Australian Broker Call

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

Target price drops to $2.85 from $3.50 but after yet another sharp sell-off, Citi analysts dare to stick their neck out and declare "value" might now be emerging in the shares.

Part of Citi's consideration is that AMP might have $1bn to pass on to shareholders, probably in the form of a buyback, minus extra costs and fines from the Royal Commission fall-out.

Estimates have suffered another reduction, in particular 2019 and 2020. Upgrade to Buy/High Risk from Neutral.

Target price is $2.85 Current Price is $2.38 Difference: $0.47
If AMP meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.86, suggesting upside of 20.1% (ex-dividends)

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

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

The company has announced the sale of Australian & NZ wealth protection and mature business assets at a much larger discount than Credit Suisse assumed. Furthermore, the broker is not confident investors will get to enjoy the proceeds for a number of years, if at all.

The broker believes the willingness to go ahead with the deal indicates that AMP is prepared to write off significant value in an effort to reshape the company. The broker downgrades to Neutral from Outperform and lowers the target to $2.65 from $4.30.

Target price is $2.65 Current Price is $2.38 Difference: $0.27
If AMP meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.86, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Deutsche Bank rates AMP as Hold (3) -

The company has completed its portfolio review and decided to divest its Australian and NZ wealth protection and mature business and to reinsure its NZ retail wealth protection business. Proceeds from the transactions are expected to be $3.45bn.

Current Price is $2.38. Target price not assessed.

Current consensus price target is $2.86, suggesting upside of 20.1% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates AMP as Neutral (3) -

The market was clearly pinning hope on AMP's asset sales, and yesterday was disappointed. A depressed multiple combined with the earnings impact on remaining businesses have failed to unlock the potential of AMP's wealth management business, the broker notes.

With RC fallout still to come, near term risks to funds flows and and new CEO sure to re-base expectations, the broker sees no opportunity for Outperformance from here. Neutral retained. Target falls to $2.80 from $4.00.

Target price is $2.80 Current Price is $2.38 Difference: $0.42
If AMP meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.86, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Morgan Stanley rates AMP as Overweight (1) -

The sale and planned exit of the life businesses simplifies AMP albeit it is costly and complicated, Morgan Stanley observes. The broker suggests it will be up to the incoming CEO to set the strategy and optimise the balance sheet and cost base.

However Morgan Stanley believes the sell-off of the stock overlooks the potential for capital initiatives and cost reductions.

Overweight maintained. Target is reduced to $3.40 from $4.25. Industry view is In-Line.

Target price is $3.40 Current Price is $2.38 Difference: $1.02
If AMP meets the Morgan Stanley target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $2.86, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Morgans rates AMP as Hold (3) -

AMP will sell its Australian and NZ wealth protection and mature businesses for $3.3bn. It will also reinsure its NZ retail protection business and seek to divest the NZ wealth management business via an IPO in 2019. This simplifies the business but Morgans was disappointed with the transaction price for the life sale.

Forecast for 2019 and 2020 are reduced by -14% and -28% respectively. While the stock appears cheap, the broker believes it is hard to become positive until the outcome of the Royal Commission recommendations is clearer and the strategy of the incoming CEO is known. Target is reduced to $2.91 from $3.88.

Target price is $2.91 Current Price is $2.38 Difference: $0.53
If AMP meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $2.86, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Ord Minnett rates AMP as Accumulate (2) -

AMP will sell its Australian and NZ wealth protection as well as the mature businesses of AMP Life to Resolution Life for $3.3bn. Ord Minnett considers this a cheap price, estimating the proceeds, net of transaction costs and lost earnings, at $2.17bn are less than the embedded value.

Ord Minnett is curious as to why management chose to proceed with the sale rather than restructuring the business. Still, the broker considers the remaining businesses have growth prospects and maintains an Accumulate rating. Target is reduced to $2.90 from $3.90.

Target price is $2.90 Current Price is $2.38 Difference: $0.52
If AMP meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $2.86, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

UBS rates AMP as Upgrade to Neutral from Sell (3) -

AMP has announced the sale of its wealth protection and NZ Life businesses for $3.3bn. The company intends to divest its NZ wealth business via an IPO in 2019. A further $150m will be realised from a reinsurance transaction with Swiss Re for NZ Life.

At first glance the proceeds are above estimates but the comparison is not that clear or straightforward, UBS asserts. Still, capital returns are expected to follow and be determined in the second half.

