Australian Broker Call

Deutsche Bank rates AIZ as Hold (3) -

Quarterly numbers suggests that revenue is tracking in line with Deutsche Bank's forecasts for  FY17. While yields are slightly better than the broker's current expectations the moderating of capacity growth is slightly behind.

Hold retained. Target rises to NZ$2.31 from NZ$2.29.

Current Price is $2.34. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.0

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

Credit Suisse rates BKL as Neutral (3) -

Credit Suisse was encouraged by a sharp drop in inventory in the March quarter which may ultimately stabilise the erratic pricing that is being observed in Australia.

The broker accepts the sequential margin erosion was predominantly a result of Australian Open advertising and infant formula provisions.

Taking everything into consideration suggests to Credit Suisse that sales and margins may have bottomed. Still confidence is not as strong as it could be. Hence, the broker's forecasts for earnings per share are reduced by -8-20%.

Neutral rating retained. Target is reduced to $100 from $115.

Target price is $100.00 Current Price is $106.49 Difference: minus $6.49 (current price is over target).
If BKL meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $104.50, suggesting downside of -1.3% (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 BKL as Hold (3) -

March quarter results were weaker than Morgans expected, with net profit down -47%. Fewer trading days, more normalised trade spending and increased marketing and investment were evident to the broker.

Morgans stresses that short-term earnings uncertainty remains but does expect the company to return to profit growth in FY18.

Hold rating retained. Target is reduced to $103.50 from $105.50.

Target price is $103.50 Current Price is $106.49 Difference: minus $2.99 (current price is over target).
If BKL meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $104.50, suggesting downside of -1.3% (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

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

March quarter results revealed sales down -8.6% and net profit down -46.8%. Ord Minnett observes the quarter was cycling peak earnings for the company, given regulatory changes which affected the business in the December quarter and the build up in inventory.

The broker reduces its recommendation to Hold from Accumulate and lowers the target to $110 from $120. Ord Minnett awaits indications of a sustained recovery in sales and margins before becoming more constructive.

Target price is $110.00 Current Price is $106.49 Difference: $3.51
If BKL meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $104.50, suggesting downside of -1.3% (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 BPT as Neutral (3) -

It appears the March quarter production report didn't quite meet expectations, but success with gas exploration has increased management's confidence in that Middleton can be expanded to 40-50mmscfd from 25mmscfd, but more discoveries are necessary, point out the analysts.

Citi analysts also note the company has lowered its capex guidance to $160-170m. Also, they believe the new management team is yet to demonstrate they can deliver value-accretive acquisitions for shareholders. Neutral rating and $0.80 price target retained.

Target price is $0.80 Current Price is $0.75 Difference: $0.05
If BPT meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.69, suggesting downside of -5.5% (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

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

March quarter production was solid, in Morgan Stanley's view, with signs the wet gas business is starting to deliver results and this could prove timely, given east coast gas shortages.

Oil production was down -8% driven by natural field decline. Morgan Stanley retains an Equal-weight rating and In-Line sector view. Target is 76c.

Target price is $0.76 Current Price is $0.75 Difference: $0.01
If BPT meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $0.69, suggesting downside of -5.5% (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

Ord Minnett rates BPT as Lighten (4) -

March quarter production was weaker than Ord Minnett expected. On the positive side, the company continues to achieve exploration success with three gas discoveries in the quarter.

 At current prices the broker suspects the market is attributing around one third of the stock price to exploration success. As the stock is trading at a significant premium to valuation, the broker maintains a Lighten recommendation. Target is $0.65.

Target price is $0.65 Current Price is $0.75 Difference: minus $0.1 (current price is over target).
If BPT meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.69, suggesting downside of -5.5% (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 BPT as Neutral (3) -

Beach Energy's March quarter production was better than forecast, but Cooper gas sales fell sharply due to the end of a legacy contract. Oil production should bounce this quarter due to greater Bauer handling capacity, the broker notes.

While Beach is doing a good job of delaying the inevitable, FY18 should see significantly lower production as fields decline, the broker warns. A ramp-up in Cooper Basin exploration is anticipated. Neutral and 70c target retained.

Target price is $0.70 Current Price is $0.75 Difference: minus $0.05 (current price is over target).
If BPT 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 $0.69, suggesting downside of -5.5% (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

Citi rates CPU as Neutral (3) -

Citi analysts, back from the company's 2017 investor day, report Computershare is seemingly making good progress in a number of its businesses while at the same time the company remains in the sweet spot for a number of macro changes.

The analysts are anticipating robust growth numbers beyond the current financial year, albeit mainly due to cost savings, not so much due to revenue growth. It's the valuation that keeps the rating at Neutral. Target lifts to $14.40 from $13.80.

Target price is $14.40 Current Price is $14.23 Difference: $0.17
If CPU meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $13.60, suggesting downside of -7.7% (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: 0.3

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

Credit Suisse rates CPU as Outperform (1) -

FY17 guidance was reiterated at the investor briefing. Credit Suisse notes significantly more detail on margin income, making this income stream more transparent.

The broker observes earnings growth is underpinned by acquisitions, contract gains and cost reductions. Credit Suisse forecasts around 15% growth in earnings per share in each of FY18 and FY19.

Outperform retained. Target is $14.30.

Target price is $14.30 Current Price is $14.23 Difference: $0.07
If CPU meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $13.60, suggesting downside of -7.7% (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: 0.3

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

Macquarie rates CPU as Neutral (3) -

The company has reaffirmed guidance for earnings per share in FY17 of US56-58c and is confident that margin income will improve in FY18 despite continued declines in the first half of FY17.

