Australian Broker Call

Deutsche Bank rates 3PL as Buy (1) -

3P Learning's first half results were ahead of the broker's expectations, mainly due to a change in the billing process which saw the company move to auto renewal.

The company reaffirmed guidance for revenue to grow ahead of costs. Deutsche Bank's earnings forecasts assume 190bps of margin expansion in FY17. The analysts have revised both FY17 and FY18 forecasts 4% higher.

Buy rating and $1.10 target price are maintained.

Target price is $1.10 Current Price is $1.04 Difference: $0.06
If 3PL meets the Deutsche Bank target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.18, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Macquarie rates AFG as Outperform (1) -

First half net profit was ahead of expectations. Outperform retained. Target rises to $1.76 from $1.50.

Macquarie expects a number of drivers of long-term growth in the mortgage broking industry will underpin the stock such as house prices, population growth, mortgage broker penetration rates and commission rates.

Target price is $1.76 Current Price is $1.40 Difference: $0.36
If AFG meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Morgans rates AFG as Add (1) -

First half profit was better than expected. Morgans considers the interim dividend, in line with forecasts, has been set more conservatively than previous estimates and equates to a pay-out ratio of 69.4%, at the low end of the 70-80% target range.

Morgans upgrades forecasts for earnings per share by 1.2% and 0.2% for FY17 and FY18 respectively. Add rating and $1.60 target retained.

Target price is $1.60 Current Price is $1.40 Difference: $0.2
If AFG meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Citi rates AGO as Neutral (3) -

We thought Citi had given up, but today sees the release of a genuine research report. Atlas Iron's financial performance beat expectations, or so it seems, and the analysts are pointing towards higher iron ore prices and better shipping volumes.

Incorporating the Corunna Downs project and the latest financial update leads to increased forecasts, partly offset by higher AUD projections. Further out, one has to be mindful of the fact Citi analysts stick to a bearish outlook for iron ore prices. Neutral. No target price.

Current Price is $0.04. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Credit Suisse rates AHG as Upgrade to Outperform from Neutral (1) -

First half operating cash flow was well below estimates. Those hoping for a quick divestment of the troubled refrigerated logistics business may be disappointed but Credit Suisse believes management's strategy to try and improve the asset is correct, whether or not it is ultimately sold.

The broker believes regulatory risk is manageable and the FY17 growth outlook achievable. Upgrade to Outperform from Neutral. Target is lowered to $4.35 from $5.20.

Target price is $4.35 Current Price is $3.90 Difference: $0.45
If AHG meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.35, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Deutsche Bank rates AHG as Buy (1) -

The group's first half results were better than the broker had expected. Management reaffirmed guidance for operating NPAT above FY16's, with the result to be supported by reductions in costs in the cold logistics sector.

The company also noted a continued focus on acquisitions and green field developments in the auto sector. Deutsche Bank has cut its FY17 NPAT forecast by -1% to $92m.

Buy rating and $4.60 target retained.

Target price is $4.60 Current Price is $3.90 Difference: $0.7
If AHG meets the Deutsche Bank target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.35, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Macquarie rates AHG as Outperform (1) -

First half underlying net profit was lower than expected. The automotive business was supported by organic growth on the east coast while Macquarie observes the WA market remains challenging.

Outperform retained. The broker considers the stock is good value relative to its peers. A sale of the refrigerated business is expected to be a material catalyst for the share price. Target falls to $4.37 from $4.50.

Target price is $4.37 Current Price is $3.90 Difference: $0.47
If AHG meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.35, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Morgan Stanley rates AHG as Underweight (5) -

First half net profit was in line with expectations. Morgan Stanley expects low organic growth in automotive and is not yet convinced the full upside will be achieved from the efforts to turn refrigerated logistics around.

Underweight retained. Sector view is In-Line. Target is $3.15.

Target price is $3.15 Current Price is $3.90 Difference: minus $0.75 (current price is over target).
If AHG meets the Morgan Stanley target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.35, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Morgans rates AHG as Hold (3) -

First half results were in line. Morgans suspects the ASIC ruling on the enquiry into finance provisions at dealerships is imminent.

Regulatory risk and a benign earnings growth profile mean Morgans remains cautious. Hold rating retained. Target is reduced to $4.21 from $4.34.

The broker believes management's tone on the conference call relating to a potential divestment of cold logistics was considerably softer, as it seeks to extract costs and improve profitability. The broker still believes a sale is ultimately in the best interests of shareholders.

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

Current consensus price target is $4.35, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Ord Minnett rates AHG as Accumulate (2) -

The group's first half results were broadly in line with Ord Miinnett's expectations. The automotive division performed strongly, supported by most regions, except WA, and acquisitions.

Refrigerated logistics remain weak, although the transformation plan is expected to begin benefiting in the second half and through FY18.

The broker notes the share price has been weighed down recently by uncertainty over the outcome of the regulatory review into commissions paid to dealerships. However, Ord Minnett believes it is too early to predict the impact of the review's findings.

Accumulate rating and $4.54 target retained.

Target price is $4.54 Current Price is $3.90 Difference: $0.64
If AHG meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.35, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Morgans rates AHZ as Add (1) -

The net loss in the first half was greater than Morgans expected. The key catalyst is quarterly sales and an update on the cost base while the business is in transition.

The main risk to the broker's target, down to 36c from 47c, is envisaged as a delay in the ADAPT ramp up or the restructure delivering slower-than-expected benefits. Add rating retained.