After the share price decline UBS believes valuation support is beginning to emerge and upgrades to Neutral from Sell. Target is reduced to $2.50 from $2.80.

Target price is $2.50 Current Price is $2.38 Difference: $0.12
If AMP meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.86, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Credit Suisse rates ANZ as Outperform (1) -

Credit Suisse incorporates customer remediation actions into FY18 forecasts, resulting in an -8% downgrade to cash earnings. ANZ will report its results on October 31.

The broker also forecasts a further $250m impact in FY19, leading to a -3% downgrade to estimates. Outperform rating and $30 target maintained.

Target price is $30.00 Current Price is $24.91 Difference: $5.09
If ANZ meets the Credit Suisse target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $29.35, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates ANZ as Add (1) -

Morgans reduces its forecasts for share buybacks, particularly as the bank has filed a form to extend the time period available for its current $3bn on-market share buyback by 12 months. Consequently, cash earnings forecasts are reduced by -0.2% and -1.3% for FY18 and FY19 respectively.

Add rating maintained. Target is $28.50. The broker expects the upcoming result on October 31 to be the messiest of the major bank results.

Target price is $28.50 Current Price is $24.91 Difference: $3.59
If ANZ meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $29.35, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in September.

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 APA as Buy (1) -

The company has reaffirmed guidance at the AGM and Deutsche Bank observes the business is on track to deliver modest growth. The Commonwealth Treasurer is expected to rule on the CKI bid in coming weeks.

Buy rating $11 target maintained.

Target price is $11.00 Current Price is $9.48 Difference: $1.52
If APA meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $10.47, suggesting upside of 10.5% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

Morgans rates BKL as Reduce (5) -

First quarter results indicated revenue was solid, although margins are under pressure because of increased marketing expenditure. Morgans does not have a problem with the investment in the brand because of the medium-longer term benefits but is concerned that it appears to be affecting profitability.

Management expects further growth in FY19 but Morgans reduces net profit forecasts by -5.0% and -6.9% for FY19 and FY20 respectively. Reduce rating maintained. Target is lowered to $107 from $130.

Target price is $107.00 Current Price is $121.40 Difference: minus $14.4 (current price is over target).
If BKL 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 $122.33, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.7

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

Ord Minnett rates BKL as Hold (3) -

First quarter net profit was up 6.9% and sales were up 17.1%, offset by significant increase in marketing expenses. Ord Minnett expects operating leverage to return to the business in the second quarter, along with the margin benefit from internalising volumes through the recent Catalent acquisition.

The potential for regulatory changes makes the outlook uncertain and the broker maintains a Hold rating. Target is reduced to $130 from $160.

Target price is $130.00 Current Price is $121.40 Difference: $8.6
If BKL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $122.33, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.7

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

Macquarie rates BPT as Underperform (5) -

The government has now closed the acreage release in offshore Otway and Gippsland. Both Beach Energy and Cooper Energy have their bids in and could announce prospective resource sizes shortly, without tipping off potential competitors, the broker suggests, leading to near term upside risk.

For Beach, a lack of transparency around Artisan and Enterprise has placed doubt on the growth forecasts offered at its investor day, leading the broker to apply only a 25% valuation. Underperform and $1.60 target retained.

Target price is $1.60 Current Price is $1.54 Difference: $0.06
If BPT meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.75, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

UBS rates CAB as Neutral (3) -

UBS believes Cabcharge is holding its ground as momentum at Uber appears to have stabilised. The broker is hoping for a reasonable uplift in turnover for the company from the launch of Spotto and the refresh of the account product.

While positive changes have been made, the broker is yet to establish how much of the underlying second half growth is ongoing. Valuation is considered fair and a Neutral rating retained. Target is reduced to $2.10 from $2.20.

Target price is $2.10 Current Price is $2.04 Difference: $0.06
If CAB meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates COE as Outperform (1) -

The government has now closed the acreage release in offshore Otway and Gippsland. Both Beach Energy and Cooper Energy have their bids in and could announce prospective resource sizes shortly, without tipping off potential competitors, the broker suggests, leading to near term upside risk.

At this stage the broker ascribes no value to Cooper's near term targets. Outperform and 55c target retained.

Target price is $0.55 Current Price is $0.45 Difference: $0.1
If COE meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates CWY as Outperform (1) -

Cleanaway's AGM update was so bland it was worth a 5% gain yesterday against the flood. When no news is good news, the broker notes. Trading to date is in line with expectations, guidance is unchanged and Tox integration is proceeding as planned.

