Australian Broker Call

Credit Suisse rates AHY as Outperform (1) -

2020 operating earnings (EBITDA) guidance of $84-87m is in line with Credit Suisse expectations.

The broker suspects investors are starting to appreciate the predictable growth that has occurred after the divesting of the Australian retail tissue business.

The broker also models a -10-15% drop in pulp costs. Outperform rating maintained. Target rises to $1.25 from $1.10.

Target price is $1.25 Current Price is $1.15 Difference: $0.1
If AHY meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.24, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Morgan Stanley rates ANZ as Overweight (1) -

There were no surprises for Morgan Stanley in the bank's quarterly update. No detail on profitability was provided but this appears to be tracking in line with the broker's expectations.

Overweight. Target is $26.60. Industry view is In-Line.

Target price is $26.60 Current Price is $27.18 Difference: minus $0.58 (current price is over target).
If ANZ 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 $26.70, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Morgans rates ANZ as Hold (3) -

ANZ Bank's Pillar 3 Report and chart pack reveals a lower-than-expected credit impairment charge of -$116m for 1Q20 and the broker adjusts its forecasts accordingly.

Capital was in line and the Australian home-loan balance sheet appeared to be stabilising. EPS forecasts rise 2.6%, 1.9% and 1.9% across FY20/FY21/FY22.

Hold rating retained. Target price rises to $27.50 from $27.

Target price is $27.50 Current Price is $27.18 Difference: $0.32
If ANZ meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $26.70, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Ord Minnett rates ANZ as Hold (3) -

ANZ Bank's December quarter update signalled the CET1 ratio was slightly below Ord Minnett's expectations. However, the broker was pleased with the trends in asset quality.

A return to mortgage growth in the quarter suggests to the broker the bank has addressed origination issues. Hold rating maintained. Target is $26.80.

Target price is $26.80 Current Price is $27.18 Difference: minus $0.38 (current price is over target).
If ANZ 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 $26.70, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Citi rates ASB as Buy (1) -

It wasn't simply a strong performance from Austal in H1, it was a "blow me away" performance if Citi's commentary can be relied upon. US shipbuilding margin grew, with revenues in total up by 44% on a margin of 9.4%.

The latter is above management's targeted margin guidance of 7%-8%, observe the analysts. The order book shrank, while expanded capacity has triggered some operational issues in Australia and the Philippines, the analysts point out.

Buy rating remains firmly in place.

Target price is $4.40 Current Price is $4.39 Difference: $0.01
If ASB meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.50, suggesting upside of 2.5% (ex-dividends)

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Macquarie rates ASB as Outperform (1) -

Austal's first half earnings (EBIT) were ahead of Macquarie's estimates. The company reported a strong performance in the US and Australasia.

FY20 guidance has been upgraded for EBIT of more than $110m. The order book remains strong, the broker notes, and numerous vessel projects are due to be awarded over 2020.

Outperform maintained. Target rises to $5.00 from $4.75.

Target price is $5.00 Current Price is $4.39 Difference: $0.61
If ASB meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.50, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Ord Minnett rates ASB as Hold (3) -

First half results were ahead of forecasts. The main driver was the US division, with shipbuilding margins increasing to 8.1%. There was also growth in Australasia.

Ord Minnett envisages potential for further upside to upgraded guidance. The broker considers the stock fully valued and retains a Hold rating. Target is $4.10.

Target price is $4.10 Current Price is $4.39 Difference: minus $0.29 (current price is over target).
If ASB meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.50, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Citi rates AX1 as Downgrade to Neutral from Buy (3) -

One day after lauding Accent Group's operational excellence, Citi analysts have decided it's time to downgrade to Neutral from Buy. The move has been inspird by the share price rally, in combination with potential downside from the coronavirus spreading.

Earnings estimates have been increased, with the price target lifting to $2.04 from $1.95. Citi maintains the view this is one of the most innovative retailers under coverage.

Target price is $2.04 Current Price is $1.99 Difference: $0.05
If AX1 meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.16, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Credit Suisse rates BIN as Outperform (1) -

First half earnings were in line with Credit Suisse estimates. However, the composition was different to what the broker expected.

Collections earnings were 43% ahead of estimates because of higher revenue and margin. Post collections on the other hand were -13% below estimates because of volume declines.

A stronger second half is expected and FY20 EBITDA guidance of $159-164m is reiterated. Outperform rating and $3.40 target.

Target price is $3.40 Current Price is $3.23 Difference: $0.17
If BIN meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.06, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates BIN as Neutral (3) -

Bingo Industries' first half result was slightly ahead of expectations. The company has guided to FY20 operating earnings (EBITDA) of $159-164m.

Macquarie suspects the stock could find some support from construction markets, which will mitigate the operating complexities over the near term.

However, the ACCC investigation and a stretched valuation prevent the broker from being more constructive. Neutral maintained. Target is raised to $3.10 from $2.75.

Target price is $3.10 Current Price is $3.23 Difference: minus $0.13 (current price is over target).
If BIN meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.06, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

UBS rates BIN as Buy (1) -

Bingo Industries' result missed the broker on revenues but beat on earnings as the company favoured price increases over volumes and thus increased margins.

Residential construction volumes look to have bottomed and the outlook is positive, the broker notes, with management expecting a recovering market from 2021. Infrastructure and commercial construction volumes remain strong.

A target increase to $3.45 from $3.15 reflects greater comfort with regard a housing recovery. Buy retained.

Target price is $3.45 Current Price is $3.23 Difference: $0.22
If BIN meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.06, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Citi rates BLD as Neutral (3) -

The company had previously reduced first half expectations and yesterday's result was in line with that warning, but Citi analysts note the company has made a rather weak start into H2. Management is responding through even deeper cost cuts.

Citi finds the macro-outlook for Boral encouraging, but also too many uncertainties still circling around at the company specific level. Neutral rating retained. Target price unchanged at $4.80.

The company has started a strategic review ahead of the appointment of a new CEO.

Target price is $4.80 Current Price is $5.09 Difference: minus $0.29 (current price is over target).
If BLD meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.92, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

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

First half results were pre-announced. The company provided new information on concrete volumes, noting these were down -30% in January because of the bushfires.

However, demand has been strong in February. In North America a structural shift away from traditional masonry products has affected stone sales and Credit Suisse suspects this trend will persist.

Credit Suisse upgrades to Neutral from Underperform, although does not subscribe to a view that all the bad news has been flagged. Target is raised to $4.70 from $4.10.

Target price is $4.70 Current Price is $5.09 Difference: minus $0.39 (current price is over target).
If BLD meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.92, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Macquarie rates BLD as No Rating (-1) -

First half results were in line with the pre-released information. Net profit was down by -18%. Net profit guidance for FY20 has been reaffirmed at $320-340m.

