Australian Broker Call

Morgan Stanley rates 3PL as Initiation of coverage with Overweight (1) -

Morgan Stanley initiates on 3P Learning, envisaging it as a value play in software-as-a-service, with low expectations. The company is considered one of the more focused on near-term cash generation, which could result in margin expansion that surprises the market.

The broker initiates with an Overweight rating and $2.20 target. Industry view is In-Line.

Target price is $2.20 Current Price is $1.50 Difference: $0.7
If 3PL meets the Morgan Stanley target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $1.55, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Citi rates AGL as Neutral (3) -

Citi is cautious about Australian utilities because of macro and competitive headwinds that create uncertainty. These include any remaining political intervention risk, interest rates, the entry of Alinta into the market as well as commodity markets.

Aside from higher electricity prices, the broker envisages the headwinds may reduce earnings momentum or valuation. Neutral maintained. Target is reduced to $25.28 from $26.31.

Target price is $25.28 Current Price is $23.61 Difference: $1.67
If AGL meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $27.16, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Macquarie rates ALL as Outperform (1) -

Macquarie updates forecasts to include US tax benefits, an earlier close on the Big Fish transaction and the appreciation of the Australian dollar. The stock is the broker's preferred slot manufacturer as it has strong market share momentum in North America.

Estimates for earnings per share are upgraded by 1% and 6% for FY18 and FY19 respectively. Target price is raised to $26.35 from $24.89. Outperform.

Target price is $26.35 Current Price is $23.98 Difference: $2.37
If ALL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $26.98, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Morgan Stanley rates ANN as Overweight (1) -

Morgan Stanley envisages further re-rating if a clean result and greater visibility on growth drivers are provided at the first half results.

Positive manufacturing data from the US and inflection points in emerging markets give the broker confidence that the company can maintain organic growth at the upper end of guidance of 3-5%.

Rating is Overweight. Target is raised to $27.64 from $25.20. Sector view is In-Line.

Target price is $27.64 Current Price is $25.50 Difference: $2.14
If ANN meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $24.12, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.3

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

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

Citi is cautious about Australian utilities because of macro and competitive headwinds that create uncertainty. These include any remaining political intervention risk, interest rates, the entry of Alinta into the market as well as commodity markets.

For the regulated utilities, given the outlook is relatively benign and Citi is not materially bearish on interest rates, value appears to have emerged and APA is upgraded to Neutral from Sell. Target is raised to $8.18 from $8.01.

Target price is $8.18 Current Price is $8.01 Difference: $0.17
If APA meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $8.98, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Citi rates AST as Sell (5) -

Citi is cautious about Australian utilities because of macro and competitive headwinds that create uncertainty. These include any remaining political intervention risk, interest rates, the entry of Alinta into the market as well as commodity markets.

The broker continues to believe AusNet is expensive relative to its peers, based on the weaker cash flows and lower dividend growth, but acknowledges that successful tenders on renewables could provide upside to valuation.

Sell rating retained. Target falls to $1.54 from $1.70.

Target price is $1.54 Current Price is $1.68 Difference: minus $0.14 (current price is over target).
If AST meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.75, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Macquarie rates AZJ as Outperform (1) -

Macquarie observes, structurally, network utilisation during the December quarter was 65%, up 4% and the best result in five years. From an efficiency perspective volume per service increased at Blackwater and Newlands, reversing last years weakness.

Cliff Resources has announced it will accelerate the closure of its Western Australian mine, which was 11.5mtpa of iron ore haulage. The loss of the contract is disappointing for Aurizon, Macquarie concedes, but possibly accelerates the restructuring of the company's bulk business.

Target is reduced to $5.09 from $5.15. Outperform maintained.

Target price is $5.09 Current Price is $4.63 Difference: $0.46
If AZJ meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.71, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Citi rates BDR as Neutral (3) -

Dec Q production at Tucano was reasonable albeit short of the broker's forecast. Beadell feels it has turned a corner, the broker suggests, given 2018 production guidance is slightly above 2017 and a mid-year plan upgrade is expected to be positive. But the broker has been disappointed before.

Margins remain tight and the broker retains Neutral (High Risk). Target falls to 21c from 23c.

Target price is $0.21 Current Price is $0.16 Difference: $0.05
If BDR meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $0.21, suggesting upside of 29.2% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates BKY as Add (1) -

The company has drawn US$65m from the US$120m the Sultanate of Oman will invest to fully fund the development of the Salamanca uranium project. The initial component of the unsecured convertible notes can be converted at $0.83 each to 28% equity interest.

