Australian Broker Call

Morgans rates AGL as Re-initiate Coverage with Hold rating (3) -

FY18 underlying profit was ahead of expectations but the reduction in guidance implies flat earnings. Morgans believes margins are under pressure because of competition, regulatory scrutiny and new generation entering the market.

The broker re-initiates coverage with a Hold rating and $19.78 target.

Target price is $19.78 Current Price is $21.11 Difference: minus $1.33 (current price is over target).
If AGL meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.54, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Ord Minnett rates ANN as Accumulate (2) -

Ord Minnett adjusts Ansell's target price to $29.75 from $29.50 to reflect a spot exchange rate of US73c.

Ansell reports on August 20.

Accumulate retained. Risk rating is medium.

Target price is $29.75 Current Price is $27.90 Difference: $1.85
If ANN meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $27.72, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.2

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

Citi rates ANZ as Buy (1) -

In an initial response, Citi analysts comment the reported CET1 of 11.1% in today's trading update is better than consensus expectations of 10.7%. Most of this difference came from proceeds for part sale of the Life Insurance business to Zurich which, Citi points out, has added 25bps to the ratio.

Also pleasing was the observation that credit quality has improved across the board, or so the commentary goes.

Target price is $30.50 Current Price is $29.61 Difference: $0.89
If ANZ meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $29.24, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Deutsche Bank rates APA as Buy (1) -

The CKI consortium has completed due diligence and will now move to acquire APA at $11 a share. The bid still has a number of hurdles including approval from the ACCC and FIRB.

Buy rating maintained. Target is raised to $11.00 from $10.85.

Target price is $11.00 Current Price is $9.94 Difference: $1.06
If APA meets the Deutsche Bank target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $10.24, suggesting upside of 3.0% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Morgans rates AVN as Add (1) -

FY18 results were in line with guidance. Overshadowing the result, Morgans notes, was a proposal to internalise management to create a stable structure.

The broker believes the business is well-placed to navigate any challenges, given low vacancy rates & incentives and the ability to re-mix tenants. Add rating maintained. Target is reduced to $2.34 from $2.49.

Target price is $2.34 Current Price is $2.20 Difference: $0.14
If AVN meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.32, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Citi rates AZJ as Sell (5) -

Citi was impressed by the earnings improvement in the bulk division in FY18, despite the decline in volumes. Yet, coal revenue weakness is expected to continue, despite the volume uplift.

The broker forecasts a -9% decline in above-rail earnings in FY19. Citi maintains a Sell rating and $3.80 target.

Target price is $3.80 Current Price is $4.48 Difference: minus $0.68 (current price is over target).
If AZJ meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.25, suggesting downside of -5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Credit Suisse rates AZJ as Downgrade to Neutral from Outperform (3) -

Aurizon's result was slightly ahead of consensus, Credit Suisse reports. Looking ahead, the broker sees a company fighting on too many fronts. It is facing three material court cases, the UT5 regulatory review remains challenging, and labour negotiations with some 80% of staff remain ongoing in the face of a weak safety performance.

Credit Suisse forecasts lower earnings than FY18 right out to FY22. The dividend payout is expected to fall in FY19 before recovering in FY20. The broker drops its target to $4.60 from $4.75 and downgrades to Neutral from Outperform, suggesting a more attractive entry point lies ahead.

Target price is $4.60 Current Price is $4.48 Difference: $0.12
If AZJ meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.25, suggesting downside of -5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Deutsche Bank rates AZJ as Hold (3) -

FY18 results were slightly above expectations. Network volumes, improvements in the bulk business and costs were all a little better than Deutsche Bank estimated.

Uncertainty regarding UT5 and ACCC decisions is reflected in guidance, the broker suggests, as this was only provided for above-rail operations. Hold rating maintained. Target is lowered slightly to $4.10.

Target price is $4.10 Current Price is $4.48 Difference: minus $0.38 (current price is over target).
If AZJ meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.25, suggesting downside of -5.1% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Morgan Stanley rates AZJ as Underweight (5) -

Morgan Stanley has increased its target price for Aurizon to $4.08 from $4, noting improvements in the underlying business, which outperformed by 10% on Transformation targets, and volume growth outpaced the market.

However, the broker is unimpressed, expecting a number of hurdles will block momentum. The broker remains Underweight. Industry view: Cautious.

Target price is $4.08 Current Price is $4.48 Difference: minus $0.4 (current price is over target).
If AZJ meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.25, suggesting downside of -5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Morgans rates AZJ as Hold (3) -

FY18 results were broadly in line with forecasts. Morgans finds the FY19 earnings outlook clouded by the UT5 regulatory outcome.

The broker continues to believe the direction of earnings will be downwards and maintains a Hold rating. Target is reduced to $4.30 from $4.35.

Target price is $4.30 Current Price is $4.48 Difference: minus $0.18 (current price is over target).
If AZJ 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 $4.25, suggesting downside of -5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Ord Minnett rates AZJ as Sell (5) -

Aurizon's full-year profit outpaced the broker and a 13.1c 60% franked dividend was reported (a 100% payout ratio).

Ord Minnett was puzzled by the positive share price reaction to the profit, saying uncertainty around the stock has never been higher.