In an uncertain market, Cleanaway offers earnings visibility and growth options in an industry providing evolving opportunity in waste management infrastructure, the broker notes. Outperform and $2.40 target retained.

Target price is $2.40 Current Price is $1.74 Difference: $0.66
If CWY meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Credit Suisse rates FAR as Outperform (1) -

The development plan for the proposed SNE venture has been submitted to the Senegal government. Woodside Petroleum ((WPL)) has exercised its option to become operator and work is underway to facilitate the transfer, which is now only subject to government consent.

Credit Suisse continues to believe Samo-1 is the near-term catalyst with very little, if anything, incorporated into the share price for success. Outperform rating and $0.14 target maintained.

Target price is $0.14 Current Price is $0.13 Difference: $0.01
If FAR meets the Credit Suisse target it will return approximately 8% (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

Citi rates FMG as Neutral (3) -

Shipments for the September quarter missed expectations by some -9%. Coupled with higher fuel costs this suggests Citi analysts had been negatively surprised.

However, a higher realised iron ore price has provided compensation, with the analysts largely leaving forecasts untouched.

Neutral rating and $4 price target retained.

Target price is $4.00 Current Price is $3.83 Difference: $0.17
If FMG meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.64, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

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

Credit Suisse rates FMG as Outperform (1) -

The company's September quarter report revealed a soft start to FY19 yet guidance is maintained. Credit Suisse was pleased with more disclosure regarding the product sales splits, noting 10% of total shipments went ex China.

Costs were higher because material movements were up 11%, amid higher oil prices. The broker believes the stock still has value, as margins are solid and the cost performance is best in class.

Outperform rating and $5.50 target maintained.

Target price is $5.50 Current Price is $3.83 Difference: $1.67
If FMG meets the Credit Suisse target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $4.64, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates FMG as Outperform (1) -

Fortescue's Sep Q report indicated price realisation was better than forecast at 67% of benchmark, continuing an improving trend since March, the broker notes. This is encouraging, although partly due to a change in product mix.

Shipments were broadly in line but higher material movements led to higher costs. On another solid operational performance, a buyback now in place, and significant upside if spot prices are assumed for valuation, the broker retains Outperform and a $4.70 target.

Target price is $4.70 Current Price is $3.83 Difference: $0.87
If FMG meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.64, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates FMG as Underweight (5) -

Price realisation in the September quarter was in line with Morgan Stanley's estimates. Shipments were behind because of a reduction in super special fines, the profit that receives the highest discount in the market.

Costs are running ahead of guidance because of higher overburden removal and scheduled maintenance as well as higher fuel costs.

Underweight rating and target of $3.30 maintained. Industry view is In-Line.

Target price is $3.30 Current Price is $3.83 Difference: minus $0.53 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.64, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates FMG as Accumulate (2) -

Ord Minnett was pleased with the 10% increase in prices achieved quarter on quarter and believes this bodes well for the upcoming quarter. Also, the company has maintained its FY19 guidance.

The broker considers the stock cheap, amid good shareholder returns, and retains an Accumulate rating. Target is raised to $5.50 from $5.40.

Target price is $5.50 Current Price is $3.83 Difference: $1.67
If FMG meets the Ord Minnett target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $4.64, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates FMG as Buy (1) -

Shipments were down in the September quarter at 40.2mt because of maintenance and restocking following the June quarter surge. UBS notes the first cargo of West Pilbara fines is set to start in two months at a rate of 10-20mtpa, until Eliwana is constructed at the end of 2020 when the rate will lift to 40mtpa.

UBS incorporates the recently announced buyback, believing the company can undertake the buyback easily as credit metrics are not challenged. Buy rating maintained. Target is reduced to $4.65 from $4.80.

Target price is $4.65 Current Price is $3.83 Difference: $0.82
If FMG meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.64, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates IFL as Buy (1) -

IOOF's market update has triggered double digit EPS forecast reductions at Citi, with the analysts sticking with the Buy/High Risk rating while acknowledging there are clear risks surrounding this stock.

Despite all the risks, Citi simply cannot look past the "cheap" looking valuation. The analysts do add it might take a while before sentiment towards IOOF can turn around.

Target price has dropped to $8.65 from $10.90.

Target price is $8.65 Current Price is $6.97 Difference: $1.68
If IFL meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $10.07, suggesting upside of 44.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Credit Suisse rates IFL as Outperform (1) -

Funds under management were up 1.1% in the first quarter amid positive market movements. Credit Suisse upgrades forecasts for the advice revenue margin but expects weak equity markets will be a headwind. Hence, earnings estimates are downgraded by -6% for FY19-21.

