Australian Broker Call

Morgan Stanley rates AD8 as Overweight (1) -

Audinate Group’s trading continues to improve post-covid, observes Morgan Stanley with US$7m in third quarter revenues setting a new quarterly record. The broker notes the result was driven by continued strength of chips, cards and modules.

Going ahead, a demand rebound in higher education and corporate is expected to drive the results, suggests Morgan Stanley.

The rating is Overweight with a target of $10. Industry view: In-line.

Target price is $10.00 Current Price is $8.05 Difference: $1.95
If AD8 meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $10.03, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

UBS rates AD8 as Buy (1) -

Audinate Group displayed further evidence of its V-shaped recovery by reporting 3Q21 revenue of US$7.0m (an 11% beat versus UBS' US$6.3m), which represented 31% year-on-year growth and 19% growth quarter-on-quarter (up from the 2Q21 qoq growth of +13%).

UBS believes Audinate is continuing to extend its lead over competing offerings, deepening its competitive moat and also placing the business in a strong position to replicate the (solid digital AV offering) opportunity in video.

UBS has left 4Q21 forecast unchanged at US$6.6m, but the broker highlights potential upside risk to forecasts. The net impact increases revenue by 3% in FY21 and 1% in FY22-23.

The Buy rating is unchanged with the target rising to $10.40 from $10.10.

Target price is $10.40 Current Price is $8.05 Difference: $2.35
If AD8 meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $10.03, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgan Stanley rates ALL as Overweight (1) -

Eilers-Fantini Central Game Performance Database (GPD) collects and tracks relative slot machine performance data by individual North American casinos on a monthly basis. In March 2021, 184 casinos participated with data from circa 161k slot machines.

According to the report, Aristocrat Leisure's premium leased games generated about 2.6 times the zone average theoretical net win in March 2021, well ahead of key competitors.

Morgan Stanley notes Aristocrat Leisure's games account for 17 of the top 25 performing premium leased games in the North American participation gaming market.

The broker also highlights the company's casino-owned games generated about 1.1 times the zone average theoretical net win in March 2021, while Aristocrat's Class II games generated almost 1.2 times the zone average theoretical net win, both ahead of  competitors.

Morgan Stanley retains an Overweight rating and $38 target. There is no industry rating.

Target price is $38.00 Current Price is $36.86 Difference: $1.14
If ALL meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $37.20, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

UBS rates ALL as Buy (1) -

UBS Evidence Lab social gaming and social casino data indicate that Aristocrat Leisure's digital business grew at around 30% over the 1H to March 2021.

The social gaming business grew by 35-40% year-on-year (y/y), with Evermerge gaining share for the 5th consecutive month and reaching 1% revenue share.

On the social casino side, growth is tracking up 20-25% y/y for the half. Buy rating and $35.50 target retained.

Target price is $35.50 Current Price is $36.86 Difference: minus $1.36 (current price is over target).
If ALL 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 $37.20, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Citi rates AMP as Neutral (3) -

Citi lowers the target price to $1.25 from $1.60 as first quarter cash flows were a little weaker than expected. Only the North platform
attracted net inflows, and these were down on the pcp. The Neutral rating is maintained.

More importantly for the broker is the future Australian wealth management (AWM) strategy and whether the deal for AMP Capital can be agreed with Ares.

While AMP Capital still has a healthy $4bn pipeline, higher-than-expected external outflows and asset disposals saw assets under management (AuM) drop a greater-than-expected -1.7%, explains the analyst.

Target price is $1.25 Current Price is $1.13 Difference: $0.12
If AMP meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.36, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

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

Credit Suisse notes AMP's first quarter flows show the overall trends remain negative with outflows across the board. Flows and loan growth were below the broker's expectation in all divisions.

Earnings forecasts have been downgraded by -0-2% in FY21-23 led by downgrades in AMP Capital, the bank and in New Zealand. Only Wealth received upgrades which was due to a FuA beat on higher market movements

Credit Suisse is research restricted and cannot provide a rating or target for AMP.

Current Price is $1.13. Target price not assessed.

Current consensus price target is $1.36, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgan Stanley rates AMP as No Rating (-1) -

AMP's March quarter continued outflows across the whole business. Outflows were higher than Morgan Stanley expected in AMP Capital Multi-Asset (AMPCI) and New Zealand although lower in Australian Wealth.

AMPCI saw net outflows of -$2.9bn or almost 3 times more than last year and worse than -$1.9bn expected by Morgan Stanley. External flows were -$1.3bn versus $1.3bn last year with AMP citing outflows and divestments in closed-end funds. 

Industry view: In-line. Morgan Stanley is currently restricted and offers no target or rating.

Current Price is $1.13. Target price not assessed.