The broker retains its Sell recommendation and cuts the target price to $3.85 from $3.90. Ord Minnett cuts FY20 earnings before interest and tax forecast by -27%.

Target price is $3.85 Current Price is $4.48 Difference: minus $0.63 (current price is over target).
If AZJ meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.25, suggesting downside of -5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

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

UBS analysts highlight the risks and challenges that lay ahead for this company, forecasting a flat EPS growth profile for the next four years. While observing the stock has recovered from its lows, the rating is being pulled back to Neutral from Buy.

Even though cash flows will settle at a lower level, UBS analysts still think Aurizon is now a true yield stock, forecast to still offer 7% after the UT5 regulated revenue step-down. Valuation/target remains unchanged at $4.60.

Target price is $4.60 Current Price is $4.48 Difference: $0.12
If AZJ meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.25, suggesting downside of -5.1% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Credit Suisse rates BEN as Neutral (3) -

Bendalaide's result was broadly in line with the broker, who cites a stable margin, solid capital position and low bad debt expense as positives, and cost headwinds and sub-peer lending growth as negatives.

Regional banks appear more resilient to negative macro factors, the broker suggests. Earnings forecasts trimmed slightly but Neutral and $11.50 target retained.

Target price is $11.50 Current Price is $11.21 Difference: $0.29
If BEN meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.94, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Deutsche Bank rates BEN as Hold (3) -

Second half cash net profit was below Deutsche Bank's forecasts. The broker notes a very low bad debt charge helped the bottom line but there was a small deterioration in the level of impaired assets. Margin was better than expected.

Hold rating maintained. Target reduced to $10.75 from $11.00.

Target price is $10.75 Current Price is $11.21 Difference: minus $0.46 (current price is over target).
If BEN meets the Deutsche Bank target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.94, suggesting downside of -2.4% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Macquarie rates BEN as Neutral (3) -

Macquarie believes there is limited scope for the bank to deliver superior earnings growth, as operating conditions are challenging and there is a lack of cost reduction initiatives. The broker expects higher funding costs and competition for mortgages will offset mortgage re-pricing and favourable deposit trends.

Neutral rating. Target is $11.

Target price is $11.00 Current Price is $11.21 Difference: minus $0.21 (current price is over target).
If BEN meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.94, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Morgan Stanley rates BEN as Underweight (5) -

Bendigo and Adelaide Bank delivered a strong result, beating the broker on mortgage repricing and forecasting above-system mortgage growth and accelerating revenue growth.

The broker is not so sure, noting strong competition for mortgages, pressure on fee income and stagnant non-housing volumes. Nor does it expect improvements on the cost front given the need to drive growth, software investment, and the fact that no cost program is in place.

Stock rating Underweight. Industry view In Line. Target price $10.10.

Target price is $10.10 Current Price is $11.21 Difference: minus $1.11 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.94, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Ord Minnett rates BEN as Lighten (4) -

Bendigo and Adelaide Bank outpaced the broker by a nose, thanks to improved deposit spreads, and reported a full-year 2018 profit broadly within consensus.

The broker says Bendigo's funding position sets it above its peers, but expects further deposit tailwinds and mortgage competition. Ord Minnett reduces EPS forecasts -1.6% for FY19 and -2.1% for FY20 due to capital dilution.

Lighten rating retained. Target price rises to $10.70 from $10.50.

Target price is $10.70 Current Price is $11.21 Difference: minus $0.51 (current price is over target).
If BEN meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.94, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

UBS rates BEN as Neutral (3) -

UBS saw a subdued, but nevertheless in-line FY18 performance with weak revenue once again a stand-out. The analysts do note the latter is in line with industry trends.

Credit growth has started to accelerate and UBS notes Bendalaide is poised to benefit from the Royal Commission, but the broker is equally concerned the regional lender is now growing in NSW Investment Property at a time when the Majors are tightening underwriting standards, constraining credit and the housing market is falling.

Neutral rating retained. Price target moves to $11 from $10.50.

Target price is $11.00 Current Price is $11.21 Difference: minus $0.21 (current price is over target).
If BEN meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.94, suggesting downside of -2.4% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Ord Minnett rates BRG as Buy (1) -

Breville is scheduled to report its FY18 result on Thursday, 16 August and Ord Minnett suspects investors are anticipating negative news, considering the share price has noticeably weakened. The analysts see some risk but also believe the risk-reward leading into the result seems quite balanced.

Buy rating retained, alongside a $15.60 price target. The analysts are expecting FY18 EBIT of $87.7m, up 11% YoY, in line with company guidance of around 10%. Such result would likely be received positively, say the analysts.

Target price is $15.60 Current Price is $11.16 Difference: $4.44
If BRG meets the Ord Minnett target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $13.09, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Citi rates BSL as Buy (1) -

FY18 beat estimates. Nevertheless, the shares eased and Citi suggests the company has been caught in a "peak earnings" narrative, which has beset the global steel sector.

The broker suggests the company can double its share buyback in FY20 and also fund North Star growth. The broker maintains a Buy rating and raises the target to $20.50 from $18.60.

Target price is $20.50 Current Price is $17.70 Difference: $2.8
If BSL meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $20.43, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Credit Suisse rates BSL as Outperform (1) -

BlueScope's result beat the broker. Exceptionally strong US steel spreads are persisting and driving earnings growth into the first half FY19. The broker expects the current levels of dividends and the buyback to be sustained through to FY20, reducing thereafter.

