Australian Broker Call

Morgan Stanley rates AHG as Underweight (5) -

The company has disposed of its 74% stake in Motorcycle Distributors Australia. The transaction values the whole business at $18m.

Morgan Stanley believes this is a positive move which should ease some concerns around elevated debt levels. The broker does not expect the sale to affect the bid by AP Eagers.

The broker maintains an Equal-weight rating and $2.20 target. Industry view: In Line.

Target price is $2.20 Current Price is $2.84 Difference: minus $0.64 (current price is over target).
If AHG meets the Morgan Stanley target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.34, suggesting downside of -17.7% (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

UBS rates AHG as Resume Coverage with Neutral (3) -

UBS lifts its restriction on coverage, given the board's unanimous recommendation of the AP Eagers ((APE)) offer. The broker notes, overall, the sales outlook for motor vehicles remains weak.

Australian new car sales continued to decline in May 2019, marking the 14th consecutive month of deterioration. UBS resumes coverage with a Neutral rating and raises the target to $2.78 from $1.80 previously.

Target price is $2.78 Current Price is $2.84 Difference: minus $0.06 (current price is over target).
If AHG meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.34, suggesting downside of -17.7% (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

Macquarie rates AJM as Underperform (5) -

Altura has provided an update to report record production in May. Sales in the quarter to date are a bit short of the broker's assumption but two more shipments are expected before end-June.

The ramp-up is progressing well and performance is improving but in a muted pricing environment the broker is still wary that further refinancing may be needed to meet upcoming interest obligations.

Underperform and 11c target retained.

Target price is $0.11 Current Price is $0.11 Difference: $0
If AJM meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -1.0

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

Macquarie rates AMC as Outperform (1) -

The Amcor-Bemis merger will be completed next week and NYSE trading will commence. The broker is positive on the new entity given the level of combined scale, synergies and free cash flow.

This justifies a premium multiple to global peers, and the broker believes Amcor's relative defensive earnings stream is attractive in uncertain markets. Target rises to $17.60 from $16.25, Outperform retained.

Target price is $17.60 Current Price is $16.18 Difference: $1.42
If AMC meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $16.19, suggesting upside of 0.1% (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: 0.6

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

Morgans rates APT as Add (1) -

The company has provided key metrics in its Australasian business, along with an update on its expansion in the US and UK. The main positive, for Morgans, was US business, which was substantially higher in terms of sales, merchants and customers in the second half.

The US net transaction margin is also improving month on month on the back of merchant fee income and stabilising losses as the business achieves scale. Morgans assesses the second half sequential sales growth of 10% in Australia is reasonably solid.

Morgans maintains an Add rating and raises the target to $25.96 from $20.47.

Target price is $25.96 Current Price is $24.15 Difference: $1.81
If APT meets the Morgans 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: 1.0

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

UBS rates ASG as Buy (1) -

UBS reduces estimates for earnings per share by -14% over the medium term. VFACTS data revealed May 2019 was one of the worst on record for the company. Audi remains strongly in negative territory with NSW down -49% and Queensland down -20%.

VW fell -10% in NSW and was down -26% in Queensland. BMW performed better, as Victoria was down -2% and NSW down -4%.

While reducing earnings forecasts, UBS retains a Buy rating, believing the new car cycle is nearing the bottom and there is underlying valuation support. Target is $1.30.

Target price is $1.30 Current Price is $1.20 Difference: $0.1
If ASG meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Deutsche Bank rates AZJ as Upgrade to Buy from Hold (1) -

Management is carrying out a structural review, including an assessment of the legal and capital structure. An update is expected at the FY19 results.

Deutsche Bank believes there is limited opportunity to gear up, given the cyclical nature of the resources sector, and there is greater upside from selling an equity stake in the network. The broker upgrades to Buy from Hold and raises the target to $5.40 from $4.80.

Target price is $5.40 Current Price is $5.20 Difference: $0.2
If AZJ meets the Deutsche Bank target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting downside of -7.4% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Ord Minnett rates BOQ as Lighten (4) -

Bank of Queensland has appointed George Frazis, formerly head of Westpac Banking Corp's ((WBC)) consumer bank, as the new CEO.

Ord Minnett believes the CEO has his work cut out ahead, particularly given the structural challenges in the owner-managed bank channel and revenue headwinds in the broader retail banking market. Lighten rating and $8.50 target maintained.

Target price is $8.50 Current Price is $9.49 Difference: minus $0.99 (current price is over target).
If BOQ 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 $8.74, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in August.