Macquarie is currently restricted from making a recommendation.

Current Price is $5.09. Target price not assessed.

Current consensus price target is $4.92, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

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

First half results were disappointing but Morgan Stanley believes Boral could be in a significantly different position in two years time, with a revised strategy, a new managing director and, potentially, an improved macro backdrop.

The business carries significant leverage for a cyclical company and the broker envisages scope for asset rationalisation and/or capital initiatives.

The broker raises the target to $5.00 from $4.50. Equal-weight rating. Industry view is Cautious.

Target price is $5.00 Current Price is $5.09 Difference: minus $0.09 (current price is over target).
If BLD 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 $4.92, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Ord Minnett rates BLD as Hold (3) -

Ord Minnett remains concerned about the outlook for the North American division but with profit guidance re-based there is no longer near-term earnings risk, suggest the analysts.

Ord Minnett continues to believe it remains difficult to mount a more active investment case prior to a new CEO being announced and presenting a refreshed strategy. Ord Minnett retains a Hold rating. Target is $4.50.

Target price is $4.50 Current Price is $5.09 Difference: minus $0.59 (current price is over target).
If BLD meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.92, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

UBS rates BLD as Buy (1) -

It is unclear how Boral's result stacked up against the broker's forecast as attention is focused on FY guidance. The company has guided to flat profit, but ex of virus impact.

Boral is exposed to virus impact directly via its China business and indirectly in South East Asian businesses as well as delays in delivery of equipment and activity in Australia, the broker notes. Cement volumes have also been hit this half by bushfires/floods.

Otherwise, the broker believes Boral should benefit from macro tailwinds in the US and Australia and concerns regarding underperformance are already in the price. Buy and $5.60 target retained.

Target price is $5.60 Current Price is $5.09 Difference: $0.51
If BLD meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.92, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Morgans rates BLX as Hold (3) -

Beacon Lighting's FY20 first-half result met negative pre-released figures (-22%), which reflected persistent tough trading conditions, foreign exchange headwinds and lower growth from Emerging Businesses.

Morgans doesn't believe the company is losing market share, the problem is a decline in the category, but suspects an improvement in the property market could offer succour.

The broker expects the cyclical tables may turn in the second half but Hold is retained for now given the cautious consumer spending outlook and a slew of other factors. Target price is steady at $1.14.

Target price is $1.14 Current Price is $1.06 Difference: $0.08
If BLX meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Morgan Stanley rates BPT as Underweight (5) -

The Tawhaki-1 exploration well in New Zealand was unsuccessful. Morgan Stanley notes New Zealand has been a tough place to do business for the oil & gas industry over the past decade and the well result underlines this risk.

The main issue for 2020 is whether Beach Energy will start following its peers and expense these results. Almost $30m was spent on this well.

Underweight maintained. Target is $2.00. Industry view: In Line.

Target price is $2.00 Current Price is $2.10 Difference: minus $0.1 (current price is over target).
If BPT 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 $2.33, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates BVS as Outperform (1) -

First half net profit was ahead of expectations. FY20 guidance is maintained, with net profit growth in the mid teens forecast.

Macquarie continues to assess the company will benefit as a product manufacturer in financial markets.

The acquisition of Midwinter and FinoComp are expected to accelerate growth over the medium term.

Outperform rating maintained. Target rises to $6.20 from $5.80.

Target price is $6.20 Current Price is $5.68 Difference: $0.52
If BVS meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Credit Suisse rates CCL as Downgrade to Underperform from Neutral (5) -

Guidance has been retained for mid single-digit growth in earnings per share in 2020. Credit Suisse assesses management at Coca-Cola Amatil has restored momentum to the business.

However, the rating is downgraded to Underperform from Neutral after a strong rally in the share price. Australia achieved 3% volume growth in the second half, with revenue growth for the first time since 2012. Target is raised to $11.40 from $11.00.

Target price is $11.40 Current Price is $12.85 Difference: minus $1.45 (current price is over target).
If CCL meets the Credit Suisse target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.15, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

Macquarie rates CCL as Neutral (3) -

2019 results were ahead of expectations. However Macquarie believes the strong market reaction to the improved momentum is overdone.

The broker lifts the target to $13.60 from $11.20, as estimates are rolled forward and amid an improved growth outlook in Australia. Neutral maintained.

Target price is $13.60 Current Price is $12.85 Difference: $0.75
If CCL meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $12.15, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

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

2019 results were ahead of Morgan Stanley's estimates, driven by volume growth in Australia. Growth was spread across all channels within the grocery business.

At this stage, the broker remains reluctant to assume structural headwinds have abated sustainably. Equal-weight. Target is raised to $12.00 from $9.00. Cautious industry view.

Target price is $12.00 Current Price is $12.85 Difference: minus $0.85 (current price is over target).
If CCL meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.15, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

Morgans rates CCL as Hold (3) -

Coca-Cola Amatil beat the broker and consensus, and Morgans spies encouraging trends.

Australian beverages reports growth in volume, revenue and earnings-before-interest-and-tax, with Coke No Sugar delivering double-digit growth in FY19, allowing management to confidently guide to mid-single digit EPS growth in FY20.

Solid beats were reported on most metrics and in most businesses, and management reports the bushfire impact was minimal.

Target price rises to $12.35 from $11, but the broker is chasing the market so a Hold rating is retained.

Target price is $12.35 Current Price is $12.85 Difference: minus $0.5 (current price is over target).
If CCL meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.15, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

Ord Minnett rates CCL as Accumulate (2) -

2019 profit was ahead of Ord Minnett's forecasts. The Australian beverages division returned to growth and earnings (EBIT) in Indonesia and PNG were ahead of estimates.

Ord Minnett retains an Accumulate rating and raises the target to $14 from $13.

Target price is $14.00 Current Price is $12.85 Difference: $1.15
If CCL meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $12.15, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

UBS rates CCL as Sell (5) -

Coca-Cola Amatil's underlying result beat the broker by 3%, driven by improving trends in Australia and Indonesia. It was a good result, but not one the broker sees as being repeated. The second half will be challenging as cost tailwinds start to abate and the company cycles tough comparables from last year, the broker suggests.

Management is doing a good job of retunring to growth, the broker believes, but this is not sustainable as per capita consumption of fizzy drinks continues to fall. Target rises to $12.00 from $9.10, Sell retained.

Target price is $12.00 Current Price is $12.85 Difference: minus $0.85 (current price is over target).
If CCL 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 $12.15, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.4

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

Citi rates CCX as Sell (5) -

It's not clear whether the H1 report was better or worse than expected but what is clear is there was much to like, judging by Citi's commentary post the release. In particular the momentum behind online sales pleases.

But there are equally a lot of "buts" in today's response. Growing online sales weigh on the retailer's margins, for example. And Citi's revised target price of $2.85 (up from $2.30) does not come near the present share price.