Outperform and $19 target retained.

Target price is $19.00 Current Price is $17.70 Difference: $1.3
If BSL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $20.43, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Deutsche Bank rates BSL as Hold (3) -

FY18 results were ahead of expectations. The broker has factored in an increased depreciation for ASP, lower Coke margins and softer demand in Southeast Asia. Deutsche Bank believes, while spreads will improve into the first half, they are likely at a peak. Hold maintained.

Current Price is $17.70. Target price not assessed.

Current consensus price target is $20.43, suggesting upside of 15.4% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Macquarie rates BSL as Outperform (1) -

FY18 results were better than expected and Macquarie lowers FY19 and FY20 estimates by -1% and -2% respectively.

The broker believes the macro environment is supportive, providing a further boost to earnings and the stock. Outperform rating maintained. Target is reduced to $21.40 from $21.50.

Target price is $21.40 Current Price is $17.70 Difference: $3.7
If BSL meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $20.43, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Morgan Stanley rates BSL as Overweight (1) -

BlueScope Steel's full-year result beat the broker by a nose and consensus by a length, ASP and NZ & Pacific Steel proving the star performers. First-half FY19 guidance for a 10% rise in earnings appears conservative to the broker.

The company has increased the buyback to $250m from $150m, reflecting strong cash flow and a move to a net cash position, and also flagged a possible US$500-700m expansion of its North Star facility.

The broker lifts FY19 EPS forecast by 22%, expecting higher margins and strong performance. It notes its underlying forecast assumptions are still below spot and will revert at the beginning of the 2019 calendar year.

Overweight rating retained. Target price rises to $21 from $20. Industry view: Cautious.

Target price is $21.00 Current Price is $17.70 Difference: $3.3
If BSL meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $20.43, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Ord Minnett rates BSL as Accumulate (2) -

BlueScope's full-year profit outpaced the broker by 2%, hitting the top-end of consensus.

Ord Minnett notes BlueScope has bumped up its buyback to $250m and still has a net $64m cash balance and is trading on a 17% FY19 free-cash-flow yield. It announced an 8c per share final dividend (taking the annual dividend to 14c). The broker believes the chances of capital returns are increasing and tips a $500m buyback in February 2019.

The broker notes bad problems are giving wait to good problems, such as options for growth and capital returns. The stock remains the broker's sector pick.

Accumulate/higher risk rating and target price raised to $19.70 from $19.60.

Target price is $19.70 Current Price is $17.70 Difference: $2
If BSL meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $20.43, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

UBS rates BSL as Buy (1) -

The FY18 performance beat market expectations by some 5%, comment analysts at UBS. The big surprise, suggest the analysts, is that management is investigating a US$500-700m expansion to its North Star facility in Ohio, which should take 2-3 years if given the green light.

Tempering their own enthusiasm, the analysts observe US steel spreads are well above their long term average of US$300/t, and while this is an argument for an eventual decline in earnings, there is at this point no evidence of this occurring, points out UBS.

Buy rating retained, while the price target moves to $21.

Target price is $21.00 Current Price is $17.70 Difference: $3.3
If BSL meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $20.43, suggesting upside of 15.4% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Citi rates CGF as Buy (1) -

In initial commentary following the release of FY18 financials, Citi analysts surmise Challenger's performance missed expectations, albeit not by much, while guidance for FY19 was equally slightly below expectations.

The culprit, it appears, are lower margins in life business due to lower asset yields and no distributions on insurance-linked investments. Book growth in the life insurance business is seen as a positive (reaching a record high) plus Japan sales have hit guidance, point out the analysts.

Target price is $13.60 Current Price is $11.65 Difference: $1.95
If CGF meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $12.23, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Macquarie rates CGF as Outperform (1) -

In an initial response, Macquarie analysts note FY18 performance sits at the lower end of guidance, slightly missing market consensus. Because of a lower starting point for FY19, market consensus will be forced to re-group at a lower level as well, suggest the analysts.

They acknowledge there will be questions raised, and concerns expressed, but Macquarie likes the growth profile, also supported by a favourable regulatory backdrop. Outperform rating retained. Target $13.

Target price is $13.00 Current Price is $11.65 Difference: $1.35
If CGF meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $12.23, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Morgans rates CIP as Hold (3) -

The company has divested its 7.7% stake in PLG, with proceeds to be re-invested into a new industrial asset in Queensland. The balance of funds will be used for a potential acquisition in Western Australia or to pay down debt.

Morgans observes the business offers investors a pure exposure to Australian industrial property. Forecasts are adjusted for the sale and the potential new asset. FY18 results are due August 21. Hold rating and $2.63 target maintained.

Target price is $2.63 Current Price is $2.63 Difference: $0
If CIP meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgans rates COE as Add (1) -

FY18 results were solid and ahead of Morgans. The company is considering ways to maximise value for investors, including a partial sell down of its Gippsland  interests, future divestment of Cooper Basin interests and/or debt options.

The broker believes weighing up the options is a useful exercise particularly if the company discovers parties interested in offering significant value. Morgans maintains an Add rating. Target is raised to $0.60 from $0.58.