If fully subscribed and converted to equity the fund would hold 37% of the company's issued capital. Morgans maintains an Add rating and reduces the target to $1.18 from $1.29.

Target price is $1.18 Current Price is $0.89 Difference: $0.29
If BKY meets the Morgans target it will return approximately 33% (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

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

First half net profit grew 18.2% and full year guidance is confirmed at $62-64m, up 12-16%. Morgans considers the company's growth strategies provide a solid and visible earnings outlook over FY18-21.

Moreover, the group should be able to sustain a premium to historical PE given the growth profile as well as a substantial opportunity via the US business. Morgans upgrades to Add from Hold. Target is reduced to $23.60 from $23.80.

Target price is $23.60 Current Price is $21.39 Difference: $2.21
If CCP meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

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

First half net profit was slightly below Ord Minnett's forecast. The company has retained guidance for net profit in FY18 of $62-64m, representing 12-16% growth.

Ord Minnett is impressed by management's positioning of the company as well as the diversity of the business and notes, while the earnings outlook is robust, the recent strength in the share price means the stock is now trading much closer to a market multiple.

The broker downgrades to Hold from Accumulate. Target is raised to $22 from $21.

Target price is $22.00 Current Price is $21.39 Difference: $0.61
If CCP meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Credit Suisse rates CYB as Outperform (1) -

The first quarter trading update held few surprises for Credit Suisse. The broker views any weakness in the share price on the back of the softer first-quarter margin as a buying opportunity.

Outperform. Target is $6.00.

Target price is $6.00 Current Price is $5.66 Difference: $0.34
If CYB meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.45, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

This company reports in GBP. 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

Morgans rates CYB as Hold (3) -

The bank has reiterated FY18 and medium-term guidance, noting trading for the three months to December was in line with expectations. Morgans notes asset quality was a positive element of the update.

The broker continues to find the prospect of IRB accreditation the most interesting part of the investment thesis but remains mindful of the risk that conduct-related provisions will need to be strengthened.

Hold rating retained. Target rises to $5.09 from $5.00.

Target price is $5.09 Current Price is $5.66 Difference: minus $0.57 (current price is over target).
If CYB meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.45, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

This company reports in GBP. 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

Morgan Stanley rates DMP as Overweight (1) -

Dominoes UK has released a December quarter trading update. The performance was ahead of Morgan Stanley's expectations.

While some investors have cited aggregators as the driver of a slowing UK performance, the broker suspects it was more about execution problems and not structural pressures. Morgan Stanley believes the company can thrive in the same market with aggregators.

Overweight rating and Cautious industry view. Target is $60.

Target price is $60.00 Current Price is $47.64 Difference: $12.36
If DMP meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $48.10, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgan Stanley rates ELO as Initiation of coverage with Equal-weight (3) -

Elmo Software is probably the most scalable of the small software-as-a-service stocks and also most likely to require additional capital, which in Morgan Stanley's opinion was a key consideration behind the July 2017 IPO.

The broker initiates coverage with an Equal-weight rating and $5.15 target. Industry view is In-Line. The broker envisages almost zero upside to the base case and the valuation highly sensitive to assumptions around customer additions, cross selling and the impact of new modules.

Target price is $5.15 Current Price is $5.04 Difference: $0.11
If ELO meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Citi rates EVN as Buy (1) -

Evolution's Dec Q production and costs were in line with the broker. The sale of Edna May reduced production but also costs, which have fallen to a new low and thus increased confidence in reaching FY18 guidance.

The balance sheet is rapidly being deleveraged and brownfield exploration is proving successful, the broker notes. Buy retained, target rises to $3.05 from $2.90.

Target price is $3.05 Current Price is $2.82 Difference: $0.23
If EVN meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.64, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Credit Suisse rates EVN as Neutral (3) -

December quarter production was in line with Credit Suisse estimates.  The broker notes Ernest Henry is capitalising on elevated spot copper and posting record cash flow.

Neutral rating. Target is raised to $2.52 from $2.22.

Target price is $2.52 Current Price is $2.82 Difference: minus $0.3 (current price is over target).
If EVN meets the Credit Suisse target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.64, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Deutsche Bank rates EVN as Hold (3) -

The December quarter included some issues at Mt. Rawdon, but the production performance still met expectations, note Deutsche Bank analysts. FY18 guidance has remained unchanged.