Current consensus price target is $1.36, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgans rates AMP as Hold (3) -

Morgans identifies net outflows still remain across the AMP franchise after a first quarter funds flow and asset under management (AUM) update. A recent trend of negative external net flows in AMP Capital (AC) is viewed as a concern.

The broker explains some of the outflows were due to the sale of the Global companies capability and the Public Markets business. Morgans lowers FY21 and FY22 EPS forecasts by -8% and -9% on reduced forecasts for AC FUM and fund flows.

The Hold rating is maintained due to a myriad of existing risks. The target is lowered to $1.25 from $1.49 after the analyst sets a -10% discount to valuation on the uncertainties.

Target price is $1.25 Current Price is $1.13 Difference: $0.12
If AMP meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.36, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Ord Minnett rates AMP as Hold (3) -

AMP's March-quarter cash flows were broadly in line with Ord Minnett's forecasts. The main uncertainty, highlights the broker, remains around the outcomes relating to the AMP Capital Investors (AMP CI) business.

The broker prefers to maintain its Hold recommendation and target price of $1.35.

Target price is $1.35 Current Price is $1.13 Difference: $0.22
If AMP meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.36, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

UBS rates AMP as Neutral (3) -

Don't be fooled by that Neutral rating and $1.45 price target; UBS is not a big fan of the AMP-represents-value thesis. Nor is the broker on board with management who's retaining a positive outlook.

Following the latest announcement that nobody, Ares included, seems to be interested in buying AMP, or its parts, the board is now planning to spin-off AMPC Private Markets and UBS is very sceptical about what it means for long time suffering shareholders.

Those shareholders, the broker assures, will now have to fund separation costs, the removal of stranded costs, the pay down of debt and likely another major cost out program.

Currently, AMP shares are trading at a -50% PE discount to the market, UBS observes, but that rating is not changing.

Target price is $1.45 Current Price is $1.13 Difference: $0.32
If AMP meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.36, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgans rates ANZ as Add (1) -

Morgans expects the upcoming round of major bank reporting to surprise on the upside and predicts increasing confidence in the outlook for asset quality, dividends and capital management.

The outlook is being supported by improving system home loan growth and covid-related fee waivers coming to an end. Additionally, a contraction of credit spreads is creating tailwinds for markets and treasury income. 

Morgans' preferred pick in the sector is now ANZ Bank. The broker lifts cash EPS forecasts for FY21-23 by 6.5%, 8.9% and 8.2%, respectively. This is largely due to lower credit impairment charge forecasts.

The Add rating is maintained and the target price is increased to $33.50 from $31. The first half result is due on May 5.

Target price is $33.50 Current Price is $28.58 Difference: $4.92
If ANZ meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $28.91, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.9

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

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

Citi lowers the rating to Neutral from Buy and the target price to $1.35 from $1.50 as FY21-23 EPS forecasts fall by -12% to -15%, to reflect a lower-than-expected first half result. Management guided to FY21 earnings (EBIT) of $75m, implying 2H earnings of $43m.

The broker explains the result was negatively impacted by the lockdowns and closures of Priceline stores (without a pharmacy) and ClearSkin clinics across Australia. The Consumer Brands division was impacted by the drop in demand for cold and flu products.

Target price is $1.35 Current Price is $1.34 Difference: $0.01
If API meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.33, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Credit Suisse rates API as Neutral (3) -

Australian Pharmaceutical Industries reported first half operating income of $32m, below Credit Suisse's $36.3m estimate and down -26% year on year, impacted by a weak retail environment in the middle of covid. The cash flow was weak and an interim dividend of 1.5c was declared.

The wholesale distribution industry tailwinds from the seventh community pharmacy agreement (7CPA) that increased the positive skincare industry tailwinds is not considered enough by the broker to offset the weak retail and manufacturing sales plus higher costs.

Efficiency savings from automation in Australian Pharmaceutical Industries' new Sydney ditribution centre is not expected online until FY23. Also, with almost 50% of Clear Skincare clinics still ramping up to profitable levels, Credit Suisse sees further near-term earnings pressure. 

The Neutral rating is unchanged and the target price rises to $1.25 from $1.05.

Target price is $1.25 Current Price is $1.34 Difference: minus $0.09 (current price is over target).
If API meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.33, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Macquarie rates API as Outperform (1) -

Australian Pharmaceutical Industries' first half result was materially affected by covid, the broker notes, with Priceline sales down -11% due to lower foot traffic. But as consumers return to stores and CBD offices begin to refill, Macquarie believes upside is on offer from here.

Upside is also on offer from the acquired Clear Skincare business building scale. The broker believes the market has already priced in the covid impact and retains Outperform, with its target down to $1.45 from $1.47.

