Australian Broker Call

Macquarie rates ANZ as Outperform (1) -

Macquarie's analysis of current mortgage pricing and the liaising with mortgage brokers suggest competition has eased in recent months and front book discounting been reduced by around 20 to 30 basis points from peak levels. Profitability across the mortgage book has improved materially in recent months, the broker believes.

In the latest round of re-pricing  ANZ has re-priced investor loans by eight basis points. Outperform retained. Target is raised to $30 from $28.50.

Target price is $30.00 Current Price is $29.81 Difference: $0.19
If ANZ meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $28.61, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

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

Citi analysts are now of the view that the start of a new cycle of rising interest rates in the USA will lead to a rotation out of utilities stocks in Australia. The sector in general has been downgraded to Neutral.

APA Group has been downgraded to a "weak Sell" (Citi's own terminology). Target tumbles to $7.82 from $8.17.

Target price is $7.82 Current Price is $8.25 Difference: minus $0.43 (current price is over target).
If APA meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.84, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.2

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

Deutsche Bank rates AQG as Buy (1) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. Alacer Gold remains on Buy. Price target falls to $4.30 from $4.60.

Target price is $4.30 Current Price is $1.91 Difference: $2.395
If AQG meets the Deutsche Bank target it will return approximately 126% (excluding dividends, fees and charges).

Current consensus price target is $4.27, suggesting upside of 124.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Market Sentiment: 0.8

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

Citi rates AST as Neutral (3) -

Citi analysts are now of the view that the start of a new cycle of rising interest rates in the USA will lead to a rotation out of utilities stocks in Australia. The sector in general has been downgraded to Neutral.

AusNet's rating remains Neutral. Price target falls to $1.44 from $1.58.

Target price is $1.44 Current Price is $1.51 Difference: minus $0.065 (current price is over target).
If AST meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.61, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Ord Minnett rates AST as Accumulate (2) -

Analysts at Ord Minnett explain the final decision delivered by the Australian Energy Regulator (AER) on the over-recovery of costs associated with the rollout of smart meters by Victorian electricity distribution companies means AusNet Services has to refund $53m over a three-year period spanning 2018 to 2020.

AusNet remains the stockbroker's top pick in the sector, supported by the fact the analysts see minimal impact from this decision on the company’s valuation and its ability to pay out dividends. Target loses 3c to $1.85. Accumulate rating retained.

Target price is $1.85 Current Price is $1.51 Difference: $0.345
If AST meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.61, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Deutsche Bank rates AWC as Hold (3) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. Alumina Ltd remains on Hold. Price target climbs to $1.65 from $1.35.

Target price is $1.65 Current Price is $1.74 Difference: minus $0.09 (current price is over target).
If AWC meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.58, suggesting downside of -10.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Market Sentiment: -0.4

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

Macquarie rates AWE as Neutral (3) -

The company will divest its 57.5% stake in the Tui oil fields for US$1.5m, but will forfeit almost US$11m in hedges, Inventory and working capital.

Macquarie had anticipated the divestment, which had a significant abandonment liability on the horizon. Removing the commitment will allow the company to focus on its phase 2 development of Waitsia and on Ande Ande Lumut.

Neutral. Target unchanged at 60c.

Target price is $0.60 Current Price is $0.63 Difference: minus $0.025 (current price is over target).
If AWE 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 $0.72, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Deutsche Bank rates BHP as Hold (3) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. BHP Billiton remains on Hold. Price target climbs to $24.00 from $22.30.

Target price is $24.00 Current Price is $25.00 Difference: minus $1 (current price is over target).
If BHP meets the Deutsche Bank target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.33, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.3

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

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

Credit Suisse believes investor concerns are overstated.The broker suggests the prevailing share price indicates investors are willing to ascribe any value to identify synergy targets with the Headwaters  transaction.

As key catalysts improve confidence, the broker expects the stock to trade closer to the market multiple. Rating is upgraded to Outperform from Neutral. Target slips to $6.35 from $6.45.