Lower costs push up EPS and DPS forecasts. Hold rating retained, as well as the $2.40 price target.

Target price is $2.40 Current Price is $2.82 Difference: minus $0.42 (current price is over target).
If EVN meets the Deutsche Bank target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.64, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates EVN as Neutral (3) -

December quarter production was in line with Macquarie's expectations. The broker considers the company comfortably on track to deliver FY18 guidance.

Neutral rating and $3.00 target maintained.

Target price is $3.00 Current Price is $2.82 Difference: $0.18
If EVN meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.64, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Ord Minnett rates EVN as Buy (1) -

December quarter production was slightly below Ord Minnett's forecasts with the main miss at Mt Rawdon which experienced an extreme weather event. Despite this, costs were impressive and 13% better than the broker had forecast, driven by the company's three most important assets Cowal, Mount Carlton and Ernest Henry.

Buy rating retained. Target is $2.80.

Target price is $2.80 Current Price is $2.82 Difference: minus $0.02 (current price is over target).
If EVN meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.64, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

UBS rates EVN as Buy (1) -

Debt fell more than expected in the December quarter and UBS observes this was driven by lower total capital expenditure.

The broker's preference for the stock in the gold sector hinges on it delivering sector-leading cash flow. As this was achieved in the December quarter UBS continues to believe the stock will outperform.

Buy and $2.70 target retained.

Target price is $2.70 Current Price is $2.82 Difference: minus $0.12 (current price is over target).
If EVN 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 $2.64, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Morgans rates FDV as Add (1) -

The company finished 2017 strongly, with revenue well ahead of Morgans forecasts. Transaction revenue, mostly commission on the sale of new apartments, is expected to drive further double-digit growth in 2018.

The broker awaits the full financial statements on February 26 before revising forecasts. Add rating retained. Target rises to $0.92 from $0.82.

Target price is $0.92 Current Price is $0.76 Difference: $0.16
If FDV meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 FMG as Outperform (1) -

Credit Suisse notes price realisation was weaker and net debt higher in the December quarter, but not unexpected. The broker still assumes price realisation slowly returns to 85% in FY21, from 75% in FY19.

Nevertheless, the broker believes the journey will be bumpy over the next few months. Outperform rating and $5.75 target maintained.

Target price is $5.75 Current Price is $4.94 Difference: $0.81
If FMG meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.45, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.4

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

Deutsche Bank rates FMG as Hold (3) -

December quarter production was better than Deutsche Bank expected. FY18 guidance of 170mtpa is unchanged.

FY18 price realisation guidance of 70-75% is also unchanged, which the broker suggests implies a recovery in the June half stop

The broker maintains a Hold rating and $5.00 target.

Target price is $5.00 Current Price is $4.94 Difference: $0.06
If FMG meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.45, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.4

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

Macquarie rates FMG as Outperform (1) -

December quarter production was in line with Macquarie's forecasts but price realisation was weaker than expected. FY18 full year price realisation guidance has been maintained at 70-75% of the 62% benchmark.

Macquarie assumes low-grade discounts remain around current levels before rising towards the guidance range in the fourth quarter.

Outperform retained. Target is raised to $6.50 from $6.00.

Target price is $6.50 Current Price is $4.94 Difference: $1.56
If FMG meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $5.45, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.4

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

Ord Minnett rates FMG as Hold (3) -

December quarter shipments were ahead of Ord Minnett forecasts. Following recent changes to achieved price estimates the stock is trading broadly in line with valuation and this leads the broker to maintain a Hold rating.

Ord Minnett would become more positive at a lower entry point. Target is $5.50.

Target price is $5.50 Current Price is $4.94 Difference: $0.56
If FMG meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.45, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.4

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

UBS rates FMG as Buy (1) -

December quarter shipments were in line with UBS but down -8% quarter on quarter because of unscheduled maintenance in November. Realised pricing for the quarter was weaker than the broker expected.

Nevertheless, the company continues to target price realisation of 70-75% for FY18. UBS maintains a Buy rating with a view that the market is already pricing in high discounts for the longer term, and there is potential upside as the company embarks on a change of mine plan. Target is $5.30.