Earnings estimates have received a boost, but this is mostly due to a change in accounting. Citi likes a lot operationally, but retains a Sell rating on valuation. Longer-term growth projections have increased, but the opposite has happened to dividend forecasts.

Target price is $2.85 Current Price is $3.56 Difference: minus $0.71 (current price is over target).
If CCX meets the Citi target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgan Stanley rates CCX as Overweight (1) -

First half results were ahead of estimates. Morgan Stanley finds comparable sales growth continues to be positive.

If the the supply chain disruption in China continues, the company expects an impact on Australasian inventory in the fourth quarter of FY20.

Morgan Stanley retains an Overweight rating and $3.60 target. Industry view is In-Line.

Target price is $3.60 Current Price is $3.56 Difference: $0.04
If CCX meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Market Sentiment: 0.0

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

Macquarie rates CGC as Underperform (5) -

While recent rain is a positive, more is required to meet the company's forecasts, Macquarie assesses. Costa Group's guidance assumes an extensive recovery in 2020.

The broker expects supply issues in northern New South Wales and European blueberries will persist. The company reports its 2019 result on February 27.

Underperform rating and $2.51 target maintained.

Target price is $2.51 Current Price is $3.18 Difference: minus $0.67 (current price is over target).
If CGC meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.90, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Citi rates CQR as Sell (5) -

The release of interim results was overshadowed by news the retail REIT will acquire a further 17.5% stake in the Charter Hall-managed ((CHC)) partnership which owns a 49% interest in 225 BP service stations. This requires an additional capital raise.

Management at Charter Hall Retail REIT also marginally increased its guidance for FY20. Still, market consensus might have been bettered by the new guidance, Citi had slightly higher expectations.

The interim report itself seems to contain both hits and misses. Citi is not prepared to assume tougher conditions won't impact. Sell rating retained. Target price has improved to $3.76 from $3.67.

Target price is $3.76 Current Price is $4.94 Difference: minus $1.18 (current price is over target).
If CQR meets the Citi target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.53, suggesting downside of -8.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

Credit Suisse rates CQR as Neutral (3) -

First half results were in line with estimates. Full year guidance has been upgraded to growth of 2.3%. The company is increasing its stake in the BP partnership to 47.5%.

Credit Suisse notes operating metrics are in good shape. Management has focused on capital recycling and expects another $100m in divestments going forward, with proceeds used to pay down debt and undertake new opportunities.

Neutral rating. Target is raised to $4.70 from $4.27.

Target price is $4.70 Current Price is $4.94 Difference: minus $0.24 (current price is over target).
If CQR meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.53, suggesting downside of -8.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

Macquarie rates CQR as Outperform (1) -

First half results were broadly in line with expectations. The company has announced a $100m equity raising to fund a $77m acquisition in the BP partnership and reduce gearing.

Macquarie finds the defensive cash flow and strong operating metrics attractive, particularly given the tough environment for retail landlords.

Outperform rating maintained. Target rises to $5.31 from $5.20.

Target price is $5.31 Current Price is $4.94 Difference: $0.37
If CQR meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.53, suggesting downside of -8.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

UBS rates CQR as Neutral (3) -

Charter Hall Retail REIT's result was in line with expectation. The REIT has exploited its favourable cost of equity to make further investment in convenience stores, the broker notes, improving the portfolio in terms of increased WALE, tenant diversity and favourable lease structures.

To take into account of ongoing demand for convenience-based retail shopping centres, the broker increases its target to $4.80 from $4.31. Neutral retained.

Target price is $4.80 Current Price is $4.94 Difference: minus $0.14 (current price is over target).
If CQR meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.53, suggesting downside of -8.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

Macquarie rates CTD as Neutral (3) -

First half results were below Macquarie's estimates. However, there is significant risk and uncertainty, the broker notes, regarding the severity and impact of coronavirus.

The broker retains a Neutral rating until further clarity is provided. Target is reduced -16% to $18.

Target price is $18.00 Current Price is $16.00 Difference: $2
If CTD meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $22.65, suggesting upside of 41.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

UBS rates CTD as Buy (1) -

Corporate Travel Management's result missed the broker given the first half was challenged by Hong Kong protests, Brexit uncertainty and delays in clients shifting to the new online service in North America.

Looking ahead, the broker considers virus impact will be a one-off but forecasts are conservatively reduced, while medium term the broker remains positive on the outlook.

Target falls to $28.00 from $29.60. Buy retained.

Target price is $28.00 Current Price is $16.00 Difference: $12
If CTD meets the UBS target it will return approximately 75% (excluding dividends, fees and charges).

Current consensus price target is $22.65, suggesting upside of 41.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Credit Suisse rates DHG as Underperform (5) -

First half results were weaker than expected. The company has indicated that yield growth in residential depth was only 7%, raising some questions for Credit Suisse regarding the scope for future increases.

Cost guidance in the second half is also higher than the broker expected. Underperform rating maintained. Target is reduced to $2.70 from $2.85.

Target price is $2.70 Current Price is $3.61 Difference: minus $0.91 (current price is over target).
If DHG meets the Credit Suisse target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.35, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Macquarie rates DHG as Outperform (1) -

First half operating earnings (EBITDA) were down -8.9%. Macquarie notes listing volumes were weak, with declines around -12%.

The broker extends the likely turning point for a recovery but still expects volumes to rebound in the next 18 months.

FY20 estimates are downgraded by -12.6% and the broker retains an Outperform rating, believing the business has positive operating leverage to a cyclical recovery. Target is raised to $3.80 from $3.60.

Target price is $3.80 Current Price is $3.61 Difference: $0.19
If DHG meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Morgan Stanley rates DHG as Overweight (1) -

First half earnings were below expectations. Morgan Stanley continues to hold a positive view on the business, given its exposure to the Sydney and Melbourne residential property market recovery.

Target is $3.60. Industry view is Attractive. Overweight rating retained.

Target price is $3.60 Current Price is $3.61 Difference: minus $0.01 (current price is over target).
If DHG meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.35, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Ord Minnett rates DHG as Accumulate (2) -

First half operating earnings were below Ord Minnett's forecasts. Accumulate rating maintained. Target is $3.95.

The broker observes the listings environment remains challenging but prefers to own Domain over REA Group ((REA)), given heavier exposure to Sydney and Melbourne.

Target price is $3.95 Current Price is $3.61 Difference: $0.34
If DHG meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

UBS rates DHG as Upgrade to Neutral from Sell (3) -

Domain Group's earnings were in line but UBS wanted clarity on the company's most improtant drivers, being yield and volume. The conference call suggested downside expectations for both. Downgrading these assumptions, along with D&A and tax, leads to a greater than -20% reduction in earnings forecasts.

