Australian Broker Call

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

Ardent Leisure's Gold Coast theme park Dreamworld made news for all the wrong reasons yesterday. A tragic accident has led to four fatalities. Citi analysts report the theme park is closed until further notice. They also note theme Parks represented 33% of Ardent’s FY16 group EBITDA excluding Health Clubs that have been divested.

Trying to assess the potential impact for Ardent Leisure, the analysts draw a comparison with an incident in a UK theme park. After the incident, which had no fatalities, visitor numbers dropped by an estimated 20-30%, reports Citi. The analysts have grabbed the opportunity to reduce estimates on a broader scale for the company.

Price target tumbles to $2.55 from $3.05. Rating downgraded to Neutral from Buy. Note: DPS estimates have been left unchanged.

Target price is $2.55 Current Price is $2.35 Difference: $0.2
If AAD meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.75, suggesting upside of 34.3% (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

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

After the tragic accident at Dreamworld, resulting in the death of four people, Morgans believes the impact for Ardent Leisure is uncertain, given the unprecedented nature of the incident.

Regardless of the cause the broker suspects a negative consumer reaction and downgrades to Hold from Add. FY17 earnings per share forecasts fall by 18.6% for FY17. Target is reduced to $2.23 from $3.30.

Target price is $2.23 Current Price is $2.35 Difference: minus $0.12 (current price is over target).
If AAD 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 $2.75, suggesting upside of 34.3% (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 ACX as Buy (1) -

The company's AGM update has triggered minor downward adjustments to forecasts, but Citi analysts grab the opportunity to reiterate their Buy rating. While complexity keeps a cloud over the company's cash flow generation, the analysts believe post AGM the shares represent "a good buying opportunity".

The analysts suggest there may be upside to market consensus forecasts. Target drops to $8.69 from $8.91. Buy.

Target price is $8.69 Current Price is $5.87 Difference: $2.82
If ACX meets the Citi target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $7.72, suggesting upside of 30.8% (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 ACX as Upgrade to Outperform from Neutral (1) -

FY17 guidance for revenue of $172-180m is below the range implied at the FY16 result, Credit Suisse observes, but EBITDA guidance of $22-25m is broadly in line with expectations and this implies stronger margins.

The broker believes the 30% decline in the share price post the FY16 result has been driven by slowing short-term organic growth, attributable to Conject.

The broker expects the performance of Conject to improve and this provides the confidence for an acceleration in FY18 and FY19 organic revenue growth to 20-25%. Rating is upgraded to Outperform from Neutral. Target is lowered to $6.80 from $7.40.

Target price is $6.80 Current Price is $5.87 Difference: $0.93
If ACX meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.72, suggesting upside of 30.8% (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 ACX as Hold (3) -

Deutsche Bank observes the September quarter continues a trend of weak cash conversion, a key concern of investors.

The company has pointed out that the recent trend towards invoicing quarterly and annually, and less associated discounts being offered, is a key reason for the mismatch in earnings and cash.

Despite the explanation, the broker would have expected a stronger first quarter given the spike in deferred revenue in FY16. Hold maintained. Target is reduced to $6.80 from $7.40.

Target price is $6.80 Current Price is $5.87 Difference: $0.93
If ACX meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.72, suggesting upside of 30.8% (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

Macquarie rates ACX as Neutral (3) -

The company has reduced near-term revenue growth assumptions, now expecting $172-180m in FY17, around 3-7% below prior guidance.

Macquarie's longer-term view is unchanged. The company is considered well positioned to deliver significant margin expansion that is typical of a software-as-a-service business once scale is achieved.

The broker awaits further detail on the regional performance following early signs the European business is experiencing lower growth. Neutral rating retained. Target slips to $6.70 from $7.43.

Target price is $6.70 Current Price is $5.87 Difference: $0.83
If ACX meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $7.72, suggesting upside of 30.8% (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 ACX as Overweight (1) -

Aconex' share price had fallen 31% from its high heading into the AGM and short interest had been building, the broker notes. In focus was the company's cash collection.

Cash collection is expected to exceed revenue in the longer term , management reiterated, and Sep Q collections were solid. Conject and emerging markets disappointed, but more clarity was provided to ease uncertainty, the broker notes.

The broker retains Overweight on high conviction, given the potential of the SaaS space and Aconex' predictable high growth. Target falls to $9.30 from $10.00. Industry view: In Line.