Target price is $0.36 Current Price is $0.32 Difference: $0.04
If AHZ meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

UBS rates AMA as Buy (1) -

AMA's result was in line with the broker but FY guidance exceeds expectations, thanks to a stronger than expected rise in panel repair revenues and acquisitions tracking ahead of forecasts.

Buy and $1.25 target retained.

Target price is $1.25 Current Price is $1.03 Difference: $0.215
If AMA meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Macquarie rates ASG as Outperform (1) -

First half results were ahead of estimates and FY17 prospectus forecasts are reiterated. Site expansion continues and Macquarie believes the company is on track to achieve its targets.

Outperform rating maintained and target rises to $3.11 from $2.97.

Target price is $3.11 Current Price is $2.64 Difference: $0.47
If ASG meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

UBS rates ASG as Buy (1) -

Autosports' result was in line with the broker and prospectus forecasts. The broker has increased earnings forecasts to account for new acquisitions and a new greenfield dealership in Sydney.

The broker expects Autosports to outperform for a number of reasons, including the lowest level among peers of risk exposure to regulatory changes. Buy retained. Target rises to $3.00 from $2.84.

Target price is $3.00 Current Price is $2.64 Difference: $0.36
If ASG meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Citi rates BAL as Sell (5) -

Bellamy's reported in-line, sort of. Citi analysts point out the ingredient write-down of circa -$2m had not been flagged ahead of the release.

The good news is management might be able to tackle excess in inventories quicker than assumed earlier. The analysts keep repeating their mantra the outlook remains full of risks. Sell. Target $3.75.

Target price is $3.75 Current Price is $4.30 Difference: minus $0.55 (current price is over target).
If BAL 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 $4.07, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.7

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

Morgans rates BAL as Hold (3) -

First half results were in line with recent guidance, although Morgans notes this missed expectations at the reported level because of an additional write-down.

The broker believes it is now in a better position to understand the one-off items and this has resulted in material upgrades to forecasts. While management appears to be making progress in turning around the business, the broker notes conditions are still uncertain.

Hold rating and $4.75 target maintained.

Target price is $4.75 Current Price is $4.30 Difference: $0.45
If BAL meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.07, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.7

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

Citi rates BBG as Buy (1) -

It is not clear how the reported financials stack up against Citi's expectations. The analysts admit it'll take a gigantic H2 turnaround to meet company's guidance for the full year, but it can be done.

Citi analysts refer to margin improvement and improving conditions in the Americas to keep the faith. The sale of Tigerlily reduces forecasts but improves the balance sheet, hence it is seen as a positive. Buy. Target $1.90.

On current projections, the company's EBITDA margins will rise significantly in 2H17 and FY18. Citi analysts believe, as market confidence around these margin gains grows, the share price is likely to rally.

Target price is $1.90 Current Price is $1.22 Difference: $0.68
If BBG meets the Citi target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $1.67, suggesting upside of 31.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Deutsche Bank rates BBG as Hold (3) -

Billabong's first half results were slightly below the broker's forecasts. FY17 guidance has been maintained, except for the Tigerlily brand, which has been sold for $60m.

Deutsche Bank has removed Tigerlily from its forecasts and now expects EBITDA of $50.1m in FY17. Hold rating and $1.10 target are maintained.

Target price is $1.10 Current Price is $1.22 Difference: minus $0.12 (current price is over target).
If BBG meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.67, suggesting upside of 31.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Credit Suisse rates BRG as Outperform (1) -

First half results were in line with expectations. The highlight for Credit Suisse was the global products division.

Of note, while US retail partners have struggled amidst structural changes, the company has managed to generate growth within these channels, in addition to online.

Credit Suisse retains an Outperform rating and raises the target to $9.30 from $9.00.

Target price is $9.30 Current Price is $8.91 Difference: $0.39
If BRG meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.40, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

Ord Minnett rates BRG as Accumulate (2) -

First half results were largely in line with the broker's estimates. The biggest positive from the results for Ord Minnett was the large drop in inventory as supply chain initiatives begin to deliver.

Management guidance is for second half earnings growth consistent with the first half's 6.7%.

Ord Minnett remains upbeat on the company's strategy, with the first half showing positive signs. The broker maintains an Accumulate rating and target is raised to $9.50 from $9.00.

Target price is $9.50 Current Price is $8.91 Difference: $0.59
If BRG meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $9.40, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.6

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

Macquarie rates CAB as Neutral (3) -

Cabcharge's first half underlying result fell short of the broker. Management had hinted at capital management following the divestment of the CDC bus business, and surprised the broker with the payment of a special dividend of 80c in this half.

The company has acquired the business operations of Yellow Cab in Qld, subject to ACCC approval. The business is expected to add around $40m revenue to Cabcharge. Macquarie has cut FY17 earnings estimate by -17% and FY18 by -33% following the result.

Neutral retained and target raised to $3.54 from $3.22.

Target price is $3.54 Current Price is $3.86 Difference: minus $0.32 (current price is over target).
If CAB 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 $3.75, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates CHC as Buy (1) -

Charter Hall once again upgraded guidance for the full year and Citi analysts have grabbed the opportunity to reiterate their Buy rating.

As estimates increase, the price target lifts to $5.78 from $5.59. Cap rates, not bond yields, are the key factor for the performance of REITs, Citi analysts reiterate.

With cap rates still appearing to be under downward pressure, the analysts posit Charter Hall is taking full advantage. The stock remains one of Citi's top picks in the Australian property sector.

