Australian Broker Call

Morgans rates ALQ as Hold (3) -

The AGM guidance for the first half underlying net profit of $70-75m is ahead of Morgans expectations.

The broker believes the stronger proceeds from oil & gas divestments and the flagged sale of Asset Care means the stock becomes a clear capital management story and this should support a premium valuation.

Strong lead indicators and momentum has made the broker comfortable in owning the stock at elevated multiples, although there is a risk that the stock trades sideways or down during periods without catalysts.

Hold rating retained. Target is raised to $7.55 from $6.96.

Target price is $7.55 Current Price is $7.39 Difference: $0.16
If ALQ meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.08, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in March.

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 ANN as Neutral (3) -

Credit Suisse reviews activity trends over the June quarter and notes recent data points to a modest recovery in industrial production across key developed regions.

This improved growth profile would equate to a positive organic revenue growth for the company's industrial units. The broker also notes prices for natural rubber latex and butadiene have eased from peaks recorded in February, although higher average prices are likely to affect FY18.

Neutral rating retained. Target is reduced to $23.00 from $25.80.

Target price is $23.00 Current Price is $22.50 Difference: $0.5
If ANN meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $22.74, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: -0.2

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

Morgan Stanley rates ANN as Overweight (1) -

Morgan Stanley updates its estimates for new disclosures regarding the company's restructure and transformation program. Current FY18 forecasts for earnings per share are raised by 3.4%.

The broker believes an above-average historical premium to the ASX200 index is warranted, given greater certainty on FX, input costs and organic growth potential.

Rating is Overweight. Target is $25.35. Sector view is In-Line.

Target price is $25.35 Current Price is $22.50 Difference: $2.85
If ANN meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $22.74, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: -0.2

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

Citi rates BEN as Upgrade to Neutral from Sell (3) -

Citi analysts observe the share price has deflated some -16% since peaking in early 2017. This pulls the valuation back in-line with long term averages.

Citi has upgraded to Neutral from Sell. Target price remains unchanged at $11.75. The analysts note they lifted estimates by 1-2% last week. They're not adding to that this week.

Overall, Citi analysts see a positive outlook on revenue growth combining with ongoing cost discipline and stable asset quality trends. Combined these factors point to more stable near-term earnings, in their opinion.

Target price is $11.75 Current Price is $11.13 Difference: $0.62
If BEN meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $11.12, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.4

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

Credit Suisse rates BOQ as Neutral (3) -

Credit Suisse observes the positives emanating from the company's business update include the exclusion of existing interest-only facilities that are rolling into another interest-only period from APRA's 30% flow limit.

This is an important concession from the regulator as it diminishes the risk of customers being forced to re-finance into principal & interest loans.

The negative aspect is that the mortgage market is slowing, although the bank does not envisage macro prudential limits will materially affect its momentum.

Target is $12.75. Neutral rating retained.

Target price is $12.75 Current Price is $11.99 Difference: $0.76
If BOQ meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $11.68, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

Macquarie rates BOQ as Outperform (1) -

Macquarie observes the business update was light on financial details but commentary suggested operating trends have improved in the second half.

The broker's analysis suggests that regional bank relative returns are looking more favourable following the recent round of re-pricing.

Given Bank of Queensland's stronger capital position, it remains the broker's preferred exposure within the regionals. Outperform. Target unchanged at $12.50.

Target price is $12.50 Current Price is $11.99 Difference: $0.51
If BOQ meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $11.68, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.1

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

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

The company has changed its private listing price structure and moved to tiered pricing based on the value of the car. Credit Suisse calculates a weighted average price increase of around 15%, which is estimated to add around $6m to revenue and operating earnings and a full year.

The broker notes the company has been very cautious, historically, in raising private listing prices and appears to be focused on driving yield across its various market segments.

Credit Suisse believes a strong market position means the company is well-positioned to continue to improve monetisation and for higher yield to be a driver of revenue growth going forward.

As the stock has sizeably re-rated over the last couple of months, the broker downgrades to Neutral from Outperform. Target is raised to $12.60 from $12.00.

Target price is $12.60 Current Price is $12.45 Difference: $0.15
If CAR meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $12.28, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

UBS rates CAR as Neutral (3) -

Carsales has moved to introduce tiered pricing for private car ads as opposed to a fixed price. The broker estimates this will lift revenues by 9.5% in FY18 rather than a prior 6% forecast. Factoring in assumed costs, the earnings boost is expected to be around 1%.

The broker retains Neutral and a $10.50 target, noting Carsales does not look expensive but offers a lower growth profile than other online peers.

Target price is $10.50 Current Price is $12.45 Difference: minus $1.95 (current price is over target).
If CAR meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.28, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Morgan Stanley rates CGF as Downgrade to Underweight from Equal-weight (5) -

Morgan Stanley cannot reconcile the bullish growth outlook and the valuation and downgrades to Underweight from Equal-weight.