Target price is $9.30 Current Price is $5.87 Difference: $3.43
If ACX meets the Morgan Stanley target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $7.72, suggesting upside of 30.8% (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 AMP as Outperform (1) -

Credit Suisse reviews its valuation of the AMP life insurance business, resulting in a reduction to valuation and target to $5.75 from $6.05. The broker maintains the Outperform rating on valuation appeal.

The life business is expected to continue bringing earnings risk in the near term, with investor hopes pinned on clarity regarding a reinsurance structure and pricing metrics.

AMP has been disciplined in recent years, decreasing market share in life, but the broker notes it still has an overweight exposure to the troublesome income protection business.

Target price is $5.75 Current Price is $5.27 Difference: $0.48
If AMP meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.90, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.7

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

Citi rates APA as Neutral (3) -

Citi analysts suggest regulatory risks are being overplayed at the moment, translating into too low a share price. The analysts also acknowledge the longer term growth prospects for an ambitious APA remain under a big cloud. Neutral rating and $8.40 price target retained.

Target price is $8.40 Current Price is $8.05 Difference: $0.35
If APA meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.33, suggesting upside of 17.2% (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

Deutsche Bank rates APN as Buy (1) -

The company has acquired the 50% of Adshel it did not own for $268m, to be funded by an equity raising. The price is in line with Deutsche Bank's valuation of the asset.

Deutsche Bank adjusts forecasts to account for the dilution from the equity raising. The broker acknowledges the full acquisition of Adshel makes strategic sense, allowing the company to control the decisions and investment in the business.

The broker also notes the company is still enduring a soft radio market and revenue recovery is taking longer than expected. Target is reduced to $3.40 from $4.15. Buy rating retained.

Target price is $3.40 Current Price is $3.38 Difference: $0.02
If APN meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.32, suggesting upside of 27.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.6

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

Macquarie rates APN as Outperform (1) -

The company has acquired the 50% of Adshel it does not own for $268.4m. The company has also acquired Conversant Media for $11.6m. The acquisitions will be funded by $20m in debt and a $273m equity raising.

Macquarie is positive about the acquisition of Adshel as it clears up the ownership structure. Otherwise the trading update was more mixed in the broker's view. Radio assets have had a disappointing year to date, reflecting a combination of weaker ratings and softer advertising.

The broker believes the company's growth dynamics should be attractive to investors and also make for an attractive platform for other media operators as the sector consolidates. Outperform retained. Target is reduced to $3.35 from $4.20.

Target price is $3.35 Current Price is $3.38 Difference: minus $0.03 (current price is over target).
If APN 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 $4.32, suggesting upside of 27.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.6

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

Morgans rates BGA as Hold (3) -

The trading update was weak, in Morgans' view, with a flat EBITDA outcome in FY17 expected. This guidance is before a $5-7m write-down of the Bemore JV.

The company attributed the downgrade to challenges in infant formula and the Bemore JV, which has not performed to expectations.

Despite the challenges Morgans considers Bega Cheese a great business but struggles with valuation. Hold rating retained and target reduced to $4.90 from $6.20.

Target price is $4.90 Current Price is $5.40 Difference: minus $0.5 (current price is over target).
If BGA meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 CVO as Re-initiate with Outperform rating (1) -

Macquarie reinstates an Outperform rating and $1.85 target after a period of restriction.

The broker is of the view that Travelex Insurance Services is a complementary and strategic acquisition, providing immediate scale and a broad distribution base and enhances medium-term growth opportunities.

The broker believes the main catalyst for a re-rating is the new underwriting agreement.

Target price is $1.85 Current Price is $1.45 Difference: $0.4
If CVO meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting upside of 12.6% (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

Macquarie rates CVW as Outperform (1) -

Sony Life will acquire a 14.9% stake in the company from a sell down by Crescent. Macquarie assumes increased rates of growth in life sales from FY19 to FY25 to reflect the expected impact of Sony Life as a long-term shareholder.

Outperform rating maintained and target raised to $1.36 from $1.15.

Target price is $1.36 Current Price is $1.33 Difference: $0.035
If CVW meets the Macquarie target it will return approximately 3% (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

Deutsche Bank rates DCN as Buy (1) -

Dacian Gold completed the September quarter with $5m cash in hand and remains on schedule for the Mount Morgan feasibility study and maiden reserve this quarter. Deutsche Bank suspects an equity raising is likely once these two reports are released.

Buy rating and $4.00 target retained. The broker believes the grade and proximity to infrastructure makes the stock a compelling opportunity.