UBS is hopeful that the near-term depth and yield slowdown is just a function of weak property markets, with agents and vendors hesitant to upgrade to depth in a soft listings environment. On the fall in share price, the broker upgrades to Neutral from Sell. Target rises to $3.60 from $3.50 on higher longer term earnings expectations.

Target price is $3.60 Current Price is $3.61 Difference: minus $0.01 (current price is over target).
If DHG 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 $3.35, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Citi rates EBO as Neutral (3) -

Citi found the released interim report in-line and has subsequently made marginal adjustments to forecasts. Target price improves to $23.50 from $23. Neutral rating remains in place.

The analysts have incorporated no new acquisitions in their modeling, but without them, they don't see much upside from the present share price. Revenues were higher than anticipated for the half, but margins came out lower.

Management at Ebos Group remains confident of significant increase in earnings for FY20. Citi notes the balance sheet offers some NZ$350m in headroom for further acquisitions.

Target price is $23.50 Current Price is $24.00 Difference: minus $0.5 (current price is over target).
If EBO 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 $24.08, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

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

Ebos Group's FY20 first-half result beat the broker, thanks to a strong performance in the pharmacy division relating to the Chemist Warehouse Group contract.

Management guided to strong profit growth for FY20 and the broker estimates an increase of 18.8% for the period.

Ebos has a war chest of NZ$350m and the broker spies acquisitions on the horizon. Earnings forecasts inch up. Target price rises to $24.65 and the broker upgrades to Add from Hold.

Target price is $24.65 Current Price is $24.00 Difference: $0.65
If EBO meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $24.08, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

UBS rates EBO as Buy (1) -

EBOS Group's profit was in line with the broker and up 16% on the year. Robust revenue growth across divisions was offset to a degree by higher cost of goods sold, the broker notes, but it was a strong result in a challenging market.

Updated assumptions lead to minimal forecast changes. Buy retained, target rises to NZ$26.50 from NZ$25.50. The company's diversified business model and superior execution is driving continued outperformance versus peers, the broker notes, and there is plenty of capacity for acquisitions.

Current Price is $24.00. Target price not assessed.

Current consensus price target is $24.08, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Ord Minnett rates EVT as Buy (1) -

First half results were below expectations. Coronavirus is expected to have a negative impact on monthly earnings (EBIT) of -$2-3m. Ord Minnett assumes current conditions continue until the end of of June.

The broker continues to believe the likely takeover of Village Roadshow ((VRL)) will be a positive catalyst, given the current joint venture operations in Australia.

The broker retains a Buy rating and reduces the target to $14.38 from $15.00.

Target price is $14.38 Current Price is $12.48 Difference: $1.9
If EVT meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Ord Minnett rates EXP as Buy (1) -

Ord Minnett observes the business has been caught up in a range of external factors beyond its control. In the first half this was largely confined to adverse weather along with a slowdown in tourism to Cairns.

The broker expects the second half will deteriorate further, given the likely impact of coronavirus and bushfires. The H1 profit result missed the broker's forecast.

Nevertheless, a turnaround under the new management is considered highly likely. Buy rating maintained. Target is reduced to $0.27 from $0.28.

Target price is $0.27 Current Price is $0.23 Difference: $0.04
If EXP meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates IDX as Buy (1) -

Citi initiated coverage in December with a positive view and this has not changed post release of what is being described as a "solid" performance in H1. Strong long term growth potential remains on the agenda, in the analysts' view.

Acquisitions remain part of the strategy, with the analysts noting recent acquisitions are still being integrated. Organic growth should be strong, on their assessment.

Target price rises to $4.90 from $4.30. Buy rating retained. The H1 decline in EBITDA margin is expected to reverse in H2. Indexation of government payments and further investments made add to the investment appeal for Citi.

Target price is $4.90 Current Price is $4.25 Difference: $0.65
If IDX meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.39, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Credit Suisse rates IDX as Outperform (1) -

First half results were in line with expectations. The FY20 outlook is unchanged although Credit Suisse notes the regulatory risk has turned positive, with radiology now considered a solution rather than a funding headache.

The broker suspects further acquisition activity is likely and retains an Outperform rating. Target is raised to $4.50 from $3.40.

Target price is $4.50 Current Price is $4.25 Difference: $0.25
If IDX meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.39, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Macquarie rates IDX as Outperform (1) -

First half results were in line with forecasts. Macquarie assumes an improvement in the second half following the completion and ramp up of key projects, given these negatively affected operating earnings (EBITDA) margins.

The broker considers the industry outlook for diagnostic imaging favourable and maintains an Outperform rating and $4.55 target.

Target price is $4.55 Current Price is $4.25 Difference: $0.3
If IDX meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.39, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Ord Minnett rates IDX as Accumulate (2) -

First half operating earnings (EBITDA) were ahead of expectations, up 12%. Medical benefits data indicate industry growth in the company's areas of operation was 6.5%, signalling Integral Diagnostics' growth is ahead of the market.

Ord Minnett expects recent growth investments will start to deliver in the second half with early returns from John Flynn Hospital proving highly encouraging. Accumulate retained. Target rises to $4.58 from $3.41.

Target price is $4.58 Current Price is $4.25 Difference: $0.33
If IDX meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.39, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Citi rates ILU as Neutral (3) -

Iluka Resources' release of FY19 financials was overshadowed by the news the company has decided to demerge its MAC royalty into a newly listed stand-alone royalty business. Iluka intends to hold a 15% ownership in the demerged entity.

Back to the actual results, it appears market consensus was beaten, though not Citi's forecasts as the latter had anticipated less depreciation. Declared dividend of 13c was also lower than what Citi was expecting.

Lower zircon volume guidance has weighed down future projections, but rolling forward modeling has, net, added some 2% to the net present value (NPV). Target price unchanged at $9.40. Neutral.

Target price is $9.40 Current Price is $9.55 Difference: minus $0.15 (current price is over target).
If ILU 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 upside of 3.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Credit Suisse rates ILU as Neutral (3) -

Iluka Resources posted 2019 operating earnings (EBITDA) in line with Credit Suisse estimates. The results were overshadowed by an announcement the company will spin off the MAC royalty, pending board, regulatory and shareholder approval.

The company will keep a 15% stake in the new company which will drive growth via further royalty stream investments.

Credit Suisse assesses the jump in the share price is understandable, notwithstanding some lofty assumptions that may surround where MAC and/or the residual business should trade, but retains a Neutral rating for now. Target is raised to $10.00 from $9.25.

Target price is $10.00 Current Price is $9.55 Difference: $0.45
If ILU meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.84, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates ILU as No Rating (-1) -

The company will proceed with the de-merger of its Mining Area C (MAC) iron ore royalty. Meanwhile, 2019 results were weaker than Macquarie expected.

Macquarie is restricted on a rating and target at present.

Current Price is $9.55. Target price not assessed.

