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Weekly Ratings, Targets, Forecast Changes – 07-02-20

Weekly Reports | Feb 10 2020

This story features ANZ GROUP HOLDINGS LIMITED, and other companies. For more info SHARE ANALYSIS: ANZ

By Rudi Filapek-Vandyck, Editor FNArena

Guide:

The FNArena database tabulates the views of seven major Australian and international stock brokers: Citi, Credit Suisse, Macquarie, Morgan Stanley, Morgans, Ord Minnett and UBS.

For the purpose of broker rating correlation, Outperform and Overweight ratings are grouped as Buy, Neutral is grouped with Hold and Underperform and Underweight are grouped as Sell to provide a Buy/Hold/Sell (B/H/S) ratio.

Ratings, consensus target price and forecast earnings tables are published at the bottom of this report.

Summary

Period: Monday February 3 to Friday February 7, 2020
Total Upgrades: 26
Total Downgrades: 16
Net Ratings Breakdown: Buy 37.60%; Hold 46.30%; Sell 16.10%

Stockbroking analysts may have been slow to jump into action in the first weeks of the new calendar year, there is no disputing they've become busy now that the February reporting season is upon us.

For the week ending on Friday, 7th February 2020, FNArena counted no less than 26 upgrades in ratings for individual ASX-listed stocks against 16 downgrades.

The real story might be found in changes to earnings estimates and valuations/price targets. While adjustments to forecasts carry a bias to the downside, valuations and price targets are most likely to be revised upwards. As such, analysts are justifying the strong start for the local share market in January.

ANZ Bank, Harvey Norman and Janus Henderson all received two upgrades during the week as 14 of the 26 upgrades provided investors with fresh Buy ratings. Oil Search was the week's sole receiver of two downgrades on the back of political stasis in PNG. Seven downgrades resulted in new Sell ratings.

Following yet another better-than-expected profit report, ResMed topped the week's table for positive revisions to price targets, followed by CSR, GUD Holdings (profit report) and JB Hi-Fi. The negative side shows a decisive lack of movement, with Oil Search and Alacer Gold the only ones worth mentioning.

A lot more action can be found in both tables for amendments to earnings forecasts. Alacer Gold, ironically, takes the week's top spot for postitive changes to forecasts, well ahead of Janus Henderson, Fonterra, Cimic Group, and Coles Group. Negative adjustments are much larger in size, with Orocobre's forecasts taking the largest hit, followed by Virgin Money UK, OceanaGold, Pilbara Minerals, and FlexiGroup.

The local reporting season steps it up one notch in the week ahead.

Upgrade

AUSTRALIA & NEW ZEALAND BANKING GROUP ((ANZ)) Upgrade to Overweight from Equal-weight by Morgan Stanley and Upgrade to Neutral from Underperform by Credit Suisse .B/H/S: 1/6/0

Morgan Stanley assesses the franchise is improving its performance while capital concerns have eased. Cost expectations have been re-based.

The broker believes the institutional strategy is working and the operating environment is now more promising, providing comfort on the outlook for growth and returns.

Rating is upgraded to Overweight from Equal-weight and the target raised to $26.60 from $24.80. Industry view: In-Line.

Credit Suisse observes the stock has underperformed the market by -17% and the bank index by -9% over the last 12 months.

Going forward, the broker considers most of the issues are now behind the bank and there is some upside emerging.

With asset divestments still to come, a capital management story could re-emerge. Hence, the rating is upgraded to Neutral from Underperform. Target is unchanged a $26.

ALACER GOLD CORP ((AQG)) Upgrade to Outperform from Neutral by Credit Suisse .B/H/S: 3/0/0

2019 net profit materially exceeded Credit Suisse forecasts as an additional tax credit was realised, partly offset by unrealised non-cash FX losses. No dividend was declared, as expected, with the focus remaining on debt repayment.

The company is intent on growing oxide reserves and production and advancing its geological understanding of Cakmaktepe and Ardich as well as increasing the sustainable Copler production.

Credit Suisse upgrades to Outperform from Neutral. Target is steady at $7.20.

BAPCOR LIMITED ((BAP)) Upgrade to Add from Hold by Morgans .B/H/S: 5/0/0

Morgans expects around 10% sales growth in FY20 noting, while the company reiterated its growth guidance at the AGM there was a softer tone from management. Bapcor foreshadowed softer margins across all businesses at the AGM.

