Australian Broker Call

Credit Suisse rates 360 as Outperform (1) -

March quarter business was strong but Credit Suisse notes a material impact on new registrations in the second half of the month, with daily usage down around -50% although free and paid user retention rates remain within a normal range.

The headwinds from the pandemic are unsurprising, given the core features of the products are largely not needed in a lock-down. Credit Suisse reduces revenue estimates by -11%. Outperform maintained. Target is reduced to $4.80 from $5.20.

Target price is $4.80 Current Price is $1.98 Difference: $2.82
If 360 meets the Credit Suisse target it will return approximately 142% (excluding dividends, fees and charges).

The company's fiscal year ends in November.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 1.0

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

Citi rates BWX as Buy (1) -

US sales of cosmetics were down -40-62% in the four weeks to April 18, the broker notes, with weakness extending to suncream and shampoo, reflecting no one going out to shop. The US represents 49% of BWX sales.

But on the positive side, 20% of BWX sales are direct to consumer, including to the Amazon platform, the company has a greater proportion than peers of supermarket sales, and BWX also sells hand sanitiser. The other negative is potential supply chain disruption.  But looking beyond the virus, the broker retains Buy and a $4.20 target.

Target price is $4.20 Current Price is $3.63 Difference: $0.57
If BWX meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Macquarie rates CCP as Outperform (1) -

The capital raising totalling $150m, including a $120m institutional placement and $30m share purchase plan, provides flexibility, in Macquarie's view.

Tighter underwriting and a -50% decline in application volumes have led to an -80% decline in loan settlements over recent weeks.

The main risk, the broker observes, is the ability of the company to re-negotiate purchase commitments and suspects prices will be re-set.

Macquarie retains an Outperform rating and reduces the target to $19.30 from $19.80.

Target price is $19.30 Current Price is $16.65 Difference: $2.65
If CCP meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $18.90, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

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

Credit Corp has raised $120m to increase capacity on the balance sheet. In the absence of an acquisition, Morgans expects the company will have no debt by December 2020.

There are still risks to earnings for the short term but the broker assesses the business is a strong contender for capital deployment in potential industry consolidation over the next two years.

Rating is upgraded to Add from Hold and the target raised to $18.50 from $17.70.

Target price is $18.50 Current Price is $16.65 Difference: $1.85
If CCP meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $18.90, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

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

Credit Corp has launched a $150m capital raising at $12.50 a share. Strategically, Ord Minnett assesses the company has never been in a better position, but estimating near-term earnings is almost impossible.

The broker remains confident in management's ability to allocate capital to maximise shareholder returns over the longer term. Ord Minnett is currently restricted on research and cannot provide a recommendation or target.

Current Price is $16.65. Target price not assessed.

Current consensus price target is $18.90, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Macquarie rates CIA as Outperform (1) -

Production and shipments were strong in the March quarter, with the company producing at above nameplate. Bloom Lake has ramped back up following the curtailment.

Macquarie considers the business upgrade momentum is significant and expects an update on the Bloom Lake expansion will be the key catalyst. Outperform rating and $2.80 target maintained.

Target price is $2.80 Current Price is $2.00 Difference: $0.8
If CIA meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 1.0

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

UBS rates COH as Sell (5) -

Cochlear has increased the share purchase plan, to $220m from $170m. This was not unexpected given the significant discount being offered, UBS observes.

While the outlook for elective surgery will remain challenging for some time and there is risk from litigation, the broker believes Cochlear is more than sufficiently capitalised to endure the storm. Target is raised to $150 from $145. Sell maintained.

Target price is $150.00 Current Price is $184.31 Difference: minus $34.31 (current price is over target).
If COH meets the UBS target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $177.04, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

The main take-out from Coles quarterly update for Citi is a -30% drop in sales in April compared to March, as pantry hoarding swings to de-stocking. However the broker does see sales growth improving from this level given April this year included none of the usual Easter/Anzac Day buying spree and as cooking at home settles in to be more popular than it was previously.

The offset will be falling food inflation and lower household spending from those on reduced incomes. Lower petrol volumes have hit earnings, but these will improve as restrictions are eased. Put it all together, and the broker cuts its target by -1% to $17.40 but upgrades to Buy from Neutral.