The broker believes completion of the ANZ wealth acquisition will be key to crystallising value. Outperform maintained. Target is reduced to $10.00 from $10.90.

Target price is $10.00 Current Price is $6.97 Difference: $3.03
If IFL meets the Credit Suisse target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $10.07, suggesting upside of 44.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Macquarie rates IFL as Outperform (1) -

Net outflows of -$0.1bn in the Sep Q offset by market performance of $1.5bn is a pretty reasonable result for IOOF, the broker suggests, given current sentiment around the sector. More recent market performance will weigh on near term funds under management numbers but the manager's underlying business is showing resilience.

Lower fees have been adopted as expected. IOOF's valuation already incorporates a significant discount for RC-fallout, the broker suggests, not justified given the growth profile of the acquired ANZ wealth management business. Outperform retained. Target falls to $10.40 from $11.20 on the October crunch and lower fees.

Target price is $10.40 Current Price is $6.97 Difference: $3.43
If IFL meets the Macquarie target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $10.07, suggesting upside of 44.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

UBS rates IFL as Neutral (3) -

Funds under management were weaker than UBS estimated in the September quarter, driven by lower market returns and flows. The broker envisages several risks regarding the ANZ wealth deal, platform pricing trends and recommendations from the Royal Commission.

Neutral rating and $9.30 target maintained.

Target price is $9.30 Current Price is $6.97 Difference: $2.33
If IFL meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $10.07, suggesting upside of 44.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Citi rates JBH as Sell (5) -

Citi analysts label the H1 trading update as "in line", adding it marked a "solid" performance from the electronics and white goods retailer.

Sales guidance has been maintained, point out the analysts. Irrespective, it appears they are bracing for tougher times ahead, which explains why the Sell rating remains in place.

Price target unchanged at $21.30.

Target price is $21.30 Current Price is $22.54 Difference: minus $1.24 (current price is over target).
If JBH meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.62, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Credit Suisse rates JBH as Underperform (5) -

First quarter sales were firm but Credit Suisse has turned its attention to the second quarter, which is cycling a strong prior corresponding quarter in a retail environment that appears to be deteriorating.

A further acceleration in sales is required to avoid a negative comparable and this task is made more difficult by housing and broader market-related wealth declining. Underperform rating maintained. Target is reduced to $21.89 from $22.07.

Target price is $21.89 Current Price is $22.54 Difference: minus $0.65 (current price is over target).
If JBH 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 $25.62, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Deutsche Bank rates JBH as Hold (3) -

JB Hi-Fi has reaffirmed its FY19 sales guidance of $7.1bn for the year. Deutsche Bank observes the first quarter results were robust and like-for-like growth was well ahead. The Good Guys appears to have slowed marginally. Hold rating and $24 target maintained.

Target price is $24.00 Current Price is $22.54 Difference: $1.46
If JBH meets the Deutsche Bank target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $25.62, suggesting upside of 13.6% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Macquarie rates JBH as Outperform (1) -

JB Hi-Fi enjoyed solid sales growth trends in the Sep Q and FY guidance has been reiterated. This is a good result, the broker implies, given recent updates from other retailers have been downbeat on the Oz consumer.

No mention of competition impact at the AGM but the broker notes The Good Guys' margins continue to disappoint, while continuing to believe in a longer term, multi-year synergy tailwind. The broker prefers JB over rival Harvey Norman ((HVN)) given less direct exposure to the housing market.

Outperform and $29 target retained.

Target price is $29.00 Current Price is $22.54 Difference: $6.46
If JBH meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $25.62, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Morgan Stanley rates JBH as Overweight (1) -

Sales growth accelerated to 5% towards the end of the September quarter although trading at The Good Guys was soft. The company has reaffirmed FY19 sales guidance of $7.1bn.

Morgan Stanley observes investors have become increasingly concerned around the exposure to a softer Australian consumer environment but believes the first quarter trading outcome highlights the resilience of the JB Hi-Fi model.

Overweight rating and $32 target price maintained. Industry view: Cautious.

Target price is $32.00 Current Price is $22.54 Difference: $9.46
If JBH meets the Morgan Stanley target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $25.62, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Morgans rates JBH as Hold (3) -

The AGM trading update revealed an acceleration in same-store sales growth in the JB Hi-Fi business while The Good Guys slowed modestly. Despite already low margins, Morgans continues to have some concerns regarding The Good Guys in terms of the housing exposure, changes to strategy and competitive headwinds.