Macquarie notes there was no update on capital management, with the free cash flow being used to de-leverage the balance sheet also may be applied to acquisitions. Neutral rating and $12.03 target retained.

Target price is $12.03 Current Price is $14.23 Difference: minus $2.2 (current price is over target).
If CPU meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.60, suggesting downside of -7.7% (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: 0.3

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

Ord Minnett rates CPU as Hold (3) -

Ord Minnett observes the detail on disclosure across all of the company's businesses has significantly improved and this should give investors more confidence on the business prospects.

Guidance for FY17 has been reaffirmed, expected to be slightly up on FY16 on a constant currency basis. US mortgage servicing is expected to provide an earnings and returns uplift.

Ord Minnett maintains a Hold rating and $13 target.

Target price is $13.00 Current Price is $14.23 Difference: minus $1.23 (current price is over target).
If CPU 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 $13.60, suggesting downside of -7.7% (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: 0.3

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

UBS rates CPU as Buy (1) -

Computershare's investor day featured reaffirmed FY17 guidance but greater detail around margin income disclosure, cost-outs, and organic upside in UK mortgage servicing. The reaffirmation of strategic targets, while incremental, further enhances the broker's conviction in an already attractive story.

With interest rate leverage a key driver, enhanced disclosures could lead to greater recognition of upside potential, the broker suggests. Buy and $14.95 target retained.

Target price is $14.95 Current Price is $14.23 Difference: $0.72
If CPU meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $13.60, suggesting downside of -7.7% (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: 0.3

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

Macquarie rates DCN as Outperform (1) -

The company is now fully funded and on track for first gold in the March quarter of 2018. Macquarie observes upside exists for both extensions to the planned underground at Mount Morgans as well as open pit positions, along with ongoing exploration.

The broker retains an Outperform rating and raises the target to $3.00 from $2.90.

Target price is $3.00 Current Price is $1.74 Difference: $1.26
If DCN meets the Macquarie target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $3.05, suggesting upside of 80.8% (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 DOW as Hold (3) -

The Spotless ((SPO)) board has recommended shareholders reject Downer's offer at $1.15 a share, believing the offer is opportunistic.

The Spotless board has elected not to have an independent expert valuation and revealed merger discussions with other parties have ended without agreement.

Assuming the transaction with Downer proceeds in its current form, and there are $20m in cost synergies, Deutsche Bank's target would increase to $5.79. At this juncture, the target is $5.49 and a Hold rating is retained.

Target price is $5.49 Current Price is $5.77 Difference: minus $0.28 (current price is over target).
If DOW meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.20, suggesting upside of 7.1% (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

Macquarie rates GOR as Outperform (1) -

Construction will begin at Gruyere, which has received final approvals for the construction of the mine. Contracts for bulk earthworks are still being finalised.

Macquarie notes major greenfield exploration is underway, with the company flagging a $30m exploration budget for 2017. The company is in a strong cash position to fund its share of Gruyere as well as an aggressive exploration program, the broker observes.

Outperform rating retained. Target is lifted to $1.00 from $0.70.

Target price is $1.00 Current Price is $0.65 Difference: $0.35
If GOR meets the Macquarie target it will return approximately 54% (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

Ord Minnett rates GPT as Downgrade to Hold from Buy (3) -

Retail sales grew at 3.2% in the March quarter while specialty sales grew 2.4%. The company's break up of monthly retail sales also points to further deceleration in specialty sales over the next  one to two quarters.

Ord Minnett's estimated re-leasing spreads will be effectively zero for the next 12 months, then perpetually negative. As a result the broker tempers estimates for the next five years.

The broker downgrades to Hold from Buy and lowers the target to $5.25 from $5.35.

Target price is $5.25 Current Price is $5.30 Difference: minus $0.05 (current price is over target).
If GPT 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 $5.13, suggesting downside of -1.6% (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

UBS rates GPT as Neutral (3) -

GPT's March Q update revealed strength in Syd/Melb office markets seen in 2016 has continued into 2017, while retail remains credibly robust in a difficult environment, the broker notes. GPT has outperformed the REIT sector by around 3% year to date.

More interestingly, the broker points out, given a 48% exposure to retail, GPT has outperformed Vicinity Centres ((VCX)) and Scentre Group ((SCG)) by 8-9%. Neutral and $5.04 target retained.

Target price is $5.04 Current Price is $5.30 Difference: minus $0.26 (current price is over target).
If GPT 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 $5.13, suggesting downside of -1.6% (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

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

Previously, Citi analysts couldn't muster much enthusiasm for owning this stock, other than for its relatively attractive yield. Now the analysts believe short term dynamics are conspiring for a positive boost and this warrants an upgrade to Buy from Neutral.

Among the positives cited are new advisors joining the group and regulatory changes to the super regime boosting inflows into fiscal year-end. Platform net profits are also expected to rise versus the previous half. Target jumps to $9.40 from $8.40.

Target price is $9.40 Current Price is $8.56 Difference: $0.84
If IFL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $8.59, suggesting downside of -2.6% (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

Credit Suisse rates IFL as Neutral (3) -

March quarter funds under management were slightly ahead of Credits Suisse expectations, up 3.1%. The beat was primarily driven by market movements, although flows were also ahead of expectations.

Credit Suisse upgrades the target to $8.70 from $8.60 and maintains a Neutral rating.