The broker is cautious for a number of reasons including the fact the overweight portfolio in short-term annuities has left the company vulnerable on margins and growth.

The market also appears too bullish on the lifetime annuity opportunity. Moreover, risks to funding costs, asset yields, credit and capital intensity have been under priced.

Target is reduced to $11.50 from $12.00. Industry view: In-line.

Target price is $11.50 Current Price is $13.12 Difference: minus $1.62 (current price is over target).
If CGF meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.20, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

UBS rates CGF as Neutral (3) -

The broker has marked Challenger's asset values to market, noting life annuity growth prospects are strong but margins remain at risk.

More longer dated fixed income assets in the mix to balance a shift to longer dated annuities should ease the pressure on capital growth, suggest UBS analysts.

The broker retains Neutral, lifting its target to $12.80 from $11.05.

Target price is $12.80 Current Price is $13.12 Difference: minus $0.32 (current price is over target).
If CGF meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.20, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Credit Suisse rates CPU as Outperform (1) -

Credit Suisse updates its models to account for average actual currencies during the second half and spot currencies for FY18-19.

While currency has a minimal impact on FY17 earnings, it benefits FY18-19 US dollar earnings by 2%. This currency benefit has more than offset the impact of lower corporate actions activity in the second half.

Outperform retained. Target is raised to $15.00 from $14.30.

Target price is $15.00 Current Price is $14.10 Difference: $0.9
If CPU meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $13.96, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.1

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

Morgans rates EHL as Add (1) -

Morgans observes the June quarter was important as it incorporates a merger with Andy's Earthmoving and Orionstone. Revenue and operating earnings were both ahead of the broker's forecasts.

Morgans observes the outlook commentary is positive and a buoyant east coast coal market is driving utilisation to 90%. Add rating retained. Target is raised to $0.17 from $0.15.

Target price is $0.17 Current Price is $0.13 Difference: $0.04
If EHL meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Credit Suisse rates JHX as Outperform (1) -

Credit Suisse believes investor frustration is justified and somewhat reflected in the underperformance in the share price, given the recent operating performance.

Nevertheless, the broker believes manufacturing issues should ease in the first quarter and there are a number of positive catalyst on the horizon. The broker believes the risk/reward balance now presents an attractive opportunity for the patient investor.

Target rises to $21.30 from $20.85. Outperform retained.

Target price is $21.30 Current Price is $19.39 Difference: $1.91
If JHX meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $21.03, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in March.

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

Citi rates OZL as Buy (1) -

Citi analysts spotted a better quarterly performance with production tracking back to guidance after the weak March quarter. They suggest there still remains a strong near term catalyst on the horizon; the Carrapateena Feasibility Study.

The latter should be delivered in the current quarter. Estimates have been slightly pared back, but any impact was nullified by the analysts rolling forward their modeling. Target price lost 10c to $10.20. Buy.

Target price is $10.20 Current Price is $7.37 Difference: $2.83
If OZL meets the Citi target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $8.44, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Credit Suisse rates OZL as Underperform (5) -

Credit Suisse observes the June quarter production numbers suggest first half 2017 guidance is met. 2017 guidance is unchanged at 105-115,000 tonnes of copper and 115-125,000 ounces of gold.

Underperform rating and $7.15 target retained.

Target price is $7.15 Current Price is $7.37 Difference: minus $0.22 (current price is over target).
If OZL 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 $8.44, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Deutsche Bank rates OZL as Hold (3) -

June quarter copper production was in line with Deutsche Bank's forecasts and gold 8% ahead. An update on Carrapateena is due later this quarter and the broker expects this to include revised capital guidance & production profile.

On the basis of the broker's copper price outlook, the stock is trading in line with valuation. Hold retained. Target is $7.20.

Target price is $7.20 Current Price is $7.37 Difference: minus $0.17 (current price is over target).
If OZL meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.44, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Macquarie rates OZL as Outperform (1) -

June quarter production was mixed, with softer copper offset by higher gold output and lower cash costs. Macquarie upgrades  2017 earnings forecasts by 13% after incorporating the result.

Nevertheless, changes to the grade profile assumptions drive a -10% reduction to 2018 estimates. Outperform and $9.50 target retained.

Target price is $9.50 Current Price is $7.37 Difference: $2.13
If OZL meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $8.44, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Morgans rates OZL as Add (1) -

June quarter production was robust and Morgans observes 2017 guidance appears comfortably intact.

The broker is attracted to the company's copper endowment, balance sheet and cash flow leverage. The broker believes the stock can readily re-attain wide investor appeal as the default mid-cap copper play, leveraged to the improving outlook for global growth.

