Australian Broker Call

Macquarie rates AJM as Underperform (5) -

First lithium sales are expected in the June quarter as construction nears completion. Macquarie believes several de-risking events need to occur before it can factor in an expansion to the base case.

Firstly, ramping up of operations and the ability to generate near-term cash flow is required to meet an aggressive debt repayment profile. Underperform rating and $0.25 target maintained.

Target price is $0.25 Current Price is $0.38 Difference: minus $0.13 (current price is over target).
If AJM meets the Macquarie target it will return approximately minus 34% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -1.0

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

Macquarie rates BHP as Outperform (1) -

Incorporating upgrades to near-term oil price forecasts has had a material impact on FY18-19 earnings. Macquarie increases Brent forecast by around 20% to US$70/bbl for 2018 and by 5% to US$57/bbl in 2019.

The divestment process for onshore US shale assets remains an upcoming catalyst and bids are expected by the end of the June quarter. The broker maintains an Outperform rating and raises the target to $36.10 from $35.20.

Target price is $36.10 Current Price is $31.02 Difference: $5.08
If BHP meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $32.87, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.8

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

Macquarie rates BLD as Outperform (1) -

Macquarie considers Boral a natural buyer of the USG stake in its joint venture, given Knauf's bid for USG. However the transaction may incur some funding complexities. Should Knauf succeed, the prospect of Boral and Knauf remaining partners is untenable in the broker's view, as they would be direct competitors in a number of markets.

Macquarie notes Boral has sold off significantly recently following downgrades to the outlook in Australia and the US and suggests this presents an opportunity. Target is reduced to $8.45 from $8.50. Outperform maintained.

Target price is $8.45 Current Price is $6.88 Difference: $1.57
If BLD meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $7.78, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Ord Minnett rates CLV as Initiation of coverage with Buy (1) -

Ord Minnett initiates coverage with a Buy rating and $1.40 target. The company holds a strong position in the encapsulated tuna oil market and offers exposure to the rapidly growing Chinese infant formula market.

Ord Minnett considers the short to medium term outlook is compelling and there are a number of easy wins in the next three years, as Chinese infant formula demand drives near-term revenues and other initiatives lift gross margins. Also, regulations in the EU require a doubling of DHA content by 2020.

Target price is $1.40 Current Price is $1.19 Difference: $0.21
If CLV meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Deutsche Bank rates CSL as Hold (3) -

Deutsche Bank thinks the Q1-18 result from competitor Shire has delivered a positive read-through for CSL. Demand in the immunoglobulin and haemophilia markets remains strong, points out the broker, and CSL appears to be taking share in the HAE market. Hold.

Current Price is $170.08. Target price not assessed.

Current consensus price target is $168.14, suggesting downside of -1.1% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.6

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

Deutsche Bank rates CWN as Hold (3) -

Crown has resolved one outstanding regulatory issue but the Vic regulator has issued a letter of censure imposing a $300k fine for the usage of blanking buttons on machines. Crown must now draft an updated compliance framework, the broker notes, and the regulator will progress with its regular licence review.

Hold and $12.40 target retained.

Target price is $12.40 Current Price is $12.94 Difference: minus $0.54 (current price is over target).
If CWN 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 $13.15, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

UBS rates CWY as Buy (1) -

The ACCC will not oppose the proposed acquisition of Toxfree which increases the likelihood the acquisition will be completed. Momentum within the core business is strong and Tox Free should provide diversity.

Post acquisition, UBS calculates Cleanaway is trading on a  FY19 PE of 22.7x and FY19 EV/EBIT of 16.0x, offering a three-year growth rate of 17%, which drops to 20.2x, 14.5x and 13% respectively when incorporating the full benefit of the synergies.

Buy rating maintained. Target is raised to $1.90 from $1.75.

Target price is $1.90 Current Price is $1.58 Difference: $0.32
If CWY meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.66, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Deutsche Bank rates DMP as Sell (5) -

The broker notes positive quarterly earnings results for brand owner Domino's US and the UK Master Franchisee, both of which led to positive responses in their markets, bode well for Domino's Australia.

Sell and $36 target retained.

Target price is $36.00 Current Price is $41.95 Difference: minus $5.95 (current price is over target).
If DMP 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 $47.12, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Macquarie rates GOR as Outperform (1) -

Macquarie notes the March quarter has been busy in terms of administration, as the company secured substantial debt facilities and South Yamarna. The exploration campaign across the Yamarna region for 2018 is now underway.