Target price is $5.30 Current Price is $4.94 Difference: $0.36
If FMG meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.45, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.4

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

Macquarie rates IEL as Outperform (1) -

Macquarie expects the changes to the assessment ranking for India to be positive for Australian international student enrolments. The government has altered the assessment ranking to a Level 2 "moderate risk" from Level 3 "high risk".

Macquarie upgrades FY19 estimates for earnings per share by 1.1%. Outperform retained. Target rises to $6.40 from $5.95.

Target price is $6.40 Current Price is $6.07 Difference: $0.33
If IEL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.57, suggesting downside of -8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Citi rates IFL as Buy (1) -

IOOF enjoyed another reasonably strong quarter of flows in the Dec Q, just shy of the broker's forecast. The broker continues to see reasonable value on a solid dividend yield and upside from incorporating the ANZ wealth acquisition, which could prove transformational.

Buy and $12.00 target retained.

Target price is $12.00 Current Price is $10.96 Difference: $1.04
If IFL meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $12.34, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Credit Suisse rates IFL as Outperform (1) -

Funds under management and administration were up 4% in the December quarter and in line with Credit Suisse expectations.

The stock is the broker's top pick in the diversified financial sector, as it carries the benefit of structural growth in the platform industry and management-driven initiatives.

Outperform retained. Target is $13.

Target price is $13.00 Current Price is $10.96 Difference: $2.04
If IFL meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $12.34, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Morgans rates IPD as Add (1) -

Revenue growth was modest in the December quarter, up 10%. Lymphoedema sales alone were up 14%.

Morgans observes the main catalysts over the next five months will be the publication of peer-reviewed papers detailing findings from the interim analysis of the PREVENT trial and FDA clearance of the SOZO bilateral tests.

Add rating retained. Target is $1.46.

Target price is $1.46 Current Price is $0.81 Difference: $0.65
If IPD meets the Morgans target it will return approximately 80% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

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

Credit Suisse suspects the story for Incitec Pivot could become more interesting mid year with more certainty on Gibson Island and Australian explosives contract losses, as well as a more realistic assessment of fertiliser prices.

Nevertheless, the broker finds the growth options not nearly as visible.

Rating is upgraded to Neutral from Underperform on share price weakness. Target is raised to $3.67 from $3.49.

Target price is $3.67 Current Price is $3.76 Difference: minus $0.09 (current price is over target).
If IPL meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.01, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

Credit Suisse rates NCM as Underperform (5) -

Cadia performed positively in the December quarter but Lihir disappointed Credit Suisse. A strong copper contribution suggests FY18 costs will be below guidance, as spot copper at US$3.20lb is materially above the assumption in guidance of US$2.40/lb.

Underperform and $18.20 target retained.

Target price is $18.20 Current Price is $22.49 Difference: minus $4.29 (current price is over target).
If NCM meets the Credit Suisse target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.72, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: -0.5

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

Deutsche Bank rates NCM as Sell (5) -

December quarter production was -6% below Deutsche Bank's estimates. FY18 production guidance is unchanged. Taking Lihir to 15mtpa for the life of the mine has increased the valuation by $0.44 per share, although the broker notes the reliability issues at the asset.

The broker expects extraction at Cadia will continue to ramp up as it pushes to 30mtpa by FY19. Sell rating and $20 target maintained.

Target price is $20.00 Current Price is $22.49 Difference: minus $2.49 (current price is over target).
If NCM meets the Deutsche Bank target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.72, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: -0.5

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

Macquarie rates NCM as Neutral (3) -

Gold production in the December quarter as well as costs were in line with Macquarie's expectations. Production guidance has been maintained at 2.4-2.6m ounces of gold and 80-90,000t copper.

Macquarie considers unlocking the full potential of Lihir a key catalyst. Neutral and $24 target retained.

Target price is $24.00 Current Price is $22.49 Difference: $1.51
If NCM meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $20.72, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: -0.5

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

Ord Minnett rates NCM as Hold (3) -

December quarter production was slightly below Ord Minnett's estimates, mainly from lower output at Lihir which related to unplanned maintenance.

The company has reiterated FY18 production and cost guidance but suspects costs could be below original guidance if spot copper prices hold up.

Hold rating retained. Target is $22.50.

Target price is $22.50 Current Price is $22.49 Difference: $0.01
If NCM meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $20.72, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: -0.5

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

UBS rates NCM as Sell (5) -

The December quarter was softer than UBS expected. Growth projects are expected to be pivotal in supporting the stock's multiple, as production is expected to decline quickly beyond 2020.