JB Hi-Fi's FY19 sales guidance of $7.1bn appears achievable to the broker at this point, but margin is the key to forecasts being met for the key Christmas trading period. Hold rating maintained. Target is reduced to $25.54 from $25.69.

Target price is $25.54 Current Price is $22.54 Difference: $3
If JBH meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $25.62, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Ord Minnett rates JBH as Accumulate (2) -

Sales growth in the first quarter improved although there was a slight moderation in The Good Guys business. Guidance is reiterated for FY19 sales of $7.1bn.

Ord Minnett suggests macro economic issues, rather than competition, are making the turnaround at The Good Guys more difficult. The slowing housing market is expected to affect traffic.

Accumulate rating and $28 target price retained.

Target price is $28.00 Current Price is $22.54 Difference: $5.46
If JBH meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $25.62, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

UBS rates JBH as Neutral (3) -

JB Hi-Fi provided a stronger trading update as like-for-like growth accelerated to 3% in the first quarter. UBS is comfortable with the company's FY19 guidance for sales of around $7.1bn but envisages risk if macro pressures accelerate or growth at The Good Guys does not improve.

Neutral rating and $23.20 target maintained.

Target price is $23.20 Current Price is $22.54 Difference: $0.66
If JBH meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $25.62, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Citi rates LLC as Buy (1) -

Citi analysts have come to the conclusion that headwinds for residential property development are intensifying, with the analysts highlighting falling enquiry levels, tightening lending conditions, declining auction clearance rates, weakening house prices, plus declining lead volume indicators are all signalling a further slowdown in residential markets should be anticipated.

In response to this conclusion, the analysts have updated their modeling for affected companies. Specifically for Lend Lease the overall impact has been rather benign. Buy rating and $22.36 price target remain intact.

Target price is $22.36 Current Price is $17.10 Difference: $5.26
If LLC meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $21.29, suggesting upside of 24.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.6

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

UBS rates LYC as Buy (1) -

UBS found a lot to like in the September quarter result. Production was ahead of forecasts and Project NEXT is ahead of schedule. However, the share price is trading at around half the broker's valuation and the review by the Malaysian government is considered the main driver of the disparity.

The broker points out the company has the best global rare earth deposit and the only active non-China processing facility. UBS maintains a Buy rating and reduces the target to $3.10 from $3.20.

Target price is $3.10 Current Price is $1.78 Difference: $1.32
If LYC meets the UBS target it will return approximately 74% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates MGR as Neutral (3) -

Citi analysts have come to the conclusion that headwinds for residential property development are intensifying, with the analysts highlighting falling enquiry levels, tightening lending conditions, declining auction clearance rates, weakening house prices, plus declining lead volume indicators are all signalling a further slowdown in residential markets should be anticipated.

In response to this conclusion, the analysts have updated their modeling for affected companies. Estimates have been sliced, with Citi analysts highlighting relatively high pre-sales are providing Mirvac with a buffer.

Price target falls to $2.47 from $2.31.Neutral.

Target price is $2.47 Current Price is $2.20 Difference: $0.27
If MGR meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Credit Suisse rates NAB as Neutral (3) -

Credit Suisse incorporates customer remediation actions into FY18 forecasts, resulting in a -4% downgrade to cash earnings. The broker also forecasts a further $250m impact on FY19, leading to a -4% downgrade to FY19 estimates.

Neutral rating and $29 target maintained. The bank will report its results in November 1.

Target price is $29.00 Current Price is $24.70 Difference: $4.3
If NAB meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $29.68, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Morgans rates NAB as Add (1) -

Morgans observes the bank is currently offering the highest dividend yield of the major banks and expects one of the dividend reinvestment plans in FY19 will be discounted by -1.5%.

If further customer remediation charges eventuate in FY19 another plan may be discounted in order to achieve the required CET1 benchmark of 10.5% by January 2020.

National Australia Bank is scheduled to report its FY18 results on November 1. Add rating and $32.50 target maintained.

Target price is $32.50 Current Price is $24.70 Difference: $7.8
If NAB meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $29.68, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in September.

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

Credit Suisse rates NCM as Neutral (3) -

The investor briefing highlights gold recovery improvements to be implemented at Cadia, and maybe Lihir and Telfer. Further gold recovery opportunities have been identified at Lihir. Credit Suisse maintains a Neutral rating and $20.30 target.