The timeline to Gruyere remains important and the broker suggests the aggressive drill campaigns may also provide surprises. Outperform rating and $0.95 target maintained.

Target price is $0.95 Current Price is $0.79 Difference: $0.16
If GOR meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Credit Suisse rates JBH as Underperform (5) -

Credit Suisse envisages increasing downside risks and believes market estimates for profitability are too high. The broker highlights that at least 21% of the company's stores in Australia are in shopping centres which experienced declining foot traffic or sales revenue in 2017.

Underperform rating maintained. Target is $21.36.

Target price is $21.36 Current Price is $25.70 Difference: minus $4.34 (current price is over target).
If JBH meets the Credit Suisse target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.48, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.2

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

Macquarie rates NHC as Outperform (1) -

The legal dispute between the Bengalla JV and MACH Energy around Mt Pleasant has been settled. Macquarie believes this is the last hurdle before the company can buy out the Wesfarmers ((WES)) stake in Bengalla.

The broker believes pursuing ownership consolidation makes sense and remains positive on the stock. Outperform rating and $2.80 target maintained.

Target price is $2.80 Current Price is $2.10 Difference: $0.7
If NHC meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $2.43, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Citi rates OGC as Buy (1) -

Gold production was -15% lower in the March quarter but the expected decrease in output had been flagged and was, therefore, only marginally below Citi's estimates. The broker observes the shares continue to trade at a significant discount to peers and fair value.

Near term catalysts which may close this valuation gap include the extension to mine life at Waihi via reserve expansion and the expansion of Haile, as well as de-leveraging. The broker retains a Buy/High Risk rating and $4.70 target.

Target price is $4.70 Current Price is $3.49 Difference: $1.21
If OGC meets the Citi target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $4.68, suggesting upside of 34.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.9

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

Deutsche Bank rates OGC as Buy (1) -

Deutsche Bank remains positive post March quarter report release. Costs surprised negatively, but EBITDA did exactly the opposite. The analysts observe the transition to underground mining at Didipio is going smoothly.

Estimates have received a boost of +23%. Buy rating retained.

Current Price is $3.49. Target price not assessed.

Current consensus price target is $4.68, suggesting upside of 34.1% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.9

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

UBS rates OGC as Buy (1) -

UBS is more confident that guidance will be achieved as the company is targeting a stronger second half. The broker had expected at the first half results the worst was behind the company and continues to believe this is the case.

Permits for Haile to access the high-grade underground is expected to commence in the current quarter. The broker retains a Buy rating and raises the target to $4.10 from $4.00.

Target price is $4.10 Current Price is $3.49 Difference: $0.61
If OGC meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.68, suggesting upside of 34.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.9

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

Macquarie rates PLS as Outperform (1) -

The company is on track for concentrate production late in the June quarter. Macquarie factors in a stage 2 to lift processing capacity to 5mtpa, with offtake agreements already executed alongside an $80m equity placement.

Outperform and $1.20 target retained.

Target price is $1.20 Current Price is $0.93 Difference: $0.27
If PLS meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Macquarie rates QBE as Outperform (1) -

Macquarie has analysed the company's expenses versus its peers and concludes that a lack of scale in Europe and the US is the reason for higher underwriting expense ratios. Divestments are required, the broker suggests, to redeploy capital and achieve scale in these markets.

Despite challenging operating trends QBE remains highly leveraged to improving macro trends and, should US bond yields rise 25 basis points, the broker estimates earnings could benefit by around 4.8%.

Outperform maintained. Target rises to $11.00 from $10.60.

Target price is $11.00 Current Price is $9.95 Difference: $1.05
If QBE meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $10.93, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Citi rates RMD as Neutral (3) -

Citi does not deny the March quarter result was strong but believes valuation fairly reflects the sustainable top-line prospects and the potential for operating leverage.

The broker suggests the launch of new masks by competitors increases the risk the company will not better market growth throughout FY19 in this high-margin segment. Neutral rating maintained. Target is raised to $13.80 from $13.60.

Target price is $13.80 Current Price is $12.66 Difference: $1.14
If RMD meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $13.30, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Credit Suisse rates RMD as Neutral (3) -

March quarter revenue was below Credit Suisse forecasts as US device and mask growth edged back to market rates. The broker does not expect growth rates to change in the short term.

The weaker revenue was more than offset by strong operating leverage and the broker retains a Neutral rating. Target is raised to $12.75 from $11.95.