Target price is $5.78 Current Price is $5.20 Difference: $0.58
If CHC meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.16, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Macquarie rates CHC as Outperform (1) -

First half operating earnings were ahead of forecasts. Macquarie notes another large upgrade to FY17 guidance but expects the earnings profile will slow into FY18.

The stock is offering leverage to an improving Sydney and Melbourne office market and a demonstrable track record of upgrading earnings. Hence, the broker's Outperform rating is retained. Target is raised to $5.70 from $5.35.

Target price is $5.70 Current Price is $5.20 Difference: $0.5
If CHC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.16, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Morgan Stanley rates CHC as Underweight (5) -

Assets under management growth exceeded expectations in the first half. Morgan Stanley believes the company is well positioned for growth in earnings per share and net tangible assets in the near term.

Estimates for earnings per share are upgraded by 4.5-4.9% for FY17-19. The broker maintains an Underweight rating, Cautious sector view and $4.45 target.

Target price is $4.45 Current Price is $5.20 Difference: minus $0.75 (current price is over target).
If CHC meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.16, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

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

Charter Hall's first half results were as the broker expected, Guidance for the second half of 14.4cps was -7.3% down on the first half due to timing.

Management has raised FY17 EPS growth guidance to 12% from 7%.

Ord Minnett has downgraded the stock to Hold from Accumulate and raised the target price to $5.15 from $5.12.

Target price is $5.15 Current Price is $5.20 Difference: minus $0.05 (current price is over target).
If CHC meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.16, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

UBS rates CHC as Downgrade to Neutral from Buy (3) -

Charter Hall posted a very strong result, 13% ahead of UBS. A high level of transaction and performance fees led to the beat but growth in investment management revenue and property income also outperformed.

FY17 guidance has been increased but attention will turn to growth in FY18, the broker suggests. Typically management starts guidance low and then upgrades throughout the year, and the broker expects this to be the case again. The stock is now well valued nevertheless, prompting a downgrade to Neutral.

Target rises to $5.40 from $5.27.

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

Current consensus price target is $5.16, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Macquarie rates CMW as Underperform (5) -

While the downside to FY17 was confirmed in the first half result Macquarie remains cognisant that the weak outlook is continuing into FY18. The broker transfers coverage to another analyst.

FY17 guidance was re-affirmed for free funds from operations of over 8.4c, -11% below FY17 and compared with the broker's prior forecasts of 8.6c. This decline is on the back of falls in property income from the Australian portfolio because of lease expiries in prior periods.

Underperform maintained, as the broker highlights the distribution remains above its free cash flow forecasts and being debt-funded will take gearing higher. Target is $1.01.

Target price is $1.00 Current Price is $1.01 Difference: minus $0.01 (current price is over target).
If CMW 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 $0.93, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.8

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

Morgan Stanley rates CMW as Underweight (5) -

First half results were ahead of expectations. Guidance for FY17 earnings per share has been maintained at not less than 8.4c. Clarity on Investa's ((IOF)) intention remains the catalyst for Morgan Stanley.

The broker retains an Underweight rating. Target is 90c. Industry view is Cautious.

Target price is $0.90 Current Price is $1.01 Difference: minus $0.11 (current price is over target).
If CMW meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.93, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.8

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

Morgans rates CMW as Hold (3) -

First half results were in line with expectations. Morgans continues to believe the company's active management style will deliver returns for investors over the long term, with the core property portfolio underpinning earnings and distribution.

A Hold rating is retained. Target rises to $1.01 from 97c.

Target price is $1.01 Current Price is $1.01 Difference: $0
If CMW meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.93, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.8

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

Macquarie rates CTD as Neutral (3) -

First half net profit was in line with expectations. Macquarie notes operational improvements and efficiency continue to drive the bottom line and recent strategic acquisitions continue to accelerate growth.

The broker's Neutral rating is retained as the key issue is one of valuation rather than outlook, execution or quality of the business model. Target is raised to $17.70 from $16.90.

Target price is $17.70 Current Price is $17.69 Difference: $0.01
If CTD meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $19.83, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Morgan Stanley rates CTD as Overweight (1) -

First half results beat estimates. Morgan Stanley includes recently-completed acquisitions in its numbers for the first time, resulting in a 6% upgrade to FY17-20 forecasts.

Importantly, the broker notes the company is processing volumes that are 25% above a year ago and there is scope for operating leverage to continue to surprise on the upside.

Morgan Stanley retains an Overweight rating. Target is raised to $21.00 from $20.25. Industry view: In-Line.

Target price is $21.00 Current Price is $17.69 Difference: $3.31
If CTD meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $19.83, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Morgans rates CTD as Add (1) -

First half results exceeded expectations. Morgans believes the results signal the company is in control of its destiny and can outperform no matter what the state of the economy.

FY17 EBITDA guidance is upgraded - with the company noting it is trading at the top end of the former $92-97m range. Given the extent of the strength in the first half, the broker suspects it could prove conservative. Add rating and $22 target retained.

Target price is $22.00 Current Price is $17.69 Difference: $4.31
If CTD meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $19.83, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

Ord Minnett rates CTD as Buy (1) -

Corporate Travel Management's first half results continued to show strong organic growth, in the broker's opinion.

Recently acquired Redfern Travel's advanced rail booking engine and highly scaled business model will benefit the existing EU business which is the lowest-margin operator in the business. Management noted that second half earnings would decline in the Asian sector, but Ord Minnett sees ample growth elsewhere within the company.

Buy rating maintained and target rises to $18.60 from $18.54.