Target price is $1.45 Current Price is $1.34 Difference: $0.11
If API meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.33, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

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

Morgan Stanley highlights tough business conditions in A&NZ led by China's low export sales (due to lack of travel and students) and the lack of a local flu season.

Blackmores has outlined a new M&A framework that suggests expansion opportunities in the practitioner channel and Europe/North America.

Capex spend will accelerate from the second half of 2022, notes the broker, with the majority to be in IT and digital as well as supply chain investments.

The company has strengthened its existing free trade zone partnerships, highlights Morgan Stanley, to avoid cross-market partnership challenges. Lastly, market entry in India has been delayed by covid.

Morgan Stanley retains an Equal-weight rating and $70 target. Industry view is Attractive.

Target price is $70.00 Current Price is $80.60 Difference: minus $10.6 (current price is over target).
If BKL meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $73.95, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.2

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

Citi rates BXB as Buy (1) -

It is Citi's observation Brambles posted a positive quarterly update yesterday with the company predicting margin expansion in the face of rising input inflation.

It is the analysts' belief Brambles still has some near term issues to overcome, but also that yesterday's update brings the market one step closer to restoring its confidence in the quality of the business and subsequently its historic multiple premium.

No double guessing as to why the rating remains Buy.

Target price is $12.89 Current Price is $10.66 Difference: $2.23
If BXB meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $12.04, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.8

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

Credit Suisse rates BXB as Outperform (1) -

Brambles' sales revenue was up 6% to US$3,794m, notes Credit Suisse, which is at the top end of the sales revenue growth guidance of 4-6%. Credit Suisse highlights growth came from a mixture of volume and price growth.

The operating income growth guidance remains unchanged but is below the broker's forecast at 9%. This is reasonable, suggests the broker, given the lingering uncertainty from the pandemic.

Outperform retained. Target falls to $12.15 from $12.50.

Target price is $12.15 Current Price is $10.66 Difference: $1.49
If BXB meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $12.04, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.8

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

Morgan Stanley rates BXB as Overweight (1) -

Brambles' group revenue grew 6% for the nine months to March. Tha company's guidance is maintained at 4-6% revenue growth and 5-7% profit growth.

Overweight. Target is $12.40. Industry view is In-Line.

Target price is $12.40 Current Price is $10.66 Difference: $1.74
If BXB meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $12.04, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.8

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

Morgans rates BXB as Add (1) -

Morgans remains comfortable with a 5% growth forecast for the full year after a third quarter trading update largely in-line with expectations. The Add rating is maintained and the target price is increased to $12.11 from $12.10.

Management has maintained FY21 guidance (constant currency) for sales growth of between 4-6%. Despite higher input costs the company has also retained underlying earnings (EBIT) growth guidance of between 5-7%.

Target price is $12.11 Current Price is $10.66 Difference: $1.45
If BXB meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $12.04, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.8

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

Morgans rates CBA as Reduce (5) -

Morgans expects the upcoming round of major bank reporting to surprise on the upside and predicts increasing confidence in the outlook for asset quality, dividends and capital management.

The outlook is being supported by improving system home loan growth and covid-related fee waivers coming to an end. Additionally, a contraction of credit spreads is creating tailwinds for markets and treasury income. 

Morgans views Commonwealth Bank of Australia as expensive and expects further underperformance relative to peers over coming months. The third quarter trading update is due on May 13.

The broker lifts cash EPS forecasts for FY21-23 by 10.9%, 8.3% and 8.1% respectively. This is largely due to lower credit impairment charge forecasts. The Reduce rating is maintained and the target price is increased to $72 from $68.

Target price is $72.00 Current Price is $89.14 Difference: minus $17.14 (current price is over target).
If CBA meets the Morgans target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $81.29, suggesting downside of -8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.3

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

Ord Minnett rates CIP as Buy (1) -

Ord Minnett has updated the Centuria Industrial REIT's model post the acquisition of 29 Penelope Crescent, Arndell Park.

The trust booked an 8% rise in valuations in the March quarter and the broker expects more given the exceptionally strong investor demand for Australian industrial assets.

As Unsurprisingly, Centuria Industrial is among the broker's favourite ways to play the industrial property theme.

Buy recommendation and a price target of $3.90.

Target price is $3.90 Current Price is $3.46 Difference: $0.44
If CIP meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.49, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgans rates COF as Add (1) -

A third quarter trading update revealed that leasing activity has resulted in occupancy increasing to 92.3% from 91.5% at December. DPS guidance of 16.5 cents was maintained.

Management tightened FY21 funds from operations (FFO) guidance to the top end of the range between 19.7 to 19.9 cents. The Add rating is maintained and the target is increased to $2.33 from $2.31.

While uncertainty remains around near-term leasing outcomes and potential valuation impacts, Morgans calculates the stock is trading at a -15% discount to net tangible assets.