Target price is $12.75 Current Price is $12.66 Difference: $0.09
If RMD meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $13.30, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Deutsche Bank rates RMD as Buy (1) -

ResMed's result impressed the broker, featuring strong underlying demand, good cost controls and operating leverage. Revenue growth slowed in the Americas but industry growth continued and ResMed did not lose share.

New products planned for the next 12 months should support revenue growth. A positive earnings outlook and high forecast total shareholder return support a Buy rating and US$119 target.

Current Price is $12.66. Target price not assessed.

Current consensus price target is $13.30, suggesting upside of 5.1% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Macquarie rates RMD as Underperform (5) -

March quarter results were ahead of Macquarie's estimates. However, the broker envisages risks in relation to an acceleration of ASP declines into FY19 and, combined with the cycling of strong periods as well as a higher effective tax rate, this should limit earnings growth.

Underperform rating maintained. Target rises to $12.10 from $11.90.

Target price is $12.10 Current Price is $12.66 Difference: minus $0.56 (current price is over target).
If RMD 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 $13.30, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Morgan Stanley rates RMD as Overweight (1) -

March quarter results were characterised, in Morgan Stanley's opinion, by a weaker US top line. This was countered by better operating margins, which appear set to continue, although gross margins are not expected to improve further.

The broker retains an Overweight rating and expects a continuation of robust top-line growth that is supported by a large installed base and growth driven by the AirSense 10/F20 & N20 masks. Target is reduced to US$98.00 from US$99.50. Industry view: In Line.

Current Price is $12.66. Target price not assessed.

Current consensus price target is $13.30, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Morgans rates RMD as Add (1) -

March quarter earnings were ahead of expectations with strong international product sales. Gross margin was consistent with the second quarter and in line with guidance.

Morgans believes operating leverage is sustainable on the back of stable pricing and numerous product development initiatives. The broker upgrades the target to $14.36 from $12.11. Add rating maintained.

Target price is $14.36 Current Price is $12.66 Difference: $1.7
If RMD meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $13.30, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Ord Minnett rates RMD as Hold (3) -

Operating income in the March quarter was 8.1% above Ord Minnett's forecasts, driven by strong sales growth in non-US markets and lower-than-expected costs.

Despite a more optimistic outlook, the broker remains cautious that much of the potential is already reflected in the share price. Hold rating maintained. Target rises to $13.50 from $12.10.

Target price is $13.50 Current Price is $12.66 Difference: $0.84
If RMD meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $13.30, suggesting upside of 5.1% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

UBS rates RMD as Neutral (3) -

The March quarter results were slightly ahead of UBS estimates. Gross margin of 58.2% was 10 basis points below the broker's forecasts.

A minor slippage in gross margin likely stemmed from a weighting of sales growth to flow generators versus masks and ASP declines.

UBS forecasts revenue growth of 13% in the June quarter. Neutral rating and US$104 target maintained.

Current Price is $12.66. Target price not assessed.

Current consensus price target is $13.30, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

Macquarie rates SCG as Outperform (1) -

Macquarie has reviewed the portfolio and assessed an opportunity for the company to divest assets and create some flexibility in the balance sheet. The five assets identified are Burwood, Chatswood, Chermside, Garden City and Fountain Gate.

The broker expects piecemeal divestments rather than the full quota and notes Tuggerah, Innaloo, Hornsby and Bellconnen are also candidates but unlikely to achieve favourable pricing in direct markets.

Macquarie sums up with an attractive valuation, an on-market buyback and limited impact from potential divestments, and maintains an Outperform rating. Target is $4.43.

Target price is $4.43 Current Price is $4.02 Difference: $0.41
If SCG meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Citi rates SFR as Sell (5) -

Copper production was soft in the March quarter while gold was strong. Doolgunna exploration underwhelmed Citi, which also notes the DeGrussa copper reserve was increased by 46,000t.

The broker suggests this might be the last copper squeeze from existing ore bodies. In the absence of a high-grade discovery the broker suggests the stock will drift towards valuation.

Sell/High Risk rating. Target is reduced to $6.70 from $6.80.

Target price is $6.70 Current Price is $7.96 Difference: minus $1.26 (current price is over target).
If SFR meets the Citi target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.25, suggesting downside of -8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Credit Suisse rates SFR as Underperform (5) -

March quarter production was in line with expectations. FY18 gold and cost guidance has improved.

Credit Suisse notes the permit process for Black Butte is progressing but the high-risk public consultation phase is yet to be circumnavigated.

Rating is Underperform. Target is $6.10.