Target price is $17.40 Current Price is $15.59 Difference: $1.81
If COL meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $17.04, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Credit Suisse rates COL as Outperform (1) -

Coles experienced strong sales growth in the March quarter and Credit Suisse believes the maintenance of social distancing measures and an increased focus by consumers on value are likely to result in a sustained shift in market share to supermarkets from food service.

An accelerated take-up of delivery should also increase market share for the major supermarkets. Earnings growth is modest, cash flow strong and the balance sheet sound. The broker retains an Outperform rating. Target is reduced to $18.63 from $18.68.

Target price is $18.63 Current Price is $15.59 Difference: $3.04
If COL meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $17.04, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Macquarie rates COL as Outperform (1) -

Macquarie suspects the market is prematurely pricing in a recovery before the recession has even started. Still, in times of economic uncertainty and increasing unemployment food consumption at home is likely to hold up.

The company has noted that, while record supermarket comparables in the March quarter, up 13.8%, are starting to normalise, April has been too volatile to provide a meaningful estimate.

Macquarie maintains an Outperform rating and $17.80 target.

Target price is $17.80 Current Price is $15.59 Difference: $2.21
If COL meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $17.04, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgan Stanley rates COL as Overweight (1) -

While comparable supermarket sales numbers for April have prompted concerns, Morgan Stanley does not believe this should be extrapolated to May or June, although with elevated costs there is an incremental risk to margins.

Supermarket like-for-like sales growth averaged 3.6% in April which implies sales growth could have been negative in the past week. Nevertheless, the broker considers Coles a defensive exposure with an attractive yield.

Overweight. Target is $17.75. Industry view: Cautious.

Target price is $17.75 Current Price is $15.59 Difference: $2.16
If COL meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $17.04, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgans rates COL as Upgrade to Hold from Reduce (3) -

Strong growth in sales across all divisions occurred in the March quarter. However, this has come with extra costs which Morgans expects to remain elevated for the remainder of FY20.

Still, supermarkets and liquor sales will benefit from social gathering restrictions and Morgans assesses Coles is a very defensive business.

Now the stock is closer to fair value the rating is upgraded to Hold from Reduce. Target is raised to $15.20 from $14.72.

Target price is $15.20 Current Price is $15.59 Difference: minus $0.39 (current price is over target).
If COL meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.04, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Ord Minnett rates COL as Accumulate (2) -

Ord Minnett notes the start of the fourth quarter has slowed because of social isolation, fewer impulse buys and some unwinding of pantry stocks.

Liquor sales growth was strong in the March quarter, at 7.2%, although range clearance has created headwinds for earnings (EBIT).

Coles provided no detail on the earnings margin trajectory. Target is steady at $17.50. Accumulate maintained.

Target price is $17.50 Current Price is $15.59 Difference: $1.91
If COL meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $17.04, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

UBS rates COL as Neutral (3) -

The supermarkets business was robust in the March quarter, although the update suggests to UBS the near-term lift in earnings may be less than previously expected.

Elevated costs in March are unlikely to subside materially, the broker suspects. Liquor sales were strong, too, but clearance activity and a shift to value has affected margins. UBS retains a Neutral rating and $15 target.

Target price is $15.00 Current Price is $15.59 Difference: minus $0.59 (current price is over target).
If COL meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.04, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

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

Charter Hall Retail has announced a $275m placement. Following the placement, look-through gearing will fall to 28.6% from 36.7%.

Ord Minnett had been concerned about leverage, as asset values are likely to be impaired post the pandemic.

A material reduction in leverage means the balance sheet is better positioned to absorb any potential write-downs. The broker is unable to provide a rating or target at present.

Current Price is $3.14. Target price not assessed.

Current consensus price target is $3.49, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

UBS rates CRN as Neutral (3) -

March quarter production was down -10-11% as a result of reduced output at Curragh. Meanwhile, Buchanan and Logan in the US have returned to normal operations.

2020 guidance is withdrawn and capital expenditure has been reduced by -40%. UBS reduces earnings estimates for 2020 by -75% to reflect the closure of US operations for two months.

As free cash flow in the first half is estimated to be negative, the broker expects the company will reduce its gearing and there will be no interim dividend. Neutral rating and $2.05 target maintained.