Target price is $18.60 Current Price is $17.69 Difference: $0.91
If CTD meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $19.83, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.8

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

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

First half results were ahead of expectations, principally driven by strength in Perth and VIP. No guidance was provided. Macquarie notes the first half dividend was ahead of expectations at 30c versus 18.5c. A special dividend of 83c was declared.

The company will not proceed with the proposed IPO of a 49% interest in some of its Australian hotels and retail.The results lead the broker to upgrade to Neutral from Underperform. Target is raised by 12.7% to $12.76.

Target price is $12.76 Current Price is $12.24 Difference: $0.52
If CWN meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $13.35, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

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

First half results were slightly better than Deutsche Bank's forecasts. The company reaffirmed guidance for all operating segments to report earnings growth in FY17.

The broker has raised FY17 and FY18 earnings estimates by 7% and 4% respectively. The broker has upgraded the stock to Buy from Hold and raised the target price to $1.25 from $1.00.

Target price is $1.25 Current Price is $1.17 Difference: $0.085
If CWY meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.19, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

UBS rates EHE as Buy (1) -

Estia's first half result was in line with the broker and met the run-rate of the bottom end of FY guidance. A strong pricing increase on the RAD back book underpinned, but new RAD inflows were strong despite a shift among residents towards DAPs.

Estia is now organically focused, looking to increase occupancy at underperforming sites, the broker notes. Regulatory risk remains but the broker lifts its target to $3.60 from $3.30 and retains Buy.

Target price is $3.60 Current Price is $3.12 Difference: $0.48
If EHE meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.05, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

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

Morgans commends the company for a clean result, in that there were no material items extracted from underlying earnings. Still, the broker finds it hard to draw conclusions given large and opposing swings in earnings and cash flows.

The reduction in the dividend may be negative but the broker believes it a sensible decision as earnings were not supporting the previous level. The FY17 outlook appears to have deteriorated.

The broker upgrades to Hold from Reduce. Target rises to $1.05 from 99c.

Target price is $1.05 Current Price is $1.11 Difference: minus $0.06 (current price is over target).
If EPW meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.08, suggesting downside of -9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.7

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

Credit Suisse rates GNC as Neutral (3) -

Credit Suisse notes revised guidance for EBITDA of $385-425m and net profit of $130-160m is above consensus. Better domestic grain availability should result in marketing profits improving from a low base, the broker believes.

The broker also notes favourable crop conditions are being extrapolated indefinitely, which it considers is a brave call. Target falls to $9.82 from $9.87. Neutral retained.

Target price is $9.82 Current Price is $9.06 Difference: $0.76
If GNC meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.97, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Macquarie rates GNC as Outperform (1) -

Guidance for FY17 is positive and exports could still surprise on the upside, Macquarie believes. Net profit guidance is $130-160m, with the mid point 12% above Macquarie's expectations.

The broker believes the next drivers are evidence of good execution on previously invested earnings initiatives, and the ability to improve the balance sheet in order to prepare for growth initiatives going forward.

Outperform retained. Target is raised to $10.50 from $10.08.

Target price is $10.50 Current Price is $9.06 Difference: $1.44
If GNC meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $9.97, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

UBS rates GNC as Neutral (3) -

Graincorp's AGM featured a change in CEO and FY17 guidance in line with the broker but ahead of consensus. The broker has factored in the sale of Allied Mills but notes the FY17 bumper crop is now factored in by the market.

The broker expects investors will now focus on the completion of major investment projects in malt and oils. Neutral and $9.60 target retained.

Target price is $9.60 Current Price is $9.06 Difference: $0.54
If GNC meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $9.97, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Morgans rates ICQ as Add (1) -

The 2016 loss was less than Morgans expected. Both new and used car markets in Malaysia and Thailand are showing signs of rebounding.

The broker notes 2016 was a "horror" year as sales and marketing spending was ramped up in the toughest conditions in years. Now the company appears to have a path to breaking even and the broker maintains an Add rating. Target is reduced to 44c from 45c.

Target price is $0.44 Current Price is $0.20 Difference: $0.245
If ICQ meets the Morgans target it will return approximately 126% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Credit Suisse rates IDX as Outperform (1) -

Credit Suisse considers cost acceleration is presenting a headwind to margins in a low revenue growth environment.

The balance sheet remains healthy, the broker observes, despite upgrades to capital expenditure.

Outperform rating retained. Target is raised to $1.70 from $1.65.

Target price is $1.70 Current Price is $1.22 Difference: $0.48
If IDX meets the Credit Suisse target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $1.58, suggesting upside of 30.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Morgan Stanley rates IDX as Underweight (5) -

First half results were ahead of expectations. Morgan Stanley observes guidance on FY17 is clouded by ongoing investment in the business and uncertainty surrounding management transition.

Rating is Underweight until Morgan Stanley can re-gain confidence in the trajectory. Target is raised to $1.30 from $1.28. Industry view: In-Line.

Target price is $1.30 Current Price is $1.22 Difference: $0.08
If IDX meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.58, suggesting upside of 30.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Morgans rates IPD as Add (1) -

First half net loss was in line with forecasts. Morgans observes the next catalyst is regulatory clearance in Europe for the next generation product.

The broker retains an Add rating and $2.04 target.

Target price is $2.04 Current Price is $0.77 Difference: $1.275
If IPD meets the Morgans target it will return approximately 167% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Macquarie rates IPL as Outperform (1) -

The company has announced the CEO will step down within 12 months once a successor has been found. Macquarie is not surprised, although it is earlier than expected, but the decision reflects time for an orderly succession.

