (3) -

First half net profit was ahead of Ord Minnett's forecasts and operating earnings were in line.

The broker considers the results clean, noting the company is in strong financial shape.

As the stock is trading on fair value estimates a Hold rating and $11 target are maintained.

Target price is $11.00 Current Price is $11.34 Difference: minus $0.34 (current price is over target).
If FMG meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.97, suggesting downside of -12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 FMG as Sell (5) -

Fortescue Metals reported earnings ahead of expectations but the interim dividend fell short of the broker's forecast. Depending on second half cash flows, the company may make this up with a higher final, the broker suggests.

The broker has lifted its iron ore price forecasts on a balance of demand falling due to the virus in this quarter but bouncing back next quarter, and the supply impact of weather events.

Target rises to $9.30 from $8.40. Sell retained, as the broker is concerned that near term weakness in steel prices as a result of a build in steel inventory in China could see near term pressure on the iron ore price and share price.

Target price is $9.30 Current Price is $11.34 Difference: minus $2.04 (current price is over target).
If FMG 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 $9.97, suggesting downside of -12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 LOV as Buy (1) -

No quantification of the result, but Citi notes the outlook for Lovisa is increasingly dependent on further store rollout in the US, while the precise impact from the coronavirus fallout is yet to be determined. Like-for-like the analysts believe negative growth of -7.4% lays ahead for H2.

The analysts have turned more cautious on the stock as short term pressure and a higher risk profile dominate their view. Earnings estimates have been reduced, also taking into account a slower store rollout.

Target price loses -6% to $13.20 as reduced forecasts are partially compensated for through higher market multiples, plus the impact from rolling forward the modeling. Buy rating remains in place.

Target price is $13.20 Current Price is $11.75 Difference: $1.45
If LOV meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $13.21, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Macquarie rates LOV as Outperform (1) -

Lovisa Holdings' first half results were weaker than expected in terms of gross margins and net profit. The outlook has signalled a short-term impact from coronavirus.

Still, Macquarie continues to believe the short-term multiple is attractive, as forecasts do not include material contributions from the US or France nor the long-term growth that can be delivered from rolling out more stores.

Coverage is transferred to another analyst and the broker retains an Outperform rating. Target is reduced to $13.50 from $14.50.

Target price is $13.50 Current Price is $11.75 Difference: $1.75
If LOV meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $13.21, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

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

Lovisa Holdings' first half results were ahead of Morgan Stanley's estimates. However, the broker notes a slow start to the second half amid Chinese supply chain disruptions stemming from the coronavirus outbreak.

Equal-weight rating retained. Target is $12.20. Industry view is In-Line.

Target price is $12.20 Current Price is $11.75 Difference: $0.45
If LOV meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $13.21, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Morgans rates LOV as Add (1) -

Morgans issues a call to action after Lovisa Holdings released an in-line FY20 first-half result, as strong earnings fought off strong FX winds.

The broker notes the 20% improvement in top-line growth is a testament to the power of the company's global store rollout capability. Momentum is solid and the US is calling. All eyes are on the ramp-up leverage.

Coronavirus hit like for like sales but the effects are difficult to quantify at this stage and may well hit the second half, says the broker.

Add rating retained. Target price eases to $13.95 from $14.12.

Target price is $13.95 Current Price is $11.75 Difference: $2.2
If LOV meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $13.21, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Macquarie rates MGX as Outperform (1) -

First half results were mixed, with Mt Gibson's earnings stronger than Macquarie expected, but cash flow below.

The ramping up of Koolan Island continues and remains a key catalyst over FY20 while the decision to increase low-grade stockpile sales is considered a positive, given the buoyant iron ore price.

Macquarie retains an Outperform rating and $1.10 target.

Target price is $1.10 Current Price is $0.84 Difference: $0.26
If MGX meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Credit Suisse rates MMS as Neutral (3) -

McMillan Shakespeare's first half results were weaker than Credit Suisse expected at the headline level. Novated lease volumes, while facing headwinds from declines in new car sales, continue to materially outperform.

However, given the pressures the broker is inclined to sit on the sidelines for a little longer. Neutral maintained. Target is reduced to $12.80 from $14.50.