Target price is $2.05 Current Price is $1.21 Difference: $0.84
If CRN meets the UBS target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $2.28, suggesting upside of 88.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.7

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

Citi rates CWN as Buy (1) -

US private equity company Blackstone has recently acquired casinos in the US from MGM Resorts and then spun out their property holdings into REITs, leaving casino operations in a separate entity. Blackstone has now taken a 9.99% in Crown Resorts.

Nothing is known yet, but the broker has run some numbers suggesting were Crown to be similarly split up, the sum of the two parts could be valued at $13.10.

Buy and $8.20 target retained.

Target price is $8.20 Current Price is $9.85 Difference: minus $1.65 (current price is over target).
If CWN meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.28, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

UBS rates DHG as Buy (1) -

Domain Holdings has confirmed the first increase in new sales and rentals listings in five weeks. This suggests that national new listing declines have potentially stabilised on a week by week basis.

UBS is aware that the company may be cycling a nadir in the past Easter that likely contributed to the increase, and there is potential for volumes to worsen sequentially in coming weeks.

Still, the downside scenario where new listings drop -60-80% now looks increasingly unlikely. Buy rating and $3.30 target maintained.

Target price is $3.30 Current Price is $2.62 Difference: $0.68
If DHG meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.06, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Citi rates ILU as Buy (1) -

Shutdowns in China during the March quarter led to a -60% drop in zircon sales, the broker notes. While all of Iluka's mining and processing sites are currently operational, Sierra Leone's closed borders have impacted on expats focused on production. 

The company has withdrawn 2020 guidance. The broker cuts its 2020 earnings forecast by -25% and its target to $8.80 from $9.40. Buy retained.

Target price is $8.80 Current Price is $7.65 Difference: $1.15
If ILU meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.60, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Credit Suisse rates ILU as Outperform (1) -

Despite the quarterly update, Credit Suisse still has plenty of questions regarding the mineral sands market. Still, the broker believes there is more than enough upside in the stock to maintain an Outperform rating.

Attention is likely to turn to feedstock customers over the next six months and Iluka Resources is well-placed in this regard because of its contracted volume position. Target is $10.

Target price is $10.00 Current Price is $7.65 Difference: $2.35
If ILU meets the Credit Suisse target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $9.60, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Macquarie rates ILU as No Rating (-1) -

The company has lowered the 2020 zircon outlook by as much as -40%. The first quarter result was weak, with zircon, rutile and synthetic rutile production and sales below Macquarie's expectations.

The broker reduces 2020 earnings forecast by -27% and 2021 by -10%. Delaying the Sembehun ramp up drives a -25% reduction to 2024 forecasts.

The broker is restricted on research and cannot provide a rating or target at present.

Current Price is $7.65. Target price not assessed.

Current consensus price target is $9.60, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

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

First quarter sales of zircon were significantly lower because of the pandemic impact on China and Morgan Stanley acknowledges some risks to first half sales forecasts.

The company has asserted that titanium feedstock markets are strong to date and sales are in keeping with internal estimates.

Morgan Stanley retains an Equal-weight rating. No target has been assigned. Industry view: In Line.

Current Price is $7.65. Target price not assessed.

Current consensus price target is $9.60, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Ord Minnett rates ILU as Accumulate (2) -

March quarter production revealed markets remain weaker than Ord Minnett had anticipated. There is still some certainty over titanium dioxide sales, given take-or-pay contracts.

The broker reduces production estimates and 2020 earnings forecast by -12%. Accumulate maintained. Target is reduced to $9.60 from $9.80.

Target price is $9.60 Current Price is $7.65 Difference: $1.95
If ILU meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $9.60, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

UBS rates ILU as Neutral (3) -

The March quarter was softer than expected for both production and sales. Going forward, UBS assesses zircon is the weak spot. The MAC de-merger remains on schedule.

Despite the resumption of manufacturing activity in China and southern Europe, conservative consumers remain the biggest obstacle to a recovery in volumes, in the broker's view.

Neutral and $10.00 target retained.