Target price is $2.33 Current Price is $2.09 Difference: $0.24
If COF meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.16, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Macquarie rates CTD as Neutral (3) -

Corporate Travel Management posted an earnings loss in the March quarter but achieved breakeven in the month of March and expects a return to positive earnings in the June quarter. A&NZ booking levels (domestic & international) rose to 85% of 2019 levels in the period.

North America & Europe bookings are tracking only 70% and Asia is lower still, but unquantified. The company has nevertheless posted record client wins in all regions, the broker notes, despite ongoing covid risk and assumed lower levels of international travel post-covid.

Neutral retained, target rises to $20.05 from $18.65.

Target price is $20.05 Current Price is $20.53 Difference: minus $0.48 (current price is over target).
If CTD meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.53, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Macquarie rates DXS as Outperform (1) -

The broker has assessed the merger of Dexus Wholesale Property Fund and AMP Capital Diversified Property Fund foreseeing a 1-3% benefit to both funds from operations and net asset value.

Dexus has around $2bn of balance sheet capacity and deploying it into funds management is consistent with the REIT’s strategy, the broker notes, and provides upside risk to earnings and valuation.

Outperformed retained, target rises to $10.46 from $10.33.

Target price is $10.46 Current Price is $10.10 Difference: $0.36
If DXS meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.92, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Citi rates EVN as Buy (1) -

Citi feels March quarter production was a net positive with a record quarter from Red Lake and FY21 cost guidance lowered. Total gold production was short of the broker's estimates due to heavy rainfall at Mt Rawdon. 

The all-in-sustaining cost (AISC) was 2% above the analyst's forecast and 9% higher than the December quarter, driven by the lower-margin mines. Evolution Mining is Buy rated with a target price of $4.70.

Target price is $4.70 Current Price is $4.83 Difference: minus $0.13 (current price is over target).
If EVN meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.53, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Credit Suisse rates EVN as Outperform (1) -

Credit Suisse likes Evolution Mining for its peer low cost, strong free cash flow generation and positive production growth outlook.

While Evolution Mining had guided towards a softer March quarter due to mine grade sequencing and maintenance scheduling, Credit Suisse notes the magnitude of production decline was aggravated by heavy rains at Mt Rawdon.

The miner expects June quarter will be solid driven by a higher Mt Rawdon grade and generally higher grade and mill availability across the portfolio.

The miner's guidance range for FY21 has narrowed to 695-710koz from 670-730koz against the broker's estimate of 703koz.

Outperform rating with the target rising to $5.05 from $4.60.

Target price is $5.05 Current Price is $4.83 Difference: $0.22
If EVN meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.53, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

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

Evolution mining posted a weak March quarter, with production down -9% on Macquarie's forecast and costs up 18%. Red Lake continued to perform above expectation but Mt Rawdon was impacted by heavy rain.

Guidance for FY21 implies a strong end to the year, with higher copper credits driving a reduction in overall cost guidance. Studies at Cowal and Red Lake could provide upside but the broker's expectation of a lower gold price could weigh.

Recent share price outperformance leads to a downgrade to Neutral from Outperform. Target unchanged at $4.80.

Target price is $4.80 Current Price is $4.83 Difference: minus $0.03 (current price is over target).
If EVN meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.53, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

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

Third quarter production was -8% below the Morgan Stanley estimate due to heavy rain at Mt Rawdon. Access at the mine has now been restored. Management expects a better June quarter after lowering guidance for FY21 all-in-sustaining costs.

The feasability study for Cowal underground is on-track for the September quarter and the pre-feasability study for open pit options is also progressing and expected later in 2021. Morgan Stanley retains its Equal-weight rating. Target is $4.10. Industry view: Attractive.

Target price is $4.10 Current Price is $4.83 Difference: minus $0.73 (current price is over target).
If EVN meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.53, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Morgans rates EVN as Hold (3) -

Despite -10% lower third quarter gold production, Evolution Mining achieved a strong all-in-cost (AIC) margin of $468/oz, relays Morgans. The slip in production was exacerbated by storms on the east coast and a softer gold price, explains the broker.

Management narrowed production guidance to 695-710koz and reduced all-in-sustaining-cost (AISC) guidance to between $1,190-$1,220/oz. The Hold rating is maintained and the target price is increased to $4.68 from $4.34.

Target price is $4.68 Current Price is $4.83 Difference: minus $0.15 (current price is over target).
If EVN meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.53, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Ord Minnett rates EVN as Hold (3) -

Evolution Mining's third-quarter production report shows group production of 161koz of gold was -7% below Ord Minnett's forecast, driven primarily by a miss at Mt Rawdon.

Costs were in line with the broker's estimates at a group level with strong performances from Cowal and Ernest Henry mines offsetting poorer outcomes across the tail assets.