Target price is $0.60 Current Price is $0.49 Difference: $0.11
If COE meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates COH as Neutral (3) -

The FY18 result came inside guidance, but market consensus had positioned itself near the top end of guidance. So that proved a "miss". Then guidance for FY19 didn't make the cut either, with market expectations some 6% higher, Citi analysts point out on early assessment of today's FY18 release.

Cost growth is being noted as well. All in all, say the analysts, Cochlear is spending for future growth which should mean long term unit growth is maintained but it also impacts on guidance for FY19.

Target price is $196.50 Current Price is $188.85 Difference: $7.65
If COH meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $173.26, suggesting downside of -8.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Macquarie rates COH as Underperform (5) -

In initial commentary following the release of FY18 financials, Macquarie states the result was in-line but guidance for FY19 missed market expectations, albeit only slightly.

Macquarie continues to have a problem with the valuation and thus with the implied growth rates and market share gains, thus maintains a Sell rating. Target $166.

Target price is $166.00 Current Price is $188.85 Difference: minus $22.85 (current price is over target).
If COH meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $173.26, suggesting downside of -8.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Morgans rates CZZ as Hold (3) -

FY18 results, slightly below expectations, were overshadowed by the takeover bid by Bravo HoldCo, a consortium, at $20.06 a share.

 Morgans considers the bid price fair, believing this group can fast track the company's Chinese exports strategy. Morgans sets the target to $20.06, from $18.28, and believes a higher offer cannot be ruled out. Hold maintained.

Target price is $20.06 Current Price is $19.57 Difference: $0.49
If CZZ meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates DHG as Sell (5) -

Citi believes the company's goal to deliver improving margins in its digital business will affect its ability to properly manage a marketing campaign in Melbourne, unless Sydney listings rise rapidly.

The broker cuts group revenue estimates by -2% and EPS by -5-10%. Declining penetration in Melbourne is the biggest issue, Citi suggests. The broker maintains a Sell rating and reduces the target to $2.70 from $2.85.

Target price is $2.70 Current Price is $3.33 Difference: minus $0.63 (current price is over target).
If DHG meets the Citi target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.36, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

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

Credit Suisse rates DHG as Outperform (1) -

Domain's result beat the broker mostly due to a significantly lower printing cost. Core digital residential revenue was in line with the broker but Media, Commercial & Developer revenue was weak and slowed considerably through the half.

The broker has thus trimmed forecasts, but sees ongoing depth penetration and prices increases in the core Syd/Melb markets as key growth drivers ahead. Expansion into new markets, eg Queensland, offers potential upside. Outperform and $3.50 target retained.

Target price is $3.50 Current Price is $3.33 Difference: $0.17
If DHG meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.36, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates DHG as Overweight (1) -

Domain Holdings Australia reported a full-year result in line but noted softer listings for the first half 2019/20. Earnings per share rose 7% but cost pressures were rising. Domain will offer guidance at the November AGM.

Meanwhile, the broker recommends buying on cyclical weakness. Target price is steady at $4, industry view is Attractive, and Overweight rating retained.

Target price is $4.00 Current Price is $3.33 Difference: $0.67
If DHG meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.36, suggesting upside of 1.0% (ex-dividends)

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

Morgans rates DHG as Reduce (5) -

FY18 results were broadly in line with expectations. Morgans believes Domain is on track for solid growth in FY19. The key risks are winding back the lost market share in Victoria as well as a new CEO's agenda.

As the stock trades in excess of the broker's valuation and target, a Reduce rating is maintained. Target is raised to $2.81 from $2.66.

Target price is $2.81 Current Price is $3.33 Difference: minus $0.52 (current price is over target).
If DHG meets the Morgans target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.36, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates DHG as Accumulate (2) -

Domain's FY18 profit outpaced the broker and consensus, buoyed by a margin improvement which alleviated fears of rising costs after the spin-off from Fairfax ((FXJ)).

Ord Minnett expects revenue growth of 7.5% and earnings growth of 7.3% in FY19. Accumulate/higher risk rating retained and the target price rises to $3.80 from $3.50.

Target price is $3.80 Current Price is $3.33 Difference: $0.47
If DHG meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.36, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates DHG as Neutral (3) -

UBS thought the FY18 performance was "solid", considering the many disruptions that had intervened, and the FY19 outlook is not as bad as feared, comment the analysts.

There remains downside risk if listings remain weak, that much the analysts concede, but they are quick in pointing out management continues to execute well on levers it can control.

UBS also observes REA Group ((REA)) has been increasing its market share in Victoria but Domain is on the case and expects depth percentage penetration in the state to return to growth in FY19. Neutral. Target moves to $3.35 from $3.20.

Target price is $3.35 Current Price is $3.33 Difference: $0.02
If DHG meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.36, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

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 DMP as Sell (5) -

In initial commentary following the release of FY18 financials, Citi observes guidance was "missed" as the company only achieved 15% growth, but that was already anticipated by the market.

What would have been a negative surprise is that guidance for FY19 seems soft as well. Citi finds the trading update for the first five weeks into the new financial year equally soft.