Current consensus price target is $9.84, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

2019 results were in line with expectations. Guidance for zircon in 2020 is -20% below Morgan Stanley's estimates, stemming from trade tensions and the coronavirus impact.

However, the broker expects the market will focus on the de-merger of MAC, considered a big positive that should underpin the stock.

Subject to any future determination by the board of the new business, the dividend policy will be to pay out 100% of net profit after tax.

The mineral sands business will retain sufficient flexibility for the de-merged company to also have lower debt, Morgan Stanley observes.

The broker retains an Equal-weight rating and $10.50 target. Industry view: In Line.

Target price is $10.50 Current Price is $9.55 Difference: $0.95
If ILU meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.84, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Ord Minnett rates ILU as Hold (3) -

2019 net profit was below Ord Minnett's forecasts. The company is confident of a positive ruling from the Australian Taxation Office on its de-merger plans. Ord Minnett expects a de-merger timetable at the AGM on April 9.

The broker notes de-merger plans over-rode the weaker-than-expected result and weaker production guidance for 2020. There was no update on pricing in the results.

Hold rating maintained. Target is reduced to $9.30 from $9.50.

Target price is $9.30 Current Price is $9.55 Difference: minus $0.25 (current price is over target).
If ILU 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 $9.84, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

UBS rates ILU as Neutral (3) -

Iluka Resources reported in line but the result was overshadowed by the long anticipated announcement the company will de-merge its Ming Area C royalty business, subject to approval. Iluka will retain 15%.

Otherwise, the broker notes the outlook for zircon remains challenged, as any benefit from easing US-China trade tensions is now offset by virus impact. On the other hand, supply tightness in titanium feedstock is continuing into 2020.

Iluka has developed a high degree of revenue certainty from its level of rutile contracts, the broker notes. Neutral and $10.00 target retained.

Target price is $10.00 Current Price is $9.55 Difference: $0.45
If ILU meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.84, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgans rates IPD as Add (1) -

ImpediMed's FY20 first-half result met the broker, the company posting a net loss of -$12.9m, and retaining the equivalent in cash reserves.

Solid growth was logged in SOZO revenue with 90,000 patient tests having been completed since the launch. The company also notes progress in the heart failure program.

The major catalyst remains a decision by the National Comprehensive Cancer Network to include the company's technology in its cancer treatment guidelines, but the outcome is anyone's guess, says the broker.

Forecasts are unchanged. Speculative Buy maintained. Target price steady at 26c.

Target price is $0.26 Current Price is $0.10 Difference: $0.16
If IPD meets the Morgans target it will return approximately 160% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Credit Suisse rates IRE as Neutral (3) -

2019 results met expectations. The company expects 2020 segment profit growth of 3-8%, which is below Credit Suisse estimates.

The broker is also reminded that IRESS has not delivered a very strong organic growth profile historically.

One of the reasons the 2020 outlook may appear softer, the broker suspects, is because IRESS is investing in opportunities in superannuation and trading.

Neutral rating maintained. Target is reduced to $13.55 from $14.05.

Target price is $13.55 Current Price is $12.31 Difference: $1.24
If IRE meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $13.67, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates IRE as Downgrade to Underperform from Neutral (5) -

2019 results were in line with expectations. The timing of revenue makes for a heavy skew for segment profit to the second half of 2020, Macquarie observes.

While there is the likelihood of strong medium-term earnings growth in super administration and offshore markets, the broker envisages downside risk and potential for greater revisions at the lower end of guidance.

As a result the rating is downgraded to Underperform from Neutral. Target is reduced to $11.99 from $13.00.

Target price is $11.99 Current Price is $12.31 Difference: minus $0.32 (current price is over target).
If IRE meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.67, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgans rates IRE as Add (1) -

IRESS's FY19 full-year result outpaced the broker by roughly 3%.

Contract wins were strong and steady, which are expected to flow into a stellar 2021.

Target price rises to $16.30. Add retained, Morgans believing IRESS remains the cheapest technology platform stock in its coverage, with a strong pipeline for growth.

Target price is $16.30 Current Price is $12.31 Difference: $3.99
If IRE meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $13.67, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Ord Minnett rates IRE as Hold (3) -

2019 results were broadly in line with expectations. While 2020 is not presenting as the "margin expansion" period some may have hoped for, Ord Minnett still believes modest gains are achievable over the medium term.

The stock is trading in line with the target, reduced to $12.85 from $13.14, and the broker maintains a Hold rating.

Target price is $12.85 Current Price is $12.31 Difference: $0.54
If IRE meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $13.67, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Citi rates LLC as Buy (1) -

Lendlease 's H1 operational performance beat Citi's forecast by some 5%. The analysts report increased confidence that provisioned exit costs will prove sufficient to get rid of the troubled engineering business.

Meanwhile, the analysts are of the view that underlying momentum is setting the company up for a positive outlook medium to long term. In light of market concerns, Citi suggests Lendlease can fund its current pipeline in orders.

This could easily turn into a multi-year recovery story, suggest the analysts. Buy rating retained while the target price remains $24.72.

Target price is $24.72 Current Price is $19.29 Difference: $5.43
If LLC meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $21.06, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Credit Suisse rates LLC as Outperform (1) -

First half results were ahead of estimates and Credit Suisse has not changed full-year expectations.

While the development earnings skew is now less than previously expected in the second half, the broker notes Lendlease still needs to execute on sales and several developments to hit full-year forecasts.

Meanwhile, the core business is observed to be performing well. Gearing is expected to increase to 15-20% by the end of FY20. Credit Suisse retains an Outperform rating and $19.85 target.

Target price is $19.85 Current Price is $19.29 Difference: $0.56
If LLC meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $21.06, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Macquarie rates LLC as Outperform (1) -

First half net profit was ahead of Macquarie's estimates, supported by developments. The broker notes there were good margins in apartments and there are no major issues envisaged from coronavirus to date.

The company has also re-engaged with potential acquirers of the services business after a preferred party withdrew from negotiations.

A finalisation of the sale of the entire engineering & services business within budget will be a positive catalyst, in the broker's view.

Subsequently, the main driver going forward is likely to be the $100bn urban regeneration development pipeline. Target is $21.71. Outperform retained.

Target price is $21.71 Current Price is $19.29 Difference: $2.42
If LLC meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $21.06, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

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

First half results indicate the company can deliver on the strength in its property development portfolio and urbanisation.

The result was well ahead of Morgan Stanley's estimates, largely because of development profit from the setting up of the Victoria Cross Trust as well as greater re-valuations

 It is clear to the broker that the company is progressing its business to become more of a developer/manager. Morgan Stanley is unable to provide a rating or target at present.

Current Price is $19.29. Target price not assessed.