Target price is $8.70 Current Price is $8.56 Difference: $0.14
If IFL meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $8.59, suggesting downside of -2.6% (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 IFL as Neutral (3) -

The company has reported net flows for the March quarter, which were up 3.6% on December funds under management. While improving, the rate of net flows continues to track below Macquarie's 5%-plus target benchmark on an annualised quarter and year rolling basis.

Sustained flows are required to drive performance, in the broker's opinion, and changes to superannuation contribution limits from July 1 should support positive net flows in the second half.

The broker retains a Neutral rating. Target is raised to $8.70 from $8.50.

Target price is $8.70 Current Price is $8.56 Difference: $0.14
If IFL meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $8.59, suggesting downside of -2.6% (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 MGR as Hold (3) -

Management has updated guidance to include operating earnings per unit for FY17 at 14.4c, at the upper end of the guidance range. Distribution has been confirmed at 10.4c.

Deutsche Bank observes the retail portfolio continues to outperform peers, with positive leasing spreads and low specialty occupancy costs. Buy rating retained on valuation. Target is $2.39.

Target price is $2.39 Current Price is $2.30 Difference: $0.09
If MGR meets the Deutsche Bank target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.32, suggesting upside of 2.1% (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

UBS rates MGR as Buy (1) -

At its quarterly update, Mirvac tightened FY earnings growth guidance to 11% from a prior 9-11%, some 1.5% above consensus forecasts, and tightened dividend growth guidance to 5% from 3-5%. Residential business was in line with the broker but specialty retail surprised in a difficult environment.

The broker expects Mirvac's retail portfolio to outperform peers given a NSW skew. With the REIT sector trading in line with fair value, the broker retains Buy and a $2.35 target.

Target price is $2.35 Current Price is $2.30 Difference: $0.05
If MGR meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.32, suggesting upside of 2.1% (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

Citi rates MGX as Neutral (3) -

The board has approved the restart of the Koolan Island mine and when everything is paid for the company should still be left with some $300m in cash for which no strategy has been declared as yet, the analysts report.

Citi analysts also point out the March quarter realised price of US$46/t was down from US$49/t in December quarter despite the index rising. Culprits are a lower grade and widening discounts. Neutral rating retained. Price target falls to 40c from 50c.

Target price is $0.40 Current Price is $0.36 Difference: $0.045
If MGX meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $0.49, suggesting upside of 39.0% (ex-dividends)

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 MGX as Neutral (3) -

Mt Gibson's March Q sales came in -15% below the broker's forecast as mining at Extension Hill entered its final stages. Grades are dropping hence realised prices were lower than expected.

While a decision has taken longer than expected, Mt Gibson will restart Koolan Island. The metrics on the deal look good to the broker, albeit lower than earlier estimates. There remain risks around Koolan, not the least of which are geotechnical, but the broker notes the market is not pricing in a restart.

Neutral and 53c target retained.

Target price is $0.53 Current Price is $0.36 Difference: $0.175
If MGX meets the UBS target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $0.49, suggesting upside of 39.0% (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

Deutsche Bank rates MQG as Hold (3) -

Deutsche Bank forecasts the company to deliver an FY17 result in line with guidance and for second half net profit to be up 1% half on half.

The broker expects a weaker combined contribution from the operating divisions in the second half versus the first half. This should be offset by lower corporate expenses. Hold rating maintained. Target is raised to $91.60 from $86.00.

Target price is $91.60 Current Price is $92.28 Difference: minus $0.68 (current price is over target).
If MQG meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $82.82, suggesting downside of -10.5% (ex-dividends)

The company's fiscal year ends in March.

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 NCM as Downgrade to Neutral from Buy (3) -

The operations at Cadia East have been damaged following an earthquake and Citi analysts believe the impact will be felt for longer. The subsequent reduction in forecasts is the main cause for today's downgrade to Neutral from Buy.

The analysts also believe the official review of Bonikro in Ivory Coast should be interpreted as the preparation for future divestment. Citi values the project at US$118m. Target cut to $24 from $27.40.

Target price is $24.00 Current Price is $22.03 Difference: $1.97
If NCM meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $20.22, suggesting downside of -3.8% (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 NCM as Underperform (5) -

March quarter production was soft and the seismic event at Cadia has reduced FY17 guidance to the lower end of the 2.35m-2.65m ounces range.

Credit Suisse makes changes to FY17 to reflect lower Cadia earnings but notes there are immaterial changes beyond the current year.

Underperform rating and $18.20 target retained.

Target price is $18.20 Current Price is $22.03 Difference: minus $3.83 (current price is over target).
If NCM meets the Credit Suisse target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.22, suggesting downside of -3.8% (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 NCM as Sell (5) -

March quarter production was -3% below Deutsche Bank's forecasts but costs were 15% better than estimates and a record for the company.

The result was overshadowed by the seismic event at Cadia, where the PC2 will be out of action for 8-10 weeks while assessment of PC 1 is yet to be completed. This reduces the broker's FY17 earnings estimates by -7% and FY18 by -34%.

The broker has also pushed back the likely time frame for the  Cadia expansion. Target  is reduced to $17.60 from $18.20. Sell rating maintained.

Target price is $17.60 Current Price is $22.03 Difference: minus $4.43 (current price is over target).
If NCM meets the Deutsche Bank target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.22, suggesting downside of -3.8% (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 NCM as Neutral (3) -

Gold production in the March quarter was broadly in line with Macquarie's forecasts. Copper production was better than expected. An update on Cadia suggests the PC2 will not recommence production until early FY18 while the timing for the PC1 rehabilitation is uncertain.

Macquarie observes the seismic impact was worse than originally thought and the company has now indicated it expects to hit the bottom end of guidance for FY17, while Cadia will miss production guidance, although this is partly offset by a beat at Gosowong.