Target price is $46.30 Current Price is $48.75 Difference: minus $2.45 (current price is over target).
If DMP meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $49.38, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Macquarie rates DMP as Outperform (1) -

On initial assessment, Macquarie observes Domino's Pizza's FY18 growth rate failed to meet the company's own guidance for 20% growth, but guidance for FY19 is also below what the market was expecting.

Outperform rating retained as the analysts are of the view that in light of ongoing double-digit percentage growth, there no longer is a need for de-rating and instead there should be valuation support kicking in for the shares. Target $55.

Target price is $55.00 Current Price is $48.75 Difference: $6.25
If DMP meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $49.38, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

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

The interim report was in line but Citi analysts had been anticipating an upgrade with the FY18 guidance, and it didn't arrive. Higher debt costs seem to be the culprit, the analysts comment today.

Citi analysts also found the tone on retail was more cautious than expected. Target price moves to $5.53 from $5.54. Downgrade to Neutral from Buy.

Target price is $5.53 Current Price is $5.16 Difference: $0.37
If GPT meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.32, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Deutsche Bank rates GPT as Hold (3) -

First half results were slightly ahead of Deutsche Bank estimates. The difference was driven by development earnings from the logistics division.

Guidance for the full year is lower than the broker expected, at 3% FFO growth. Management has attributed this to higher debt costs and lower earnings from retail. Hold rating retained. Price target is raised to $5.22 from $5.19.

Target price is $5.22 Current Price is $5.16 Difference: $0.06
If GPT meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.32, suggesting upside of 3.2% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

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

2018 guidance has been reaffirmed for growth in FFO of 3%. Macquarie had expected an upgrade to 2018 earnings growth estimates because the sale of Wollongong Central was not proceeding. However, this was not the case.

Despite the potential for re-gearing to supplement growth there are limited catalysts in the near term and the broker downgrades to Neutral from Outperform. Target is $5.47.

Target price is $5.47 Current Price is $5.16 Difference: $0.31
If GPT meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.32, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Morgan Stanley rates GPT as Underweight (5) -

GPT Group's top-line first-half result met expectations as underlying businesses reported above and below to net out. Office improved but retail growth fell to the lowest levels since 2013, underperforming the market. Funds under management earnings jumped 21%, buoyed by a rise in margins to 73.8%.

The broker notes the quality portfolio but suspects the fall in retail could signal a need for higher capital expenditure and lower rents and prefers exposure to the sector through Dexus ((DXS)).

Target price $5.35. Underweight rating retained. Industry view Cautious.

Target price is $5.35 Current Price is $5.16 Difference: $0.19
If GPT meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.32, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

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

GPT reported a half-year profit in line with the broker. Higher than expected capital expenditure on retail assets has caused Ord to cut free-cash-flow forecasts by -6% for CY18, -11% for CY20 and -3% for CY21, which is dilutive to valuation.

The broker shifts it rating to Hold from Accumulate to reflect these changes and recent share-price strength. Target price eases to $5.15 from $5.35.

Target price is $5.15 Current Price is $5.16 Difference: minus $0.01 (current price is over target).
If GPT meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.32, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

UBS rates GPT as Neutral (3) -

Interim result cane in ahead of UBS's expectations, with FY19 guidance in-line. From here onwards, say the analysts, the market's focus will continue to
centre on GPT's retail portfolio as ongoing office strength and occupancy increases should underpin solid growth in 2018 and 2019.

All in all, say the analysts, GPT continues to benefit from Sydney & Melbourne office markets but it is the variable, and possible vulnerable, retail portfolio that attracts most attention. Neutral. Price target moves to $5.20 from $4.95.

Target price is $5.20 Current Price is $5.16 Difference: $0.04
If GPT meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.32, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Citi rates JBH as Sell (5) -

FY18 results were in line. This was underpinned by the JB Hi-Fi Australia business but Citi notes the outlook is tough as the core business is slowing and there is margin pressure at The Good Guys.

The broker expects 120 basis points of gross margin contraction in the first half. Sell rating maintained. Target rises to $21.30 from $20.20.

Target price is $21.30 Current Price is $24.33 Difference: minus $3.03 (current price is over target).
If JBH meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.61, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Credit Suisse rates JBH as Underperform (5) -

The broker does not comment on FY18 but suggests FY19 will be a year of downgrades for JB Hi-Fi. Earnings are forecast to decline as sales flat-line, forcing increased marketing, and costs increase. JB and its peers will all face tougher comparables  in the fist half, suggesting a risk of unusually intense promotional activity.

The broker believes the uniqueness of The Good Guys is now lost as it becomes more JB Hi-Fi-like, hence the merging of support, office co-location and appointment of an overall merchandise director is probably not such a bad idea. Target falls to $22.07 from $22.24 and Underperform retained.

Target price is $22.07 Current Price is $24.33 Difference: minus $2.26 (current price is over target).
If JBH meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.61, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Deutsche Bank rates JBH as Hold (3) -

FY18 results were firm, although Deutsche Bank notes expectations were lower after the May downgrade. The broker suggests margins may be peaking at JB Hi-Fi while the outlook for The Good Guys is still uncertain.

FY19 comparables are demanding and the broker believes it will be a challenge to maintain margins. Hold rating. Target is $24.