Add retained. Target is raised to $8.30 from $8.28.

Target price is $8.30 Current Price is $7.37 Difference: $0.93
If OZL meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.44, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Ord Minnett rates OZL as Hold (3) -

Ord Minnett considers the June quarter production report solid, although notes the potential stability risk for an area of the pit wall at Prominent Hill has raised some concerns across the market.

The broker remains positive on the outlook for the company but envisages a better risk/reward balance elsewhere in the sector. Hold rating retained. Target is raised to $8.00 from $7.90.

Target price is $8.00 Current Price is $7.37 Difference: $0.63
If OZL meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.44, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

UBS rates OZL as Buy (1) -

OZ Minerals' June Q production was in line with forecasts. A decline at Prominent Hill this quarter means underground mining rates are expected to lift to support higher production in the Dec Q, the broker notes.

The broker remains positive on OZ, but concedes the market will likely await the Carrapateena study update due this quarter. Buy and $10.00 target retained.

Target price is $10.00 Current Price is $7.37 Difference: $2.63
If OZL meets the UBS target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $8.44, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Credit Suisse rates SDA as Outperform (1) -

The company will acquire government and military satellite service provider UltiSat for up to US$100m. Credit Suisse estimates the deal will be accretive at around 10% on a pro forma basis.

The company will create a new government division with US$100m in annualised revenue. Nevertheless, the broker still requires evidence of meaningful organic growth as the key to any material re-rating of the stock. Target is $4.50. Outperform retained.

Target price is $4.50 Current Price is $3.59 Difference: $0.91
If SDA meets the Credit Suisse target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

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

The company will close its Amart brand and convert existing stores to Rebel. Credit Suisse observes the strategy pre-empts consolidation of a market that is moving to significant over-capacity and resulting in declining industry economics.

Hence, the broker forecasts sports division operating earnings margin of 8.4% in FY20, lower than the company's guidance of 11%.

Credit Suisse downgrades to Underperform from Neutral because of an increase in the share price and ongoing downside risk to industry profits. Target is reduced to $7.50 from $7.56.

Target price is $7.50 Current Price is $8.61 Difference: minus $1.11 (current price is over target).
If SUL meets the Credit Suisse target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.13, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Deutsche Bank rates SUL as Buy (1) -

The company intends to convert its Amart Sports division to the Rebel brand. Management has also confirmed that FY17 operating earnings will be at the upper end of guidance for 16-18% growth.

Deutsche Bank does not change forecasts, having already assumed a gradual improvement in earnings margins for the sports division, a process which should continue under a change of brand.

Buy rating retained. Target is $11.50.

Target price is $11.50 Current Price is $8.61 Difference: $2.89
If SUL meets the Deutsche Bank target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $10.13, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Macquarie rates SUL as Outperform (1) -

The company will consolidate its sports division into a single brand, Rebel, and Amart Sports will be discontinued from November. Macquarie observes Rebel's redefined position as a competitively priced, quality sports goods provider has meant it increasingly encroaches on the Amart value market.

The broker believes optimising the portfolio and adopting a single proposition is appropriate. The company's core automotive division, 47% of group earnings, is considered less prone to disruption.

Macquarie retains an Outperform rating and raises the target to $11.60 from $11.50.

Target price is $11.60 Current Price is $8.61 Difference: $2.99
If SUL meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $10.13, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Morgan Stanley rates SUL as Overweight (1) -

Morgan Stanley considers the move to become leaner by consolidating Amart into Rebel is logical, as the sports division is most exposed to Amazon's arrival in Australia.

The broker believes the re-branding to Rebel will make the business better able to deal with the more competitive environment. The company's guidance to the top end of the existing 16-18% growth band for operating earnings in FY17 should support the shares in the near term, Morgan Stanley adds.

Target is $11. Overweight retained. Industry view is Cautious.

Target price is $11.00 Current Price is $8.61 Difference: $2.39
If SUL meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $10.13, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Morgans rates SUL as Add (1) -

Morgans welcomes the plan to convert Amart stores to the Rebel brand. The broker believes the customer overlap and meaningful cost efficiencies make this the best decision for the business.

Morgans believes these efficiencies will enable the company to build up a war chest to fend off increasing competition and fear of competition has been a key detractor from the share price.

Add rating retained. Target is reduced to $10.11 from $11.51.

Target price is $10.11 Current Price is $8.61 Difference: $1.5
If SUL meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $10.13, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Ord Minnett rates SUL as Lighten (4) -

Management has guided for FY17 earnings to grow at the upper end of its 16-18% range. The Amart Sports business will be consolidated into a single brand, Rebel.

Ord Minnett welcomes the proactive response and observes the changes reflect a more challenging outlook for the sports retail market and increased competition.