Macquarie reduces FY17 production forecasts by -2% for gold and -1% for copper. The weaker earnings outlook reduces the target to $22. Neutral  retained.

Target price is $22.00 Current Price is $22.03 Difference: minus $0.03 (current price is over target).
If NCM meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.22, suggesting downside of -3.8% (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 NCM as Equal-weight (3) -

Mining operations remain suspended at Cadia and Morgan Stanley assumes no production in the June quarter.

An event of this nature has potential to take the equity below fair value and create an opportunity but the broker does not envisage this is the case yet, particularly with the impact on PC1 unknown at this stage.

Equal-weight rating,  Attractive industry view and $21.50 target retained.

Target price is $21.50 Current Price is $22.03 Difference: minus $0.53 (current price is over target).
If NCM meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.22, suggesting downside of -3.8% (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 NCM as Hold (3) -

Based on the company's latest update it appears to Morgans that the amount of damage to PC1 at Cadia is a cause for concern. The broker suspects PC1 may remain off-line longer than originally anticipated. PC2 is expected to re-start in the September quarter.

Cadia only accounts for 25-30% of total gold output but contributes around 44% of gross earnings, as it is the company's lowest-cost mine. Therefore, the potential disappointment about re-starts at the damaged areas could be a significant negative catalyst, in the broker's opinion.

Hold rating retained. Target is reduced to $24.42 from $25.78.

Target price is $24.42 Current Price is $22.03 Difference: $2.39
If NCM meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $20.22, suggesting downside of -3.8% (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

Ord Minnett rates NCM as Lighten (4) -

March quarter production was weaker than expected and Cadia will miss full-year guidance, as mining access has been affected after the seismic event.

Ord Minnett reduces production estimates to the lower end of the FY17 guidance range of 2.35-2.6m ounces. The company has indicated materially higher power costs are likely to flow through at Cadia in FY18.

Ord Minnett maintains an Underweight rating and reduces the target to $20.00 from $21.50.

Target price is $20.00 Current Price is $22.03 Difference: minus $2.03 (current price is over target).
If NCM 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 $20.22, suggesting downside of -3.8% (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

UBS rates NCM as Sell (5) -

The earthquake earlier in the month will take Cadia out of business until early FY18, Newcrest has estimated. In the last quarter, Cadia accounted for 31% of group production and 56% of cash flow, the broker notes.

The broker estimates every month of lost production represents -9% of lost earnings. Yet the share price response has been minimal. Given this is not a long term issue, it appears the market is looking through the event, the broker observes.

Sell and $14.02 target retained.

Target price is $14.02 Current Price is $22.03 Difference: minus $8.01 (current price is over target).
If NCM meets the UBS target it will return approximately minus 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.22, suggesting downside of -3.8% (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

Citi rates NST as Buy (1) -

The company continues its strong performance run and judging by Citi's commentary, the run has continued throughout the March quarter. Citi analysts suggest this company is on track to meet FY17 guidance of 485-515koz.

Equally important, cash continues building with the analysts anticipating the cash pile will have accumulated to $500m by June 2018. Price target lowered to $4.85 from $5.05. Buy rating retained.

The analysts also observe the new 50kozpa Millenium mine at Kalgoorlie should see first ore in September.

Target price is $4.85 Current Price is $4.47 Difference: $0.38
If NST meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.39, suggesting upside of 3.5% (ex-dividends)

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 NST as Downgrade to Neutral from Outperform (3) -

March quarter production was softer than Credit Suisse expected and a similar outcome in the June quarter is needed to meet the bottom of the guidance range.

The broker expects guidance for FY17 of 485-515,000 ounces should be achievable on outperformance at Kalgoorlie.

The broker downgrades to Neutral from Outperform on valuation. Target is raised to $4.15 from $4.10.

Target price is $4.15 Current Price is $4.47 Difference: minus $0.32 (current price is over target).
If NST meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.39, suggesting upside of 3.5% (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

Deutsche Bank rates NST as Hold (3) -

March quarter production was -5% below Deutsche Bank's estimates, because of lower output from Jundee.

The broker expects the company to reach the bottom end of FY17 guidance with further news on Jundee/Kalgoorlie mill expansion  to be the next catalyst.

Hold retained. Target is raised to $4.10 from $4.00.

Target price is $4.10 Current Price is $4.47 Difference: minus $0.37 (current price is over target).
If NST meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.39, suggesting upside of 3.5% (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 NST as Neutral (3) -

March quarter production was in line with expectations at an overall level. Macquarie notes exploration and development activity was significant as the company works towards a major update mid-year. Neutral rating and $4 target retained.

Target price is $4.00 Current Price is $4.47 Difference: minus $0.47 (current price is over target).
If NST meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.39, suggesting upside of 3.5% (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

Credit Suisse rates OGC as Outperform (1) -

March quarter production was a record and exceeded Credit Suisse expectations. Didipio revealed peak grade and record throughput while Macraes production was soft on plant maintenance and harder ore.

2017 guidance is unchanged for 550-610,000 ounces. Credit Suisse retains an Outperform rating and $4.20 target.

Target price is $4.20 Current Price is $4.05 Difference: $0.15
If OGC meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.53, suggesting upside of 7.1% (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

Citi rates ORE as Buy (1) -

March quarter production proved in-line with expectations and Citi analysts anticipate production improvements to flow through in H2. Costs only rose by 1% which is also welcomed as a positive.

Realised price of US$10,211/t for the quarter was largely in-line. Target price at $3.90 and Buy rating remain in place.