Target price is $24.00 Current Price is $24.33 Difference: minus $0.33 (current price is over target).
If JBH meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.61, suggesting upside of 5.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Macquarie rates JBH as Outperform (1) -

FY18 net profit slightly beat Macquarie's estimates. The broker believes FY19 guidance for sales growth of 3.6% and net profit growth of 2.6% is skewed to the upside.

The broker continues to believe that a multi-year merger synergy tailwind is emanating from The Good Guys, sustaining earnings growth. Outperform maintained. Target is unchanged at $28.80.

Target price is $28.80 Current Price is $24.33 Difference: $4.47
If JBH meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $25.61, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Morgan Stanley rates JBH as Overweight (1) -

Morgan Stanley led with a 35% Off sale headline, to highlight the stock's deep discount to valuation after its surprise downgrade in May.

The broker expects an improvement in JB Hi-Fi margins and believes consensus has underestimated the stock's earnings potential. The stock posted a $238m free cash flow after capital expenditure: an 8.8% yield.

Overweight rating retained as is the $32 target price. Industry view Cautious.

Target price is $32.00 Current Price is $24.33 Difference: $7.67
If JBH meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $25.61, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Morgans rates JBH as Hold (3) -

FY18 results were in line with guidance and FY19 revenue guidance is in line with Morgans estimates. The broker expects underlying productivity on costs to broadly offset the need for price investment.

The competitive environment is uncertain and, along with the exposure to housing, causes Morgans to maintain a neutral view. Hold maintained. Target rises to $25.69 from $25.57.

Target price is $25.69 Current Price is $24.33 Difference: $1.36
If JBH meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $25.61, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Ord Minnett rates JBH as Accumulate (2) -

JB Hi-Fi's FY18 profit outpaced the broker and guidance thanks to a strong performance from Australian operations. The stock reported a final dividend of 46c, compared with the broker's estimate of 44c.

Traffic and pricing improved at the Good Guys business and Australia's cost of doing business to sales ratio helped buffer slower sales growth. 

Ord Minnett notes an attractive valuation and low price-earnings multiple and says the stock is trading below the broker's discounted cash flow valuation.

Accumulate/higher risk rating and $28 target price retained.

Target price is $28.00 Current Price is $24.33 Difference: $3.67
If JBH meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $25.61, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

UBS rates JBH as Neutral (3) -

JB Hi-Fi's FY18 achievement met market expectations, and UBS found the quality of the result was "strong". The main question, however, is can the company grow in FY19? UBS itself has penciled in 1% growth for the year ahead.

The analysts continue to believe JB Hi-Fi is one of the best electronics retailers globally, but competition is increasing, and more investiment is needed. Neutral rating retained. Price target rises to $23.20 from $23.

Target price is $23.00 Current Price is $24.33 Difference: minus $1.33 (current price is over target).
If JBH meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.61, suggesting upside of 5.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

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

Citi has made a valuation call, upgrading to Buy from Neutral. Target price has increased to $17.26 from $16.69.

It is the stockbroker's view that organic growth in novated leasing and salary packaging remains robust, while discussions from industry participants seem to be indicating good opportunities for ongoing growth as some fleets transition from corporate to consumer.

Target price is $17.26 Current Price is $15.79 Difference: $1.47
If MMS meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $16.99, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Morgan Stanley rates MTS as Overweight (1) -

Metcash has announced details of its buyback. It purchased $150m of stock, compared with the flagged $125m, at a price of $2.26 a share (14% discount to the market price). The broker sees this as a sign of confidence in cash flow.

Morgan Stanley says the deeper than expected discount suggests upgrades to earnings of 1% to 2% across FY19 and FY20. Despite the ramp-up, the broker forecasts net debt at a modest $30m by year end.

The broker retains Overweight and a $3.90 target. Industry view: Cautious.

Target price is $3.90 Current Price is $2.80 Difference: $1.1
If MTS meets the Morgan Stanley target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $2.98, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Citi rates NAB as Buy (1) -

On initial assessment, Citi analysts found NAB's 3Q trading update was "in line", but the announcement also revealed a weak CET1 of 9.7%. Costs are on the rise, but credit quality is seen as "flat". Overall, the analysts think the market will sell the shares on CET1 disappointment.

Target price is $32.25 Current Price is $28.40 Difference: $3.85
If NAB meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $30.66, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Macquarie rates NAB as Outperform (1) -

Smaller than expected margin decline is translating into slightly better than expected earnings, suggest Macquarie analysts in initial response to NAB's quarterly trading update.

The analysts add that, should the major banks follow their smaller peers and reprice mortgages, NAB should be able to deliver flat to improving margin trends in 1H19.

However, an additional expense provision puts NAB’s capital position at the lower end of the peer group. <Macquarie thinks this can potentially renew the market’s concerns around dividend sustainability. Target $31. Outperform.

Target price is $31.00 Current Price is $28.40 Difference: $2.6
If NAB meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $30.66, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

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

The company has negotiated to buy Wesfarmers' ((WES)) 40% stake in Bengalla. A lift in Morgans' long-term coal price assumptions amplifies the valuation uplift.

The broker suggests the stock now appears expensive for value investors, but ongoing coal price momentum and the company's increasing leverage can sustain a premium for momentum investors. Rating is downgraded to Hold from Add. Target is raised to $3.20 from $2.36.