Target price is $12.80 Current Price is $11.94 Difference: $0.86
If MMS meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $13.83, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Macquarie rates MMS as Neutral (3) -

McMillan Shakespeare's first half net profit was in line with expectations and guidance is unchanged. Wholesale funding, which will commence in FY21, will provide an alternative for non-approved units from current financiers, says the broker.

Despite the capital management, Macquarie notes there has been a material de-rating for the stock and suspects the overhang on sentiment includes shifting behaviour across insurance and credit.

Neutral rating maintained. Target is reduced to $12.60 from $13.30.

Target price is $12.60 Current Price is $11.94 Difference: $0.66
If MMS meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $13.83, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

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

McMillan Shakespeare's first half earnings were below Morgan Stanley's estimates. FY20 net profit forecast of $83-87m has been re-affirmed.

The broker notes new vehicle sales and lender appetite remain key risks.

Morgan Stanley notes the Australian market remains flat and highly competitive. Target is $14.80. In-Line sector view. Equal-weight.

Target price is $14.80 Current Price is $11.94 Difference: $2.86
If MMS meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $13.83, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Ord Minnett rates MMS as Hold (3) -

Volumes in novated leasing and salary packaging were strong in the first half and Ord Minnett expects news on the strategic review of the UK business by the end of June.

The risk to unchanged FY20 guidance for underlying net profit of $83-87m is to the downside, in the broker's opinion, owing to the risks McMillan Shakespeare cites regarding lender appetite and new car sales.

Hold maintained. Target is reduced to $11.80 from $12.80.

Target price is $11.80 Current Price is $11.94 Difference: minus $0.14 (current price is over target).
If MMS 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 $13.83, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Ord Minnett rates MND as Lighten (4) -

Monadelphous' first half results were soft and missed expectations. As a result, Ord Minnett reduces earnings estimates by -6% for FY20 and FY21.

While the maintenance division performed well it was not as strong as initially anticipated. Meanwhile, margins continue to come under pressure.

While the company has shifted away from relying on construction earnings, it still retains significant exposure to the sector, comments the broker. Lighten rating and $15 target maintained.

Target price is $15.00 Current Price is $16.75 Difference: minus $1.75 (current price is over target).
If MND meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.55, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Ord Minnett rates MOE as Buy (1) -

Moelis' 2019 earnings were below Ord Minnett's estimates. Corporate advisory productivity is strong despite an increase in personnel.

The investment in the asset management part of the business is largely complete and the capital base is broader, the broker notes.

Buy rating maintained. Target is raised to $5.88 from $5.83.

Target price is $5.88 Current Price is $5.82 Difference: $0.06
If MOE meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates NEA as Buy (1) -

Weaker than expected cash flows have added to issues of higher churn in the US and slowing momentum in A&NZ, comment Citi analysts, adding market concerns are rising Nearmap might have to raise fresh capital to keep funding growth.

Execution risk remains high, suggest the analysts, but they also believe one can keep the faith in management's ability to reduce costs and lift momentum. Management has stated H2 is off to a good start, including signing a large deal that slipped in H1.

On Citi's projections, Nearmap will end FY21 with $17m in net cash, but the analysts concede any further issues operationally could put the balance sheet under pressure. Price target remains $2.70. Buy.

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

Current consensus price target is $2.70, suggesting upside of 42.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Morgan Stanley rates NEA as Overweight (1) -

Nearmap's first half earnings were largely pre-released. Morgan Stanley notes, given the step up in churn, the market is seeking more convincing evidence of a stabilisation.

The broker also suspects investors are wary about the competitive landscape despite the company's assurances that no major churn is caused by competition.

Overweight rating and In-Line industry view maintained. Target is $2.30.

Target price is $2.30 Current Price is $1.90 Difference: $0.4
If NEA meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.70, suggesting upside of 42.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Morgan Stanley rates NEW as Upgrade to Overweight from Equal-weight (1) -

2019 production was slightly below Morgan Stanley's estimates while earnings beat forecasts by 19%. The broker now estimates 109% cash coverage of an 8.1c distribution in 2020.

The broker assesses New Energy Solar is a rare pure renewables exposure with an undemanding valuation and upgrades to Overweight from Equal-weight. Industry view: Cautious. Target is raised to $1.41 from $1.38.

Target price is $1.41 Current Price is $1.22 Difference: $0.19
If NEW meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Credit Suisse rates NHC as Outperform (1) -

New Hope Corp's Bengalla mine has delivered again, which contrasts with declining output at Acland, reminding the market of the impending closure of stage 2 and no sign of approval for stage 3.