The FY21 production guidance range has been tightened to 695-710koz but the broker remains at the lower end of guidance at 695koz. 

Hold rating with a target of $4.50.

Target price is $4.50 Current Price is $4.83 Difference: minus $0.33 (current price is over target).
If EVN meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.53, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Ord Minnett rates HLO as Hold (3) -

Ord Minnett declares Helloworld's latest update is a reminder of just how tough the conditions are for travel businesses relying on the sale of outbound holiday travel.

Even then, Ord Minnett notes the company seems to be managing the situation prudently given the loss expectation is -$14-$16m in FY21.

What makes the situation more difficult, in the broker's view, is the recovery timeframe for outbound travel is outside the company’s control and appears to have been pushed out. This is further complicated by the uncertain timeframe for completion of domestic vaccinations.

Hold rating with the target reduced to $1.91 from $2.40.

Target price is $1.91 Current Price is $1.99 Difference: minus $0.08 (current price is over target).
If HLO meets the Ord Minnett 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 FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Citi rates JHG as Buy (1) -

Despite some one-off first quarter headwinds for flows, Citi expects dividends to rise when results are released on April 29. The Buy rating and $48.50 target are unchanged. The broker estimates a 2 cent increase in dividend to 38 cents per quarter in FY21.

The analyst forecasts net outflows to increase quarter-on-quarter to -US$2.3bn, mainly due to continuing outflows from the US small and mid cap (SMID) and mid-cap growth strategies. This is due to a soft investment performance and outflows from the UK property fund.

On a pcp basis, fees should also be lower, in part due to a slightly higher drag from negative quarterly fulcrum fees.

Target price is $48.50 Current Price is $43.08 Difference: $5.42
If JHG meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $46.10, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 JMS as Outperform (1) -

Jupiter Mines' full-year earnings result beat the broker by 15% while the 2c dividend was as expected. Tshipi was South Africa’s largest exporter of manganese at 3.4mtpa in FY21 and continues to lower operating costs.

The broker expects further operational strength in FY22 but notes downside risk to earnings at current manganese spot prices. It's nonetheless hard to go past a 10% dividend yield forecast from FY22 (current financial year) onwards. Outperform and 35c target retained.

Target price is $0.35 Current Price is $0.33 Difference: $0.02
If JMS meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in February.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates MGX as Outperform (1) -

Mt Gibson Iron's March quarter was impacted by advanced stripping, the broker notes, leading to reduced sales, lower realised prices and higher costs. Stripping is expected to continue into the June quarter.

Sales should increase thereafter and costs reduce and buoyant iron ore prices continue to drive earnings upside momentum, with
earnings increasing by 130% and 300% above the broker's forecast in FY22 and FY23 at spot prices.

Outperform and $1.00 target retained.

Target price is $1.00 Current Price is $0.90 Difference: $0.1
If MGX meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgans rates MP1 as Hold (3) -

The third quarter result was slightly below Morgans expectations with monthly recurring revenue (MRR) missing by -2% and Ports by -3%. The Hold rating is maintained and the target price is increased to $13.31 from $13.27.

Despite the rising Australian dollar, $501,000 of MRR was added in the quarter, the second highest dollar growth rate delivered to-date. 

Management confirmation of $80m in FY21 revenue implies a meaningful re-acceleration in fourth quarter sales, which should awaken investor interest, enthuses the analyst.

Target price is $13.31 Current Price is $12.84 Difference: $0.47
If MP1 meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $14.64, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Ord Minnett rates MP1 as Hold (3) -

Megaport's March quarter was somewat softer than expected, observes Ord Minnett, although management remains very upbeat on the last quarter along with the launch of its Megaport Virtual Edge (MVE) on-demand network function virtualisation (NFV) product in April.

Management pointed out a fourth quarter sales pipeline that is almost four times larger than historical quarterly sales. While MVE looks like an opportunity that may expand the addressable market, the broker expects this will take time to be realised.

Ord Minnett retains a Hold rating with a target of $13.50.

Target price is $13.50 Current Price is $12.84 Difference: $0.66
If MP1 meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $14.64, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

UBS rates MP1 as Buy (1) -

While Megaport’s 3Q21 result was largely in line with UBS ($19.6m revenue versus UBS $19.9m), new ports added were again below expectations (346 versus UBS 500).

UBS has updated forecasts for softer ports additions in Q3 and factored in a slower ramp-up in Q4 (+500 versus previous UBS +550).

Commenting on the result, UBS notes, achieving an increasing quarter-on-quarter trajectory is critical for the broker’s medium term projected revenue growth. The broker’s revised revenue is FY21 $77m / FY22 $114m (up 48% yoy) / FY23 $173m (up 52%).