The FY17 outlook is unchanged with plans on track. Macquarie retains an Outperform rating and raises the target to $3.95 from $3.88.

Target price is $3.95 Current Price is $3.68 Difference: $0.27
If IPL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Macquarie rates MGC as Neutral (3) -

First half results were slightly ahead of the broker's forecasts. Management noted that factors providing confidence of improved milk prices in FY18 included improved seasonal conditions, current commodity pricing and planned cost reductions.

Macquarie still sees a few risks to the business recovery relating to the loss of corporate memory through staff turnover and potential customer relationship implications from product rationalisation and shortages. FY17 earnings forecast reduced by -5.8% and FY18 raised by 2.1%.

A Neutral rating and $1.15 target are retained.

Target price is $1.15 Current Price is $0.92 Difference: $0.23
If MGC meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

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

First half result was weaker than expected. Morgans expects FY17 will be a tough year but this should be as bad as it gets as the eventual return of a more normal season and management's initiatives should turn things around.

While acknowledging the risk, the broker upgrades to Add from Hold, believing that patient investors will be rewarded by a better year in FY18. Target is reduced to $1.20 from $1.25.

Target price is $1.20 Current Price is $0.92 Difference: $0.28
If MGC meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Credit Suisse rates MYX as Neutral (3) -

First half underlying EBITDA was in line with forecasts. Credit Suisse expects positive earnings momentum in the second half, based on a recent lift in dofetilide sales, improvement in the Doryx franchise and the contribution from recently-launched Fabior and Sorilux.

Neutral retained. Target rises to $1.55 from $1.48.

Target price is $1.55 Current Price is $1.48 Difference: $0.075
If MYX meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

UBS rates MYX as Buy (1) -

Mayne's result beat the broker and consensus on all key metrics, indicating the company has successfully integrated its major acquisition and is ahead of conservative targets, the broker notes, despite the decline in Doryx sales.

With a stable existing portfolio, Mayne is all about acquisition and pipeline execution in FY17, the broker suggests. Buy retained. A lower multiple means a fall in target to $2.20 from $2.30.

Target price is $2.20 Current Price is $1.48 Difference: $0.725
If MYX meets the UBS target it will return approximately 49% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Macquarie rates NEC as Neutral (3) -

First half results confirmed challenging conditions. Macquarie observes scope for a recovery in market share in the second half as there are signs of operational improvement and better ratings. Still profit is expected to be weaker.

The broker's estimates for FY17 EBITDA of $174.2m is consistent with guidance. Headwinds to free cash generation over the medium term remain the offset and a Neutral rating is retained. Target is $1.10.

Target price is $1.10 Current Price is $1.03 Difference: $0.065
If NEC meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.05, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

Citi rates NXT as Buy (1) -

Citi analysts saw a great result. Higher costs trigger small cuts to forecasts. The analysts reiterate their Buy rating.

The analysts note management has stuck with prior guidance and they see upside risk. Price target falls by -2% to $4.40.

Target price is $4.40 Current Price is $3.56 Difference: $0.84
If NXT meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $4.43, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Deutsche Bank rates NXT as Buy (1) -

First half results were ahead of the broker's expectations. Management reaffirmed FY17 guidance of revenue in the range of $115m to $122m.

Capex guidance was reaffirmed at $80m to $100m on existing sites and $180m to $240m on new developments. Despite the strong first half, Deutsche Bank has made no change to FY17 forecast.

Buy rating and $4.10 target maintained.

Target price is $4.10 Current Price is $3.56 Difference: $0.54
If NXT meets the Deutsche Bank target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.43, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Macquarie rates NXT as Outperform (1) -

First half results were in line with estimates on the revenue side but well ahead at the EBITDA line, Macquarie observes, highlighting the operating leverage in the business. 

Macquarie expects additional costs for B2, M2 and S2 will suppress margin expansion over FY17 and FY18. Still, the company is well positioned to benefit from high demand.

Outperform retained. Target is reduced to $4.30 from $4.90.

Target price is $4.30 Current Price is $3.56 Difference: $0.74
If NXT meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.43, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Morgans rates NXT as Add (1) -

First half results were better than expected. Guidance is reiterated and Morgans observes more upside risk than downside exists.

A study of the B1 data centre, the company's first, suggests to the broker the business is an impressive investment.

Morgans rolls forward valuation and raises the target to $4.25 from $4.01. Add rating retained.

Target price is $4.25 Current Price is $3.56 Difference: $0.69
If NXT meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.43, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

UBS rates NXT as Buy (1) -

NextDC's result showcased the strong momentum and operating leverage within the business, the broker suggests, positive on almost every metric and hard to fault. New data centre construction is on track and budget.

Pricing remains rational and demand is strong, the broker notes. Buy retained. Target rises to $4.80 from $4.75.

Target price is $4.80 Current Price is $3.56 Difference: $1.24
If NXT meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $4.43, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Deutsche Bank rates OGC as Hold (3) -

The company's first half results were broadly in line with the broker's estimates. There was no commercial production declared at Haile, but the company has said 2000oz have been poured to date.

The US$380m capital budget had been spent by the end of December and Deutsche Bank expects a further 5-10% capital in this quarter as production ramps up.

Hold retained and targets falls to $4.00 from $4.10.

Target price is $4.00 Current Price is $4.00 Difference: $0
If OGC meets the Deutsche Bank target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.4

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

Morgans rates OZL as Reduce (5) -

2016 results were in line with expectations. Morgans believes the stock offers excellent cash flow leverage to attractive medium-term copper markets although it appears expensive relative to fundamental valuation.