Target price is $10.00 Current Price is $7.65 Difference: $2.35
If ILU meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $9.60, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Credit Suisse rates LLC as Outperform (1) -

The capital raising is expected to lower gearing to 10-15% and increase liquidity to $3.95bn. Nonetheless, Credit Suisse notes market conditions remain challenging and there is still uncertainty over the earnings outlook.

The broker also points out there is no clarity over when and where the proceeds will be invested.

Credit Suisse found some conflicting messages in the announcement, and suspects the company could have avoided a capital raising or even raised at a better price subsequent to a development sale or executing a transaction.

Outperform maintained. Target is reduced to $12.37 from $15.41.

Target price is $12.37 Current Price is $12.38 Difference: minus $0.01 (current price is over target).
If LLC meets the Credit Suisse target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.60, suggesting upside of 26.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

UBS rates LLC as Upgrade to Buy from Neutral (1) -

Lendlease has raised up to $1.15bn. UBS assesses the proceeds will be used to strengthen the balance sheet and also allow the company to take a larger share in development pipeline/profits and acquire opportunistically.

Given the improved funding position UBS upgrades to Buy from Neutral. The broker now assesses there is sufficient capital to withstand negative scenarios. Target is reduced to $15.50 from $18.00.

Target price is $15.50 Current Price is $12.38 Difference: $3.12
If LLC meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $15.60, suggesting upside of 26.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Citi rates LVT as Neutral (3) -

Work-from-home has resulted in increased demand for LiveTiles' Microsoft Teams solution and employee engagement product, the broker notes. This is good, but the broker remains cautious in the near term as it expects customers to delay or cancel digital transformation projects and churn to increase among impacted customers such as travel.

Third quarter cash receipts were weaker than expected, presumably due to delayed payments given virus disruptions, the broker suggests, and while the work-from-home products may provide for opportunities down the track, they produce lower average revenue than LiveTiles' core products. Neutral and 28c target retained.

Target price is $0.28 Current Price is $0.23 Difference: $0.05
If LVT meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates PAN as Neutral (3) -

Panoramic Resources has suspended production at Savannah and commenced discussions with third parties to secure funding. In the March quarter, nickel production was -13% below Macquarie's forecasts.

The broker expects the share price will remain suspended until a funding solution enables production to re-start. The broker now incorporates a nine-month hiatus and an $80m equity raising.

Neutral rating maintained. Target is $0.12.

Target price is $0.12 Current Price is $0.12 Difference: $0
If PAN meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Credit Suisse rates PLS as Outperform (1) -

Production in the March quarter matched the weak demand, Credit Suisse observes. No sale price was disclosed but the broker notes market pricing is currently in the range of US$400-450/t, having weakened in April.

While the operation has finally been proven, the main driver of current equity value is the weak market. This is even more so now, Credit Suisse asserts, under a pandemic, which is surely delaying the timing for when lithium demand sufficiently develops and drives an improvement in price.

Outperform rating maintained. Target is reduced to $0.40 from $0.55.

Target price is $0.40 Current Price is $0.22 Difference: $0.18
If PLS meets the Credit Suisse target it will return approximately 82% (excluding dividends, fees and charges).

Current consensus price target is $0.25, suggesting upside of 14.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Ord Minnett rates PPE as Upgrade to Buy from Accumulate (1) -

People Infrastructure has announced a $17.5m capital raising. The company has also indicated revenue and operating earnings (EBITDA) were up 44% and 53% respectively in the year to February.

Since the coronavirus crisis spread the company has experienced disruption across several aspects of the business but this has not been widespread.

Disability, mining and food processing have proven resilient while IT and childcare volumes are depressed. There is also some disruption to nursing but this is expected to be short lived.

Ord Minnett upgrades to Buy from Accumulate and reduces the target to $2.49 from $4.05.

Target price is $2.49 Current Price is $1.76 Difference: $0.73
If PPE meets the Ord Minnett target it will return approximately 41% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

UBS rates REA as Buy (1) -

REA Group has announced two promotions for Premiere All customers. The first is an expanded "pay on sale" option and the second is a -50% discount for a 30-day advertisement.

UBS suspects the primary reason the company is launching the promotions is to lift listing activity, rather than increase yield. Buy rating and $100 target maintained.