UBS’s estimated earning per share (EPS) losses increase in FY22 (up 30%), while EPS reduces -3% in FY23 and -2% in FY24.

UBS maintains a Buy rating and raises the target to $17.10 from $16.90.

Target price is $17.10 Current Price is $12.84 Difference: $4.26
If MP1 meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $14.64, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Morgans rates NAB as Hold (3) -

Morgans expects the upcoming round of major bank reporting to surprise on the upside and predicts increasing confidence in the outlook for asset quality, dividends and capital management.

The outlook is being supported by improving system home loan growth and covid-related fee waivers coming to an end. Additionally, a contraction of credit spreads is creating tailwinds for markets and treasury income. 

The first half result for National Australia Bank is due on May 6. The rating is increased to Add from Hold and the target price is increased to $29 from $27.

The lift in target is due to the broker lifting cash EPS forecasts for FY21-23 by 14.7%, 8.8% and 8.6%, respectively, due to lower credit impairment charge forecasts.

Target price is $29.00 Current Price is $26.39 Difference: $2.61
If NAB meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $26.70, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

Macquarie rates NST as Outperform (1) -

Northern Star Resources' pro-forma production post the merger with Saracen fell -13% short of forecast with costs 17% higher. Management has retained FY sales guidance implying a strong final quarter, but the broker's forecast sits below the low end.

Merger integration is in its final stages and the broker notes a reserve upgrade in May and a strategy day in July will be key catalysts. Outperform and $12.20 target retained.

Target price is $12.20 Current Price is $11.52 Difference: $0.68
If NST meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $12.83, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgan Stanley rates NXL as Overweight (1) -

Morgan Stanley lowers the target price to $7.50 from $10.75. Management lowered FY21 revenue guidance by -4-7% and sees FY21 growth at only around 5%, well below recent history of circa 20%, explains the broker. 

The analyst explains covid disrupted the business by reducing near-term usage of the Nuix products as corporate/government business activity has stalled, particularly in the US.  Additionally, there was a negative FX impact of a stronger Australian dollar.

Finally, there was an acceleration in the shift of customers away from traditional licences to consumption-based/SaaS products, as users look for greater flexibility in managing their use and their cost base, explains the broker. 

Morgan Stanley stays Overweight as the global forensic and investigative software market is a structural growth story. The broker still views Nuix software as a leader in processing and search. Industry view is Attractive.

Target price is $7.50 Current Price is $4.29 Difference: $3.21
If NXL meets the Morgan Stanley target it will return approximately 75% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates OZL as Underperform (5) -

OZ Minerals' March quarter production included 26.8kt of copper which is 20% of the company's mid-2021 budget and 55.2koz of gold, 27% of the mid-2021 forecast.

Credit Suisse highlights the softer March quarter copper production outcome was mostly due to the Carrapateena mine whose production was hit by a mining contractor transition that lowered fleet availability and grade.

Going ahead, a stronger performance by the Carrapateena mine is expected in the June quarter with mining transitioning to higher grade zones and mining rate ramp-up progressing.

Underperform rating with a target of $16.15. 

Target price is $16.15 Current Price is $24.35 Difference: minus $8.2 (current price is over target).
If OZL meets the Credit Suisse target it will return approximately minus 34% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.79, suggesting downside of -14.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Macquarie rates OZL as Outperform (1) -

OZ Minerals posted a mixed March quarter, the broker notes, with higher costs on lower copper volumes offsetting an increase in gold output. Production guidance is unchanged but risks at Carajas were highlighted.

Unit costs have increased due to forex and gold price movements but solid copper and gold prices continue to drive upside earnings momentum, the broker notes. Outperform retained, target falls to $29.50 from $30.00.

Target price is $29.50 Current Price is $24.35 Difference: $5.15
If OZL meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $20.79, suggesting downside of -14.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgan Stanley rates OZL as Overweight (1) -

Morgan Stanley notes a soft first quarter, driven by contractor transition at Carrapateena though 2021 production guidance remains unchanged. Management's cost guidance for 2021 has been increased, driven by forecast changes for the Australian dollar and gold.

Group production was -17% and -5% lower for copper and gold, driven by Carrapateena coming in circa -30% and -19% lower versus the broker. Overweight rating. Target price is $25. Industry view: Attractive.

Target price is $25.00 Current Price is $24.35 Difference: $0.65
If OZL meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $20.79, suggesting downside of -14.4% (ex-dividends)

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgans rates OZL as Hold (3) -

Morgans calculates upgraded 2021 cost guidance, driven by lower by-product credits, is more than offset by far-higher-than-expected copper prices.

Hold rating and the target price is increased to $22 from $19 to largely reflect stronger copper price assumptions and higher risk weightings ascribed to the key growth options. Examples looming in 2021 are development milestones at Prominent Hill and West Musgrave.