Credit Suisse adjusts numbers to now strip out stage 3 as the state government is awaiting High Court proceedings before making a decision.

The broker would be happy to put value back into the calculation at a later stage. Outperform retained. Target is reduced $2.30 from $2.50.

Target price is $2.30 Current Price is $1.86 Difference: $0.44
If NHC meets the Credit Suisse target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $2.43, suggesting upside of 30.4% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

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

Strong results from Bengalla have offset declining production from New Acland. Stage 3 approvals have been delayed until legal proceedings are resolved.

Incorporating the quarterly result and increasing the production profile for Bengalla results in an increase of 6% in Macquarie's estimate for earnings per share.

Target rises to $2.00 from $1.90. Macquarie upgrades New Hope Corp to Outperform from Neutral as there is also upside in a spot price scenario.

Target price is $2.00 Current Price is $1.86 Difference: $0.14
If NHC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.43, suggesting upside of 30.4% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

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

The company intends to acquire the remaining shares in Advantage Lithium in an all-scrip deal. Morgan Stanley suspects a negative reaction to the news is likely in line with the dilution prospects.

The purchase rationale centres on deterring competition buying the business and impacting on brine quality, but the broker believes this can only be confirmed once the deal is completed.

Equal-weight rating and In-Line industry view maintained. Target is $2.85.

Target price is $2.85 Current Price is $3.29 Difference: minus $0.44 (current price is over target).
If ORE 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 $3.33, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Credit Suisse rates ORI as Neutral (3) -

The acquisition of Exsa appears to be relatively straightforward, with cost synergies for the in-sourcing of detonator manufacturing and access to bulk explosives.

Credit Suisse assesses this as a fairly-priced acquisition. What was more surprising was the capital raising of $250m in excess of the acquisition requirement.

This is difficult to rationalise, indicating more credit constraints than the broker had previously assumed. Neutral rating maintained. Target is $21.85.

Target price is $21.85 Current Price is $21.48 Difference: $0.37
If ORI meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $22.09, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Macquarie rates ORI as Neutral (3) -

Orica will acquire Peruvian explosives company Exsa for US$203m. A fully underwritten $500m placement has also been announced.

Macquarie finds the equity raising for an acquisition of this size surprising, as it also reflects gearing at the top end of the range.

The broker suspects the company is seeking to maintain balance sheet flexibility for further acquisitions or growth initiatives.

The broker retains a Neutral rating and raises the target to $23.25 from $23.05.

Target price is $23.25 Current Price is $21.48 Difference: $1.77
If ORI meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $22.09, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

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

The Exsa acquisition, for US$203m, makes strategic sense to Morgan Stanley as it provides a complementary business in an attractive location.

Post-synergy valuation of Orica appears attractive as well and delivery on this purchase will be key.

FY20 earnings guidance is maintained but the start-up to Burrup has been delayed to the end of April.

Equal-weight maintained. Target is $22. Industry view is Cautious.

Target price is $22.00 Current Price is $21.48 Difference: $0.52
If ORI meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $22.09, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Ord Minnett rates ORI as Lighten (4) -

Orica has acquired Peruvian explosives manufacturer Exsa for US$203m. The company has also announced a $500m capital raising and $100m non-underwritten share purchase plan.

Around 70% of the capital raising will be used for the acquisition, with the remaining funds to support core capital initiatives that are underway.

The earnings impact from the acquisition is expected to be neutral in FY20 after transaction costs.

Lighten rating maintained. Target is $17.00.

Target price is $17.00 Current Price is $21.48 Difference: minus $4.48 (current price is over target).
If ORI meets the Ord Minnett target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.09, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

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

Credit Suisse suspects the market may be overly pessimistic regarding the prospect of the P'nyang deal.

This may still be achieved, as both ExxonMobil and government statements support the possibility, and could provide near-term price support.

After the Oil Search share price has de-rated over the last two weeks, Credit Suisse upgrades to Neutral from Underperform.

The broker still considers the stock fundamentally overvalued on a risked basis, with material downside should P'nyang not proceed. Target is $6.