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

UBS rates CLW as Neutral (3) -

Charter Hall Long WALE has acquired three assets which will be predominantly funded by a $190m placement. UBS considers the deal marginally dilutive to earnings in isolation but upgrades estimates by 2-3% over the forecast period to reflect a lower cost of debt.

Neutral rating maintained. Target is raised to $4.90 from $4.33.

Target price is $4.90 Current Price is $5.05 Difference: minus $0.15 (current price is over target).
If CLW meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.84, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgans rates CMA as Downgrade to Hold from Add (3) -

Following strong appreciation in the security, Morgans downgrades to Hold from Add. The broker assesses the stock continues to offer an attractive yield which will appeal to income investors.

FY19 guidance is unchanged, comprising a distribution of 17.6c per security. On this basis a fourth quarter distribution of around 4.36c is expected. Target is raised to $2.64 from $2.51.

Target price is $2.64 Current Price is $2.74 Difference: minus $0.1 (current price is over target).
If CMA meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

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

Morgan Stanley believes disrupted Chinese albumin sales will prevail into FY20, albeit for a different reason versus FY19. As CSL moves to a direct distribution in China, the broker envisages associated sales disrupted for 6-8 months.

Assuming regulatory issues are resolved and the delay does not extend, the company should have greater control of future supply in China. Equal-weight retained. Target is raised to $182 from $179. Industry view: In line.

Target price is $182.00 Current Price is $203.20 Difference: minus $21.2 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $208.34, suggesting upside of 2.5% (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: 0.4

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

Macquarie rates DCN as Outperform (1) -

Compounding operational issues are one problem but poor reserve reconciliation has led Dacian Gold to materially downgrade production guidance and the five-year outlook for Mt Morgans. The broker did not expect the magnitude of the downgrade to be quite so large.

That said, the broker does not see Mt Morgans as being "fatally flawed" and believes the market can be more comfortable with the revised outlook, suggesting value at the current price. But it will nevertheless take time to restore investor confidence. Outperform retained, target falls to 70c from $3.00.

Target price is $0.70 Current Price is $0.38 Difference: $0.32
If DCN meets the Macquarie target it will return approximately 84% (excluding dividends, fees and charges).

Current consensus price target is $1.48, suggesting upside of 290.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Morgans rates GNX as Upgrade to Add from Speculative Buy (1) -

JPower, one of Japan's largest hydropower operators and developers, will acquire up to 20% of Genex Power and up to $25m following financial close of K2-H. The company has conditional approval on the bulk of its required funding and the main outstanding issue is a final investment decision from Energy Australia.

Morgans is now a lot more confident that project will proceed and, having upgraded to Speculative Buy from Hold in late May, now upgrades to Add. The broker raises the target to $0.35 from $0.29.

Target price is $0.35 Current Price is $0.27 Difference: $0.08
If GNX meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates ILU as Buy (1) -

Iluka has finalised a deal with the IFC whereby IFC will invest and aggregate US$60m and take a 10% stake in the Sierra Leone assets. This leads to a -1% decrease in the company's annual earnings estimate and a slight downward revision in valuation, Citi calculates. Buy rating and $11 target maintained.

In research into the implications of China restricting US access to rare earths Citi notes Iluka produced monazite from its Western Australian operations up until 1995. The broker estimates the monazite stockpile would now be around 500,000t.

The challenges in monetising this stockpile involve removing thorium at an economic cost as well as the scale of the market outside of China. The broker values the monazite stocks at $165m but carries a -50% discount to reflect the time value of potential sales.

Target price is $11.00 Current Price is $9.70 Difference: $1.3
If ILU meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $10.56, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Macquarie rates ILU as Neutral (3) -

As had been flagged, the International Finance Corporation has agreed to take a 10% stake in Sierra Rutile on the assumption Sembehun is developed, which the broker has already included in forecasts. Supply shortages suggest upside for the rutile price.

Iluka is also enjoying strength in iron ore prices via its Mining Area C (MAC) royalty from BHP Group ((BHP)). Forecasts would be much boosted were the broker to incorporate spot iron ore prices into its model. Neutral and $9.20 target retained.

Target price is $9.20 Current Price is $9.70 Difference: minus $0.5 (current price is over target).
If ILU meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.56, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates ILU as Overweight (1) -

An IFC investment and representative on the board of Sierra Rutile should help Iluka cope with a challenging jurisdiction, Morgan Stanley suggests.