UBS considers long-term growth already priced in and it is imperative the company gets growth projects right. Sell rating and $13.40 target maintained.

Target price is $13.40 Current Price is $22.49 Difference: minus $9.09 (current price is over target).
If NCM meets the UBS target it will return approximately minus 40% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.72, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: -0.5

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

Morgan Stanley rates NEA as Initiation of coverage with Overweight (1) -

Morgan Stanley believes the company is capable of engineering a meaningful shift in market perceptions over the next 12-24 months. Two businesses are past the heavy investment phase and are producing much stronger free cash flow.

The broker envisages the company will grow revenue at a rate of 30% per annum in FY17-20. Morgan Stanley initiates coverage with an Overweight rating and $1.30 target. Industry view is In-Line.

Target price is $1.30 Current Price is $0.71 Difference: $0.59
If NEA meets the Morgan Stanley target it will return approximately 83% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Citi rates NVT as Neutral (3) -

Navitas' result missed the broker. While the company has done well in its 2017 contract renewal cycle, the broker suggests, and a ramp-up in free cash flow is imminent, it's too early to be more excited given a return to earnings growth is unlikely before FY19.

Neutral retained, target rises to $4.90 from $4.80.

Target price is $4.90 Current Price is $4.68 Difference: $0.22
If NVT meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.65, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

Credit Suisse rates NVT as Underperform (5) -

First half operating earnings dropped -12%. Results were better than expected from the SAE and professional & English divisions, which offset an -11% decline in university partnerships earnings.

Credit Suisse finds a lot of moving parts in the stock, and all are negative. The broker downgrades FY18 estimates for earnings per share by -14%.

Underperform rating retained. Target reduced to $4.00 from $4.35.

Target price is $4.00 Current Price is $4.68 Difference: minus $0.68 (current price is over target).
If NVT meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.65, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

Deutsche Bank rates NVT as Hold (3) -

First half results were lower than Deutsche Bank expected. Heading into the second half the broker expects minimal impact from closures in university partnerships. On this basis, operating earnings growth of around 12% is expected in the second half.

Deutsche Bank believes the PEP and SAE divisions now present the greater near-term risk. Hold rating retained. Target is reduced to $4.40 from $4.50.

Target price is $4.40 Current Price is $4.68 Difference: minus $0.28 (current price is over target).
If NVT meets the Deutsche Bank target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.65, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

Macquarie rates NVT as Neutral (3) -

First half results were weaker than Macquarie expected. Headline operating earnings were affected negatively by closed colleges and the Edith Cowan conversion, as well as AMEP.

Macquarie notes a clear divergences in the performance of the two divisions, with university partnerships largely driving growth.

Neutral rating retained. Target is reduced to $4.80 from $4.92.

Target price is $4.80 Current Price is $4.68 Difference: $0.12
If NVT meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.65, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

UBS rates NVT as Neutral (3) -

Net profit in the first half came in -12% below UBS expectations. While Australia and Germany SAE enrolments performed well this was offset by weakness in other geographies.

Continued delays to new course accreditation in the US pushes out the SAE margin expansion, in the broker's opinion. UBS reduces FY18-20 estimates for earnings per share by -4-9%.

Neutral retained. Target is reduced to $4.75 from $5.00.

Target price is $4.75 Current Price is $4.68 Difference: $0.07
If NVT meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.65, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.2

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

UBS rates NWL as Initiation of coverage with Sell (5) -

UBS believes the company is well-positioned to grow its share of Australia's retail wealth platform market. While flows continued to impress over the first half the broker finds the quality more questionable, given less than 50% is estimated to attract administration fees.

UBS considers the value risks are skewed to the downside and initiates coverage with a Sell rating and $5.55 target.

Target price is $5.55 Current Price is $6.04 Difference: minus $0.49 (current price is over target).
If NWL meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.03, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Citi rates ORG as Neutral (3) -

Citi is cautious about Australian utilities because of macro and competitive headwinds that create uncertainty. These include any remaining political intervention risk, interest rates, the entry of Alinta into the market as well as commodity markets.

The broker continues to be attracted to the company's earnings growth and de-gearing but at the current share price considers the stock fairly valued. Neutral maintained. Target rises to $10.02 from $8.97.

Target price is $10.02 Current Price is $9.25 Difference: $0.77
If ORG meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.52, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Morgan Stanley rates ORG as Overweight (1) -

The company has confirmed media reports that it plans to reduce employees in its integrated gas division by around 650, and around 500 of the redundancies will be implemented by April.