Target price is $6.35 Current Price is $5.27 Difference: $1.08
If BLD meets the Credit Suisse target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.14, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Macquarie rates CBA as Neutral (3) -

Macquarie's analysis of current mortgage pricing and liaising with mortgage brokers suggest competition has eased in recent months and front book discounting been reduced by around 20 to 30 basis points from peak levels. Profitability across the mortgage book has improved materially in recent months, the broker believes.

Macquarie envisages upside risk to Commonwealth Bank earnings. In the latest round of re-pricing  the bank has re-priced investor loans by seven basis points. Neutral retained. Target is raised to $81.50 from $76.50.

Target price is $81.50 Current Price is $81.06 Difference: $0.44
If CBA meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $77.00, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Deutsche Bank rates CSR as Buy (1) -

Deutsche Bank's commodity desk has released its quarterly update. The analysts covering CSR have added FX projections and remodeled the latest forecast changes. On the other end of the modeling came out a marginal set of changes only.

The analysts do observe they are presently positioned 10% above market consensus, probably because of a more positive view on EBIT expansion for Building Products, they suspect. The long-run AUDUSD forecast remains unchanged at 0.75.

Price target lost one cent to $5.05. Buy rating retained.

Target price is $5.05 Current Price is $4.38 Difference: $0.67
If CSR meets the Deutsche Bank target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.94, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Deutsche Bank rates CWN as Buy (1) -

Deutsche Bank maintains the Buy rating but reduces the price target to $14.57 from $15 following the latest update on restructure and operational performance.

The sale of a 16.2% interest in Melco Crown for $1.9bn is seen as a minor positive, while the trading update was softer than anticipated. Small reductions to estimates have been made. Yield prognostications have jumped.

Target price is $14.57 Current Price is $11.49 Difference: $3.08
If CWN meets the Deutsche Bank target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $12.60, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Macquarie rates CWN as Downgrade to Underperform from Outperform (5) -

It appears Macquarie has pulled back its price target to $10.95 while downgrading its recommendation to Underperform from Outperform. Prior target was $14.82.

Clearly, the corporate restructure is occurring amidst an overall weak operational context and the analysts seem a bit perplexed. They welcome the fact the proposal to spin-off the real estate is still being pursued.

Target price is $10.95 Current Price is $11.49 Difference: minus $0.54 (current price is over target).
If CWN meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.60, suggesting upside of 13.1% (ex-dividends)

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

UBS rates CWN as Buy (1) -

The company has reduced its ownership in MPEL to 11.2%  from 27.4%. Crown has also entered into a swap arrangement to reduce ownership further by 5.5% and cancelled its proposed de-merger.

A special distribution of $600m and a buy-back of $500m was announced. The company will not proceed with the Las Vegas development.

UBS considers the changes to be positive for the company. Buy retained. Target is reduced to $11.41 from $12.30.

Target price is $11.41 Current Price is $11.49 Difference: minus $0.08 (current price is over target).
If CWN 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 $12.60, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Deutsche Bank rates DCN as Buy (1) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. Dacian Gold remains on Buy. Price target falls to $3.20 from $3.30.

Target price is $3.20 Current Price is $1.86 Difference: $1.345
If DCN meets the Deutsche Bank target it will return approximately 73% (excluding dividends, fees and charges).

Current consensus price target is $3.85, suggesting upside of 98.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Citi rates DUE as Downgrade to Neutral from Buy (3) -

Citi analysts are now of the view that the start of a new cycle of rising interest rates in the USA will lead to a rotation out of utilities stocks in Australia. The sector in general has been downgraded to Neutral.

DUET's price target has moved to $3.00 from $2.62, but the rating has been pulled back to Neutral from Buy.

Target price is $3.00 Current Price is $2.80 Difference: $0.2
If DUE meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Deutsche Bank rates EVN as Buy (1) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. Evolution Mining remains on Buy. Price target falls to $2.30 from $2.40.

Target price is $2.30 Current Price is $1.61 Difference: $0.69
If EVN meets the Deutsche Bank target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 57.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Deutsche Bank rates FBU as Buy (1) -

Deutsche Bank's commodity desk has released its quarterly update. The analysts covering Fletcher Building have added FX projections and remodeled the latest forecast changes. On the other end of the modeling came out a marginal set of changes only. Buy rating retained, while price target loses 1c to NZ$11.40.

Current Price is $9.95. Target price not assessed.