Target price is $3.90 Current Price is $2.94 Difference: $0.96
If ORE meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 34.7% (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

Deutsche Bank rates ORE as Buy (1) -

March quarter production was -7% below Deutsche Bank's estimates but a catch up in sales meant the broker was impressed with the quarterly revenue of US$32m.

Realised pricing increased 13% in the quarter versus the prior quarter.  Deutsche Bank retains a Buy rating and $4.30 target.

Target price is $4.30 Current Price is $2.94 Difference: $1.36
If ORE meets the Deutsche Bank target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 34.7% (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 OZL as Upgrade to Add from Hold (1) -

Morgans makes only minor changes as a result of softer quarterly production, noting 2017 guidance is intact despite a rain-affected quarter.

Several external events have driven a -30% correction in the stock from its February high but this does not alter the broker's valuation. Morgans believes the sell-off is based on sentiment rather than fundamentals and now looks overdone.

Rating is upgraded to Add from Hold. Target is reduced to $8.28 from $8.30.

Target price is $8.28 Current Price is $7.00 Difference: $1.28
If OZL meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.64, suggesting upside of 22.1% (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

Morgans rates RAN as Add (1) -

The March quarter update disappointed Morgans as cash receipts were US$120,000 versus US$321,000 in the prior quarter.

Management acknowledges the sales performance of the existing product range was disappointing and has launched a new product range and deferred the commissioning of a final six production lines, pending future demand.

Longer term, the broker considers the fundamentals are strong. Morgans retains an Add rating and lowers the target to $0.75 from $1.65.

Target price is $0.75 Current Price is $0.60 Difference: $0.155
If RAN meets the Morgans target it will return approximately 26% (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

Morgan Stanley rates RMD as Overweight (1) -

March quarter US earnings were in line with the market's expectations, although Morgan Stanley notes revenue was soft. Masks and accessories were below expectations but remain to be rolled out fully.

Overweight rating. Industry view is In-Line. Price target is US$73.10.

Current Price is $9.54. Target price not assessed.

Current consensus price target is $9.55, suggesting upside of 3.5% (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: 0.7

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

Morgans rates RRL as Hold (3) -

Gold production was flat in the March quarter but in line with Morgans. Sattelite resources helped increase the grade and recoveries at Duketon.

This was offset by an increase in costs associated with the start of waste stripping at Erlistoun and a further cut-back at Rosemount.

The broker maintains a Hold rating, given the recent strength in the share price. Target is raised to $3.00 from $2.95.

Target price is $3.00 Current Price is $3.26 Difference: minus $0.26 (current price is over target).
If RRL meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.17, suggesting downside of -1.9% (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

Citi rates S32 as Buy (1) -

Citi analysts saw a weak March quarter production performance. Plus thermal coal and Cannington triggered a lowered guidance. Target price loses 10c to $3.10. Buy rating retained.

As the company's cash sits at US$1.5bn, the analysts see upside potential to already announced US$0.5bn in capital management. Citi's preferred diversified stocks are BHP Billiton ((BHP)) and Rio Tinto ((RIO)).

Target price is $3.10 Current Price is $2.81 Difference: $0.29
If S32 meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 10.8% (ex-dividends)

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: 0.8

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

Deutsche Bank rates S32 as Hold (3) -

March quarter production was -8% below Deutsche Bank's forecast. Weak coal production was the key driver.

Metallurgical coal guidance has been downgraded three times over the past year and the broker believes FY17 guidance of 7.9mt is challenging. Earnings estimates for FY17 are reduced by -4% and FY18 by -7%.

Hold rating retained. Target is $2.50.

Target price is $2.50 Current Price is $2.81 Difference: minus $0.31 (current price is over target).
If S32 meets the Deutsche Bank target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.09, suggesting upside of 10.8% (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: 0.8

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

Macquarie rates S32 as Outperform (1) -

March quarter production disappointed Macquarie, with weaker coking and thermal coal shipments offset by a stronger  build up of cash.

The broker believes the company is likely to boost its US$500m buy-back later this year. Incorporating the production result and the reduction in FY17 coal production guidance means a -4% reduction to the broker's forecasts for earnings per share in FY17.

Outperform maintained. Target is $3.70.

Target price is $3.70 Current Price is $2.81 Difference: $0.89
If S32 meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 10.8% (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: 0.8

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

Morgan Stanley rates S32 as Overweight (1) -

Morgan Stanley observes the net cash build in the March quarter suggests a buy-back top-up is possible in August. Elsewhere, increased costs or lower production into FY18 was noted.

Overweight retained, although the broker acknowledges that upside is diminishing. Target is lowered to $3.10 from $3.35. Industry view: Attractive.

Target price is $3.10 Current Price is $2.81 Difference: $0.29
If S32 meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 10.8% (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: 0.8

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

Ord Minnett rates S32 as Re-initiates with Buy (1) -

Ord Minnett resumes coverage with a Buy rating and $3.40 target. The broker believes the miner screens attractively across a number of metrics such as the outlook for shareholder returns with a strong balance sheet.

March quarter production was soft, outside of manganese and aluminium. The broker notes almost 40% of earnings in FY18 will come from alumina and aluminium, where China has plans to cut capacity. If this is the case markets could tighten materially and the company benefit.

Target price is $3.40 Current Price is $2.81 Difference: $0.59
If S32 meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.09, suggesting upside of 10.8% (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: 0.8

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

UBS rates S32 as Buy (1) -

A brief first-look report from the broker on South32's March Q production numbers notes headline production was slightly weaker than the broker's forecast but cash flow generation was stronger.