The restructuring is part of the previously-advised cost reduction plans and not a new initiative and affects, primarily, middle office roles. This adds conviction to Morgan Stanley's investment thesis, which is, in part, based on achieving cost reduction targets.

Overweight rating. Target is $10.88. Industry view: Cautious.

Target price is $10.88 Current Price is $9.25 Difference: $1.63
If ORG meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $9.52, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Citi rates PRU as Buy (1) -

Despite increased production, Perseus missed the broker's Dec Q forecast due to lower grades. Grade variability could jeopardise a return to consistent production, the broker warns.

The broker remains cautiously optimistic on the Edikan turnaround story and notes Sissingue is on schedule. Buy (High Risk) retained. Target rises to 57c from 55c.

Target price is $0.57 Current Price is $0.43 Difference: $0.14
If PRU meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $0.48, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Credit Suisse rates PRU as Outperform (1) -

Credit Suisse notes first production at Sissingue has come one month early and is a significant milestone, as the company seeks to become a multi-asset miner with a diversified cash flow.

Exploration upside is expected to extend the five-year mine life and improve already robust returns. Outperform rating retained. Target is $0.69.

Target price is $0.69 Current Price is $0.43 Difference: $0.26
If PRU meets the Credit Suisse target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $0.48, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

Deutsche Bank rates QBE as Sell (5) -

As the new CEO wipes the slate clean, Deutsche Bank analysts are talking about "a step in the right direction". They have, however, not changed the Sell rating or $10 price target.

As a matter of fact, the standing Sell rating is hereby reiterated. Deutsche Bank's motivation lays behind the observation that QBE remains overly complex, with limited visibility on underlying earnings. Consequently, note the analysts, the insurer has consistently under-delivered relative to its cost of equity.

Both EPS and DPS estimates have been reduced.

Target price is $10.00 Current Price is $10.77 Difference: minus $0.77 (current price is over target).
If QBE meets the Deutsche Bank target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.92, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in December.

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 RRL as Sell (5) -

Regis' Dec Q production was in line with expectations. 2018 offers potential catalysts in the form of exploration at Duketon and feasibility studies at McPhillamys but on the broker's gold price forecast, the stock is simply too expensive.

Sell and $3.80 target retained.

Target price is $3.80 Current Price is $4.09 Difference: minus $0.29 (current price is over target).
If RRL meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.62, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

Credit Suisse rates RRL as Neutral (3) -

December quarter production was a record, amid ongoing success with exploration at Duketon and McPhillamys. FY18 guidance is retained at 335-365,000 ounces and Credit Suisse expects the company to reach the mid to upper end of that range.

The broker believes the company's strategy of supplementing bulk base feed with ore from higher grade, smaller satellites is highly successful and accretive. Neutral rating and $3.85 target maintained.

Target price is $3.85 Current Price is $4.09 Difference: minus $0.24 (current price is over target).
If RRL meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.62, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

Ord Minnett rates RRL as Hold (3) -

December quarter production was slightly ahead of Ord Minnett's forecasts. The broker notes underground resource drilling at Rosemont continues to improve knowledge and the possibility of an underground development.

McPhillamys continues to progress and a final tailings storage location is expected in the current quarter, although the broker is concerned by the delays to the study.

Hold rating retained. Target is $3.70.

Target price is $3.70 Current Price is $4.09 Difference: minus $0.39 (current price is over target).
If RRL meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.62, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

Citi rates SEH as Buy (1) -

December quarter production was in line with expectations. The company has signed a joint study agreement with CUCBM for two onshore tight gas exploration blocks.

Citi suspects development could be material if the acreage is analogous to the company's SJB/LX operations, although funding may be a problem if appraisal/development occurs in parallel. Buy/High Risk. Target reduced to $0.31 from $0.32.

Target price is $0.31 Current Price is $0.17 Difference: $0.14
If SEH meets the Citi target it will return approximately 82% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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

Citi rates SFR as Downgrade to Sell from Neutral (5) -

Sandfire's Dec Q was solid, featuring an increase in copper production. This result and a grade increase in the second half should ensure guidance is met, Citi suggests. However the market is factoring in too much exploration success for the broker's liking.

With DeGrussa upside already priced in, Citi downgrades to Sell. Target falls to $6.80 from $7.10.