Current consensus price target is $11.73, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.3

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

Deutsche Bank rates FMG as Hold (3) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. Fortescue remains on Hold. Price target climbs to $5.40 from $5.30.

Target price is $5.40 Current Price is $6.30 Difference: minus $0.9 (current price is over target).
If FMG meets the Deutsche Bank target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.96, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.1

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

Morgan Stanley rates FMG as Underweight (5) -

With a strong iron ore price the company has been able to reduce its gross debt balance but net debt is unchanged and Morgan Stanley expects the impact on earnings per share will be minimal.

The broker's thesis is based on cost escalation in future years amid expectations of a weakening iron ore price. Underweight and $4.50 target retained. Industry view: Attractive.

Target price is $4.50 Current Price is $6.30 Difference: minus $1.8 (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 $5.96, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.1

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

Morgans rates IDT as Add (1) -

The company has met the conditions to sell CMAX, receiving the first tranche of consideration of $10m. A second payment for the remainder will be a minimum of $4m.

The company will use the proceeds to fund its specialty generic business and remove funding pressures, which Morgans considers a positive move. Morgans retains an Add rating and 38c target.

Target price is $0.38 Current Price is $0.19 Difference: $0.195
If IDT meets the Morgans target it will return approximately 105% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Deutsche Bank rates IGO as Sell (5) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. Independence Group remains on Sell. Price target climbs to $3.70 from $3.50.

Target price is $3.70 Current Price is $4.01 Difference: minus $0.31 (current price is over target).
If IGO meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.28, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.2

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

Deutsche Bank rates ILU as Sell (5) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. Iluka remains on Sell. Price target climbs to $5.60 from $5.30.

Target price is $5.60 Current Price is $6.86 Difference: minus $1.26 (current price is over target).
If ILU meets the Deutsche Bank target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.91, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.3

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

Macquarie rates IPL as Outperform (1) -

The AGM update reinforced Macquarie's view that the company is doing a good job in managing the controllables in tough conditions. The direction of fertiliser prices remains the key to the company's share price, in the broker's opinion.

Capital management is considered more likely in FY18. The broker retains an Outperform rating and raises the target to $3.88 from $3.55.

Target price is $3.88 Current Price is $3.58 Difference: $0.3
If IPL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.30, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Deutsche Bank rates JHX as Buy (1) -

Deutsche Bank's commodity desk has released its quarterly update. The analysts covering James Hardie have added FX projections and remodeled the latest forecast changes. On the other end of the modeling came out a marginal set of changes only. Price target has gained 2c to $22.24. Buy.

Target price is $22.24 Current Price is $21.17 Difference: $1.07
If JHX meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $21.36, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.6

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

Deutsche Bank rates MIN as Hold (3) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. Mineral Resources remains on Hold. Price target declines to $11.50 from $11.80.

Target price is $11.50 Current Price is $12.32 Difference: minus $0.82 (current price is over target).
If MIN meets the Deutsche Bank target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.37, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

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

A US anti-trust lawsuit has been filed on doxycycline against a number of generic drug makers, including Mayne Pharma. This alleges that the  drug makers have illegally conspired to unreasonably restrain trade and reduce competition.

The overhang of litigation, the impending findings of a separate Department of Justice investigation and the need to absorb legal expenses will all weigh on the company's share price in the first half, Credit Suisse suspects.

Rating is downgraded to Neutral from Outperform and the target falls to $1.48 from $2.00.

Target price is $1.48 Current Price is $1.30 Difference: $0.18
If MYX meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Macquarie rates NAB as Outperform (1) -

Macquarie's analysis of current mortgage pricing and the liaising with mortgage brokers suggest competition has eased in recent months and front book discounting been reduced by around 20 to 30 basis points from peak levels. Profitability across the mortgage book has improved materially in recent months, the broker believes.

In the latest round of re-pricing National Australia Bank has re-priced investor loans by 15 basis points. Macquarie estimates the full year Impact on margins is 1-2 basis points. Outperform retained. Target rises to $32 from $30.

Target price is $32.00 Current Price is $29.97 Difference: $2.03
If NAB meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $29.04, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Deutsche Bank rates NCM as Sell (5) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. Newcrest remains on Sell. Price target falls to $16.90 from $19.00.