Target price is $3.20 Current Price is $3.76 Difference: minus $0.56 (current price is over target).
If NHC meets the Morgans target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.08, suggesting downside of -18.0% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Credit Suisse rates NHF as Neutral (3) -

One week out from its FY18 result release nib has upgraded profit guidance to ~$184m from a prior "at least" $165m, which is 3% above consensus and 8% above the broker. Nib cites a benign claims environment in Australian health insurance.

Nib last provided an update only a week ago when it announced its travel insurance acquisition. The broker now expects the announcement of a capital raising, required to comply with new APRA requirements, is a high probability. Neutral and $5,35 target retained.

Target price is $5.35 Current Price is $6.34 Difference: minus $0.99 (current price is over target).
If NHF meets the Credit Suisse target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.01, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Deutsche Bank rates NHF as Buy (1) -

FY18 results, preannounced, are ahead of guidance. Operating profit is up 20% and 4.5% ahead of Deutsche Bank's forecasts.

While the bumper profit may be a red flag in the current political environment, the broker believes the fundamentals are sound and a sustainable profit base exists going forward. Buy rating maintained. Target rises to $6.65 from $6.55.

Target price is $6.65 Current Price is $6.34 Difference: $0.31
If NHF meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.01, suggesting downside of -5.2% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Macquarie rates NHF as Neutral (3) -

A low claims environment in Australian resident health insurance has meant margins have exceeded Macquarie's expectations. The company expects the net margin to move back towards the top end of the 5-6% target range in FY19, which appears conservative to the broker.

Should this environment be sustained, the announcement is positive for FY19 as the next premium rate increase will only affect the last quarter of FY19. Target is raised to $6.31 from $6.00 and a Neutral rating is maintained. FY18 results will be released on August 20.

Target price is $6.31 Current Price is $6.34 Difference: minus $0.03 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.01, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

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

NIB has upgraded full-year profit guidance, the estimate beating the broker by 7%, the company citing lower claims and strong margins in Australian Insurance thanks to list changes for prostheses, downgrading and tighter costs.

The broker upgrades earnings per share estimates and dividend marginally. The company expects margins to normalise in FY19.

Target price $5.60. Rating Equal Weight. Industry view: In-line.

Target price is $5.60 Current Price is $6.34 Difference: minus $0.74 (current price is over target).
If NHF meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.01, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Ord Minnett rates NHF as Hold (3) -

NIB has upgraded FY18 earnings and guidance, but Ord Minnett believes it to be too conservative. Low claims from the Australian health insurance, cuts in prosthetic costs and general cost containment drove the upgrade.

Ord Minnett increases earnings estimates 5% and lifts the target price to $6.16 from $5.78.

Hold recommendation retained and Risk rating is higher, reflecting potential inflationary and political headwinds.

Target price is $6.16 Current Price is $6.34 Difference: minus $0.18 (current price is over target).
If NHF 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 $6.01, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Citi rates NUF as Buy (1) -

Citi believes the rulings on glyphosate in Brazil and the US, where Monsanto has also been implicated in a lawsuit, are another hit to sentiment. Nufarm does not expect the rulings to have any impact on the business and will work with authorities to maintain registrations.

The broker understands farms may be reluctant to move away from glyphosate as substitutes are more expensive, less readily available and have inferior performance. Given the stock has fallen 31% from highs in late May the broker considers the shares oversold. Buy rating and $9 target.

Target price is $9.00 Current Price is $6.78 Difference: $2.22
If NUF meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $8.96, suggesting upside of 32.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Deutsche Bank rates NUF as Sell (5) -

Recent decisions in the US and Brazil highlight the view, now firming, that glyphosate is carcinogenic. Glyphosate base products account for 23% of Nufarm's group revenue and 15% of operating earnings and Deutsche Bank believes the most likely scenario is that it could lose 33% of glyphosate sales.

Sell rating maintained. Target is reduced 5% to $6.40.

Target price is $6.40 Current Price is $6.78 Difference: minus $0.38 (current price is over target).
If NUF meets the Deutsche Bank target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.96, suggesting upside of 32.2% (ex-dividends)

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Morgan Stanley rates NUF as Overweight (1) -

Morgan Stanley believes the glyphosate sell-off in Nufarm to be sentiment driven and doubts the Brazilian suspension of glyphosate registrations will play out to the financials, with any ban likely to be lifted on appeal.

Legal risk has risen but the broker notes the stock is trading at a -40% discount to the ASX200 Industrials ex-financials and materially below its five-year discount of -23%.

Overweight rating. Price target $10.65. Industry view Cautious.

Target price is $10.65 Current Price is $6.78 Difference: $3.87
If NUF meets the Morgan Stanley target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $8.96, suggesting upside of 32.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Macquarie rates NWS as Outperform (1) -

FY18 results were slightly ahead of expectations. Macquarie found quite a few positives, as digital real estate continues to show strong growth and remains the largest contributor to earnings in the period.

While News & Information Services fell by -9%, the broker suggests this is an improved run rate on previous quarters. Outperform maintained. Target is raised to $25.51 from $25.44.