Current consensus price target is $21.06, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Ord Minnett rates LLC as Buy (1) -

First half net profit was below Ord Minnett's forecasts. The broker is puzzled by the strong positive reaction in the share price following the results, as these were not particularly strong in terms of earnings or net debt.

Regardless, the results did nothing to change the outlook and Ord Minnett believes there remains an attractive opportunity to buy the shares at below fundamental valuation.

Buy rating maintained. Target is $21.

Target price is $21.00 Current Price is $19.29 Difference: $1.71
If LLC meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $21.06, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

UBS rates LLC as Neutral (3) -

Lendlease reported slightly ahead but of more note to the broker were two key positives. There was no new news on the Engineering division sales process, which is good news, and the sale of 25% of Victoria Cross at a premium reflects a re-pricing of development and leasing risk.

The broker had expected the company would need capital partners to fund its pipeline but now believes Lendlease can moslty self-fund and not have to give too much away.

FY guidance requires a strong second half and a return to a market PE requires completion of the Engineering sale, the broker suggests, and this will require a few stars to align. Neutral retained, target rises to $18.00 from $17.50.

Target price is $18.00 Current Price is $19.29 Difference: minus $1.29 (current price is over target).
If LLC 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 $21.06, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Citi rates MPL as Neutral (3) -

Medibank Private's H1 result fell short of expectations. Citi analysts report they have merely made some compositional changes to their forecasts post the release. Also, the analysts suggest management's guidance for H2 requires a leap of faith.

If everything falls into place, as company management expects it to, downward pressure on margins should alleviate in H2. Citi also suggests there might be additional benefits from further cost savings.

Neutral rating retained. Price target drops to $3.20 from $3.35.

Target price is $3.20 Current Price is $2.91 Difference: $0.29
If MPL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.89, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Credit Suisse rates MPL as Underperform (5) -

First half net profit was below forecasts. The interim dividend of 5.7c was ahead of forecasts.

Credit Suisse assesses Medibank Private did a great job in attempting to offset profit pressure through a -9.6% reduction in management expenses.

Yet, turning off marketing late in the year meant a significant slowdown in policy growth.

The broker assesses the debate will continue about the outlook, depending on government action in the industry.

Underperform rating maintained. Target is reduced to $2.80 from $2.90.

Target price is $2.80 Current Price is $2.91 Difference: minus $0.11 (current price is over target).
If MPL meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.89, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Macquarie rates MPL as Underperform (5) -

First half results missed expectations. Should claims growth continue at the pace experienced in the first half , Macquarie suggests there will be a material downward revision to earnings estimates.

The broker acknowledges its forecasts could be perceived as overly optimistic. Claims growth is unsustainably high and the broker believes regulatory intervention is now urgent.

Target is reduced to $2.70 from $2.85 and an Underperform rating is retained.

Target price is $2.70 Current Price is $2.91 Difference: minus $0.21 (current price is over target).
If MPL meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.89, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

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

First half earnings were weaker than expected. Morgan Stanley suspects margins could remain challenged, although APRA statistics for the December quarter suggest a stabilisation in participation rates has been achieved from the moderation in premium price growth.

While top-line pressures seem to be easing somewhat, the broker notes claims pressure is not. Equal-weight maintained. Target is reduced to $2.90 from $2.95. Industry view: In-Line.

Target price is $2.90 Current Price is $2.91 Difference: minus $0.01 (current price is over target).
If MPL meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.89, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Morgans rates MPL as Hold (3) -

Medibank Private's FY20 first-half result fell -5% shy of consensus thanks to rising hospital claims, particularly for prostheses costs, which continues to squeeze margins.

Hip prostheses for example cost roughly eight to 10 times that of identical prostheses in Europe, although about half the price of the exorbitant US prostheses - this boils down to regulation. So health insurers are likely to face continued challenges, despite the rosy revenue outlook.

The broker cuts EPS estimates -5% and -1% across FY20 and FY21 and cuts the target price to $3.07 from $3.11. Hold rating retained, the broker noting it likes the company's exposure to structural growth areas over the longer term.

Target price is $3.11 Current Price is $2.91 Difference: $0.2
If MPL meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.89, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Ord Minnett rates MPL as Lighten (4) -

First half health insurance earnings were below Ord Minnett's forecasts, reflecting the pressure on gross margins.

However, Medibank Private flagged cost savings and scope for capital management which the broker suspects pleased the market.

Nevertheless, margin pressure remains too great to ignore and a Lighten rating is maintained. Target is reduced to $2.70 from $2.90.

Target price is $2.70 Current Price is $2.91 Difference: minus $0.21 (current price is over target).
If MPL meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.89, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

UBS rates MPL as Sell (5) -

Medibank Private's result was a clear miss of the broker's forecast, as effective cost management failed to overcome the widening gap between slow revenue growth and increasing claims inflation.

As such the broker forecasts further compression of margins, which suggests that despite ongoing market share gains, the company will be looking at negative compound earnings growth out to FY22.

Sell and $2.80 target retained.

Target price is $2.80 Current Price is $2.91 Difference: minus $0.11 (current price is over target).
If MPL meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.89, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.6

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

Citi rates MYX as Neutral (3) -

Upon first glance, Mayne Pharma's H1 loss came out much larger than wat Citi analysts had penciled in. It appears weaker than anticipated evenue as a result of continued competitive pressure in the Generics division is responsible.

Unfortunately, Citi expects pressure in generics to continue. The analysts expect the market to react negatively to the result while ownward revisions to FY20 consensus forecasts should be expected.

This remains a difficult business to forecast, state the analysts, adding they are -7% positioned below market consensus for FY20.

Target price is $0.50 Current Price is $0.38 Difference: $0.12
If MYX meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $0.53, suggesting upside of 39.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

UBS rates NWH as Buy (1) -

NRW Holdings' result came in 5% ahead of the broker, excluding the BGC contribution. The higher-margin Mining division overcame underperformance from the lower margin Civil division. FY guidance has been upgraded to above the broker's prior forecast, but appears conservative.

The company's positive outlook is unchanged and underpinned by strong visibility and multiple upside catalysts from project awards near-term, the broker notes, in iron ore, mining and public infrastructure. Target rises to $4.00 from $3.85, Buy retained.

Target price is $4.00 Current Price is $3.18 Difference: $0.82
If NWH meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Morgans rates OPC as Hold (3) -

Opticomm's FY20 first-half result slightly outpaced the broker, and Morgans believes the company may achieve its prospectus forecasts.

The broker cites strength in the recurring network operations business and construction.

Earnings forecasts are upgraded 5% and 6% for FY20 and FY21.

The price target rises to $4.56 from $3.45 and Hold rating retained given the recent rise in the share price.