The broker believes the effect of synergies from changing to a single brand is less than the upside from the Amart margin expansion opportunity that was previously indicated, suggesting a deterioration in underlying performance.

Lighten retained because of the increasingly challenged external environment. Target is raised to $8.00 from $7.25.

Target price is $8.00 Current Price is $8.61 Difference: minus $0.61 (current price is over target).
If SUL meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.13, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

UBS rates SUL as Buy (1) -

Super Retail has announced that in the face of competitive pressures it will convert all Amart Sports stores to Rebel. The move will cost, but synergies should provide for earnings accretion, the broker suggests.

The company has otherwise lifted FY17 guidance to the "top end" of the prior 16-18% growth range on the back of recent solid trading. The broker retains Buy and a $9.50 target, noting that risks remain (weak consumer /Amazon) but valuation is undemanding.

Target price is $9.50 Current Price is $8.61 Difference: $0.89
If SUL meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $10.13, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

UBS rates VCX as Buy (1) -

The broker believes the threats from consumer weakness and online growth have been overplayed, and an announced 5% buyback and rise in net asset valuation from Vicinity supports this thesis. The broker upgraded to Buy last week.

That rating and $2.92 target remain intact, and the broker suggests other A-REITs may follow suit at their result releases, with GPT ((GPT)) and Charter Hall Retail ((CQR)) favoured.

Target price is $2.92 Current Price is $2.71 Difference: $0.21
If VCX meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.93, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Deutsche Bank rates WLD as Hold (3) -

The company has announced potential losses for FY17 in the range of -$55-65m, excluding impairments on vessels.

The company has reported a further deterioration through the second half, largely because of the sustained high cattle price which resulted in extended favourable conditions for growers after the end of the northern wet season, coupled with weaker demand from South East Asia and markets.

In light of deteriorating market conditions and earnings uncertainty, Deutsche Bank reduces its target to $0.14 from $0.21. Hold rating retained.

Target price is $0.14 Current Price is $0.13 Difference: $0.01
If WLD meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $0.15, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

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

Citi rates WSA as Neutral (3) -

Citi analysts seem pleased with the June quarter production report. They anticipate both higher grades and recoveries in H2. Neutral rating retained as the target price withstands lower nickel price forecasts plus a stronger AUD in forward modeling.

The analysts observe cash increased to $140.3m. They highlight Western Areas carries no debt, which should give it security from volatile nickel prices. Citi forecasts sufficient internal funding for all Odysseus capex. Target $2.20.

Target price is $2.20 Current Price is $2.35 Difference: minus $0.15 (current price is over target).
If WSA 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 $2.19, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

Credit Suisse rates WSA as Neutral (3) -

June quarter production delivered on guidance, which Credit Suisse believes demonstrates robust forecasting based on high confidence in operations and ore body performance.

The modest increase in the nickel price, if sustained, suggest to the broker a small positive adjustment in the September quarter, although operating cost normalisation suggests a marginally higher operating costs and FY18 relative to FY17.

Neutral retained. Target is $2.50.

Target price is $2.50 Current Price is $2.35 Difference: $0.15
If WSA meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.19, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

Macquarie rates WSA as Neutral (3) -

June quarter production was in line with Macquarie's expectations. The broker believes the recent rise in spot nickel prices should take the pressure off cash flow for the near term. However, higher nickel prices are required before development of the Cosmos project can proceed.

The broker believes the time is right for the company to look at acquiring other early-stage exploration and development projects to expand organic growth options.

Neutral. Target rises to $2.30 from $2.15.

Target price is $2.30 Current Price is $2.35 Difference: minus $0.05 (current price is over target).
If WSA meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.19, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

UBS rates WSA as Sell (5) -

Western Areas' June Q production came in at the upper end of guidance and costs at the lower. FY18 guidance is expected with the FY17 result release.

Nickel is set to benefit longer term from electric vehicle growth, the broker suggests, but at present the market remains well supplied. Given strong leverage to the nickel price, the stock stands to join in with any price rally, but for now the broker believes valuation to be stretched. Sell retained, target rises to $2.03 from $2.02.

Target price is $2.03 Current Price is $2.35 Difference: minus $0.32 (current price is over target).
If WSA meets the UBS target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.19, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

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

Citi has downgraded to Neutral from Buy with the analysts explaining the move is purely inspired by recent share price appreciation. "We are still big supporters", maintain the analysts.

While the shares are now considered "fairly valued", Citi also points out on a relative basis we're talking a premium of 12% only vis-a-vis nearest peer Descartes. Price target lifts to $7.30 from $6.25.

Target price is $7.30 Current Price is $7.11 Difference: $0.19
If WTC meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.48, suggesting downside of -10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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