The broker retains Buy and a $2.80 target.

Target price is $2.80 Current Price is $2.81 Difference: minus $0.01 (current price is over target).
If S32 meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.09, suggesting upside of 10.8% (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: 0.8

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

Citi rates SFR as Neutral (3) -

Citi analysts note March quarter DeGrussa production was down on lower copper grades. The analysts comment the past high grading of ore may be over. In addition, they note, no significant exploration results were reported.

Citi maintains the Neutral/High Risk rating while the price target falls to $6.60 (-10c).

Target price is $6.60 Current Price is $5.78 Difference: $0.82
If SFR meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.83, suggesting upside of 18.1% (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

Credit Suisse rates SFR as Underperform (5) -

March quarter production was in line with Credit Suisse expectations.The broker expects FY17 guidance will be easily achieved. First ore at Monty is expected in the second quarter of FY19.

Credit Suisse retains an Underperform rating and $4.65 target.

Target price is $4.65 Current Price is $5.78 Difference: minus $1.13 (current price is over target).
If SFR meets the Credit Suisse target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.83, suggesting upside of 18.1% (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

Deutsche Bank rates SFR as Buy (1) -

The company has produced copper and gold in the March quarter in line with Deutsche Bank's forecasts. The broker continues to be impressed by costs, which were -13% below estimates.

Deutsche Bank retains a Buy rating and $8.40 target.

Target price is $8.40 Current Price is $5.78 Difference: $2.62
If SFR meets the Deutsche Bank target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $6.83, suggesting upside of 18.1% (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 SFR as Outperform (1) -

March quarter production was solid and broadly within Macquarie's forecasts. FY17 guidance is reiterated.

The broker observes exploration is a key catalyst for the company and awaits the results of deep drilling at Monty.  The broker believes the stock is cheap on earnings multiples. Outperform maintained. Target is $7.70.

Target price is $7.70 Current Price is $5.78 Difference: $1.92
If SFR meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $6.83, suggesting upside of 18.1% (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

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

Morgan Stanley brings Monty into its base case although it is two years from production.March quarter production was just short  of the broker's estimates although operating costs were ahead of estimates.

Ongoing exploration success at Monty remains an upside risk, in the broker's opinion, although in the short term the performance of the equity is probably most influenced by the copper price.

Equal-weight. Morgan Stanley raises the target to $6.40 from $6.05. Industry view is Attractive.

Target price is $6.40 Current Price is $5.78 Difference: $0.62
If SFR meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.83, suggesting upside of 18.1% (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 SFR as Upgrade to Add from Hold (1) -

March quarter production was in line with guidance. Morgans incorporates Monty into modelling but was underwhelmed by the reserve size and capital expenditure.

The broker believes attention is now likely to focus on the company's ability to add incremental project life to Degrussa, given the dwindling reserves.

Morgans upgrades to Add from Hold, given 20% upside to the revised valuation. Target is reduced to $6.79 from $7.02.

Target price is $6.79 Current Price is $5.78 Difference: $1.01
If SFR meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.83, suggesting upside of 18.1% (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

Ord Minnett rates SFR as Buy (1) -

March quarter copper and gold output was better than Ord Minnett expected and cash costs came in lower than expected. The broker retains a  Speculative Buy recommendation and $7.30 target.

The broker acknowledges the relatively short mine life but believes the asset continues to perform reliably. A pull back in the stock makes it attractive and it remains the broker's preferred way to play copper.

Target price is $7.30 Current Price is $5.78 Difference: $1.52
If SFR meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $6.83, suggesting upside of 18.1% (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

Deutsche Bank rates SGP as Hold (3) -

FY17 guidance has been confirmed with distribution of 25.5c per unit in FY17. Deutsche Bank observes the company is positive about Australian housing, despite an expected moderation in Sydney and Melbourne house prices.

Management is intent on bringing forward production to continue to deliver 1500-1800 settlements per quarter, demand permitting. Deutsche Bank retains a Hold rating.  Target is $4.86.

Target price is $4.86 Current Price is $4.91 Difference: minus $0.05 (current price is over target).
If SGP meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.79, suggesting downside of -1.5% (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

Macquarie rates SGP as Neutral (3) -

The company has reiterated FY17 guidance for growth of 6-7%,  which Macquarie observes implies free funds from operations of 33-33.3c  per share.

With moderating retail sales growth and an increase in vacancies in the office portfolio the broker envisages weakness across the commercial portfolio. Offsetting this, Macquarie is attracted to the solid earnings outlook and the potential for the company to be an accretive consolidator in the sector.

Neutral rating retained. Target is $4.53.

Target price is $4.53 Current Price is $4.91 Difference: minus $0.38 (current price is over target).
If SGP 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 $4.79, suggesting downside of -1.5% (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 SGP as Accumulate (2) -

The company has retained guidance for 6-7% growth in funds from operations for FY17. Ord Minnett believes the strong residential volumes will drive better margins out to FY19 and underpin 5-7% per annum growth.

The broker maintains an Accumulate recommendation and trims the target to $5.20 from $5.30.

Target price is $5.20 Current Price is $4.91 Difference: $0.29
If SGP meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting downside of -1.5% (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

Macquarie rates SPO as Underperform (5) -

The company's target statement outlines the reasons to reject the offer from Downer EDI ((DOW)), including a view that the offer is opportunistic while management has a clear plan to deliver growth and long-term value. FY17 guidance of $80-90m has been reiterated.

Macquarie notes the main form of defence, i.e. another bidder, has already been removed. The broker recommends investors sell into the bid. Underperform rating and $1.10 target retained.