Target price is $20.30 Current Price is $20.76 Difference: minus $0.46 (current price is over target).
If NCM meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.13, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

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: 0.2

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

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

Downgrade to Neutral from Buy while adding $1 to the price target; $9.25 instead of $8.25. The latter is a result of higher forecasts for gold in AUD for FY19-FY21.

The downgrade is the result of a firm rally in the share price. Citi acknowledges the Pogo acquisition will be "transformational" for the company, but it's already in the price, the analysts believe.

They note costs were higher in the September quarter, while management kept its guidance intact.

Target price is $9.25 Current Price is $8.85 Difference: $0.4
If NST meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.16, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Credit Suisse rates NST as Underperform (5) -

The company produced a record 207,600 ounces in the September quarter and has maintained FY19 guidance for 850-900,000 ounces. Credit Suisse notes Jundee was softer and Pogo was weak.

While Pogo has been promoted as a dream acquisition, and may well turn out to be so, Credit Suisse suggests realising the potential is already priced into the stock. Underperform rating and $6.10 target maintained.

Target price is $6.10 Current Price is $8.85 Difference: minus $2.75 (current price is over target).
If NST meets the Credit Suisse target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.16, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Macquarie rates NST as Downgrade to Neutral from Outperform (3) -

Northern Star posted a solid Sep Q production report, Macquarie suggests. Costs were higher, but impacted by mill constraints at Pogo and an inventory build at Kalgoorlie.

First data from Pogo highlighted a key opportunity, the broker believes, and a more aggressive ramp-up leads to a target price increase to $9.80 from $9.40. The broker has nonetheless downgraded to Neutral from Outperform on valuation, while noting significant upside were spot gold and A$ prices incorporated.

Target price is $9.80 Current Price is $8.85 Difference: $0.95
If NST meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.16, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Morgan Stanley rates NST as Underweight (5) -

Costs were higher in the September quarter and production below Morgan Stanley's estimates. The broker also notes a slow start for the newly-acquired Pogo as mining issues constrained output.

Underweight rating. Industry view is In-Line. Target is $6.95.

Target price is $6.95 Current Price is $8.85 Difference: minus $1.9 (current price is over target).
If NST meets the Morgan Stanley target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.16, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Ord Minnett rates NST as Downgrade to Hold from Accumulate (3) -

September quarter production was below Ord Minnett's estimates because of lower output at the Pogo operation. The company has flagged productivity gains and expects costs to fall from the March quarter 2019.

Ord Minnett's conviction regarding the upside potential at Pogo remains intact and the rest of FY19 should be about executing on expectations. While the stock is not particularly expensive, the broker observes it is trading ahead of mid-cap peers and downgrades to Hold from Accumulate. Target is steady at $9.

Target price is $9.00 Current Price is $8.85 Difference: $0.15
If NST meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $8.16, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

UBS rates NST as Neutral (3) -

Production was -11% below UBS estimates for the September quarter, albeit largely because of timing differences. UBS believes Northern Star has potential to beat production guidance in FY19, forecasting 930,000 ounces. Exploration success is expected amid news flow of the revitalisation of Pogo.

The share price is factoring most of these expectations and the broker retains a Neutral rating. Target is raised to $9.50 from $9.00.

Target price is $9.50 Current Price is $8.85 Difference: $0.65
If NST meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.16, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.4

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

Macquarie rates NUF as Resume Coverage: Outperform (-1) -

The broker is back from restriction post Nufarm's capital raise and notes balance sheet risk has now been reduced. This should allow focus to return to fundamentals. European acquisition delivery is on track, the broker notes, providing an earnings boost, and the Americas are performing well.

That just leaves Australia, where a recovery from drought lows is assumed. There is some risk from the glyphosate issue but the broker believes this is priced in. Outperform retained, earnings cut on dilution and target set at $7.67.

Target price is $7.67 Current Price is $5.37 Difference: $2.3
If NUF meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $7.69, suggesting upside of 43.1% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Citi rates QAN as Buy (1) -

Citi finds the Q1 market update shows revenue and demand dynamics remain supportive, but also that fuel cost inflation has accelerated.

Higher fuel costs and FX adjustments have triggered reductions to EPS forecasts. Target price drops to $7.30 from $7.80 in response.

Buy rating retained as the analysts question whether investors are too bearish on the stock. Citi suggests Qantas shares offer value here for "investors willing to look through near-term noise about movements in fuel prices".