Target price is $6.00 Current Price is $6.38 Difference: minus $0.38 (current price is over target).
If OSH meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.93, suggesting upside of 8.6% (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: 0.3

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

Morgans rates OTW as Add (1) -

Over The Wire's FY20 first-half result fell drastically short of the broker (-34%), a slowing in organic growth and higher costs pincering the company.

While Morgans believes the company is right in taking a long-term view, its failure to communicate this with the investment community has severely dented confidence in the stock. 

The broker cuts earnings-per-share forecasts -30% and downgrades to Hold from Add.

Target price is cut to $3.79 from $5.16.

Target price is $3.79 Current Price is $3.20 Difference: $0.59
If OTW meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Ord Minnett rates OZL as Upgrade to Accumulate from Lighten (2) -

Ord Minnett believes OZ Minerals can fund its growth ambitions over the next decade by restricting developments to one at a time and prioritising West Musgrave over Carrapateena BC.

The broker expects the valuation to re-rate over the next six months and upgrades to Accumulate from Lighten. Target is raised to $11.30 from $9.80.

Target price is $11.30 Current Price is $10.03 Difference: $1.27
If OZL meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $10.65, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Credit Suisse rates PGH as Outperform (1) -

Credit Suisse observes contract manufacturing was very weak in the first half while the volume erosion in packaging continues.

The broker regards the business as a restructuring story and its core packaging business undervalued, given the leading market position.

Estimates for earnings per share are downgraded -24-28% across the forecast period. Nevertheless, cash flow surpassed forecasts and was the best first half in that regard since the IPO.

Outperform rating maintained. Target is reduced to $3.30 from $3.60.

Target price is $3.30 Current Price is $2.43 Difference: $0.87
If PGH meets the Credit Suisse target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $2.77, suggesting upside of 14.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Macquarie rates PGH as Neutral (3) -

First half net profit was weaker than Macquarie forecast. The FY20 outlook has been downgraded to flat operating earnings (EBITDA) from "modest growth".

The main positive for the broker was the strong operating cash flow, with 63% conversion.

Nevertheless, the top-line is seen going backwards and, while external factors were partially responsible, the broker suspects the company is losing market share.

Target is reduced to $2.60 from $2.80. Neutral maintained.

Target price is $2.60 Current Price is $2.43 Difference: $0.17
If PGH meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.77, suggesting upside of 14.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Morgans rates PGH as Hold (3) -

Pact Group's FY20 first-half result outpaced the broker but FY20 guidance was downgraded to FY19 levels to reflect expected falls in volume (depending on the global economy).

Pact Group has entered into a joint venture with Cleanaway Waste Management ((CWY)) and Asahi to develop a recycling facility in Albury/Wodonga that will process 28,000 tonnes of plastic a year into high quality, food grade raw materials for use in packaging, enhancing its sustainability objectives. The company has taken a 40% stake.

Hold retained to reflect continuing risks and tough operating conditions. Target price falls to $2.54 from $2.96.

Target price is $2.54 Current Price is $2.43 Difference: $0.11
If PGH meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.77, suggesting upside of 14.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Ord Minnett rates PGH as Hold (3) -

Pact Group's first half net profit was ahead of Ord Minnett's forecasts. Operating earnings (EBITDA) were broadly in line.

At first glance, the broker believes the company's new strategy has appeal, and could arrest underlying declines in volume over time.

However, there is no evidence of volume growth as yet and returns from plastic recycling facilities and pooling operations remain uncertain.

Hold rating remains in place. Target rises to $2.65 from $2.50.

Target price is $2.65 Current Price is $2.43 Difference: $0.22
If PGH meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.77, suggesting upside of 14.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Ord Minnett rates RDC as Buy (1) -

Red cape Hotel's first half earnings were ahead of Ord Minnett's forecasts. The broker liked the result, noting management continues to perform work in asset optimisation and has progressed several proposals around long-term developments.

The increased distribution guidance of over 9.2c per security and the cash generating nature of the business lead the broker to maintain a Buy rating. Target is raised to $1.24 from $1.17.

Target price is $1.24 Current Price is $1.13 Difference: $0.11
If RDC meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Ord Minnett rates SAR as Accumulate (2) -

Saracen Mineral's first half earnings were in line with Ord Minnett's estimates. The broker considers the net debt position of $168m very manageable.