Target price is $16.90 Current Price is $16.75 Difference: $0.15
If NCM meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $20.32, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.4

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

Deutsche Bank rates NST as Hold (3) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. Northern Star remains on Hold. Price target declines to $3.50 from $3.70.

Target price is $3.50 Current Price is $2.98 Difference: $0.52
If NST meets the Deutsche Bank target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 53.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

Deutsche Bank rates OGC as Buy (1) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. OceanaGold remains on Buy. Price target falls to $4.20 from $4.30.

Target price is $4.20 Current Price is $3.56 Difference: $0.64
If OGC meets the Deutsche Bank target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.85, suggesting upside of 34.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

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

Market Sentiment: 0.6

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

Deutsche Bank rates ORE as Buy (1) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. Orocobre remains on Buy. Price target climbs to $4.60 from $4.30.

Target price is $4.60 Current Price is $4.30 Difference: $0.3
If ORE meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.17, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Deutsche Bank rates OZL as Sell (5) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. OZ Minerals remains on Sell. Price target climbs to $6.00 from $5.80.

Target price is $6.00 Current Price is $7.84 Difference: minus $1.84 (current price is over target).
If OZL meets the Deutsche Bank target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.63, suggesting downside of -4.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.1

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

Citi rates PRU as Neutral/High Risk (3) -

Citi analysts have been disappointed with Perseus' latest market update, which contained guidance for less production, higher costs, a delay at Sissingué in Cote D’Ivoire plus a resource downgrade.

The rating moves from Neutral to Neutral/High Risk which, in the words of the analysts, equals a downgrade. Management has been forced to rely more on cash than on debt, which explains the delay in Cote D’Ivoire, explain the analysts. Target drops to 42c from 59c.

Target price is $0.42 Current Price is $0.35 Difference: $0.075
If PRU meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $0.71, suggesting upside of 132.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

UBS rates PRU as Neutral (3) -

The company has downgraded first half production expectations to 75,000 ozs from 90,000 ozs. Production appears to have been affected by the extended mill shutdown and lower than expected head grade.

A re-estimation of the measured and indicated portions of the resource at Sissingue has led to a 20% reduction to 700,000 ozs. UBS had hoped the company would have turned the corner this year but this latest downgrade suggests there is a way to go yet.

With gold prices falling and sentiment weak the broker finds it hard to justify exposure to low margin, West African growth. Neutral rating retained  but UBS acknowledges its confidence has been shaken. Target is steady at $0.60.

Target price is $0.60 Current Price is $0.35 Difference: $0.255
If PRU meets the UBS target it will return approximately 74% (excluding dividends, fees and charges).

Current consensus price target is $0.71, suggesting upside of 132.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

Deutsche Bank rates RRL as Hold (3) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. Regis Resources remains on Hold. Price target falls to $2.70 from $2.90.

Target price is $2.70 Current Price is $2.39 Difference: $0.31
If RRL meets the Deutsche Bank target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.17, suggesting upside of 35.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Deutsche Bank rates RWC as Hold (3) -

Deutsche Bank's commodity desk has released its quarterly update. The analysts covering Reliance Worldwide have added FX projections and remodeled the latest forecast changes. On the other end of the modeling came out a marginal set of changes only. Target of $2.93 and Hold rating both remain intact.

Target price is $2.93 Current Price is $3.13 Difference: minus $0.2 (current price is over target).
If RWC meets the Deutsche Bank target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.16, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Deutsche Bank rates S32 as Hold (3) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. South32 remains on Hold. Price target climbs to $2.55 from $2.50.

Target price is $2.55 Current Price is $2.61 Difference: minus $0.06 (current price is over target).
If S32 meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.89, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.4

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

Morgan Stanley rates S32 as Overweight (1) -

The volume loss at the Illawarra metallurgical coal mine is more than Morgan Stanley initially expected. The 11% hit to production is in contrast to hard coking coal prices, which have doubled in the December quarter versus the prior quarter. Overweight and $3.00 target retained. Industry view: Attractive.