Target price is $7.30 Current Price is $5.23 Difference: $2.07
If QAN meets the Citi target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Deutsche Bank rates QAN as Hold (3) -

First quarter operating results were in line with expectations and Deutsche Bank notes forward bookings have increased to 8% from 6.2%. Management has also increased full year fuel costs guidance.

Deutsche Bank maintains a Hold rating and reduces the target to $6.15 from $6.60.

Target price is $6.15 Current Price is $5.23 Difference: $0.92
If QAN meets the Deutsche Bank target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 19.7% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates QAN as Outperform (1) -

Qantas reported a 6.3% increase in Sep Q revenues on fare increases and capacity management. The airline's 76% fuel price hedge puts it in good stead against rising prices but unfortunately it went the wrong way in the quarter, leaving a shortfall to catch up in FY19, the broker notes. Target falls to $6.85 from $7.30.

But with the stock trading at a -32% discount to comparable peers despite an attractive domestic environment and improvement in international, the broker retains Outperform, noting there is scope for capital management.

Target price is $6.85 Current Price is $5.23 Difference: $1.62
If QAN meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates QAN as Sell (5) -

Ord Minnett found nothing new in the September quarter trading update to ease concerns about the outlook. The share price has fallen -16.2% over the past 12 months and, while underperforming the S&P/ASX 200, value is yet to emerge, in the broker's opinion.

Comparable performance numbers are expected to get harder as the year progresses and the broker believes investors are underestimating just how challenging trading conditions are. Sell rating maintained. Target is reduced to $4.95 from $5.00.

Target price is $4.95 Current Price is $5.23 Difference: minus $0.28 (current price is over target).
If QAN meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.26, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates QAN as Neutral (3) -

Qantas grew revenue by 6% in the September quarter, amid flat capacity growth. UBS believes these conditions will continue for the balance of FY19. No first half guidance has been provided although the company expects less of a skew to the first half of this year because of the phasing of cost initiatives.

UBS forecasts pre-tax profit to be down -25% in the first half. Cash flow is also expected to drop in FY20 because of lower earnings, cash tax payments and a reversion to normal capital expenditure. Neutral rating maintained. Target is reduced $5.60 from $6.20.

Target price is $5.60 Current Price is $5.23 Difference: $0.37
If QAN meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgans rates REG as Hold (3) -

Regis Healthcare has reconfirmed FY19 guidance, a positive sign in Morgan's view from an otherwise cautious AGM. The broker was interested in commentary regarding industry structure and likely consolidation amid challenges around an acceptable rate of return on investment.

Morgans moderates forecasts and downgrades the target to $2.78 from $3.79. The broker maintains a cautious stance until more certainty is forthcoming regarding the Royal Commission into the industry. Hold maintained.

Target price is $2.78 Current Price is $2.40 Difference: $0.38
If REG meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.19, suggesting upside of 32.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

Credit Suisse observes growing concern over the US housing market but contends that difficult end market conditions provide opportunities. The broker also finds no deterioration from Home Depot's trial of competing PTC fittings.

While the John Guest acquisition adds significant value, the broker suggests growth in Europe will be slower and more difficult than in the US.

Rating is upgraded to Outperform from Neutral. The broker notes Reliance Worldwide has re-rated in line with peers despite no deterioration in its core repair and maintenance market. Target is reduced to $5.60 from $5.70.

Target price is $5.60 Current Price is $4.68 Difference: $0.92
If RWC meets the Credit Suisse target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $5.87, suggesting upside of 25.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

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

September quarter production was strong, amid positive grade reconciliation, although continued outperformance in grade is not expected. Credit Suisse observes, despite the development at Monty being behind schedule, it is now on a critical path and infill drilling has commenced.

Black Butte is also about to encounter the public consultation phase. Credit Suisse upgrades to Neutral from Underperform on valuation grounds. Target is steady and $6.70.

Target price is $6.70 Current Price is $6.55 Difference: $0.15
If SFR meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.58, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Ord Minnett rates SFR as Hold (3) -

Production at DeGrussa was strong, with higher-than-expected grades offsetting lower throughput. Despite the strong start to the year, cost guidance and production rates have been maintained and Ord Minnett suspects these will be beaten.

The broker continues to like the stock from an operating perspective but finds it trading near valuation and retains a Hold rating. Target is reduced to $7.80 from $7.90.