The second half will also indicate the run rate, as production lifts to 325,000 ounces of gold. Given the broker's gold price forecast, such an outcome could mean profit doubles.

Accumulate rating and $4.70 target maintained.

Target price is $4.70 Current Price is $4.21 Difference: $0.49
If SAR meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.55, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Credit Suisse rates SBM as Outperform (1) -

St Barbara's first half underlying net profit was in line with expectations. The pay-out is elevated, Credit Suisse observes, supported by the balance sheet rather than earnings.

The broker assesses a stronger second half is on the way, amid several growth options, and the valuation remains appealing. Outperform rating and $3.20 target maintained.

Target price is $3.20 Current Price is $2.94 Difference: $0.26
If SBM meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.08, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Macquarie rates SBM as Neutral (3) -

St Barbara's first half net profit was in line with expectations. The lifting of the ventilation constraints at Gwalia remains imminent and this will help throughput. A new resource at Simberi is also expected.

Nevertheless, Macquarie suspects third quarter production will remain heavily constrained at Gwalia. Target is raised to $2.70 from $2.60. Neutral maintained.

Target price is $2.70 Current Price is $2.94 Difference: minus $0.24 (current price is over target).
If SBM meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.08, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

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

First half results were in line with the weak guidance provided. The underlying earnings (EBIT) loss of -$23m was slightly better than Credit Suisse anticipated. FY20 EBIT guidance is $17-37m. This captures the initial benefits of a new cost reduction program.

The broker assesses the earnings outlook for Sims Metal has several caveats, including the risks from coronavirus, aggressive competitor buy side pricing and changes in sentiment towards the Turkish economy.

Rating is downgraded to Neutral from Outperform on valuation. Target is $10.60.

Target price is $10.60 Current Price is $10.90 Difference: minus $0.3 (current price is over target).
If SGM meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.63, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Citi rates SGP as Sell (5) -

Citi analysts comment Stockland's H1 performance slightly missed expectations, but FY20 guidance for funds from operations (FFO) of 37.4c (unchanged from FY19) has been maintained.

The analysts observe retailers calling in administrators remains a headwind for the company, while residential markets are improving.

Citi has incorporated higher debt, which pushes the price target a little lower to $4.09 (from $4.10). Sell rating retained. Citi acknowledges the improvement in resi-markets, but believes resi-earnings are likely to decline in FY21.

Target price is $4.09 Current Price is $5.43 Difference: minus $1.34 (current price is over target).
If SGP meets the Citi target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.69, suggesting downside of -13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.5

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

Macquarie rates SGP as Underperform (5) -

Stockland's first half results were in line with expectations. FY20 guidance for 37.4c per share is reaffirmed.

Macquarie suspects the underlying drivers of the business are improving, although retail conditions will remain a drag in the near term.

With limited valuation upside, the broker retains an Underperform rating. Target is raised to $4.71 from $4.46.

Target price is $4.71 Current Price is $5.43 Difference: minus $0.72 (current price is over target).
If SGP meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.69, suggesting downside of -13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.5

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

Morgan Stanley rates SGP as Overweight (1) -

First half results were slightly below expectations. The company has increased FY20 residential settlements to 5,200 and has guided to 5,800 settlements in FY21.

Morgan Stanley suspects Stockland will be the first to benefit from any sign of a residential upswing because its land lots production strategy targeted at owner-occupiers is playing out.

Target is raised to $5.55 from $5.50. Rating is Overweight. Industry view is In-Line.

Target price is $5.55 Current Price is $5.43 Difference: $0.12
If SGP meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.69, suggesting downside of -13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.5

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

Ord Minnett rates SGP as Lighten (4) -

Stockland's first half results were broadly in line with Ord Minnett's forecasts. The broker expects growth to remain subdued.

While residential settlements will rebound in FY21, this will only cover the FY20 project profits, the broker assesses.

The positive drivers include industrial income growth and falling debt costs. Lighten rating maintained. Target rises to $4.50 from $4.30.

Target price is $4.50 Current Price is $5.43 Difference: minus $0.93 (current price is over target).
If SGP meets the Ord Minnett target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.69, suggesting downside of -13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.5

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

UBS rates SGP as Sell (5) -

Stockland's result was in line with the broker after adjusting for the timing of bulk land sales. FY20 guidance is unchanged, implying a strong second half skew is required. Residential volume guidance is increased and debt costs reduced, but these are offset by retailer bankruptcies running ahead of expectation, the broker notes.