Target price is $6.10 Current Price is $7.96 Difference: minus $1.86 (current price is over target).
If SFR meets the Credit Suisse target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.25, suggesting downside of -8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Deutsche Bank rates SFR as Downgrade to Hold from Buy (3) -

Sandfire's -5% lower copper production in the quarter beat Deutsche Bank's estimate by 2%. Plant maintenance impacted and the miner was cycling a strong Dec Q but grades improved, the broker notes, and FY guidance is maintained.

Target rises to $8.40 from $8.10 but rating downgraded to Hold on valuation.

Target price is $8.40 Current Price is $7.96 Difference: $0.44
If SFR meets the Deutsche Bank target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.25, suggesting downside of -8.9% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Macquarie rates SFR as Neutral (3) -

The company has upgraded FY18 production guidance for gold and reduced cash cost guidance. Macquarie notes the inclusion of some lower grade material has boosted reserves at DeGrussa and provided the ability for production to stretch to 2022.

While development work at Black Butte is progressing further delays in the approvals process are a risk. Macquarie does not currently factor in development of Black Butte.

The broker notes the company is well funded to pursue a material acquisition. Target is raised 8% to $8.30. Neutral maintained.

Target price is $8.30 Current Price is $7.96 Difference: $0.34
If SFR meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.25, suggesting downside of -8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Morgans rates SFR as Downgrade to Reduce from Hold (5) -

Gold output was better than Morgans expected in the March quarter, slightly offset by marginally weaker copper production versus forecasts. The company has added 1.3mt to the DeGrussa ore reserve from an upgrade to C5 resources and conversion to reserves of resources within barrier pillars at the extremities of the ore body.

The broker believes the upgrade buys some time for the company, although more is required to alleviate medium-term risk attached to mine depletion.

While the current cash accumulation is impressive, the broker points out the outlook is increasingly reliant on exploration success and development at Black Butte. Rating is downgraded to Reduce from Hold. Target is raised to $7.02 from $6.80.

Target price is $7.02 Current Price is $7.96 Difference: minus $0.94 (current price is over target).
If SFR meets the Morgans target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.25, suggesting downside of -8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Ord Minnett rates SFR as Hold (3) -

Ord Minnett notes copper output was softer but gold production was strong in the March quarter. The company has also added to the reserve at DeGrussa, underpinning mining to 2022.

The increase in resources add six months to Ord Minnett's mine plan which lifts the target to $8.40 from $7.60. The broker still considers the stock fair value and maintain a Hold rating.

Target price is $8.40 Current Price is $7.96 Difference: $0.44
If SFR meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.25, suggesting downside of -8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

UBS rates SFR as Sell (5) -

The company has reaffirmed the mine life at DeGrussa, specifically stated to be 2022. UBS believes the stock price is yet to appreciate the shortening mine life and increasing risk that the company will embark on M&A to fill the void.

The broker suggests the market is, instead, focused on the free cash flow, balance sheet strength and near-term production growth amid benefits from the start up at Monty. Sell rating maintained. Target is raised to $6.77 from $6.74.

Target price is $6.77 Current Price is $7.96 Difference: minus $1.19 (current price is over target).
If SFR 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 $7.25, suggesting downside of -8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Morgans rates SYD as Add (1) -

The ACCC has released its airport monitoring report for 2016/17. Morgans makes no changes but does ease back cash flow estimates as a result of changes to debt service and maintenance capital expenditure forecasts.

Of greater interest to Morgans is the announcement of a Productivity Commission inquiry, expected to be into economic regulation of major airports.

The broker expects this will examine whether the ACCC monitoring is effective in constraining market power while ensuring airports continue to invest and expand capacity. The ACCC has also suggested that traffic constraints should be reviewed.

Morgans reduces the target to $7.45 from $7.49. Add rating maintained.

Target price is $7.45 Current Price is $7.13 Difference: $0.32
If SYD meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.32, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.9

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

Ord Minnett rates VOC as Accumulate (2) -

The company has called off the sale of its NZ business because of lower-than-anticipated bids, but still intends to go ahead with the Australia-Singapore cable project.

Ord Minnett estimates, if the worst comes to the worst, the project would still break even if three quarters of capacity is sold on an indefeasible rights of use basis. Net present value of the project could be at least $100-180m, the broker calculates.

Ord Minnett maintains an Accumulate rating and $3.30 target.

Target price is $3.30 Current Price is $2.45 Difference: $0.85
If VOC meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $2.77, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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