Australian Broker Call

September 18, 2017

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COMPANIES DISCUSSED IN THIS ISSUE

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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

Last Updated: 10:22 AM

Your daily news report on the latest recommendation, valuation, forecast and opinion changes.

This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.

For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE

Today's Upgrades and Downgrades
DMP - DOMINO'S PIZZA Upgrade to Add from Hold Morgans
FPH - FISHER & PAYKEL HEALTHCARE Downgrade to Sell from Neutral UBS
IAG - INSURANCE AUSTRALIA Upgrade to Neutral from Underperform Macquarie
MQA - MACQUARIE ATLAS ROADS Upgrade to Add from Hold Morgans
CSL  CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences

Overnight Price: $130.96

ADDED

Credit Suisse rates CSL as Outperform (1) -

The company has announced the receipt of US FDA approval for Privigen use in patients with chronic inflammatory demyelinating polyneuropathy (CIDP).

While approval is positive for CSL, Credit Suisse assumes only modest market share in FY18. The strategic benefit is that it allows CSL to market directly to neurologists for the CIDP indication.

Target of $133 and Outperform retained.

Target price is $133.00 Current Price is $130.96 Difference: $2.04
If CSL meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $134.90, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 198.53 cents and EPS of 454.90 cents.
At the last closing share price the estimated dividend yield is 1.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 433.3, implying annual growth of N/A.

Current consensus DPS estimate is 186.6, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 30.2.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 221.81 cents and EPS of 512.28 cents.
At the last closing share price the estimated dividend yield is 1.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 496.9, implying annual growth of 14.7%.

Current consensus DPS estimate is 208.8, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 26.4.

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

Market Sentiment: 0.8

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

DMP  DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco

Overnight Price: $43.05

UPDATED

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

Morgans suspects the AGM trading update and first half results will show softer growth in Australasia, given the exceptionally strong base being cycled, but Europe should be accelerating.

Morgans takes a more positive view based on a re-jigging of the valuation rather than any specific upcoming catalysts.

Rating is upgraded to Add from Hold. Target is $47.21.

Target price is $47.21 Current Price is $43.05 Difference: $4.16
If DMP meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $46.83, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 117.00 cents and EPS of 169.00 cents.
At the last closing share price the estimated dividend yield is 2.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 158.5, implying annual growth of 36.6%.

Current consensus DPS estimate is 112.8, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 27.2.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 144.00 cents and EPS of 205.00 cents.
At the last closing share price the estimated dividend yield is 3.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 194.6, implying annual growth of 22.8%.

Current consensus DPS estimate is 138.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 22.1.

Market Sentiment: 0.1

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

FMG  FORTESCUE METALS GROUP LTD

Iron Ore

Overnight Price: $5.55

Ord Minnett rates FMG as Accumulate (2) -

Chief executive Nev Power will retire in February 2018. The company is yet to announce a replacement.

Ord Minnett believes his departure will be a loss for the company. The most likely internal successor is considered to be Greg Lilleyman, currently director of operations.

Target is $7.00. Accumulate rating retained.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $7.00 Current Price is $5.55 Difference: $1.45
If FMG meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $6.16, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 47.51 cents and EPS of 68.63 cents.
At the last closing share price the estimated dividend yield is 8.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.2, implying annual growth of N/A.

Current consensus DPS estimate is 37.5, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 9.2.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 55.22 cents and EPS of 84.14 cents.
At the last closing share price the estimated dividend yield is 9.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.8, implying annual growth of -9.0%.

Current consensus DPS estimate is 35.8, implying a prospective dividend yield of 6.5%.

Current consensus EPS estimate suggests the PER is 10.1.

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

Market Sentiment: 0.3

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

FPH  FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices

Overnight Price: $11.59

UBS rates FPH as Downgrade to Sell from Neutral (5) -

UBS observes the share price is up 30% since the FY17 result in May. The broker suggests that the risk is skewed to the downside, especially if OSA patent disputes or NAFTA negotiations do not go to plan and growth slows.

Accordingly, UBS lowers the rating to Sell from Neutral. The broker's market model points to a slowing in global revenue growth in OSA markets to around 7% and 6% in 2017 and 2018 respectively, from around 8% in 2016.

Target is raised to NZ$11.35 from NZ$9.85.

Current Price is $11.59. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 20.20 cents and EPS of 30.72 cents.
At the last closing share price the estimated dividend yield is 1.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of N/A.

Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 38.0.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 23.01 cents and EPS of 35.13 cents.
At the last closing share price the estimated dividend yield is 1.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.5, implying annual growth of 16.4%.

Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 32.6.

This company reports in NZD. 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

GMG  GOODMAN GROUP

Infra & Property Developers

Overnight Price: $8.34

Macquarie rates GMG as Outperform (1) -

Macquarie observes Asia has been a material driver of group profit in the last decade. Goodman Asia represents around 32% of total external assets under management. This is split 80:20 between China:Japan.

Macquarie expects the proportionate contribution from the Asian business will decline in the near-term as the Americas grow more rapidly. Outperform retained. Target is $8.49.

Target price is $8.49 Current Price is $8.34 Difference: $0.15
If GMG meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $8.25, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 27.60 cents and EPS of 46.10 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.2, implying annual growth of 6.2%.

Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 18.1.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 29.60 cents and EPS of 49.30 cents.
At the last closing share price the estimated dividend yield is 3.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.0, implying annual growth of 6.1%.

Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 17.0.

Market Sentiment: 0.4

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

IAG  INSURANCE AUSTRALIA GROUP LIMITED

Insurance

Overnight Price: $6.23

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

Macquarie upgrades to Neutral from Underperform as management has signalled an intention to participate in further quota share reinsurance deals.

Macquarie notes, being more of a distributor means that, while earnings per share may decrease slightly, this should be more than offset by any multiple re-rating and thus deliver value to investors. Target increases to $5.90 from $5.50.

Target price is $5.90 Current Price is $6.23 Difference: minus $0.33 (current price is over target).
If IAG meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.32, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 34.00 cents and EPS of 36.90 cents.
At the last closing share price the estimated dividend yield is 5.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.9, implying annual growth of -5.5%.

Current consensus DPS estimate is 29.1, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 35.00 cents and EPS of 39.90 cents.
At the last closing share price the estimated dividend yield is 5.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.3, implying annual growth of 6.5%.

Current consensus DPS estimate is 31.3, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 15.9.

Market Sentiment: 0.3

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

JHX  JAMES HARDIE INDUSTRIES N.V.

Building Products & Services

Overnight Price: $17.20

Ord Minnett rates JHX as Hold (3) -

Management has confirmed there was minor damage to its facility from Hurricane Irma. The plant is now up and running.

James Hardie estimates the affected area from hurricanes represents 15% of its North American volumes but considers it too early to provide guidance on the financial impact.

Ord Minnett believes, with capacity now at a sufficient level, the near-term challenge will be to win back business that was lost during the period of constraints.

Hold rating maintained. Target is $18.00.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $18.00 Current Price is $17.20 Difference: $0.8
If JHX meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $19.65, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 52.84 cents and EPS of 79.26 cents.
At the last closing share price the estimated dividend yield is 3.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.2, implying annual growth of N/A.

Current consensus DPS estimate is 51.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 22.6.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 60.77 cents and EPS of 96.43 cents.
At the last closing share price the estimated dividend yield is 3.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.3, implying annual growth of 15.9%.

Current consensus DPS estimate is 57.0, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 19.5.

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

Market Sentiment: 0.5

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

MNF  MNF GROUP LIMITED

Telecommunication

Overnight Price: $4.92

Morgan Stanley rates MNF as Overweight (1) -

Morgan Stanley considers global messaging a large market that is shifting to be more B2C, more contextual and more application-based. This is playing to the company's strengths, although the scope of current operations in revenue is very small.

Nevertheless the broker considers the company has advantage in product and price with no legacy earnings streams in messaging to defend.

Overweight rating. Target price is $6.15. In-Line sector view.

Target price is $6.15 Current Price is $4.92 Difference: $1.23
If MNF meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Morgan Stanley forecasts a full year FY17 dividend of 11.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 2.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.68.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 13.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 2.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.97.

Market Sentiment: 1.0

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

MQA  MACQUARIE ATLAS ROADS GROUP

Infrastructure & Utilities

Overnight Price: $5.47

Macquarie rates MQA as No Rating (-1) -

The company will increase its interest in MAF2 to 50.01% and in APRR to 25%. To fund the acquisition the company has raised EUR150m of holding company debt along with $450m of new equity.

A reduction in base management fees to 0.85% from 1% has also been announced. Macquarie Atlas is lifting the 2018 dividend guidance to 23.5c from 22.5c.

Macquarie is restricted from rating and target at present.

Current Price is $5.47. Target price not assessed.