Target price is $1.10 Current Price is $1.08 Difference: $0.025
If SPO meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $0.89, suggesting downside of -17.4% (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 SPO as Hold (3) -

Following the release of the target statement, which recommends shareholders reject the offer from Downer EDI ((DOW)), Ord Minnett continues to believe the most likely outcome is that shareholders ignore this target statement and accept the $1.15 offer anyway.

However, they should remain cognisant of the significant downside to share prices should the deal fail.

Ord Minnett does not find FY18 guidance compelling, albeit ahead of forecasts, given the risks to execution.  Hold rating retained. Target is reduced to $1.04 from $1.05.

Target price is $1.04 Current Price is $1.08 Difference: minus $0.035 (current price is over target).
If SPO meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.89, suggesting downside of -17.4% (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 STO as Buy (1) -

The Australian government has announced a domestic gas security mechanism under which it will impose export controls on east-coast LNG export projects when there is deemed to be a domestic shortfall. The trigger for the shortfall has not been defined.

Deutsche Bank observes at the project level, GLNG was a net purchaser of around 46PJ of domestic gas in the March quarter. As such, if the mechanism is applied at the project level, under a scenario of a -50PJ shortfall, if this was to be recovered through GLNG's net domestic gas purchases, it would only reduce its domestic gas purchases by around -25% and its LNG production by -14%, the broker calculates.

Santos would not face restrictions on its share of LNG exports at GLNG if the mechanism is applied at the company level, the broker understands. Buy rating retained. Target is $4.50.

Target price is $4.50 Current Price is $3.44 Difference: $1.06
If STO meets the Deutsche Bank target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $4.40, suggesting upside of 27.2% (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: 0.5

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

Morgan Stanley rates STO as Overweight (1) -

Australia's government has announced export restrictions in the event of domestic gas shortfalls. The restrictions are for LNG exports that are not net contributors to the domestic market.  Morgan Stanley observes GLNG is currently buying around 60% of its gas from long-term domestic contracts.

The broker believes further detail is required to assess the impact, including what gas price GLNG would be paid to supply the domestic market. Around one quarter of the domestic contract volumes come from the Santos Horizon contract and, the broker contends, if a force majeure is declared it could be positive for Santos and negative for GLNG.

Overweight retained. Target is $4.64. Industry view: In-Line.

Target price is $4.64 Current Price is $3.44 Difference: $1.2
If STO meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $4.40, suggesting upside of 27.2% (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: 0.5

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

Ord Minnett rates STO as Hold (3) -

The federal government intends to impose domestic gas security measures from July 1, 2017, which appears to Ord Minnett to be directed at GLNG as both APLNG and QCLNG are already net contributors of gas to the domestic market.

The main question for the broker is the definition of shortfall and how frequently export limitations would be imposed. Ord Minnett does not believe the new measures will give cause for Santos to wriggle out of the Horizon contract to provide Cooper Basin gas to GLNG.

Target is $4.20. Hold rating retained.

Target price is $4.20 Current Price is $3.44 Difference: $0.76
If STO meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.40, suggesting upside of 27.2% (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: 0.5

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

Credit Suisse rates TEN as Neutral (3) -

First half results were in line with guidance. The company expects a loss at the EBITDA line of -$25-30m in FY17. The company remains in discussions with loan guarantors around a new funding facility and has stated that confidence in future earnings is a key to re-financing.

Credit Suisse believes the company needs a major strategic change if it is to achieve sustainable profitability and this means a move to a lower cost/revenue share model.

The broker believes the stock is un-investable for most investors because of operating losses and funding concerns. Target is lowered to $0.35 from $0.55. Neutral retained.

Target price is $0.35 Current Price is $0.36 Difference: minus $0.01 (current price is over target).
If TEN meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.90, suggesting upside of 214.9% (ex-dividends)

The company's fiscal year ends in August.

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

Deutsche Bank rates TEN as Hold (3) -

First half results were broadly in line with Deutsche Bank's forecasts. The company is now guiding to an EBITDA loss of -$25-30m in FY17.

The broker re-bases forecasts for FY17 and beyond, resulting in a significant downgrade to the target, to $0.34 from $0.85. Hold retained.

Given the negative earnings, the broker observes renewal of the company's $200m debt facility is a key risk, with shareholder guarantors indicating the network needs to demonstrate potential for earnings improvement before the guarantees are provided again.

Target price is $0.34 Current Price is $0.36 Difference: minus $0.02 (current price is over target).
If TEN meets the Deutsche Bank target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.90, suggesting upside of 214.9% (ex-dividends)

The company's fiscal year ends in August.

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 TEN as Neutral (3) -

At the first half result the company has issued new guidance for an a loss in operating earnings  (EBITDA) of -$25-30m for FY17. Factored into this guidance is continued weakness in the TV ad market and the company's expectation that TV costs growth will be in the mid single digits.

Given the difficult operating backdrop and further operating losses, Macquarie finds it difficult to make an investment case for the company even at current prices. Neutral retained. Target is reduced to $0.40.

Target price is $0.40 Current Price is $0.36 Difference: $0.04
If TEN meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $0.90, suggesting upside of 214.9% (ex-dividends)

The company's fiscal year ends in August.

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 TLS as Hold (3) -

Morgans calculates that Telstra is -7% worse off, on a pro-forma basis, at the EBITDA line in a post-NBN world and ignoring competitive and technological changes.

Morgans makes -1% downgrades to forecasts to reflect increased pricing pressure across the sector. The broker also slows its subscriber growth and ARPU trajectory in mobile.