Target price is $3.00 Current Price is $2.61 Difference: $0.39
If S32 meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.89, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.4

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

Ord Minnett rates S32 as No Rating (-1) -

The broker remains restricted on providing a rating and target. The analysts do note the company has effectively issued a profit warning on its Illawarra coal production. FY17 earnings estimates fall -7% to US$1.1bn in response.

Despite this set back, the analysts remain of the view this company should have plenty of cash next year to start paying an attractive dividend to shareholders. They note spot prices for commodities remain above what most models are accounting for.

Current Price is $2.61. Target price not assessed.

Current consensus price target is $2.89, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.4

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

Deutsche Bank rates SBM as Buy (1) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. St Barbara remains on Buy. Price target deflates to $2.70 from $2.90.

Target price is $2.70 Current Price is $1.79 Difference: $0.91
If SBM meets the Deutsche Bank target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting upside of 71.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Citi rates SEH as Buy/High Risk (1) -

The company's market update is being perceived as somewhat disappointing. Management announced a 20% increase in contract gas prices, but the analysts suspect this is purely seasonal. The absence of a firm reiteration of previous ramp up guidance suggests delay.

Citi analysts continue to hold a positive view. Buy/High risk reiterated. Price target remains at 16c with the remark that unrisked valuation is 46c and the analysts suggest management is ready to start closing the gap.

Target price is $0.16 Current Price is $0.11 Difference: $0.055
If SEH meets the Citi target it will return approximately 52% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 1.0

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

Deutsche Bank rates SFR as Buy (1) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. Sandfire Resources remains on Buy. Price target climbs to $6.90 from $6.70.

Target price is $6.90 Current Price is $5.74 Difference: $1.16
If SFR meets the Deutsche Bank target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.20, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Citi rates SKI as Downgrade to Neutral from Buy (3) -

Citi analysts are now of the view that the start of a new cycle of rising interest rates in the USA will lead to a rotation out of utilities stocks in Australia. The sector in general has been downgraded to Neutral.

The rating for Spark Infra pulls back to Neutral from Buy. Price target tumbles to $2.38 from $2.58.

Target price is $2.38 Current Price is $2.30 Difference: $0.08
If SKI meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.47, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.5

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

Deutsche Bank rates SYR as Buy (1) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. Syrah Resources remains on Buy. Price target deflates to $6.40 from $7.00.

Target price is $6.40 Current Price is $2.96 Difference: $3.44
If SYR meets the Deutsche Bank target it will return approximately 116% (excluding dividends, fees and charges).

Current consensus price target is $5.59, suggesting upside of 75.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.5

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

Macquarie rates WBC as Outperform (1) -

Macquarie's analysis of current mortgage pricing and liaising with mortgage brokers suggest competition has eased in recent months and front book discounting been reduced by around 20 to 30 basis points from peak levels. Profitability across the mortgage book has improved materially in recent months, the broker believes.

In the latest round of re-pricing Westpac has announced an eight basis points increase to interest-only loans. The broker envisages downside risk to Westpac's earnings. Outperform  retained. Target rises to $34 from $32.50.

Target price is $34.00 Current Price is $32.19 Difference: $1.81
If WBC meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $32.14, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Deutsche Bank rates WHC as Hold (3) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. Whitehaven Coal remains on Hold. Price target is unchanged at $3.10.

Target price is $3.10 Current Price is $2.75 Difference: $0.35
If WHC meets the Deutsche Bank target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.16, suggesting upside of 16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Deutsche Bank rates WSA as Sell (5) -

2016 has been the comeback year for commodities and many a miner stands to enjoy record free cash flow. Even though the sector looks fairly valued, Deutsche Bank still sees ongoing support in 2017 as Chinese demand can still surprise to the upside and there's potential for capital management.

Having said all of the above, the analysts also see increased supply for iron ore. Plus they believe base metals have simply run ahead of fundamentals.

The quarterly update has triggered higher estimated prices for most, leaving the analysts with a positive bias towards energy stocks, but with a negative bias towards gold and silver.

The quarterly update has triggered no rating changes. Western Areas remains on Sell. Price target climbs to $2.40 from $2.30.

Target price is $2.40 Current Price is $3.00 Difference: minus $0.6 (current price is over target).
If WSA meets the Deutsche Bank target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.66, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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