IFC will commence with an investment of US$20m for a 3.57% stake, and a further US$40m will increase the stake to 10% if Iluka approves the construction of early works for the Sembehun project.

Overweight rating and Attractive industry view maintained. Target is $11.25.

Target price is $11.25 Current Price is $9.70 Difference: $1.55
If ILU meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $10.56, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in December.

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

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

The stock has risen materially since the federal election and over the past 6-12 months. This leads Ord Minnett to downgrade its rating to Hold from Accumulate and raise the target to $29 from $27.

JB Hi-Fi has reiterated FY19 guidance at a recent investor conference and the broker notes June 2018 will be a tough comparable period to cycle because of the FIFA World Cup, while category trends are more benign and competition is mixed.

Target price is $29.00 Current Price is $27.71 Difference: $1.29
If JBH meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $24.62, suggesting downside of -11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Macquarie rates KLL as Outperform (1) -

The broker has made adjustments for its Kalium Lakes valuation post capital raise and royalty assumptions in light of share price appreciation and WA government mineral rate reductions. Target rises to 90c from 80c.

The broker expects Kalium to pay solid dividends once Beyondie is in production given the cash flow expected from Stage 2. Outperform retained.

Target price is $0.80 Current Price is $0.60 Difference: $0.2
If KLL meets the Macquarie target it will return approximately 33% (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

Ord Minnett rates LLC as Accumulate (2) -

Ord Minnett notes the Victorian auditor general has published a review of Melbourne Metro. Lendlease is responsible for delivering some of the $11bn project.

The project is to be completed in FY24 and is the company's largest and most long-dated engineering contract.

While the report is no cause for alarm, Ord Minnett believes it does highlight some uncertainties surrounding this project. Therefore, the broker suspects the company may have difficulty finding a buyer for its engineering business.

Accumulate rating and $15.85 target maintained.

Target price is $15.85 Current Price is $12.99 Difference: $2.86
If LLC meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $15.57, suggesting upside of 19.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.9

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

Morgan Stanley rates NEA as Overweight (1) -

Nearmap has announced new products to be rolled out in Australia and the US. Morgan Stanley notes a track record of product releases that move the dial, with recent releases including panoramas and obliques which have generated meaningful incremental demand.

Both new capabilities, including artificial intelligence and a fully immersive 3D experience, have been alluded to previously. Commercialisation remains the key.

Overweight. Industry view is In-Line. Price target is $4.20.

Target price is $4.20 Current Price is $3.20 Difference: $1
If NEA meets the Morgan Stanley target it will return approximately 31% (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

Deutsche Bank rates ORI as Hold (3) -

Deutsche Bank considers the imposition of anti-dumping duties on ammonium nitrate exported from Sweden, Thailand and China is a longer-term positive for both Orica and Incitec Pivot ((IPL)).

This will place upward pressure on domestic ammonium nitrate prices and reduce the threat of cheap imports. However, Deutsche Bank does not expect this to have an immediate impact as the east coast market is largely contracted for between 3-5 years.

The duties are not expected to have much of an impact on the west coast as that market is likely to remain in surplus for at least the next three years. Hold rating and $18 target.

Target price is $18.00 Current Price is $20.69 Difference: minus $2.69 (current price is over target).
If ORI meets the Deutsche Bank target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.98, suggesting downside of -8.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Macquarie rates OSH as Outperform (1) -

PNG's new prime minister has said he will not change past agreements and will not implement major reforms until 2025. This suggests the Papua JV is safe, although the terms of the agreement are yet to be released.

More at risk is the yet to be signed P'nyang gas agreement which the broker suggests might be delayed and come with more onerous terms.

Target price falls to $8.60 from $9.50 but the broker believes Oil Search has been sold down too far on uncertainty, discounting the upside in expansion projects. Outperform retained.

Target price is $8.60 Current Price is $6.94 Difference: $1.66
If OSH meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $8.23, suggesting upside of 18.6% (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 REG as Underperform (5) -

Occupancy rates have continued to slip for Regis Healthcare in the second half. Given new facilities under development assume 100% occupancy, the actual number is probably lower than the 91.6% rate currently noted. The broker believes conditions are unlikely to abate given current flu trends.

Regulatory risks and industry conditions, including flu, are providing material challenges for the operator, the broker suggests. Given further downside risk, the broker retains Underperform. Target falls to $2.40 from $3.01.