Target price is $4.56 Current Price is $4.60 Difference: minus $0.04 (current price is over target).
If OPC meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Credit Suisse rates ORG as Neutral (3) -

First half operating earnings (EBITDA) were below Credit Suisse estimates. The broker contends that lower electricity prices reduce the value of Eraring and the company's fixed-price wind/solar partnerships.

Moreover, lower coal prices reduce the value of the 4mt which is contracted to 2022 and lower gas prices reduce the value of its gas supply.

Hence, while Origin Energy has half the electricity price risk of rival AGL Energy ((AGL)), Credit Suisse still forecasts a -13% operating earnings decline in energy markets in FY20-22.

Neutral rating maintained. Target is reduced to $8.50 from $8.70.

Target price is $8.50 Current Price is $7.84 Difference: $0.66
If ORG meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $8.69, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

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

Morgan Stanley makes few changes to its numbers after the first half result.

The broker assesses Origin Energy derives 20-25% pre-tax earnings from coal-fired generation and is also a renewable energy target (RET) liable entity.

Hence, Morgan Stanley has questions centred on whether falling interest costs and liquidity requirements indicate there is limited cost opportunity from ESG investing at this point in time.

Equal-weight rating. Target is $8.28. Industry view is Cautious.

Target price is $8.28 Current Price is $7.84 Difference: $0.44
If ORG meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $8.69, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Morgans rates ORG as Hold (3) -

Origin Energy's result disappointed the broker, who believes the company has some hard yards ahead.

Guidance was reiterated but Morgans expects it will fall at the lower end of the range. 

The company lost electricity volumes in all states except SA in both retail and business. Realised prices also weakened after the introduction of semi-regulated retail prices. Electricity price trends do not augur well for the company, futures prices having plunged since October as more renewable energy comes online.

Hold rating retained. Target price falls to $8.15 from $8.43.

Target price is $8.15 Current Price is $7.84 Difference: $0.31
If ORG meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.69, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Ord Minnett rates ORG as Accumulate (2) -

First half resutls were mixed, with strong cash flow but operating earnings (EBITDA) below Ord Minnett's estimates.

The broker notes headwinds emanating from a lower contribution from the electricity portfolio and weak gas prices.

Accumulate rating maintained. Target is lowered to $9.25 from $9.50.

Target price is $9.25 Current Price is $7.84 Difference: $1.41
If ORG meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.69, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

UBS rates ORG as Buy (1) -

Origin Energy's report was operationally in line with the broker. Another strong performance from APLNG offset weaker electricity markets and customer account losses.

With retail churn continuing to fall each month, UBS expects a competitive retail response from Origin focused on winning back market share while reducing the level of discounting.

The broker believes the stock has been oversold on market fears LNG customer Sinopec may call force majeure on its contracts. Given Sinopec is a 25% owner of APLNG, the broker can't see this happening. Buy retained, target rises to $9.30 from $9.25.

Target price is $9.30 Current Price is $7.84 Difference: $1.46
If ORG meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $8.69, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

UBS rates ORI as Neutral (3) -

Orica has agreed to buy an 83.5% stake in a Peruvian explosives company and tender for the balance. The acquisition will be funded by a $600m capital raising via placement/SPP at a -5% discount.

The acquisition would make Orica the number one explosives company in Peru, whch is LatAm's fastest growing market, the broker notes

The broker makes no changes to forecasts, pending completion. Synergies should underpin modest earnings accretion. Neutral and $23.90 target retained.

Target price is $23.90 Current Price is $21.66 Difference: $2.24
If ORI meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $22.09, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Citi rates PPT as Downgrade to Sell from Neutral (5) -

Citi has downgraded its recommendation for Perpetual shares to Sell from Neutral post the release of H1 financials, predominantly inspired by a positive response in the share price which is seen as over the top.

Perpetual Private is enjoying the benefits from current dislocation in the domestic Advice industry, but the analysts highlight any financial benefits from the rise in new advisors will only arrive at a delay due to non-compete clauses.

Equally important, if the overall investment performance fails to improve, Citi sees ongoing risk of fund outflows. The recently acquired Trillium should see a step up in funds under management (FuM) growth as US distribution efforts build, but the analysts add this will likely come from lower margin institutional funds. Target price unchanged at $42.30.

Target price is $42.30 Current Price is $44.97 Difference: minus $2.67 (current price is over target).
If PPT meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $44.79, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Credit Suisse rates PPT as Neutral (3) -

First half underlying net profit was down -7% albeit slightly ahead of Credit Suisse forecasts because of slightly better outcomes on costs.

The broker notes the current year remains challenging because of outflows in Perpetual Investments and elevated costs relating to growth initiatives.

The broker is more confident about FY21, with tailwinds from strong equity markets and earnings accretion from acquisitions.

Neutral rating maintained. Target rises to $45.50 from $41.00.

Target price is $45.50 Current Price is $44.97 Difference: $0.53
If PPT meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $44.79, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Macquarie rates PPT as Underperform (5) -

First half results were ahead of expectations because of lower costs. Macquarie assesses the stock already is reflecting any accretive acquisitions that are likely to close in the next 6-12 months.

The broker expects costs growth will remain at or above the upper end of the historical 2-4% target range while management continues its search for growth opportunities.

Underperform rating maintained. Target is raised to $40.00 from $37.50.

Target price is $40.00 Current Price is $44.97 Difference: minus $4.97 (current price is over target).
If PPT 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 $44.79, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Morgan Stanley rates PPT as Upgrade to Overweight from Equal-weight (1) -

The building out of the US platform is progressing faster than Morgan Stanley expected and the Trillium acquisition adds crucial ESG capabilities.

Moreover, most of the Australian business is growing and costs are contained. Hence, the broker upgrades to Overweight from Equal-weight. Target is raised to $55.00 from $38.50. Industry view: In-line.

Target price is $55.00 Current Price is $44.97 Difference: $10.03
If PPT meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $44.79, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Morgans rates PPT as Hold (3) -

Perpetual's FY20 first-half result met consensus and the broker. 

Morgans expects the Trillium purchase and Perpetual Private adviser signings will help initiate execution of the company's strategy.

Pressures were evident within the business, Perpetual Investment performance continued to struggle,  and expenses rose. On the upside, the company has now logged 13 consecutive halves of positive funds under management flows.

EPS forecasts fall -10% and -12% for FY20 and FY21 after the broker revised expense growth estimates.

Target price rises to $44.41 from $43.28. Hold rating retained.

Target price is $44.41 Current Price is $44.97 Difference: minus $0.56 (current price is over target).
If PPT 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 $44.79, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

UBS rates PPT as Neutral (3) -

The positive market response to Perpetual's result came as a surprise to the broker, as it was a miss, largely due to softer earnings from Perpetual Private.

The broker assumes it was all about a more upbeat view on growth, but while trends in the Corporate Trust and Private remain robust, Perpetual Investments has been challenged by poor returns and subsequent outflows and the Trillium acquisition will further add to the distraction.