The broker suspects earnings growth will be skewed to the second half. While cautious about the results, Morgans suspects the outlook is improving and upgrades to Add from Hold. Target is $6.90.

BORAL LIMITED ((BLD)) Upgrade to Buy from Neutral by UBS .B/H/S: 1/3/0

UBS observes Boral is trading at a steep discount to the market and suspects this reflects expectations that the 2019 underperformance will continue into 2020.

While the previous year was difficult, FY20 guidance assumes a catch up is possible in the second half.

The broker suspects investors are increasingly worried that the diverse operating footprint will stretch management.

However, downside risks are considered limited and UBS upgrades to Buy from Neutral. Target is raised to $6.00 from $4.90.

BANK OF QUEENSLAND LIMITED ((BOQ)) Upgrade to Neutral from Sell by Citi .B/H/S: 0/4/3

Citi believes the majority of the near-term downside for Bank of Queensland has played out. The dilution from funding the restructuring plan has been quantified and CET1 will be at the upper end of the target range.

A reduction to the final dividend is considered priced in and the broker upgrades to Neutral from Sell. Target is $7.75.

CIMIC GROUP LIMITED ((CIM)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 3/1/0

Cimic's result met recently updated guidance. Continuing the theme of recent results, mining once again beat forecasts and construction once again missed, Macquarie notes, although a decline in activity in protest-ridden Hong Kong offset strength in local infrastructure development.

Strong cash generation leads the broker to anticipate a return to dividends as early as the first half 2020. This, and the fact the stock is trading at its largest PE discount to the market in ten years, prompts an upgrade to Outperform. Target rises to $32.64 from $32.49.

COLES GROUP LIMITED ((COL)) Upgrade to Neutral from Underperform by Credit Suisse .B/H/S: 0/3/3

Credit Suisse remains constructive about the company's strategies to date. The second quarter sales growth accelerated to 3.6% and beat expectations.

The broker also believes the ability of Coles to catch up to Woolworths ((WOW)) in terms of performance is not difficult.

Rating is upgraded to Neutral from Underperform. Target is raised to $16.00 from $13.17.

See also COL downgrade.

CSR LIMITED ((CSR)) Upgrade to Buy from Sell by UBS .B/H/S: 2/1/2

UBS adopts a more bullish approach to property valuation and upgrades CSR to Buy from Sell. The broker would not be surprised if more land sales were used to prop up earnings and therefore assesses a negative catalyst is absent.

Aluminium's negative aspects remain a drag but the broker believes this is factored into the price. Targets raised to $5.24 from $3.60.

FLEXIGROUP LIMITED ((FXL)) Upgrade to Add from Hold by Morgans .B/H/S: 4/0/0

FlexiGroup has pre-released a first half profit result -18% below the prior first half and -10% below Morgans' forecast. No divisional details were provided but the broker suspects changes to fee structure and significantly higher marketing costs for BNPL had something to do ith it.

The broker has been waiting to see what the company's base level of earnings might be and while more detail is needed, the broker feels this result is sustainable, with risk/reward favourable if FlexiGroup can execute on stated targets. Upgrade to Add. Target rises to $2.26 from $2.00.

GENWORTH MORTGAGE INSURANCE AUSTRALIA LIMITED ((GMA)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 1/0/0

Macquarie suggests Genworth Mortgage Insurance has signaled the end of the "run off" thesis with its 2019 result and the beginning of a growth thesis.

Gross written premium grew 32.8% in the fourth quarter compared to 24.4% in the third. The broker has increased its net earned premium forecast to above the guidance range.

Macquarie sees the opportunity for multi-year improvements to loss ratios and upgrades to Outperform. Target rises to $4.30 from $4.10.

G.U.D. HOLDINGS LIMITED ((GUD)) Upgrade to Neutral from Sell by UBS .B/H/S: 1/4/0

Underlying net profit of $29m in the first half was slightly ahead of UBS estimates. Automotive sales beat estimates, offset by a decline in earnings (EBIT) margins.

UBS expects the second round of price increases, coupled with ongoing efficiencies, should deliver an expansion in margins in the second half.

The broker upgrades to Neutral from Sell and raises the target to $11.50 from $9.50.

HT&E LIMITED ((HT1)) Upgrade to Neutral from Underperform by Macquarie .B/H/S: 0/3/1

Macquarie continues to favour digital platforms and streaming over broadcast media, given the structural trends. The broker remains cautious nevertheless, because of HT&E's limited operating flexibility.

Rating is upgraded to Neutral from Underperform on valuation appeal and strength in the balance sheet. Target is raised to $1.65 from $1.55. The company will report its results on February 24.

See also HT1 downgrade.

HARVEY NORMAN HOLDINGS LIMITED ((HVN)) Upgrade to Equal-weight from Underweight by Morgan Stanley and Upgrade to Buy from Neutral by UBS .B/H/S: 1/4/0

Morgan Stanley assesses housing turnover is set to improve although underlying consumer indicators remain mixed.

As the outlook has de-risked for housing-linked retailers, the broker "neutralises" its view and upgrades to Equal-weight from Underweight.

That said, the broker believes improving prospects are significantly captured by the current stock price. Cautious industry view. Target is raised to $4.00 from $3.20.

UBS upgrades to Buy from Neutral and lifts estimates for earnings per share by 2-6%. The broker acknowledges the rating is not without risk, with housing activity unlikely to fully recover until the first half of FY21.

The more positive view is based on favourable industry feedback, particularly across consumer electronics, and a better housing outlook. Target is raised to $4.50 from $4.00.

ILUKA RESOURCES LIMITED ((ILU)) Upgrade to Neutral from Sell by Citi .B/H/S: 0/5/0

Citi notes the coronavirus outbreak has continued to worsen and this affects both the global and Chinese economic outlook in 2020.

The broker's GDP forecasts for China have been lowered for 2020 to 5.5% growth and most of the commodity price forecasts have been downgraded.

However, while the coronavirus creates uncertainty regarding the timing of an improvement in realised zircon prices, Citi believes 2020 will be the low.

Iluka Resources is upgraded to Neutral from Sell and the target is raised to $9.40 from $9.00.

JB HI-FI LIMITED ((JBH)) Upgrade to Neutral from Sell by UBS .B/H/S: 0/6/1

JB Hi-Fi estimates are lifted by 3-11% for FY20-22 and the rating is upgraded to Neutral from Sell. Despite the 74% rise in the share price over the last 12 months, UBS envisages few downside catalysts.

Industry feedback is supportive of both sales and margin and there is a more positive housing outlook. Target is raised to $37.80 from $28.00.

JANUS HENDERSON GROUP PLC. ((JHG)) Upgrade to Outperform from Neutral by Macquarie and Upgrade to Buy from Neutral by Citi .B/H/S: 3/0/1

Janus Henderson beat earnings forecasts in the December quarter but the underlying result was weak, Macquarie suggests, given a strong market performance and currency movements offset ongoing outflows while increased performance fees were offset by higher employee expenses. Institutional flow pressures remain but the broker is encouraged by improving retail momentum.

To that end, and with the stock trading at a -22% discount to its five-year average PE, Macquarie upgrades to Outperform and sector preferred status. Target rises to $42.80 from $34.50.

Citi found plenty of positives in the fourth quarter results. Revenue trends are encouraging and ahead of forecasts and the investment performance is strong while fee margin is stabilising.

While headline net outflows were worse than forecast, the broker asserts this disguises the improvement in equity and multi-asset flows

Intech remains a risk, as the improvement was not as great as expected. A new buyback of US$200m will also support earnings per share.

Citi upgrades to Buy from Neutral and raises the target to $42.10 from $38.40.

NEWCREST MINING LIMITED ((NCM)) Upgrade to Hold from Lighten by Ord Minnett .B/H/S: 0/4/3

Ord Minnett upgrades to Hold from Lighten as the shares are now trading in line with valuation. Target is steady at $30.

The broker has lifted its long-term gold price forecast to US$1500/oz or A$2027/oz, at an AUD/USD exchange rate of 0.74.

NEW HOPE CORPORATION LIMITED ((NHC)) Upgrade to Buy from Neutral by Citi .B/H/S: 3/1/0

Citi notes the coronavirus outbreak has continued to worsen and this affects both the global and Chinese economic outlook in 2020.

The broker's GDP forecasts for China have been lowered for 2020 to 5.5% growth and most of the commodity price forecasts have been downgraded.

However, thermal coal forecasts are unchanged at US$65/t for 2020 and US$75/t for 2021.

Citi notes the New Hope shares are down -25% over the last three months as the company has announced it may be in court again over the WICET debts. The company is also awaiting approvals for New Acland stage 3.

Citi still expects New Acland will get the go-ahead and upgrades to Buy from Neutral. Target is $2.20.

NIB HOLDINGS LIMITED ((NHF)) Upgrade to Equal-weight from Underweight by Morgan Stanley .B/H/S: 0/6/1

The stock is nearing fair value and Morgan Stanley upgrades to Equal-weight from Underweight. That said, margins have peaked and the upgrade cycle is over.

Moreover, cyclically low claims inflation has masked the structural headwinds. A new analyst assumes primary coverage and the target is reduced to $5.45 from $5.80. Industry view: In-line.

SEEK LIMITED ((SEK)) Upgrade to Outperform from Neutral by Credit Suisse .B/H/S: 3/2/1

The week macro environment creates a risk for near-term guidance, in Credit Suisse's view.

FY20 is expected to be affected by weak domestic volumes, the direct impact of coronavirus on the Chinese labour market and any knock-on impact on Asia.

Estimates are lowered as a result. Longer-term, the dynamics are intact.

Given the upside from current trading levels, Credit Suisse upgrades to Outperform from Neutral. Target is raised to $23.80 from $19.60.

See also SEK downgrade.

THE STAR ENTERTAINMENT GROUP LIMITED ((SGR)) Upgrade to Neutral from Underperform by Credit Suisse .B/H/S: 3/3/1

The Macau government will close its casinos for two weeks to inhibit the spread of coronavirus. Credit Suisse suspects the travel restrictions could directly affect the Australian casino sector.

There may also be another fairly small impact from Chinese tour groups and China's premium mass players postponing trips to Australia.

On this basis, the broker expects turnover in VIP to be down -15% over January to June 2020, and the July-December period is expected to show a -7% decline in turnover because of the opening of the Sydney Sovereign Room.

Given the share price has fallen towards valuation, Credit Suisse upgrades to Neutral from Underperform. Target is $4.

SENEX ENERGY LIMITED ((SXY)) Upgrade to Overweight from Equal-weight by Morgan Stanley .B/H/S: 3/3/0

Morgan Stanley upgrades to Overweight from Equal -weighted and raises the target to $0.45 from $0.41. The broker believes the stock has underperformed for a number of years but 2020 should bring strong progress on the gas assets.

The stock is expected to slowly re-rate as investors see the production and cash flow build. Industry view: In-Line.

WESFARMERS LIMITED ((WES)) Upgrade to Equal-weight from Underweight by Morgan Stanley .B/H/S: 0/4/2

Morgan Stanley assesses housing turnover is set to improve although underlying consumer indicators remain mixed.

As the outlook has de-risked for housing-linked retailers, the broker "neutralises" its view and upgrades to Equal-weight from Underweight.

That said, the broker believes improving prospects are significantly captured across the stock. Target is raised to $40 from $32. Cautious industry view.

Downgrade

BEACH ENERGY LIMITED ((BPT)) Downgrade to Underweight from Equal-weight by Morgan Stanley .B/H/S: 0/4/2

Morgan Stanley downgrades to Underweight from Equal-weight. The broker observes the company is moving to a more difficult execution phase and has outperformed significantly.

The stock is now implying significant growth in reserves in the Cooper Basin and large value for the Waitsia project. Target is $2.00. Industry view: In Line.

COMMONWEALTH BANK OF AUSTRALIA ((CBA)) Downgrade to Underperform from Neutral by Credit Suisse .B/H/S: 0/2/5

Credit Suisse downgrades FY20 earnings estimates by -2% because of an increase in insurance claims. Commonwealth Bank will report its first half result on February 12.

The broker continues to like the bank but as it is trading well above an unchanged target of $77.60, believes it is priced for perfection and downgrades to Underperform from Neutral.

COLES GROUP LIMITED ((COL)) Downgrade to Reduce from Hold by Morgans .B/H/S: 0/3/3

The first half sales update was better than Morgans expected, as all divisions delivered solid growth. The company has advised first half earnings are likely to be between $710-730m.

While at the headline level the update appears well and good, adjusting for favourable movements in non-operating earnings means a weaker outcome than the broker anticipated.