Rents are being re-based downwards and incentives are elevated but on the positive side, it appears specialty sales are starting an upward trend. Target rises to $4.80 from $4.65, Sell retained.

Target price is $4.80 Current Price is $5.43 Difference: minus $0.63 (current price is over target).
If SGP meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.69, suggesting downside of -13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.5

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

Citi rates SHL as Neutral (3) -

Citi found the H1 performance "solid" with management keeping FY20 guidance unchanged. The broker has responded by retaining its Neutral rating with a higher price target; $33.50 instead of $29.75.

Citi considers Sonic Healthcare a "stable and well-managed business". No further acquisitions are assumed for the time being, but the analysts do see potential for earnings upside from further acquisitions in the years ahead.

Post the Aurora acquisition, the USA will now become the largest division in the group, point out the analysts. They note management has declared the company has room for $1bn in further acquisitions.

Target price is $33.50 Current Price is $31.30 Difference: $2.2
If SHL meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $32.49, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

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

First half underlying operating earnings (EBITDA) were in line with Credit Suisse estimates and benefited from the Aurora acquisition.

Sonic Healthcare's FY20 EBITDA guidance for comparable growth of 6-8% was reaffirmed.

Credit Suisse upgrades to Outperform from Neutral, increasing operating earnings estimates by 25% as accounting changes are incorporated into its modelling. Target is raised to $33.20 from $31.80.

Target price is $33.20 Current Price is $31.30 Difference: $1.9
If SHL meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $32.49, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates SHL as Neutral (3) -

Sonic Healthcare's first half results were in line with forecasts and FY20 guidance has been reaffirmed.

Macquarie notes reimbursement headwinds in the US and Germany present challenges to organic growth in the near to medium term.

There are reasonable growth opportunities in other key regions. In addition, the company has flexibility on the balance sheet to provide other growth options.

Target price rises to $30.00 from $27.40. Neutral rating retained.

Target price is $30.00 Current Price is $31.30 Difference: minus $1.3 (current price is over target).
If SHL 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 $32.49, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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 Healthcare's first half revenues were slightly ahead of expectations while operating earnings missed.

Morgan Stanley observes the company continues to grind out growth, estimating organic growth across the business of 4.2%. Australian collection centre costs continue to moderate.

Target is reduced to $34.08 from $34.58. Overweight rating retained, although the valuation is becoming challenged in the broker's view. Industry view: In Line.

Target price is $34.08 Current Price is $31.30 Difference: $2.78
If SHL meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $32.49, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgans rates SHL as Add (1) -

Sonic Healthcare's FY20 first-half result was mixed, thanks in part to accounting changes, the Aurora acquisition and foreign exchange, says Morgans.

But the broker notes double-digit top and bottom-line gains, thanks to solid organic growth across the business and margin accretion in Laboratory.

The company reiterated guidance. Morgans believes this should be easily achievable if Sonic can leverage the first validated PCR test for Covid-19 (coronavirus). Headwinds remain in US and Germany, but western Europe performed solidly.

The broker tinkers with forecasts and maintains an Add rating. Target price rises to $35.12 from $31.00.

Target price is $35.12 Current Price is $31.30 Difference: $3.82
If SHL meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $32.49, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Ord Minnett rates SHL as Accumulate (2) -

First half net profit was below forecasts. Nevertheless, Ord Minnett consider the results solid and remains comfortable the company is on track to deliver growth in earnings per share above 5% in FY20.

Sonic Healthcare's return on capital remains less impressive, although an improvement is also expected on this front. Accumulate maintained. Target rises to $35 from $32.

Target price is $35.00 Current Price is $31.30 Difference: $3.7
If SHL meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $32.49, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

UBS rates SHL as Sell (5) -

Sonic Healthcare's earnings fell slightly short of UBS estimates despite a beat on revenue thanks to a solid contribution from Aurora.

A strong performance from Australia and UK pathology and imaging was not enough to offset margin weakness in the US.

As the stock is trading on a 24.7x forward PE versus an average 21.3x, the broker retains Sell. Target unchanged at $26.50.

Target price is $26.50 Current Price is $31.30 Difference: minus $4.8 (current price is over target).
If SHL meets the UBS target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.49, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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