Target price is $7.80 Current Price is $6.55 Difference: $1.25
If SFR meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $7.58, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Citi rates SGP as Neutral (3) -

Citi analysts have come to the conclusion that headwinds for residential property development are intensifying, with the analysts highlighting falling enquiry levels, tightening lending conditions, declining auction clearance rates, weakening house prices, plus declining lead volume indicators are all signalling a further slowdown in residential markets should be anticipated.

In response to this conclusion, the analysts have updated their modeling for affected companies. Forecasts for Stockland have been reduced.

Target price drops to $3.98 from $4.24. Neutral.

Target price is $3.98 Current Price is $3.64 Difference: $0.34
If SGP meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.27, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

UBS rates SHL as Neutral (3) -

UBS considers the current environment more muted for revenue growth and reduces assumptions for the US business, resulting in around -3% downgrades to estimates for earnings per share.

The broker reduces the target to $23.90 from $26.00. Neutral rating maintained. The geographic diversity within the global diagnostics business is considered to be the key positive for the stock.

Target price is $23.90 Current Price is $22.27 Difference: $1.63
If SHL meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $26.24, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates SXY as Outperform (1) -

Senex' Sep Q production missed the broker's forecast but revenue beat on a higher realised oil price. The company has not yet completed its financing arrangement with ANZ but is close, management noted, and the broker remains positive.

Senex has underperformed due to finance uncertainty and the broker sees this as a buying opportunity. There may be some downside risk to FY19 production as guidance will not be provided until after completion. Outperform and 55c target retained.

Target price is $0.55 Current Price is $0.39 Difference: $0.16
If SXY meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $0.50, suggesting upside of 28.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Credit Suisse rates TAH as Outperform (1) -

The investor briefing indicated lotteries are trading well and Credit Suisse continues to model earnings growth of 9% in FY19 as the benefit of Powerball changes materialises.

The broker is assuming a decline in wagering revenue in the first half before a resumption of growth to 2.5% in the second half. Outperform rating maintained. Target is reduced to $5.05 from $5.15.

Target price is $5.05 Current Price is $4.54 Difference: $0.51
If TAH meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Deutsche Bank rates TAH as Buy (1) -

The company's investor briefing has highlighted an improved operating environment and growth outlook. Deutsche Bank notes integration of the Tatts acquisition is progressing well and the company is on track to achieve forecasts synergies.

Buy rating and $5.50 target maintained.

Target price is $5.50 Current Price is $4.54 Difference: $0.96
If TAH meets the Deutsche Bank target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 15.6% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Macquarie rates TAH as Outperform (1) -

Tabcorp's investor day revealed Tatts integration remains on track, marketing and promotion will be stepped up ahead of the new wagering tax arrangement, and new products will drive a focus on attracting new (younger) customers to Lotteries.

The broker sees the stock as attractive, offering 15% three-year compound earnings growth, Tatts synergies and a 5% yield. Outperform retained, target rises to $5.35 from $5.20.

Target price is $5.35 Current Price is $4.54 Difference: $0.81
If TAH meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Ord Minnett rates TAH as Hold (3) -

Despite the strength in lotteries, Ord Minnett maintains a Hold rating because of uncertainty over wagering. Still, the defensive characteristics of lotteries should support the share price in the near term as markets remain volatile.

Competition from corporate bookmakers is expected to intensify as they continue to invest in Australian wagering. The broker trims the target to $4.40 from $4.50.

Target price is $4.40 Current Price is $4.54 Difference: minus $0.14 (current price is over target).
If TAH 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 $5.25, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

UBS rates TAH as Buy (1) -

Management has reinforced the need to be patient regarding improvements to lottery games, despite the success of the maths re-vamp in Powerball. UBS like the positive reaction and believes more aggressive changes can be rolled out going forward.

Additionally, there are signs there is a positive structural change in lotteries which could accelerate growth faster than the historical 4% per annum achieved in the past. UBS maintains a Buy rating and $5.30 target.

Target price is $5.30 Current Price is $4.54 Difference: $0.76
If TAH meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Morgans rates VEA as Initiation of coverage with Add (1) -

Morgans believes declining fuel volumes have been overstated and margins have steadily increased in recent years. The company is an integrated downstream petroleum business with around 24% market share.

It also operates the second largest refinery in Australia and Morgans believes consensus is too conservative regarding the sizeable upside potential for refining.

The broker initiates coverage with an Add rating and $2.76 target, noting a defensive earnings base, healthy balance sheet and highly sustainable dividend.

Target price is $2.76 Current Price is $2.15 Difference: $0.61
If VEA meets the Morgans target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $2.75, suggesting upside of 28.1% (ex-dividends)

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