Target price is $4.00 Current Price is $3.40 Difference: $0.6
If DCN meets the Deutsche Bank target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.50, suggesting upside of 34.7% (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 DXS as Neutral (3) -

FY17 guidance has been reiterated with growth of 2.5-3.5% in distributions expected.

The major highlights Macquarie drew from the investor briefing include improving Sydney CBD leasing conditions, digital initiatives, and the emphasis on the scale of the business, particularly the funds management platform.

The broker retains a Neutral rating. Target unchanged at $9.06.

Target price is $9.06 Current Price is $8.95 Difference: $0.11
If DXS meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $8.92, suggesting upside of 2.0% (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 DXS as Neutral (3) -

The investor briefing suggested to UBS that the company is confident its investment in technology will deliver outperformance at difficult times in the cycle. The broker maintains a preference for the office sector, although suspects growth has peaked in 2016.

FY17 guidance for 2.5-3.5% growth in distributions is re-affirmed. Neutral rating and $9.20 target retained.

Target price is $9.20 Current Price is $8.95 Difference: $0.25
If DXS meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $8.92, suggesting upside of 2.0% (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

Citi rates FMG as Sell (5) -

Day One of Fortescue's Investor Tour conveyed the message management still sees ongoing potential to reduce controllable costs and eke out production gains, report Citi analysts. This would be a positive but for Citi's expectation these positives are likely to be offset by external cost factors.

Citi's Sell rating remains in place on forecast lower iron ore prices, starting in a few months' time. Target $3.50 (unchanged).

Target price is $3.50 Current Price is $5.44 Difference: minus $1.94 (current price is over target).
If FMG meets the Citi target it will return approximately minus 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.85, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in June.

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: -0.1

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

Morgan Stanley rates FMG as Underweight (5) -

The broker has come away from Day One of Fortescue's site tour noting the company is still striving to improve but the drivers of increased volumes and lower costs are now easing. Investment is needed to increase volumes but this will also increase costs.

Efficiencies are going to get harder to squeeze out and the broker retains Underweight and a $4.50 target, noting upside risk if debt is paid down faster than assumed, which links back to a stronger iron ore price. Industry view: Attractive.

Target price is $4.50 Current Price is $5.44 Difference: minus $0.94 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.85, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in June.

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: -0.1

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

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

GUD's AGM update revealed three out of four main company segments experienced a challenging start to the new financial year. Combine this with a sharp appreciation (+19%) in the share price prior and Citi thinks it's best to downgrade to Neutral from Buy.

It's Automotive versus the rest and given this ambiguity Citi finds the shares are probably fairly valued at present level, though some caution seems warranted in the analysts' opinion. Target drops to $10.01 from $10.34.

Target price is $10.01 Current Price is $10.19 Difference: minus $0.18 (current price is over target).
If GUD meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.84, suggesting downside of -0.0% (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 GUD as Neutral (3) -

The main takeaway from the AGM update is that the automotive market remains the primary focus and UBS notes the performance in both Davey and Oates remains constrained. The former by poor weather and the latter by margin pressure.

UBS observes the Dexion, Davey and Oates businesses are not without risk for FY17 but are now less relevant, accounting for just 21% of group EBIT in FY17.

As the automotive segment continues to outperform the company is searching for other significant opportunities in that area. Neutral retained. Target is raised to $9.73 from $9.11.

Target price is $9.73 Current Price is $10.19 Difference: minus $0.46 (current price is over target).
If GUD meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.84, suggesting downside of -0.0% (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

Deutsche Bank rates GXL as Sell (5) -

Retail comparables were slightly better in the period to October 23 but still underwhelm Deutsche Bank. Like-for-likes sales growth was 3.9%. A FY17 target of 20 new stores is reiterated.

The outlook for strong cash flow conversion is also re-affirmed with underlying EBITDA and NPAT growth expected at similar levels to FY16. Deutsche Bank retains a Sell rating. Target is unchanged at $6.30.

Target price is $6.30 Current Price is $7.12 Difference: minus $0.82 (current price is over target).
If GXL meets the Deutsche Bank target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.20, suggesting upside of 3.2% (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 GXL as Neutral (3) -

The company has provided a solid sales update for the year to date, UBS believes, with growth of 3.7% in retail and 4.2% in vet clinics.

The broker expects FY17 will be a transition year as earnings quality is improved and forecasts reported net profit of $43.6m, 3.7% higher than FY16 "normalised" net profit.