Marking to a strong year to date market sees the broker's target rise to $45.30 from $42.85. Neutral retained.

Target price is $45.30 Current Price is $44.97 Difference: $0.33
If PPT meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $44.79, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Credit Suisse rates PRU as Underperform (5) -

Net profit in the first half was well ahead of Credit Suisse estimates. FY20 guidance is unchanged for 275-295,000 ounces.

The broker believes the results are evidence of the successful execution of the multi-mine strategy and the achievement of what looks to be a sustained turnaround at Edikan.

That said, Edikan is still expected to be challenging but then the broker observes a 1.1g/t operation in West Africa, with mining from multiple pits, was never going to be a walk in the park.

Underperform maintained. Target rises to $1.03 from $0.93.

Target price is $1.03 Current Price is $1.27 Difference: minus $0.24 (current price is over target).
If PRU meets the Credit Suisse target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.11, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates PRU as Outperform (1) -

Net profit was stronger than Macquarie expected in the first half while cash flow was in line. Reserves at Edikan were up 16%.

The broker now forecasts production of 500,000 ounces per annum or more by FY23. Outperform rating maintained. Target is lifted 17% to $1.40.

Target price is $1.40 Current Price is $1.27 Difference: $0.13
If PRU meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.11, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Morgan Stanley rates PSQ as Overweight (1) -

Pacific Smiles first half results were slightly ahead of Morgan Stanley's estimates.

Guidance also points to solid cash generation, with cash flow conversion of 124% exceeding expectations.

Overweight rating, In-Line industry view. Target is $1.90.

Target price is $1.90 Current Price is $2.01 Difference: minus $0.11 (current price is over target).
If PSQ meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Citi rates QAN as Neutral/High Risk (3) -

It appears the cautious outlook provided by Qantas alongside H1 financials is weighing upon Citi's assessment post event. The analysts have now attached a High Risk label to their Neutral rating while lowering the price target to $6.70 from $7.45.

All in all, the analysts see negative growth for both international operations and Jetstar during the second half. Cuts to capacity and fuel savings will provide a buffer for earnings, but only to an extent, suggest the analysts.

Citi's view is probably best summarised as: market concerns have been vindicated. It's way too early to draw any solid conclusions, given the many uncertainties that cloud the outlook. The analysts suggest better entry points might be ahead.

Target price is $6.70 Current Price is $6.49 Difference: $0.21
If QAN meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Credit Suisse rates QAN as Neutral (3) -

First half results were ahead of forecasts. Earnings (EBIT) were significantly above estimates because of strong improvements in the domestic airline and the loyalty segment.

Management has noted that domestic demand conditions have softened in the past three weeks, relating to the concerns over coronavirus.

Management plans to cut domestic capacity by -2.3% and international capacity by -3.8% in the second half, partially offsetting the weak demand.

Credit Suisse lowers FY20 estimates for pre-tax profit by -5.5%. Neutral rating maintained. Target is reduced to $6.50 from $6.85.

Target price is $6.50 Current Price is $6.49 Difference: $0.01
If QAN meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Macquarie rates QAN as Outperform (1) -

First half pre-tax profit was ahead of Macquarie's estimates. The broker forecasts pre-tax profit of $1.18bn in FY20, down -11%, as the second half is hit by the impact of coronavirus despite the fuel benefits and capacity reductions.

The broker expects the stock to continue re-rating, narrowing the -30% value discount to global peers. Target is reduced to $7.90 from $8.00. Outperform maintained.

Target price is $7.90 Current Price is $6.49 Difference: $1.41
If QAN meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgan Stanley rates QAN as Overweight (1) -

First half results were ahead of Morgan Stanley's estimates, reflecting a strong second quarter.

Qantas has calculated the coronavirus impact would be -$100-150m, which the broker calculates nets to an estimated -6-10% reduction to FY20 consensus pre-tax profit forecasts.

In the context of the -12% decline in the share price over the last month, the broker believes this could ease investor concerns. The company has lifted the dividend and continued with its buyback.

Overweight. Target is $7.50. Industry view is In-Line.

Target price is $7.50 Current Price is $6.49 Difference: $1.01
If QAN meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

UBS rates QAN as Buy (1) -

Qantas' profit was flat on the prior period but ahead of UBS. Revenue growth accelerated in the December quarter, the broker notes, in the face of trade tensions, Hong Kong protests and currency headwinds.

In response to the virus, Qantas will reduce capacity by -4%, which will impact on profit despite fuel cost savings, but is not as bad as the market feared, the broker suggests.

Aside from the benefits of lower oil prices, the broker believes the market will likely look through the impact of the virus and on to FY21. Buy retained, target rises to $7.40 from $7.25.

Target price is $7.40 Current Price is $6.49 Difference: $0.91
If QAN meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Macquarie rates RDY as Outperform (1) -

First half results were in line with prospectus forecasts. Macquarie finds the growth outlook positive and the valuation undemanding.

Significant scope is envisaged for further multiple re-rating. Outperform maintained. Target is raised to $2.70 from $2.50.

Target price is $2.70 Current Price is $2.16 Difference: $0.54
If RDY meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Ord Minnett rates SBM as Buy (1) -

First half results were slightly below forecasts. Guidance for FY20 is unchanged.

Ord Minnett assesses the main catalysts include the Simberi sulphide reserves & resources along with a final investment decision, delivery on the Gwalia extension and developing growth options at Moose River.

Buy rating maintained. Target is lowered to $3.40 from $3.60.

Target price is $3.40 Current Price is $2.86 Difference: $0.54
If SBM meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.03, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Citi rates SFR as Neutral (3) -

It appears the interim performance was better-than-anticipated by Citi, but the analysts had to observe how the share price fell to near a three-year low as coronavirus disruption hit copper demand short-term and with transient operational issues affecting the performance at Monty.

Citi has kept the rating at Neutral in combination with an unchanged price target of $6.20. Bringing T3 (in Botswana) on line by 2022 remains key to Sandfire Resources' outlook, says the broker, adding shareholders need to consider if they want to hold on for the project development ride.

Management re-affirmed guidance for H2 including higher head grades. Citi points out an updated ore reserve is due for April.

Target price is $6.20 Current Price is $4.92 Difference: $1.28
If SFR meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $6.25, suggesting upside of 27.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 Outperform (1) -

First half earnings missed Credit Suisse estimates. The broker notes there was no new guidance that would change expectations for DeGrussa.

The balance sheet is in good shape and management appears intent on progressing both MOD and Black Butte. The broker considers the Botswana operations are the main opportunity that will drive future value.

Outperform rating and $6.30 target maintained.

Target price is $6.30 Current Price is $4.92 Difference: $1.38
If SFR meets the Credit Suisse target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $6.25, suggesting upside of 27.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20: