Australian Broker Call

Credit Suisse rates AIZ as Neutral (3) -

Air New Zealand's investor briefing highlighted initiatives for sustainable cost improvement and earnings growth in a lower demand environment. There was incrementally useful information, although Credit Suisse found nothing to materially change its investment view.

The lower near-term capacity growth suggests a slower pace of underlying earnings growth and fewer opportunities for efficiency gains, although the risk profile is unchanged. Neutral rating maintained. Target rises to NZ$2.60 from NZ$2.55.

Current Price is $2.54. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

Macquarie rates AIZ as Underperform (5) -

Macquarie assesses the FY19 outlook has softened a little, as the airline is unable to pass on higher fuel costs to customers in the current demand environment. The stock offers a strong dividend yield, which is sustainable, given the balance sheet and recent deferrals of capital expenditure.

Yet the broker is still unsure whether targeted cost improvements will bridge the earnings decline completely. In line with the updated outlook, medium-term capacity is being trimmed. Underperform. Target is NZ$2.40.

Current Price is $2.54. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

UBS rates AIZ as Buy (1) -

The company has adjusted its FY19 pre-tax profit target to "exceed NZ$340m" from NZ$340-400m. UBS believes the announcement is a relief for investors, against a backdrop of choppy operating conditions and rising fuel prices.

The focus is on a return to earnings growth from FY20. Buy rating. Target is NZ$2.90.

Current Price is $2.54. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.0

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

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

Input costs are putting pressure on spreads and global conditions are turning down, overcoming easing risks in Australian end markets, Macquarie observes.

An altered US tariff regime, ongoing trade issues with China and softening economic indicators are posing risks to the outlook. The broker believes there is a high probability of negative earnings revisions in coming months.

Rating is downgraded to Underperform from Outperform and the target is lowered to $10.15 from $14.60. FY20 and FY21 net profit estimates are downgraded by -14% and -15% respectively.

Target price is $10.15 Current Price is $11.07 Difference: minus $0.92 (current price is over target).
If BSL meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.39, suggesting upside of 30.0% (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 BSL as Accumulate (2) -

US steel margins have declined steadily since the company provided guidance in February, when it expected spreads to improve. Ord Minnett suspects FY19 guidance could be at risk. The broker now forecasts FY19 earnings (EBIT) of $1.32bn, -6% below the company's guidance.

At the current share price, the broker believes a potential course of action could be to divert cash earmarked for the North Star expansion to buybacks. However, Ord Minnett does not suggest the alternative is an equivalent-sized buyback.

Accumulate rating maintained. Target is reduced to $16.00 from $16.90.

Target price is $16.00 Current Price is $11.07 Difference: $4.93
If BSL meets the Ord Minnett target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $14.39, suggesting upside of 30.0% (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 BXB as Buy (1) -

CHEP has notified pallet recyclers in the US of a reduction in the asset recovery program fees moving forward. From October 1 fees to collect CHEP pallets from recyclers will reduce by -22% to 98 US cents and the fee paid for pallets return to CHEP depots will reduce to $1.67.

UBS is surprised by the move, given cost pressures faced by recyclers at present. The reaction from recyclers could also be negative for CHEP, as recyclers that returns stray pallets are a critical component of the asset management strategy.

The lower fees reinforce a positive view on the outlook for CHEP Americas and the broker maintains a Buy rating and $13.30 target.

Target price is $13.30 Current Price is $12.17 Difference: $1.13
If BXB meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $12.17, suggesting upside of 0.0% (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: 0.5

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

Morgan Stanley rates DMP as Downgrade to Equal-weight from Overweight (3) -

Softer same-store sales growth and fewer store openings lead Morgan Stanley to lower forecasts, believing earnings risk has increased. While the broker still envisages great opportunity in Europe, execution needs to improve to sustain a re-rating.

Morgan Stanley downgrades to Equal-weight from Overweight and lowers the target to $41 from $50. Cautious industry view.

After over 10 years of strong double-digit growth the Australasian business is also slowing. The broker agrees a greater focus on franchisee health is the right strategy but is likely to affect growth in the near term.

Target price is $41.00 Current Price is $38.61 Difference: $2.39
If DMP meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $43.27, suggesting upside of 12.1% (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 EHE as Neutral (3) -

The company has downwardly revised its estimates for earnings growth in FY20. Macquarie reduces its estimates for earnings per share by -5%. Despite the sector moving off its lows, challenging structural and cyclical conditions make it difficult for Macquarie to change its view.

Lower occupancy from the Royal Commission, increased mortality rates from the peak flu season and a lack of liquidity in the residential market present risks. Hence, Neutral maintained. Target is reduced to $2.63 from $2.75.

Target price is $2.63 Current Price is $2.69 Difference: minus $0.06 (current price is over target).
If EHE 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 $2.70, suggesting upside of 0.5% (ex-dividends)

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

Citi rates FNP as Buy (1) -

Citi analysts are among the company's supporters, and have been for a while. In today's update they acknowledge the risks to earnings in the short term, also because Freedom Foods' strategy requires investment ahead of growth, but the analysts firmly believe these risks are more than offset by the company's transformation from a low-margin contract manufacturer into a branded FMCG manufacturer producing high-value dairy ingredients.

In the meantime, the company has just raised $130m in fresh capital, and effectively issued a profit warning with the revised guidance for FY19 sales now for $480-$490m. The latter occurred due to production constraints related to the Shepparton UHT upgrades.

Citi counters the longer term strategy remains intact and margin increase should remain on the horizon. Estimates have been reduced. Target price falls to $5.85 from $6.55. Buy rating retained.

Target price is $5.85 Current Price is $5.50 Difference: $0.35
If FNP meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.89, suggesting upside of 7.0% (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 FPH as Sell (5) -

Citi hasn't had a Buy rating for Fisher and Paykel Healthcare for a long while with the analysts suggesting the shares continue trading on an "eye watering" valuation despite the company seeing its market share being eroded.

Yesterday's financial report disappointed. Citi notes growth in OSA Masks was flat, and that's below expectation. Plus forward guidance came out -5% below market consensus. Sell rating hereby reiterated. Price target NZ$12.25.

Current Price is $14.50. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: -0.8

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

Credit Suisse rates FPH as Underperform (5) -

FY19 results were in line with Credit Suisse expectations. Hospital was buoyed by another strong contribution from new applications although inferred growth in humidifiers and IV consumables remains low.

Second half mask growth was negative for the first time in seven years. The broker expects the recently-launched Vitera will address this situation, but the company will be exposed to worse outcomes while awaiting US clearance over the next six months.

Tailwinds come from the removal of litigation costs and the application of R&D credits in FY20. Underperform maintained. Target is NZ$13.15.

Current Price is $14.50. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: -0.8

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

Macquarie rates FPH as Underperform (5) -

Macquarie believes the continued decline in OSA mask growth is the main risk over the next 12 months and it remains to be seen whether the company's recent product release will stem the losses in market share.

Contraction in gross profit margins are also a related concern. OptiFlow appears to be the key source of growth for the company, in the broker's view.

Estimates for FY20 and FY21 are reduced by -7% and -10% respectively. Target is NZ$14.78. Underperform maintained.

Current Price is $14.50. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: -0.8

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

UBS rates FPH as Sell (5) -

FY20 earnings guidance has prompted downgrades but UBS believes the bigger issue is slowing revenue growth. A significant improvement in OSA mask performance, coupled with maintaining high growth rates in hospital applications, is required for the company to meet its target of doubling revenue every five years.

The broker considers this unlikely over the next three years. Sell rating maintained. Target is raised to NZ$12.85 from NZ$12.60.

Current Price is $14.50. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: -0.8

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

Credit Suisse rates HUO as Neutral (3) -

In the context of a very disappointing FY19 Credit Suisse believes the share price has held up well. This suggests the market is probably looking through to FY20 where an expected recovery in harvest volume should drive a rebound in earnings.

The biomass profile supports this view, as does the company's decision not to bring forward harvest tonnage scheduled for FY20 into FY19, despite recent pressures.

The broker considers the valuation fair at this point and the bias is becoming more positive. Neutral maintained. Target is raised to $4.90 from $4.70.

Target price is $4.90 Current Price is $4.60 Difference: $0.3
If HUO meets the Credit Suisse target it will return approximately 7% (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

Citi rates NEA as Initiation of coverage with Buy (1) -

Citi has initiated coverage with a maiden Buy/High Risk rating and a price target of $4.26. The analysts believe this global leader in "location intelligence" can potentially conquer the US market, and roll out its services across other countries in the future.

Among key reasons cited to support their positive view, the analysts point out the company operates a highly scalable SaaS business model, currently has captured less than 1% of the US market, carries no debt and already is successful in Canada too.

Target price is $4.26 Current Price is $3.76 Difference: $0.5
If NEA meets the Citi target it will return approximately 13% (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

Credit Suisse rates OSH as Underperform (5) -

With the resignation of PNG Prime Minister Peter O'Neill Credit Suisse believes, at best, there is a risk of delays to gas projects amid a material distraction for the government.

A worse scenario, should a change of government occur, could be a re-negotiation of the Papua gas agreements. This could mean less favourable terms for the project partners.

Any material delay could also result in cost escalation, the broker adds. Underperform rating and $6.96 target maintained.

Target price is $6.96 Current Price is $7.19 Difference: minus $0.23 (current price is over target).
If OSH 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 17.4% (ex-dividends)

The company's fiscal year ends in December.

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: 0.0

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

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

Macquarie notes some regions in the US have now passed final crop planting dates and this is expected to trigger claims on some crop insurance policies. US crop is QBE's largest exposure and with downside risk growing Macquarie downgrades to Neutral from Outperform.

The broker believes US crop risks are poised to de-rail the company's FY19 results. Industry articles are recommending farmers do not plant crops at all and instead submit insurance claims for their maximum coverage.

Should the attritional loss ratio for QBE's US crop portfolio deteriorate -5%, Macquarie estimates this could result in a -5.8% hit to cash earnings in FY19. Target is reduced to $12.90 from $13.20.

Target price is $12.90 Current Price is $11.89 Difference: $1.01
If QBE meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $13.07, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in December.

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: 0.4

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

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

FY20 production estimates of 230-250,000 ounces represent a 20% increase from FY19. Morgans initiates coverage of the stock with an Add rating and $1.02 target.

Ramelius Resources is a Western Australian gold producer with two production hubs, Mount Magnet and Edna May. The broker believes recent macro events have resulted in further economic uncertainty and an increased likelihood of the gold price appreciating.

Target price is $1.02 Current Price is $0.89 Difference: $0.13
If RMS meets the Morgans target it will return approximately 15% (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

Credit Suisse rates SGM as Outperform (1) -

The re-starting of US blast furnace capacity has caused a slump in US steel prices and put the steel market into surplus, constraining the price that US EAF steelmakers can pay for scrap. Recent tariff reductions have made this worse.

The elimination of Mexican & Canadian steel tariffs also means US steel imports are likely to increase. In the medium term, 14mt of planned, low-cost US steel capacity additions by 2022, requiring US-generated scrap, may threaten Sims Metal's US business, Credit Suisse points out.

Outperform rating and $12.90 target maintained.

Target price is $12.90 Current Price is $9.90 Difference: $3
If SGM meets the Credit Suisse target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $11.58, suggesting upside of 17.0% (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 SIQ as Buy (1) -

The company has completed some small, accretive transactions in the novated leasing and salary packaging sectors. The main challenge, in the near term, Ord Minnett suggests is consumer sentiment.

Muted organic growth expectations for 2019 remain intact but a slight improvement is expected into 2020. Buy rating maintained. Target is reduced to $10.40 from $11.20.

Target price is $10.40 Current Price is $9.29 Difference: $1.11
If SIQ meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $10.32, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates SUN as Underperform (5) -

The company has announced that CEO Michael Cameron will leave the business. Macquarie observes changes such as this, historically, lead to -4% underperformance in the stock in the following 12 months.

Steve Johnston, currently CFO, will step in as acting CEO. Macquarie envisages downside risk to FY20 guidance. Underperform rating and $13.35 target maintained.

Target price is $13.35 Current Price is $13.41 Difference: minus $0.06 (current price is over target).
If SUN meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.03, suggesting upside of 4.6% (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

Morgans rates SUN as Add (1) -

Managing director Michael Cameron will step down and be replaced in the interim by current CFO, Steve Johnston. The company, as part of the announcement, also confirmed it expects FY19 cash earnings to be in line with market expectations.

As its forecasts were too optimistic, Morgans lowers estimates for FY19 earnings per share by -10%. The broker believes the stock is relatively inexpensive and recent steps to de-risk earnings will ultimately drive a re-rating.

Add rating maintained. Target is reduced to $14.48 from $14.76.

Target price is $14.48 Current Price is $13.41 Difference: $1.07
If SUN meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $14.03, suggesting upside of 4.6% (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 SUN as Hold (3) -

CEO Michael Cameron will be leaving the company, effective immediately, after almost 4 years in the role. CFO Steve Johnston will act as CEO until an appointment is made.

Ord Minnett observes Michael Cameron has tackled some of the tough issues, addressing large loss allowances and reinsurance, although volume trends have worsened.

Ord Minnett reduces earnings estimates and lowers the target to $13.82 from $14.13, suspecting the company will likely invest more in growth initiatives that could pressure otherwise improving margin trends. Hold rating maintained.

Target price is $13.82 Current Price is $13.41 Difference: $0.41
If SUN meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $14.03, suggesting upside of 4.6% (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 TGR as Neutral (3) -

Tight domestic supply and ongoing strength in demand have supported higher prices in the salmon industry. Credit Suisse expects the market to remain balanced in FY20. Tassal expects a gradual growth curve, which suggests to the broker that FY20 will be largely reliant on prawns.

Credit Suisse considers the company's strategy well planned but there is a timing risk, given prawn earnings in FY20 will be strongly skewed to the second half. Neutral rating maintained. Target is reduced to $5.10 from $5.15.

Target price is $5.10 Current Price is $4.83 Difference: $0.27
If TGR meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.85, suggesting upside of 0.3% (ex-dividends)

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

Credit Suisse rates VOC as No Rating (-1) -

The company has received a non-binding, indicative proposal from a Swedish based firm, EQT Infrastructure, priced at $5.25 a share. The offer is subject to due diligence, a process likely to take a number of weeks.

Credit Suisse suspects the company may require a partner to undertake the transaction. The broker is restricted from providing a target or rating.

Current Price is $4.66. Target price not assessed.

Current consensus price target is $4.05, suggesting downside of -13.1% (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

Macquarie rates VOC as Upgrade to Neutral from Underperform (3) -

The company has confirmed the receipt of a non-binding, indicative proposal at $5.25 a share. Macquarie believes the offer from EQT Infrastructure assumes strong execution on the strategic turnaround at Vocus on the back of recent and ongoing initiatives.

The broker upgrades to Neutral from Underperform and raises the target to $4.70 from $3.25. Should the due diligence not lead to a binding offer, and in the absence of other offers, the broker expects the stock price to return to around $4.15.

Target price is $4.70 Current Price is $4.66 Difference: $0.04
If VOC meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting downside of -13.1% (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 VOC as Overweight (1) -

The company has received a non-binding proposal from EQT Infrastructure at $5.25 a share. Interestingly, Morgan Stanley notes that company is currently engaged in a consortium to acquire US peer, Zayo.

This increases the broker's conviction in its Overweight calls on Vocus and Superloop ((SLC)).

The proposal is subject to a number of conditions including non-exclusive due diligence. Overweight. Target is $4.00. Industry view is In-Line.

Target price is $4.00 Current Price is $4.66 Difference: minus $0.66 (current price is over target).
If VOC 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 $4.05, suggesting downside of -13.1% (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 VOC as Upgrade to Neutral from Sell (3) -

The company has received a non-binding indicative proposal at $5.25 a share from EQT Infrastructure, a Scandinavian private equity group.

UBS observes several factors have led to an increase in price versus previous bids, including improved free cash flow conversion and a new management team.

The broker upgrades to Neutral from Sell and raises the target to $4.60 from $3.10.

Target price is $4.60 Current Price is $4.66 Difference: minus $0.06 (current price is over target).
If VOC meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.05, suggesting downside of -13.1% (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 WHC as Buy (1) -

With the prospect of Adani's Carmichael mine being approved in Queensland, Deutsche Bank believes the market should now be paying for Whitehaven Coal's growth.

The broker maintains a Buy rating with a $5.10 target.

Target price is $5.10 Current Price is $4.20 Difference: $0.9
If WHC meets the Deutsche Bank target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 20.2% (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

Morgan Stanley rates XRO as Overweight (1) -

The share price has risen more than 50% in the past year, yet Morgan Stanley remains positive. The broker believes signs of its bull case ($80 target) are starting to play out.

With accelerated growth offshore, the broker believes the next driver will be platform revenue. The company is extending its small business platform through the pursuit of complementary acquisitions.

Overweight rating maintained. Industry view is Attractive. Target is raised to $65 from $50.

Target price is $65.00 Current Price is $61.09 Difference: $3.91
If XRO meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $55.25, suggesting downside of -9.6% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: -0.3

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