The broker believes the market is overlooking the risks and retains a Reduce rating. Target is raised to $8.20 from $7.30.

Target price is $8.20 Current Price is $9.50 Difference: minus $1.3 (current price is over target).
If OZL meets the Morgans target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.99, suggesting downside of -6.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.3

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

Macquarie rates PEP as Outperform (1) -

Pepper Group's 2016 result was ahead of the broker's expectations. Management's 2017 guidance growth of 10% was below Macquarie's, but could prove to be conservative.

The broker has reduced 2017 NPATA by -1.8% and 2018 by -3.4%. Outperform rating retained and target price raised to $3.64 from $3.17.

Target price is $3.64 Current Price is $2.55 Difference: $1.09
If PEP meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Deutsche Bank rates PPC as Hold (3) -

Peet's first half results were below expectations for the broker, mainly due to continued weakness in the WA market. Management has indicated there will be a skew towards the second half as a result of increased settlements in Qld, ACT and SA. 

Deutsche Bank expects housing starts to decline -13% yoy in FY17 and -9% yoy in FY18.

While the broker remains concerned over the WA housing market, the Hold rating and $1.08 target are maintained.

Target price is $1.08 Current Price is $1.05 Difference: $0.03
If PPC meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.27, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

UBS rates PPC as Buy (1) -

Peet's result was in line with the broker, featuring a strong uplift in cash flow. Record contracts in hand will underpin second half sales momentum but the broker expects a skew towards funds management and joint ventures.

Peet is well positioned to target earnings growth with 80% of the land bank expected to be in development by the end of FY17. Buy retained, target rises to $1.32 from $1.29.

Target price is $1.32 Current Price is $1.05 Difference: $0.27
If PPC meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $1.27, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Macquarie rates PPT as Neutral (3) -

First half results suggest the company is on track to meet its 2-4% FY17 operating expense growth target. Macquarie upgrades FY17 forecasts for earnings per share by 6.5% and FY18 by 3.6%.

Neutral retained. Target rises to $47.10 from $46.70.

Target price is $47.10 Current Price is $50.25 Difference: minus $3.15 (current price is over target).
If PPT meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $48.71, suggesting downside of -4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Morgans rates PPT as Hold (3) -

First half net profit was ahead of expectations. Morgans remains impressed by the turnaround over the last few years and observes cost controls were strongly evident in the half.

The broker believes it may take time for management to prove its strategy and this is needed to justify a re-rating. Hold retained. Target is reduced to $46.50 from $46.72.

Target price is $46.50 Current Price is $50.25 Difference: minus $3.75 (current price is over target).
If PPT meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $48.71, suggesting downside of -4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Ord Minnett rates PPT as Hold (3) -

First half results were ahead of the broker's forecasts. The interim dividend of $1.30 per share represented a payout ratio of around 90%.

The recent rally in the stock sees it trading at a fully franked yield of around 5%, but flows remain benign in Ord Minnett's opinion. The first half saw no inflow of funds and management commented that it is unlikely the Global Share Fund will reach its funds under management target by August 2017.

The broker retains a Hold rating and raises the target price to $48.00 from $45.00.

Target price is $48.00 Current Price is $50.25 Difference: minus $2.25 (current price is over target).
If PPT meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $48.71, suggesting downside of -4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.1

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

Credit Suisse rates PTM as Underperform (5) -

First half results were broadly in line. Credit Suisse upgrades net profit estimates by 1% for the outer years. Earnings per share are largely unchanged, given the broker removes the remaining 1% buy-back that was included in forecasts which appears unlikely to be completed.

The flows outlook remains benign and Credit Suisse believes this will crimp performance over the medium to longer term. Target remains at $5.10. Underperform retained.

Target price is $5.10 Current Price is $5.11 Difference: minus $0.01 (current price is over target).
If PTM meets the Credit Suisse target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.80, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

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

Morgan Stanley rates PTM as Underweight (5) -

First half results suggest to Morgan Stanley the run rate on outflows remains similar to the prior half. Importantly, first half outflows differed in that they were largely from retail while the prior half included a $1bn insto mandate loss.

Improvement is expected to take time and the broker remains Underweight. Target is $4.30. Industry view: In-Line.

Target price is $4.30 Current Price is $5.11 Difference: minus $0.81 (current price is over target).
If PTM meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.80, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

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

Morgans rates PWH as Add (1) -

First half results were ahead of expectations. Morgans remains comfortable with forecasts for FY17.

The main catalyst for a re-rating would be additional spending by motor sport customers and changes in regulations or announcements of OEM contracts.

Add retained.Target is reduced to $3.00 from $3.15.

Target price is $3.00 Current Price is $2.28 Difference: $0.72
If PWH meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Citi rates RCG as Neutral (3) -

Citi analysts have been on the sceptical side for quite a while now. They have not changed their spots post the release of interim financials that were accompanied by a rather subdued trading update.

Citi analysts note management reduced FY17 guidance by -2% to -6% primarily as a result of negative LFL sales across all divisions over the first seven weeks of 2H17. Citi analysts see further downside potential.

Neutral rating retained on reduced estimates. Price target falls to $1.23.

Target price is $1.23 Current Price is $1.15 Difference: $0.08
If RCG meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

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

First half results were below expectations and the trading update on the second half suggests to Morgans a weak sales performance in challenging retail conditions.