Neutral rating and $7.80 target retained.

Target price is $7.80 Current Price is $7.12 Difference: $0.68
If GXL meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 3.2% (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

Ord Minnett rates HLO as Buy (1) -

The company will acquire 50% of Mobile Travel Agents for $14m. Ord Minnett estimates the deal will be earnings neutral in both FY17 and FY18, assuming the remaining proceeds of the $30m capital raising are applied to debt reduction.

The company has also indicated it intends to invest in 20-25% of franchisee businesses using scrip, escrowed for two years. This offers the franchisee a partial monetisation of their business and gives Helloworld a say in managing succession plans.

With considerable growth envisaged over the medium term from better contracting and margin management, the broker retains a Buy recommendation. Target is raised to $4.78 from $4.43.

Target price is $4.78 Current Price is $4.32 Difference: $0.46
If HLO meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.48, suggesting upside of 3.6% (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

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

Ord Minnett downgrades to Hold from Accumulate following cuts to fertiliser price assumptions. The broker had already factored in price weakness for diammonium phosphate (DAP), urea and ammonia, but the actual declines have been more severe and protracted relative to prior assumptions.

Capacity additions are also suspected to be likely to constrain a significant price recovery. Target is reduced to $3.20 from $3.75.

Target price is $3.20 Current Price is $2.93 Difference: $0.27
If IPL meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.3

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

Macquarie rates LOV as Outperform (1) -

The business has made a solid start to FY17, Macquarie observes, and prices have held up. Gross margins are at least in line with expectations and the broker suspects this is in part because of the recently improved competitive environment in Australia.

The broker now has 45 stores factored into forecasts for the UK. Macquarie envisages further upside to near-term earnings if current trends continue and longer-term upside as confidence in the UK opportunity grows.

 Outperform retained. Target is lifted to $4.08 from $3.60.

Target price is $4.08 Current Price is $3.78 Difference: $0.3
If LOV meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.47, suggesting downside of -6.8% (ex-dividends)

The company's fiscal year ends in July.

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 LOV as Hold (3) -

Trading in the first quarter has been solid, with growth above the annual target range of 3-5%, Morgans notes.

The broker believes the company is well placed for solid growth over the next three years, underpinned by the roll out of stores in the UK.

Hold rating is retained. Target is raised to $3.43 from $3.07.

Target price is $3.43 Current Price is $3.78 Difference: minus $0.35 (current price is over target).
If LOV meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.47, suggesting downside of -6.8% (ex-dividends)

The company's fiscal year ends in July.

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 MGR as Outperform (1) -

Earnings guidance has been reiterated for 14.0-14.4c per share in FY17. Macquarie continues to expect earnings will be underpinned by settlements of some high-margin projects such as Tullamore, Harold Park precinct 4A, Bondi and Green Square.

Mirvac continues to offer exposure to a resilient residential market and improving Sydney office market and, with earnings growth of 10% expected for the next two years, Macquarie retains an Outperform rating. Target is $2.25.

Target price is $2.25 Current Price is $2.09 Difference: $0.16
If MGR meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.26, suggesting upside of 8.2% (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 MGR as Overweight (1) -

Mirvac provided a quarterly update largely as the broker expected. Guidance is unchanged, supported by pre-sales and a solid commercial portfolio. There are nevertheless signs apartment demand may have plateaued, the broker notes.

The broker believes downside is limited. Overweight and $2.20 target retained. Industry view: Attractive.

Target price is $2.20 Current Price is $2.09 Difference: $0.11
If MGR meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.26, suggesting upside of 8.2% (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 MGR as Hold (3) -

The company has re-affirmed guidance for growth in earnings per share in FY17 of 8-11%. Ord Minnett observes apartment settlement risks remain given tougher rules on lending and foreign ownership.

The remainder of the business is envisaged to be performing solidly. and the trust side is expected to provide sector-leading growth in net property income.

The broker retains a Hold rating and $2.27 target.

Target price is $2.27 Current Price is $2.09 Difference: $0.18
If MGR meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.26, suggesting upside of 8.2% (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

UBS rates MGR as Upgrade to Buy from Neutral (1) -

The company has re-affirmed FY17 guidance for 8-11% growth in earnings per security and distributions of 10.2-10.4c per security.

UBS upgrades to Buy from Neutral on valuation. The broker considers Mirvac has the best exposure to NSW, the state with the best fundamentals across multiple asset classes. Target is steady at $2.27.