Target price is $2.40 Current Price is $2.62 Difference: minus $0.22 (current price is over target).
If REG 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 $2.90, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates REG as Buy (1) -

The company has guided for second half operating earnings (EBITDA) to be broadly in line with the first half. For FY20, guidance is for normalised operating earnings of $105m.

Based on current conditions, Ord Minnett considers the -20% profit reduction implied by the FY20 guidance is rational. The broker still envisages a challenging 12 months ahead, including a potential appearance before the Royal Commission.

Buy rating maintained and the target is lowered to $3.00 from $3.50.

Target price is $3.00 Current Price is $2.62 Difference: $0.38
If REG meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.90, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates REG as Buy (1) -

The company has reduced FY19 guidance, indicating net profit will now be at the lower end of $47-51m. New FY20 guidance, $105m in operating earnings (EBITDA) and $38m in net profit, is below UBS estimates.

There has been a continued deterioration in group occupancy and the broker now expects this to be flat into FY20. UBS downgrades estimates for FY19 and FY20 by -4% and -28% respectively.

The broker maintains a Buy rating and reduces the target to $3.10 from $3.80. The broker believes the company's portfolio is still well-placed to leverage an improving demand profile over the next decade.

Target price is $3.10 Current Price is $2.62 Difference: $0.48
If REG meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.90, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Credit Suisse rates STO as Neutral (3) -

The company has provided more confidence in the commercial viability of Dorado, as Dorado-2 has presented similar quality reservoir characteristics to Dorado-1. The main risk was if there was no intersection with hydrocarbons at the Caley oil play, but this risk has now dissipated.

Credit Suisse increases the likelihood of development to 85%, and suspects further potential upside should reserves prove to be 50% more than current estimates. Neutral rating maintained. Target rises to $6.40 from $6.35.

Target price is $6.40 Current Price is $6.79 Difference: minus $0.39 (current price is over target).
If STO 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 $7.04, suggesting upside of 3.7% (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

Morgan Stanley rates STO as Overweight (1) -

Santos has announced the Dorado-2 exploration well has hit hydrocarbons and the discovery is larger than first thought. Morgan Stanley believes the market will start to de-risk this discovery.

At this point there is not enough information to quantify the size of Dorado. Overweight rating retained. Industry view: Attractive. Price target is $7.70.

Target price is $7.70 Current Price is $6.79 Difference: $0.91
If STO meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.04, suggesting upside of 3.7% (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

Ord Minnett rates STO as Buy (1) -

Santos has preliminary drilling results from the Dorado-2 appraisal well, confirming a large oil & gas resource intersecting multiple reservoirs. The drilling of a third well is likely to follow.

Ord Minnett currently includes a notional value for Dorado in its valuation of exploration assets. Buy rating and $7.50 target maintained.

Target price is $7.50 Current Price is $6.79 Difference: $0.71
If STO meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.04, suggesting upside of 3.7% (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

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

The share price has risen materially over the past 6-12 months and since the federal election and Ord Minnett downgrades to Hold from Accumulate, raising the target to $9.50 from $9.00.

The broker considers Super Retail is anchored by a strong and resilient automotive business while the consumer environment appears to be having less of an impact than previously feared.

Macpac is proving to be a strong performer although the turnaround in BCF is less certain.

Target price is $9.50 Current Price is $9.34 Difference: $0.16
If SUL meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $9.14, suggesting downside of -2.1% (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

Morgans rates VHT as Add (1) -

The company will acquire MRS Systems, which has a 20% market share in the mammography information systems sector in the US. The software is specifically designed for breast imaging clinics.

Morgans believes this will assist in driving average revenue per unit higher, as Volpara has 10m images in the cloud and adding MRS clinical data adds value.

A $55m capital raising will fund the acquisition price of $21.1m, with the balance for expansion and integration of the US sales and engineering teams. Add rating maintained. Target is reduced to $1.97 from $2.02.

Target price is $1.97 Current Price is $1.88 Difference: $0.09
If VHT meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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 VOC as Neutral (3) -

UBS observes details around the withdrawal of EQT are scant. The statement from Vocus did not preclude the potential for further bids and the broker assesses EQT's track record suggests it was most interested in the fibre/infrastructure assets, while the retail assets could be more suited to the other publicly-disclosed suitor, AGL Energy ((AGL)).

Regardless, absent M&A, the broker suggests the valuation is stretched and maintains a Neutral rating. Target is reduced to $3.85 from $4.60, now the EQT bid is withdrawn.

Target price is $3.85 Current Price is $3.82 Difference: $0.03
If VOC meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.94, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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