Hold rating retained. Target is reduced to $4.50 from $4.91.

Target price is $4.50 Current Price is $4.22 Difference: $0.28
If TLS meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 6.7% (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 VOC as Hold (3) -

Morgans suspects a lack of a self-manufactured mobile offering may become a problem if fixed-to-mobile substitution increases.

The broker reduces FY18 earnings per share forecasts by -5%. Morgans also applies a higher cost base which has resulted in forecasts being reduced to the bottom end of guidance for FY17.

Hold rating retained. Target is lowered to $3.64 from $4.40.

Target price is $3.64 Current Price is $3.36 Difference: $0.28
If VOC meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.16, suggesting upside of 52.5% (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

Citi rates WES as Sell (5) -

Wesfarmers' March quarter trading update revealed the group is battling decelerating growth across multiple assets, suggest Citi analysts. They acknowledge the outlook for Bunnings sales is boosted by Masters closure, but nevertheless, challenging industry conditions are seen weighing on the earnings outlook.

Also, point out the analysts, Wesfarmers department stores are in sales decline as Kmart can no longer offset Target’s "leakage". The analysts are of the view earnings improvement from Target is likely to come at the expense of Kmart in FY18.

Post the update, estimates have been culled by -2%. Price target loses $1.30 to $41. Rating remains solidly Sell.

Target price is $41.00 Current Price is $43.30 Difference: minus $2.3 (current price is over target).
If WES meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.49, suggesting downside of -1.1% (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 WES as Neutral (3) -

March quarter results were largely as Credit Suisse expected. A poorer result in the UK and Ireland is consistent with the broker's thesis of a more significant re-basing of the Home Base business and consequent acceleration of the new Bunnings format.

Credit Suisse expects EBIT from Coles Food & liquor to decline -13.6% through to FY18. Price investment is expected to remain ahead of cost savings through FY18. 

A Neutral rating is retained. Target is raised to $42.86 from $41.92.

Target price is $42.86 Current Price is $43.30 Difference: minus $0.44 (current price is over target).
If WES meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.49, suggesting downside of -1.1% (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

Deutsche Bank rates WES as Sell (5) -

Deutsche Bank observes March quarter sales was soft in all areas except for Bunnings. Coles food sales slowed further, despite continued price investment.

Deutsche Bank expects considerable pressure on second half margins resulting from gross margin compression and operating de-leverage. The broker also notes Target is a long way from turning around and even Kmart, which has been a strong point, has slowed.

Deutsche Bank retains a Sell rating and $40 target.

Target price is $40.00 Current Price is $43.30 Difference: minus $3.3 (current price is over target).
If WES meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.49, suggesting downside of -1.1% (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

Macquarie rates WES as Outperform (1) -

The March quarter update disappointed Macquarie, although much of the downgrade was from commodity pricing, to which the market ascribes a relatively modest value.

Excluding UK home improvement  and convenience, retail sales grew 2.0% in the quarter. Growth at Coles remains subdued as price investment increases.

The broker believes the growth outlook is robust as is the forecast dividend yield of 5.6% for FY18. Outperform rating and $45 target retained.

Target price is $45.00 Current Price is $43.30 Difference: $1.7
If WES meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $42.49, suggesting downside of -1.1% (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

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

The March quarter trading update was softer than Morgan Stanley expected. A solid performance at Bunnings was the highlight.

The broker continues to envisage earnings risk for Coles. As the company increases its price investment and adds in-store labour, margins are expected to keep falling. The broker trims second half EBIT forecasts and expects a reduction of -20% year on year.

Equal-weight rating and In-Line sector view retained. Target is $41.

Target price is $41.00 Current Price is $43.30 Difference: minus $2.3 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.49, suggesting downside of -1.1% (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 WES as Hold (3) -

The March quarter sales update was largely in line with Morgans, after taking into account the later timing of Easter.

While competition in the supermarket industry will only intensify, the broker believes the strong track record at Coles leaves it well placed to navigate a tough environment. Other retail businesses should continue to perform strongly, in the broker's view, while the industrials division should benefit from a continued recovery in resources.

Hold rating maintained. Target is reduced to $42.97 from $43.01.

Target price is $42.97 Current Price is $43.30 Difference: minus $0.33 (current price is over target).
If WES meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.49, suggesting downside of -1.1% (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 WES as Hold (3) -

Retail sales growth in the March quarter was below Ord Minnett's forecasts for all divisions. Coles stepped up price and service investment yet like-for-like sales growth was subdued.

Ord Minnett maintains a Hold rating and reduces its target to $45.00 from $45.50. Bunnings is expected to continue to perform well following industry consolidation. The broker is keenly interested in how Coles responds to ceding market leadership in sales growth.

Target price is $45.00 Current Price is $43.30 Difference: $1.7
If WES meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $42.49, suggesting downside of -1.1% (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

UBS rates WES as Neutral (3) -

Wesfarmers' March Q sales came in -2% below the broker on weakness in all divisions bar Officeworks. Coles sales slowed in a stronger market, suggesting market share loss accelerated, the broker notes. Bunnings copped bad weather and ongoing reverberations from the Masters clearance.

Throw in Debbie-impacted coal production, and looking ahead to a cooling housing market impacting on Bunnings, the broker trims forecasts. Target nevertheless unchanged at $42.10 and Neutral retained, with a preference for Woolworths ((WOW)).

Target price is $42.10 Current Price is $43.30 Difference: minus $1.2 (current price is over target).
If WES meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.49, suggesting downside of -1.1% (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