Target price is $2.27 Current Price is $2.09 Difference: $0.18
If MGR meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.26, suggesting upside of 8.2% (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 ORI as Hold (3) -

Ord Minnett had factored in price weakness for diammonium phosphate (DAP), urea and ammonia, but the actual price declines have been more severe and protracted than previously believed. Capacity additions are also considered likely to constrain a significant price recovery.

The broker downgrades fertiliser price assumptions and retains a Hold rating on Orica, noting strengthening commodity prices have helped ease pressure on the volume front for explosives. Ord Minnett raises the target to $15.00 from $14.60.

Target price is $15.00 Current Price is $16.48 Difference: minus $1.48 (current price is over target).
If ORI meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.86, suggesting downside of -8.6% (ex-dividends)

The company's fiscal year ends in September.

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

Ord Minnett rates PPH as Initiation of coverage with Buy (1) -

Pushpay Holdings is a dominant provider of mobile commerce solutions to merchants and consumers across religious organisations in the US and Ord Minnett assumes it can achieve 18% market share in Australasia.

Ord Minnett initiates coverage with a Buy rating and $2.60 target. The broker envisages the current price as an attractive entry point.

Target price is $2.60 Current Price is $1.80 Difference: $0.8
If PPH meets the Ord Minnett target it will return approximately 44% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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 RCR as Outperform (1) -

The company has signalled that earnings will be more heavily weighted to the second half, given the ramp up in contracts while a number of opportunities are expected to support FY18 earnings.

Macquarie retains an Outperform rating based on the opportunities in the pipeline, and expects improved margins and revenue into FY17 on the back of the recent restructure and timely expansion into the infrastructure sector. Target edges down to $2.92 from $2.98.

Target price is $2.92 Current Price is $2.61 Difference: $0.31
If RCR meets the Macquarie 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

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

Quarterly production was broadly in line with expectations while cost performances were more mixed. Macquarie updates mining assumptions based on a more detailed understanding of the outlook for operations.

Having brought two new underground operations into production and worked through the highest strip ratio portion of Thunderbox, the broker expects the company's cost performance should improve from now on.

Rating is upgraded to Neutral from Underperform. Target slips to $1.30 from $1.40.

Target price is $1.30 Current Price is $1.18 Difference: $0.12
If SAR meets the Macquarie target it will return approximately 10% (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

Morgans rates SUL as Hold (3) -

Morgans observes softer top line sales momentum in the first quarter was offset by cost control. The broker's FY17 net profit forecast signals around 18.1% growth, the highest level of growth since FY13.

Morgans believes the company can capitalise on the eventual exit of the Masters stores although the timing is a little unclear. The continued strong momentum in sports was also pleasing to the broker. Hold rating is retained. Target is reduced to $10.62 from $10.87.

Target price is $10.62 Current Price is $10.30 Difference: $0.32
If SUL meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.81, suggesting upside of 6.9% (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 WBC as Add (1) -

FY16 results are reported on November 7. Morgans suspects Westpac will be the only major bank to experience a decline in the credit impairment charge from the first half to the second.

One reason, in the broker's opinion, is that Westpac is inclined to be fast to impair troubled exposures and slow to write back impaired items. Add rating and $31.00 target retained.

Target price is $31.00 Current Price is $30.90 Difference: $0.1
If WBC meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $32.34, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY16:

Forecast for FY17:

Market Sentiment: 0.6

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

Deutsche Bank rates WOR as Sell (5) -

Management has signalled it is yet to witness signs of a recovery in trading conditions but the ongoing cost reductions continue to respond to the challenges.

Underlying earnings are expected to be more biased to the second half than in previous years and Deutsche Bank trims margins to reflect the timing of cost reductions. Sell retained. Target falls to $5.47 from $5.48.

Target price is $5.47 Current Price is $8.85 Difference: minus $3.38 (current price is over target).
If WOR meets the Deutsche Bank target it will return approximately minus 38% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.96, suggesting downside of -7.3% (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

Macquarie rates WOR as Neutral (3) -

The company has highlighted a more prominent second half skew to earnings in FY17 than in prior years, with management noting at the AGM it is yet to witness signs of a recovery in trading conditions.

Macquarie observes the stock continues to track the oil price and has had a strong run from its lows and considers the earnings recovery is probably an FY18 story. Neutral rating and $9.00 target retained.

Target price is $9.00 Current Price is $8.85 Difference: $0.15
If WOR meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.96, suggesting downside of -7.3% (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