Target price is $100.00 Current Price is $89.05 Difference: $10.95
If REA meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $94.12, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Citi rates RRL as Neutral (3) -

Regis Resources' March quarter saw -4% lower production than the broker's forecast but -7% lower costs. The broker nonetheless sees some uncertainty around future capex requirements, hence while FY20 production guidance looks on track, cost delivery is looking "tough".

Forecast earnings rise on A$ adjustment. Neutral and $5.00 target retained.

Target price is $5.00 Current Price is $4.49 Difference: $0.51
If RRL meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.92, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Credit Suisse rates RRL as Outperform (1) -

March quarter production met expectations. Credit Suisse believes the business is comfortably positioned to deliver on guidance. Despite costs likely being above the top end of expectations, strong cash margins are still envisaged on spot gold after accounting for hedging.

While hedging is likely to remain a drag, the broker assesses the exposure is being prudently managed down. Outperform rating and $4.70 target maintained.

Target price is $4.70 Current Price is $4.49 Difference: $0.21
If RRL meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.92, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates RRL as Neutral (3) -

Gold production was lower than Macquarie expected in the March quarter, offset by lower costs. The company has been encouraged by drilling results at Garden Well, Gloster and Baneygo which indicate potential extensions at depth.

The permit application for McPhillamys is underway and expected to be completed by mid 2020. Macquarie retains a Neutral rating and $4.60 target.

Target price is $4.60 Current Price is $4.49 Difference: $0.11
If RRL meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.92, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

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

Gold production and costs were in line with Morgan Stanley's estimates in the March quarter. Projects are on track, although the broker notes a minor delay at Rosemont underground.

Operations at Duketon are expected to improve in the June quarter as temporary issues with sequencing are likely to be resolved.

Equal-weight. Target is $4.70. Industry view is In-Line.

Target price is $4.70 Current Price is $4.49 Difference: $0.21
If RRL meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.92, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

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

March quarter production was -11% below Ord Minnett's estimates. Improvement is expected in the June quarter as first underground ore from Rosemont is delivered.

The broker observes a clear strategy is emerging which, while incremental, presents upside to valuation.

The stock is now trading at a slight premium to the target and the rating is downgraded to Hold from Accumulate. Target is reduced to $4.20 from $4.30.

Target price is $4.20 Current Price is $4.49 Difference: minus $0.29 (current price is over target).
If RRL meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.92, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

UBS rates RRL as Buy (1) -

March quarter production was slightly weaker than UBS expected. Production guidance is unchanged.

First stoping ore and commercial production is expected at the Rosemont underground in the June quarter, which will provide a higher grade ore source and should lift production to 380-400,000 ounces per annum by FY22.

UBS considers the valuation attractive and retains a Buy rating. Target is raised to $6.00 from $5.60.

Target price is $6.00 Current Price is $4.49 Difference: $1.51
If RRL meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $4.92, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Ord Minnett rates SBM as Buy (1) -

The March quarter was softer than Ord Minnett expected although St Barbara retains gold production guidance at the lower end of the 370-400,000 ounces range.

Important milestones are anticipated in the June quarter including completion of the Gwalia extension and progression on the Simberi sulphides. Ord Minnett maintains a Buy rating and $3.80 target.

Target price is $3.80 Current Price is $2.58 Difference: $1.22
If SBM meets the Ord Minnett target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $3.16, suggesting upside of 22.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

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

Credit Suisse downgrades to Neutral from Outperform. The share price has rallied 45% since the trough and is now approaching the broker's target. Target is $3.20.

An equity issue is also included in forecasts in the near future as Credit Suisse suspects the board will come to realise that the balance sheet is not as well prepared for the disruption as it may have thought. However, this has a minimal effect on valuation.

Target price is $3.20 Current Price is $3.22 Difference: minus $0.02 (current price is over target).
If TAH meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.20, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Macquarie rates WGX as Outperform (1) -

March quarter production was short of expectations. Costs were in line with estimates. Macquarie expects a rebound in production at Fortnum, a flat performance at Meekatharra and growth at Cue.

Outperform rating maintained. Target is $2.90.

Target price is $2.90 Current Price is $2.09 Difference: $0.81
If WGX meets the Macquarie target it will return approximately 39% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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