Target price is $6.80 Current Price is $7.20 Difference: minus $0.4 (current price is over target).
If SFR 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 $6.85, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Credit Suisse rates SFR as Neutral (3) -

December quarter production was in line with expectations and full year guidance has been confirmed. Credit Suisse notes the Monty decline is ahead of schedule and significant progress has been made on Black Butte permits.

Neutral rating and $5.60 target maintained.

Target price is $5.60 Current Price is $7.20 Difference: minus $1.6 (current price is over target).
If SFR meets the Credit Suisse target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.85, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Deutsche Bank rates SFR as Buy (1) -

December quarter copper production was ahead of Deutsche Bank's estimates. Mill throughput lifted 5% to a record 437,000t. Gold production fell  -24% on lower grades.

Deutsche Bank lowers FY18-20 forecast for earnings per share by around -1%. Buy and $8.20 target retained.

Target price is $8.20 Current Price is $7.20 Difference: $1
If SFR meets the Deutsche Bank target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.85, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Macquarie rates SFR as Neutral (3) -

Macquarie observes DeGrussa production was solid in the December quarter and cost guidance for FY18 is unchanged. The mine continues to generate strong cash flow and the broker expects the company to build its cash position over the next three years.

The ability to make new discoveries that could extend the life beyond FY21 remains a key catalyst.  Neutral maintained. Target is reduced -3% to $7.60.

Target price is $7.60 Current Price is $7.20 Difference: $0.4
If SFR meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.85, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgans rates SFR as Hold (3) -

December quarter production was solid and Morgans is impressed by the cash accumulation. 

Nevertheless, the broker believes the investment appeal will increasingly rely upon near-mine exploration success at DeGrussa, development progress at Black Butte, or an external acquisition.

Hold rating maintained. Target rises to $6.67 from $6.37.

Target price is $6.67 Current Price is $7.20 Difference: minus $0.53 (current price is over target).
If SFR meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.85, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Ord Minnett rates SFR as Hold (3) -

December quarter production was broadly in line with Ord Minnett forecasts and FY18 guidance is maintained. The broker suggests a lack of mine life at DeGrussa will limit the investment appeal.

The broker would become more positive, either at a lower entry point for the stock, or when there is greater confidence in additional reserves as well as a go-ahead for Black Butte.

Hold maintained. Target is $7.

Target price is $7.00 Current Price is $7.20 Difference: minus $0.2 (current price is over target).
If SFR meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.85, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

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

Citi is cautious about Australian utilities because of macro and competitive headwinds that create uncertainty. These include any remaining political intervention risk, interest rates, the entry of Alinta into the market as well as commodity markets.

For the regulated utilities, given the outlook is relatively benign and Citi is not materially bearish on interest rates, value appears to have emerged. The broker prefers Spark Infrastructure in this segment and upgrades to Buy from Neutral. Target is reduced to $2.55 from $2.60.

Target price is $2.55 Current Price is $2.29 Difference: $0.26
If SKI meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.55, suggesting upside of 11.3% (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

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

Varian Medical Systems has offered $28 cash per share for the stock, which has been recommended by the board. Shareholders will be able to vote on the scheme at a meeting scheduled in May.

The offer represents a 49% premium to the January 29 closing price of the stock. Morgan Stanley suspects that Varian will add complementary marketing power to SirSpheres as well as greater resources to pursue label expansion.

Equal-weight rating, In-Line industry view retained. Target is $17.70.

Target price is $17.70 Current Price is $27.48 Difference: minus $9.78 (current price is over target).
If SRX meets the Morgan Stanley target it will return approximately minus 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.99, suggesting downside of -30.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

UBS rates SRX as Buy (1) -

The company has entered into an agreement with Varian Medical Systems whereby Varian will acquire the stock at $28 a share, cash.

The offer represents a 14.7% premium to the UBS price target and a 49% premium to the last closing price. The board unanimously recommends the offer to shareholders.

Target is $24.40. Buy retained.

Target price is $24.40 Current Price is $27.48 Difference: minus $3.08 (current price is over target).
If SRX meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.99, suggesting downside of -30.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Credit Suisse rates SYR as Outperform (1) -

The December quarter was transformational for the company, Credit Suisse observes, as it moves to producer from developer. Balama has been successfully commissioned and the company has announced additional offtake to an increasingly diverse customer base.

Outperform rating and $6.60 target maintained.