Current consensus price target is $5.49, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Macquarie forecasts a full year FY17 dividend of 20.00 cents and EPS of 61.70 cents.
At the last closing share price the estimated dividend yield is 3.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.3, implying annual growth of 223.3%.

Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 8.6.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 23.50 cents and EPS of 65.80 cents.
At the last closing share price the estimated dividend yield is 4.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.6, implying annual growth of -46.9%.

Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 16.3.

Market Sentiment: 0.2

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


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

Morgans considers the EUR440m price paid for an additional 44.86% interest in APRR is reasonable but suspects the market may continue to view the stock as cum capital raising.

The broker believes it's worth taking up the non-renounceable entitlement offer  of 1-for-6.62 at $5.12 per security. The FY18 distribution guidance of 23.5c implies 4.6% cash yield on this offer price.

Morgans upgrades to Add from Hold and reduces the target to $5.76 from $5.96.

Target price is $5.76 Current Price is $5.47 Difference: $0.29
If MQA meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.49, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Morgans forecasts a full year FY17 dividend of 20.00 cents.
At the last closing share price the estimated dividend yield is 3.66%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.3, implying annual growth of 223.3%.

Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 8.6.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 23.50 cents.
At the last closing share price the estimated dividend yield is 4.30%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.6, implying annual growth of -46.9%.

Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 16.3.

Market Sentiment: 0.2

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

QBE  QBE INSURANCE GROUP LIMITED

Insurance

Overnight Price: $10.47

Morgan Stanley rates QBE as Overweight (1) -

Morgan Stanley believes fears of a substantial downgrade are overplayed as the company has US$2.05bn of capacity to absorb catastrophe losses.

Moreover a more encouraging pricing outlook, capital returns and a focus on driving a recovery in returns are attractive.

Overweight reiterated. Target is $13.40. Industry view: In-Line.

Target price is $13.40 Current Price is $10.47 Difference: $2.93
If QBE meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $11.64, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Morgan Stanley forecasts a full year FY17 dividend of 68.99 cents and EPS of 79.61 cents.
At the last closing share price the estimated dividend yield is 6.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.5, implying annual growth of N/A.

Current consensus DPS estimate is 59.7, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 15.3.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 87.13 cents and EPS of 101.65 cents.
At the last closing share price the estimated dividend yield is 8.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.5, implying annual growth of 24.8%.

Current consensus DPS estimate is 66.9, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 12.2.

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

Market Sentiment: 0.1

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

S32  SOUTH32 LIMITED

Mining

Overnight Price: $3.11

UBS rates S32 as Buy (1) -

The company has indicated it will not hold onto excess cash and is "not afraid of paying an unfranked dividend". UBS suggests this points to a material lift in returns over the next year.

The company has been looking at M&A options but finds no value. Buy rating and $3.00 target retained.

Target price is $3.00 Current Price is $3.11 Difference: minus $0.11 (current price is over target).
If S32 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 $3.10, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 13.15 cents and EPS of 26.23 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.0, implying annual growth of N/A.

Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 13.15 cents and EPS of 27.35 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.9, implying annual growth of -0.5%.

Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 14.9.

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

Market Sentiment: 0.5

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

Summaries
CSL - CSL Outperform - Credit Suisse Overnight Price $130.96
DMP - DOMINO'S PIZZA Upgrade to Add from Hold - Morgans Overnight Price $43.05
FMG - FORTESCUE Accumulate - Ord Minnett Overnight Price $5.55
FPH - FISHER & PAYKEL HEALTHCARE Downgrade to Sell from Neutral - UBS Overnight Price $11.59
GMG - GOODMAN GRP Outperform - Macquarie Overnight Price $8.34
IAG - INSURANCE AUSTRALIA Upgrade to Neutral from Underperform - Macquarie Overnight Price $6.23
JHX - JAMES HARDIE Hold - Ord Minnett Overnight Price $17.20
MNF - MNF GROUP Overweight - Morgan Stanley Overnight Price $4.92
MQA - MACQUARIE ATLAS ROADS No Rating - Macquarie Overnight Price $5.47
Upgrade to Add from Hold - Morgans Overnight Price $5.47
QBE - QBE INSURANCE Overweight - Morgan Stanley Overnight Price $10.47
S32 - SOUTH32 Buy - UBS Overnight Price $3.11
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

7

2. Accumulate

1

3. Hold

2

5. Sell

1

Monday 18 September 2017

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Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.