Target price is $25.51 Current Price is $19.53 Difference: $5.98
If NWS meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $23.01, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates PLS as Outperform (1) -

Macquarie attended a site visited of Pilgangoora and remains confident it will become the mainstay of the Australian hard rock lithium export market. Tantalum production has also been an early success.

Outperform and $1.20 target retained.

Target price is $1.20 Current Price is $0.86 Difference: $0.34
If PLS meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting upside of 27.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.8

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

Morgans rates PPE as Add (1) -

The company will acquire two nursing businesses in Sydney, significantly increasing scale in this sector. The acquisition will be funded through a combination of cash and debt.

The company will report its first results since listing on August 24. Morgans maintains an Add rating and raises the target to $2.00 from $1.68.

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

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Ord Minnett rates PPE as Buy (1) -

People Infrastructure has purchased Sydney nursing business Network Nursing Agency for $8m. Ord Minnett estimates it will be 12% accretive to FY19 EPS and fits well with its healthcare sector positioning.

Buy recommendation retained. Target price rises to $1.90 from $1.62. Risk rating is Higher.

Target price is $1.90 Current Price is $1.79 Difference: $0.11
If PPE meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Morgans rates PPS as Add (1) -

FY18 results were better than expected. The company is on track for another year of strong double-digit growth, although Morgans notes the high multiples signal a need to maintain a high level of revenue growth to underpin the share price.

 Morgans makes minor changes to forecasts to reflect higher earnings in Australia, offset by a slower ramping up in the UK. Add rating and $1.07 target maintained.

Target price is $1.07 Current Price is $0.91 Difference: $0.16
If PPS meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates PRY as Sell (5) -

In response to a press article, the company has confirmed underlying net profit after tax for FY18 is likely to be at the lower end of the $92-97m guidance. While not that material, Citi believes this statement confirms the business is underperforming.

Net profit and cash flow will not be reported until the results on August 20. This will be more instructive, the broker suggests, as investments are required to re-invigorate the medical centre business. Sell rating and $3.30 target maintained.

Target price is $3.30 Current Price is $3.17 Difference: $0.13
If PRY meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.58, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

Ord Minnett rates PRY as Accumulate (2) -

Ord Minnett cuts the target price to $4.20 from $4.30 ahead of Primary Health Care's scheduled FY18 profit release on August 20, to reflect updated guidance (at the lower end of former guidance).

Net debt is steady so the broker retains an Accumulate rating and Medium risk rating.

Target price is $4.20 Current Price is $3.17 Difference: $1.03
If PRY meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.58, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.6

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

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

NIB Holding's ((NHF)) profit upgrade revealed a poor performance in its Australia Private Hospital.

The broker believes this augurs poorly for Ramsay Healthcare and Healthscope's ((HSO)) FY18 full-year result, and its performance into 2019. The broker remains below consensus.

Target price $50. Rating Equal Weight. Industry view In-line.

Target price is $50.00 Current Price is $54.68 Difference: minus $4.68 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $59.56, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Citi rates SGF as Neutral (3) -

On Citi's initial assessment, SG Fleet's FY18 report was a small "beat", albeit merely in-line with market consensus. The Australian operations continue to perform well, the analysts note.

Given recent weakness for the sector overall, the analysts believe today's update will be received positively.

Target price is $4.32 Current Price is $3.49 Difference: $0.83
If SGF meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $4.28, suggesting upside of 22.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Macquarie rates SGF as Outperform (1) -

In initial commentary following the release of FY18 financials, Macquarie finds the result beat consensus expectations, with cash conversion at 114%. No quantitative guidance was provided.

Outperform rating retained as valuation is seen as undemanding. Target $4.41.

Target price is $4.41 Current Price is $3.49 Difference: $0.92
If SGF meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $4.28, suggesting upside of 22.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Morgan Stanley rates VCX as Overweight (1) -

Morgan Stanely expects Vicinity will log an additional $1bn in asset sales in the wake of its announcement of a 50/50 joint venture with Keppel REIT. The broker's FY19 forecasts fall -5% on FY18.

The broker also expects restructuring of $1.5bn fixed debt, noting Vicinity's 86% hedging last December. Overweight. Target is $2.85. Industry view: Cautious.

Target price is $2.85 Current Price is $2.75 Difference: $0.1
If VCX meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.85, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Citi rates WHC as Neutral (3) -

On Citi's initial assessment, today's FY18 report is a "miss", but the coal producer also announced 27c in dividends, of which 13c is a special dividend. The analysts suggest general weakness in commodity stocks today is responsible for share price weakness, more so than the reported financial numbers.

Target price is $4.50 Current Price is $5.45 Difference: minus $0.95 (current price is over target).
If WHC meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.44, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Macquarie rates WHC as Outperform (1) -

In initial response, Macquarie finds FY18 performance was broadly in-line, but guidance for FY19 proved disappointing. Ofsetting this, the company has declared a higher-than-anticipated 14c in dividends, plus an equally unexpected 13c in special dividend. Outperform. Target $5.70.

Target price is $5.70 Current Price is $5.45 Difference: $0.25
If WHC meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.44, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

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

Citi has made a valuation call on the stock, downgrading to Neutral from Buy. Target price has increased to $16.21 from $14.12.

Target price is $16.21 Current Price is $15.55 Difference: $0.66
If WTC meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $13.41, suggesting downside of -13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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