FY17 underlying EBITDA guidance is revised down to $85-88m. The broker believes the valuation now factors in a slowing trend and there is reasonable upside at current prices.

Morgans upgrades its rating to Add from Hold but acknowledges patience is required. Target is reduced to $1.32 from $1.51.

Target price is $1.32 Current Price is $1.15 Difference: $0.17
If RCG meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.5

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

Macquarie rates REG as Neutral (3) -

First half results were ahead of forecasts. Occupancy declined by -1.6 percentage points, slightly ahead of Macquarie's expectations but it remains well within the company's normal range - 94.3-96.3% - for the end of the period.

Neutral retained. Target rises to $4.75 from $4.15. Macquarie believes the stock's premium to its listed peers is justified by a better quality portfolio and development track record.

Target price is $4.75 Current Price is $4.52 Difference: $0.23
If REG meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.95, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Morgans rates REG as Hold (3) -

First half results were broadly in line. Morgans notes changes to the aged care funding instrument announced by the government continue to have minimal effect on FY17 but will become more significant for FY18 and FY19.

The company has strategies to mitigate the impact and Morgans is confident the core business will continue to grow. Target is reduced to $4.99 from $5.02. Hold retained.

Target price is $4.99 Current Price is $4.52 Difference: $0.47
If REG meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.95, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

UBS rates REG as Buy (1) -

Regis Healthcare once again showed its ability to consistently execute, posting a solid result in line with the broker's forecasts. Increases in revenue per bed and average occupancy, with strong RAD flows, were highlights, in the broker's view.

The company's moves to mitigate upcoming regulatory headwinds are progressing well, the broker notes, and minimal impact should be felt. Buy retained. Target rises to $5.10 from $4.80.

Target price is $5.10 Current Price is $4.52 Difference: $0.58
If REG meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.95, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

UBS rates RFG as Sell (5) -

Retail Food posted a reasonable result, the broker suggests, benefitting from the recent Hudson acquisition. Traditional brands posted mix performances and cash flow was down due to investment in expanding wholesale operations.

Offshore still appears to be the multi-year growth option, but there is a risk Hudson does not succeed beyond its home market of Vic, the broker notes. Sell retained. Target falls to $5.70 from $6.00.

Target price is $5.70 Current Price is $6.13 Difference: minus $0.43 (current price is over target).
If RFG meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.18, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.5

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

Deutsche Bank rates RWC as Hold (3) -

First half results were ahead of the broker's forecast. Management made no changes to FY17 NPAT prospectus expectations of $62.6m.

Deutsche Bank believes there is some execution risk to the roll out of PTC products to 1700 Lowes stores by the end of FY18, and Home Depot de-specifying more of RWC's products. However, the broker believes supplying both retailers is the right strategy in the long term.

Target rises to $2.89 from $2.84 and Hold rating retained.

Target price is $2.89 Current Price is $2.82 Difference: $0.07
If RWC meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.20, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Morgans rates SDG as Add (1) -

First half net profit of $5.0m compared with $3.2m in the prior corresponding half. The company has reiterated FY17 net profit guidance of $35m.

Morgans believes the quality of the portfolio and product will underpin future sales as the company continues to target specific geographies.

The broker retains an Add rating and raises the target to $2.00 from $1.97.

Target price is $2.00 Current Price is $1.79 Difference: $0.21
If SDG meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Morgans rates SIO as Hold (3) -

First half underlying EBITDA was broadly in line with expectations. Housing demand remains firm, Morgans observes.

The broker believes management is putting up a framework to improve margins and generate a more consistent performance.

Hold rating retained. Target is lowered to 41c from 44c.

Target price is $0.41 Current Price is $0.40 Difference: $0.015
If SIO meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.0

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

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

Underlying, the operational environment for Sigma remains one of many challenges, acknowledge analysts at Citi. But they do believe the company will achieve its guidance and that means the share price is too cheap.

Upgrade to Neutral from Sell as the company is embarking on a multiyear capex program to deliver more efficient distribution centres and with the analysts finding confidence in management's track record. Target price has gained 6c to $1.16.

Target price is $1.16 Current Price is $1.18 Difference: minus $0.015 (current price is over target).
If SIP meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.28, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in January.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

Ord Minnett rates SSG as Buy (1) -

Shaver Shop's first half results were ahead of the broker's expectations. Guidance for FY17 EBITDA has been reduced to $12m - $13.5m, against prospectus guidance of $14.7m.

New sites take up to 24 months to mature, and stores less than 12 months old typically operate on mid single digit margins. Ord Minnett sees a significant earnings tailwind from FY18 onward from the 24 stores yet to reach maturity and the 18 opened in the last 12 months.

A Buy rating is retained and target reduced to $1.00 from $1.18.

Target price is $1.00 Current Price is $0.57 Difference: $0.43
If SSG meets the Ord Minnett target it will return approximately 75% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

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

Reported financials were strong, but in-line nevertheless. Citi analysts found the Q2 trading update a bit underwhelming. Estimates have been increased and this is sufficient for an upgrade to Buy from Neutral.

Target price lifts to $11.90 from $10.80. Citi is projecting double digit growth for the next three years. The stock is still seen trading at a discount versus the ASX200 ex-resources.

Target price is $11.90 Current Price is $10.25 Difference: $1.65
If SUL meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $11.42, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

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

First half results suggest to Credit Suisse the company is back on track. BCF's promotional issues appear to have been addressed and Ray's is no longer a drag on performance.

Rating is upgraded to Neutral from Underperform. Target is raised to $10.42 from $9.77.

Target price is $10.42 Current Price is $10.25 Difference: $0.17
If SUL meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $11.42, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Deutsche Bank rates SUL as Buy (1) -

First half results were ahead of the broker's estimates. Deutsche Bank noted that the long awaited working capital improvements and cost savings from the supply chain were beginning to show through.

2017 has started well, with 4% growth in Auto, 9% in leisure and 2% in sports. The group expects FY17 capex of $105m and corporate costs at $22m, down from $26m in FY16.

Buy rating and $11.50 target retained.

Target price is $11.50 Current Price is $10.25 Difference: $1.25
If SUL meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $11.42, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Macquarie rates SUL as Outperform (1) -

First half net profit was ahead of expectations. Macquarie observes automotive and sports continue to perform strongly while the leisure division is turning around.

No specific guidance was provided but the broker observes a good start to the second half. Outperform rating retained. Target rises to $11.50 from $11.10.

Target price is $11.50 Current Price is $10.25 Difference: $1.25
If SUL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $11.42, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Morgan Stanley rates SUL as Overweight (1) -

First half results exceeded expectations, led by stronger-than-forecast Christmas trading. Sports and automotive remain well positioned for growth while Morgan Stanley observes the turnaround in leisure is gaining traction.

Given the dominant market positions and the opportunity for further margin expansion from operating leverage and private label penetration, the broker considers the outlook strong across all divisions.

An Overweight rating and In-Line industry view are retained. Target is raised to $12.00 from $10.60.

Target price is $12.00 Current Price is $10.25 Difference: $1.75
If SUL meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $11.42, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Morgans rates SUL as Hold (3) -

First half results were ahead of forecasts. Morgans is encouraged by the margin expansion and sales growth across all divisions.

The broker believes the multiple is undemanding and strong earnings growth appears achievable. BCF appears on a better footing. Add rating retained. Target rises to $11.54 from $11.10.

Target price is $11.54 Current Price is $10.25 Difference: $1.29
If SUL meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $11.42, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Ord Minnett rates SUL as Accumulate (2) -

The group's first half results were ahead of the broker's expectations. The recent Ray's Outdoor and Infinite Retail acquisitions are improving and automotive division remains in steady growth.

Ord Minnett's earnings forecasts remain largely unchanged, with the broker noting the second half sales outlook looks robust across all divisions, with perhaps a temporary slowdown in sports.

Accumulate rating and $11.50 target maintained.

Target price is $11.50 Current Price is $10.25 Difference: $1.25
If SUL meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $11.42, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

UBS rates SUL as Buy (1) -

Super Retail delivered a largely in-line but higher quality result, the broker suggests, featuring the benefits of prior loss-making businesses either being closed or turned around.

Sales accelerated in Auto but also Sport, while Leisure saw strong margin improvement. The business is now back on track, the broker believes. Buy and $11.00 target retained.

Target price is $11.00 Current Price is $10.25 Difference: $0.75
If SUL meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.42, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.7

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

Macquarie rates SXL as Neutral (3) -

First half results were within guidance. Macquarie transfers coverage to another analyst. The company expects improved programming from Nine ((NEC)) and the roll out of regional news services will drive growth.

Target price unchanged at $1.30. Neutral rating maintained as, while the company is executing well, advertising market conditions remain challenging.

Target price is $1.30 Current Price is $1.33 Difference: minus $0.03 (current price is over target).
If SXL 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 $1.30, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: -0.2

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

UBS rates TCH as Neutral (3) -

Touchcorp has entered into an agreement to merge with Afterpay ((AFY)) on a scrip swap. In the broker's view the merger makes strategic sense.

AFY could bring its core technology platform in-house and potentially leverage off Touchcorp's technology offering and expertise, the broker suggests. Neutral and $1.15 target retained.

Target price is $1.15 Current Price is $1.20 Difference: minus $0.05 (current price is over target).
If TCH meets the UBS 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 December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.0

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

Credit Suisse rates WFD as Outperform (1) -

Westfield's 2016 results were slightly ahead of the broker's estimates and in line with the bottom end of the company's guidance range.

Management commented that any remaining asset disposals would be "at the margin', but Credit Suisse feels this is not entirely consistent with the group's focus on creating a pre-eminent global retail portfolio.

There appears to be still a number of potential disposal options within the group's regional portfolio that could upset the broker's FY18 earnings math. Target falls to $10.25 from $10.90 and Outperform rating maintained.

Target price is $10.25 Current Price is $8.80 Difference: $1.45
If WFD meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $9.95, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Credit Suisse rates WPP as Outperform (1) -

2016 results were in line with Credit Suisse's predictions, and most importantly consistent with company guidance.

The broker has updated EPS growth forecast by 6.5%, implying EBIT growth of 5% in 2017. The company has won a host of contracts in the fourth quarter which should more than underpin Credit Suisse's 2.8% group sales growth forecast.

Outperform retained and target drops to $1.25 from $1.30.

Target price is $1.25 Current Price is $1.10 Difference: $0.15
If WPP meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting upside of 28.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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

Macquarie rates WPP as Outperform (1) -

Pro forma EBITA was at the low end of guidance. The final dividend of 3.9c was in line. With the business undergoing a large transformation Macquarie observes it was always going to be hard to accurately forecast earnings.

Macquarie is more positive now as the business is showing signs of earnings momentum for the first time in a while. Outperform retained. Target rises to $1.60 from $1.52.

Target price is $1.60 Current Price is $1.10 Difference: $0.5
If WPP meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting upside of 28.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 1.0

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