Target price is $22.00 Current Price is $24.35 Difference: minus $2.35 (current price is over target).
If OZL 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 $20.79, suggesting downside of -14.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

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

Morgans lowers the rating to Hold from Add and the target price is decreased to $4.88 from $6.64, after forecasting near-term earnings downgrades and longer-term margin reduction. The business model and long-term growth profile are still considered appealing.

The broker explains near-term investment is occurring just when there's cycling of tough comparisons to periods with covid tailwinds and unlikely-to-be-repeated mask sales. It's believed there's a large opportunity to increase customer loyalty and repeat prior purchase rates.

Management disclosed 2024 aspirational targets that imply a 20-30% revenue compound annual growth rate (CAGR), which is well above rates factored into the analyst's estimates.

Target price is $4.88 Current Price is $4.24 Difference: $0.64
If RBL meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgans rates RED as Add (1) -

According to Morgans, quarterly production figures are on track with 19koz of gold from Darlot, at an all in sustaining cost of $2,402/oz. 

The King of the Hills (KOTH) development is also on track following successful debt funding and additional equity raising during the March quarter, explains the broker.

The Speculative Buy rating is maintained, given value in Morgans model is driven by KOTH, which remains subject to development risks. The target price is increased to $0.31 from $0.25.

Target price is $0.31 Current Price is $0.20 Difference: $0.11
If RED meets the Morgans target it will return approximately 55% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates STO as Neutral (3) -

The first quarter report was largely in-line with Citi's expectations. However, a slight miss on revenue plus higher third party purchase costs results in a fall of -7% in forecast earnings for 2021. Neutral retained. Target falls to $7.55 from $7.58.

Production was a 5% beat of the broker's estimate on stronger volumes from Darwin LNG (DLNG). Meanwhile, sales revenue was a slight miss, due to a less oily sales mix and lower oil price realisation. Citi still likes the company's ability to execute growth without dilution.

Target price is $7.55 Current Price is $6.92 Difference: $0.63
If STO meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.84, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 STO as Neutral (3) -

Santos' March quarter production beat the broker by 6% on strong performances from Baya Undan and WA gas.  The broker suggests upside risk to 2021 production guidance is emerging.

The investment case for Santos has de-risked in the broker's view post the Barossa investment decision and subsequent sell-down of stakes in Baya Undan and Darwin LNG to SK Group, as well as the CEO staying on.

Neutral retained, target falls to $7.50 from $7.75 on net asset valuation.

Target price is $7.50 Current Price is $6.92 Difference: $0.58
If STO meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $7.84, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 STO as Overweight (1) -

After first quarter production results, Morgan Stanley believes Santos is on-track to deliver over US$1bn of free cash (excluding growth
capex). There is considered GLNG valuation upside risk, as every 0.1mtpa increase in production infers approximately US$0.25/share.

Production was 24.8mmboe versus the broker's forecast of 22.6mmboe, whilst revenue was slightly lower than expectations. Overweight rating is retained. Target is $8.25. Industry view: Attractive.

Target price is $8.25 Current Price is $6.92 Difference: $1.33
If STO meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $7.84, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 STO as Accumulate (2) -

Santos' March-quarter production was strong, observes Ord Minnett and appears to be on track to meet its 2021 guidance. Management forecasts Santos will achieve more than US$1bn in annual free cash flow at current oil prices.

Santos remains Ord Minnett’s preferred large-capitalisation choice in the energy sector with high-quality production assets and exposure to growth projects.

Accumulate rating and $7.95 target maintained.

Target price is $7.95 Current Price is $6.92 Difference: $1.03
If STO meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $7.84, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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 STO as Buy (1) -

Santos’s 1Q21 result was operationally in line with UBS in both production (24.8mmbo) and sales volumes (27.4mmbo).

But sales revenue ($964m), was below UBS ($1,107m) and consensus ($1,032m), due to lower realised LNG prices (US$6.1/mmbtu versus UBS $8.0/mmbtu) and no WA crude oil liftings occurring during the quarter.

Santos remains UBS’s preferred energy exposure as it continues to progress growth projects while supporting the capital demands on the business with targeted sell-downs of equity in Barossa and now Dorado – which in the broker’s view provide near-term catalysts that can support the share price.

UBS cuts 2021 estimated earnings per share (EPS) by -9% to reflect lower revenue in 1Q21 and lower forecast LNG prices over 2021. Th broker has lifted 2023 forecast EPS by 2% to reflect higher GLNG production.

UBS retains a Buy rating and reduces the target to $8.30 from $8.35.