Target price is $6.60 Current Price is $3.94 Difference: $2.66
If SYR meets the Credit Suisse target it will return approximately 68% (excluding dividends, fees and charges).

Current consensus price target is $4.97, suggesting upside of 26.1% (ex-dividends)

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

Deutsche Bank rates SYR as Buy (1) -

On the back of the December quarter report Deutsche Bank reduces production forecasts in 2018 by -7%. The company expects costs to be below US$400/t by the end of the year. Balama is operational and first sales have been shipped, representing key milestones.

The company has locked in several new sales agreements and an agency agreement for distribution in India, but has indicated initial basket pricing has been below the inferred basket price quoted by third parties. Deutsche Bank assumes discounting continues throughout 2018.

Buy rating retained. Target is reduced to $4.70 from $4.90.

Target price is $4.70 Current Price is $3.94 Difference: $0.76
If SYR meets the Deutsche Bank target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.97, suggesting upside of 26.1% (ex-dividends)

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

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

The company is taking slightly longer to become positive on cash flow as revisions to its ramp-up plans are driving delays. Balama is now expected to be cash flow positive early in the second half versus the first half on previous estimates.

Costs are also slightly higher. The broker notes the signing and sanctioning of the mining agreement is still pending.

Equal-weight retained. Target is $3.75. Industry view is Attractive.

Target price is $3.75 Current Price is $3.94 Difference: minus $0.19 (current price is over target).
If SYR meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.97, suggesting upside of 26.1% (ex-dividends)

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

UBS rates SYR as Buy (1) -

Capital costs for Balama increased again in the December quarter but the company is planning to deliver the costs at less than US$400/t by the end of 2018.

While the mining agreement is yet to be signed and sanctioned, UBS does not envisage this limiting production as required permits are in place. Buy rating retained.Target is $4.60.

Target price is $4.60 Current Price is $3.94 Difference: $0.66
If SYR meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.97, suggesting upside of 26.1% (ex-dividends)

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

Citi rates TWE as Sell (5) -

In an initial response, Citi analysts acknowledge the reported interim financials look very strong. As the company itself is cautioning investors should not simply extrapolate into the future, the analysts anticipate only mild upgrades to market forecasts.

Treasury Wines is changing distribution in the US, with 25% of US customers to be supplied directly (i.e. no more distributors in between), the analysts see a short term boost to margin, but also risk for disruption.

Citi analysts also observe commercial wines are falling in price, while the luxury segment is still growing, but the net effect is negative for the company. Citi likes to point out that investors should not dismiss the risks that are now becoming apparent. Sell rating retained as target price remains $10.90.

Target price is $10.90 Current Price is $17.25 Difference: minus $6.35 (current price is over target).
If TWE meets the Citi target it will return approximately minus 37% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.78, suggesting downside of -14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Macquarie rates VRL as Underperform (5) -

Macquarie found the FY18 trading update weak. Underlying net profit guidance is revised to a range of $12-17m. Theme parks are the driver of downgrades and conditions are observed to be challenging.

The bright spot, in the broker's opinion, is the de-leveraging story. Nevertheless, the broker is underwhelmed and considers the valuation elevated with limited near-term catalysts. Underperform maintained. Target is reduced to $3.30 from $3.50.

Target price is $3.30 Current Price is $3.61 Difference: minus $0.31 (current price is over target).
If VRL meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.64, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Ord Minnett rates WBC as Upgrade to Accumulate from Hold (2) -

Capital management is an emerging theme and this should assist Ord Minnett's preferred banking stocks - Westpac and ANZ ((ANZ)). Westpac is upgraded to Accumulate from Hold.

The sector faces challenges, such as competitive threats and stretched households, but the broker believes a strong market structure and improving economic environment will allow the banks to manage the pressures. Target is raised to $33.10 from $33.00.

Target price is $33.10 Current Price is $31.07 Difference: $2.03
If WBC meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $33.53, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.6

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

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

Morgans considers Wagners a business that is able to grow and shrink with each phase of the construction cycle in its home market of Queensland. The business will unlock growth from its re-entry into the fixed concrete and aggregates segment, following an end to a five-year non-compete provision.

The broker initiates coverage with a Add rating and $4.21 target. Supported by strong profitability and a conservative balance sheet the broker envisages the stock as an attractive exposure to improving construction activity on the east coast.

Target price is $4.21 Current Price is $3.90 Difference: $0.31
If WGN meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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