Target price is $8.30 Current Price is $6.92 Difference: $1.38
If STO meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $7.84, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Morgans rates WBC as Add (1) -

Morgans expects the upcoming round of major bank reporting to surprise on the upside and predicts increasing confidence in the outlook for asset quality, dividends and capital management.

The outlook is being supported by improving system home loan growth and covid-related fee waivers coming to an end. Additionally, a contraction of credit spreads is creating tailwinds for markets and treasury income. 

Morgans increases expense forecasts for National Australia Bank in anticipation of higher near-term costs, stemming from the potential multi-year cost out program. The first half result is due on May 3.

The broker lifts cash EPS forecasts for FY21-23 by 3.7%, 4.2% and 4.6%, respectively. This is largely due to lower credit impairment charge forecasts. Add rating and the target price is increased to $28.50 from $27.50.

Target price is $28.50 Current Price is $25.11 Difference: $3.39
If WBC meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $26.61, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Macquarie rates WPL as Outperform (1) -

Woodside Petroleum's March quarter numbers were broadly in line with expectations. The acting CEO has announced increased capex for the Sangamor project in Senegal, as the search for a new CEO continues.

The broker sees meaningful value upside from Woodside’s growth projects, with Senegal under construction and a Scarborough investment decision pending, which could capture value and lengthen the duration of the production portfolio.

Asset sell-downs will nevertheless be paramount in striking the right risk/reward balance, the broker warns. Outperform retained, target falls to $28.60 from $29.50.

Target price is $28.60 Current Price is $22.86 Difference: $5.74
If WPL meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $27.55, suggesting upside of 20.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.7

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

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

Morgan Stanley understands there have been some design changes on well length, after the announcement of a capex increase for Senegal to US$4.6bn (gross) from US$4.2bn. The broker believes it likely Woodside will now increase its stake to 82% in the project. 

Morgan Stanley retains an Equal-weight rating. Target is increased to $27 from $26.70. Industry view: Attractive. 

Target price is $27.00 Current Price is $22.86 Difference: $4.14
If WPL meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $27.55, suggesting upside of 20.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.7

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

Morgans rates WPL as Add (1) -

First quarter production was in-line with Morgans forecast while sales volumes and revenue trailed estimates. Strength in realised prices partly offset lower sales volumes, explains the broker.

A highlight for the analyst was the rebound in realised LNG prices, up 43% quarter-on-quarter. The Add rating is maintained and the target reduced to $28.80 from $29.10.

Target price is $28.80 Current Price is $22.86 Difference: $5.94
If WPL meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $27.55, suggesting upside of 20.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.7

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

Ord Minnett rates WPL as Buy (1) -

Woodside Petroleum's March-quarter result was reasonable with sales volumes, realised prices and revenue all ahead of Ord Minnett's expectations.

While production fell for the fourth consecutive quarter, the broker believes 2021 guidance appears achievable with the company needing to achieve 22–24mmboe for the remaining quarters.

The biggest disappointment, in the broker's view, was a 10% rise in capital costs for the Sangomar development. Further, a cost review is also being conducted at the Scarborough/Pluto Train 2 project.

Notwithstanding these cost challenges, Ord Minnett notes higher Brent crude oil prices make Woodside's growth projects far more viable.

Buy recommendation with the target price dropping to $28.30 from $29.05.

Target price is $28.30 Current Price is $22.86 Difference: $5.44
If WPL meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $27.55, suggesting upside of 20.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.7

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

UBS rates WPL as Buy (1) -

While Woodside Petroleum’s 1Q21 revenue ($1.12bn) and production (23.7mmboe) were in line with UBS's estimates, they beat consensus revenue forecasts ($930m) by 20% due to solid pricing outcomes.

Despite a solid operational start to 2021, UBS thinks the market is cautious about how the CEO transition will influence the company's growth plans.

With Woodside Petroleum trading at an implied oil price of US$55bbl (or US$67/bbl for the base business only versus spot oil price of US$64/bbl), the broker believes there is adequate risk/reward for investors who are able to look through near term uncertainty and see finalising the CEO appointment as a possible catalyst to re-rate.

Buy remains, and target is reduced to $26.40 from $26.70.

Target price is $26.40 Current Price is $22.86 Difference: $3.54
If WPL meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $27.55, suggesting upside of 20.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.7

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

Citi rates XRO as Neutral (3) -

Citi highlights website visit data points to improving momentum, with visits to Xero UK up 15% year-on-year in March. The broker expects small and medium business trends to improve as economies open up.

The analyst also sees the strength in business formation in Australia and the US as positive for new customer acquisition. In addition, constrained insolvencies and bankruptcies should keep churn in check. The Neutral rating and $125 target price are unchanged.

Target price is $125.00 Current Price is $143.15 Difference: minus $18.15 (current price is over target).
If XRO meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $114.75, suggesting downside of -19.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Forecast for FY22:

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