Finding it hard to justify the stretched valuation, Morgans downgrades to Reduce from Hold. The company will report its first half result on February 18. Target is raised to $14.29 from $14.01.

See also COL upgrade.

CALTEX AUSTRALIA LIMITED ((CTX)) Downgrade to Equal-weight from Overweight by Morgan Stanley .B/H/S: 0/5/0

Morgan Stanley downgrades to Equal-weight from Overweight as the stock has traded up to the price target and risks are building to the downside should takeover discussions stall.

Target is $34. Industry view is In-Line.

FRONTIER DIGITAL VENTURES LIMITED ((FDV)) Downgrade to Hold from Add by Morgans .B/H/S: 0/1/0

Frontier Digital Ventures' portfolio of online marketplaces continues to deliver rapid growth, Morgans notes. The December quarter saw 66% revenue growth with four portfolio components profitable and several more close to breakeven.

The company is on track to hit portfolio-wide profitability in FY20. Morgans lifts its target to $1.09 from 96c but since the stock has already run up, downgrades to Hold from Add.

HT&E LIMITED ((HT1)) Downgrade to Neutral from Outperform by Credit Suisse .B/H/S: 0/3/1

With the metro radio market down -9.4% in the December half, Credit Suisse observes the company faces difficult trading conditions.

Still, the broker continues to expect the Australian Radio Network will outperform the market as it has had a solid ratings performance.

Rating is downgraded to Neutral from Outperform, given limited upside from current trading levels. Target is reduced to $1.65 from $1.90.

See also HT1 upgrade.

MIRVAC GROUP ((MGR)) Downgrade to Equal-weight from Overweight by Morgan Stanley .B/H/S: 2/4/0

First half results were slightly below forecasts. Full year guidance for earnings per share of 17.6-17.8c has been maintained.

Morgan Stanley remains cautious about the company's ability to outperform in the near term along with a perceived earnings hole in FY21.

While office comparable net operating income growth was 5.6%, incentives have crept up to 20% for leases signed.

The broker downgrades to Equal-weight from Overweight. Target is reduced to $3.40 from $3.45. Industry view is In-Line.

MOUNT GIBSON IRON LIMITED ((MGX)) Downgrade to Sell from Neutral by Citi .B/H/S: 1/0/1

Citi notes the coronavirus outbreak has continued to worsen and this affects both the global and Chinese economic outlook in 2020.

The broker's GDP forecasts for China have been lowered for 2020 to 5.5% growth and most of the commodity price forecasts have been downgraded.

While the 2020 iron ore benchmark price forecast is unchanged at US$75/dmt, the broker revises down Mount Gibson estimates by -3%.

Rating is downgraded to Sell/High Risk from Neutral/High Risk and the target lowered to $0.80 from $0.85.

MOTORCYCLE HOLDINGS LIMITED ((MTO)) Downgrade to Hold from Add by Morgans .B/H/S: 0/1/0

Morgans expects a weaker first half result, despite cost reductions and better dealership earnings.

The broker does not expect the company to provide formal FY20 guidance but it may signal that it is cycling a very weak base in the second half.

The broker makes no changes to forecasts but downgrades to Hold from Add. Target is $2.28.

NORTHERN STAR RESOURCES LTD ((NST)) Downgrade to Hold from Buy by Ord Minnett .B/H/S: 2/2/2

Ord Minnett downgrades to Hold from Buy as the shares are now trading in line with valuation.

The broker has lifted its long-term gold price forecast to US$1500/oz or A$2027/oz, at an AUD/USD exchange rate of 0.74.

The target is reduced to $13.00 from $13.20.

OIL SEARCH LIMITED ((OSH)) Downgrade to Lighten from Hold by Ord Minnett and Downgrade to Neutral from Outperform by Macquarie .B/H/S: 1/4/1

Discussions between ExxonMobil and the PNG government regarding the P'nyang gas expansion have broken down. ExxonMobil is the majority shareholder and operator.

Ord Minnett notes there is still a possibility the Papua LNG project will proceed with just the two-train expansion, although the likelihood is low.

As there is now substantially more risk in the stock, the rating is downgraded to Lighten from Hold. Target is reduced to $6.85 from $7.60.

ExxonMobil, the operator of the P'nyang joint venture, has been unable to reach an agreement with the PNG government on development of the project.

As a result, Macquarie delays expectations for the PNG LNG expansion, increases capital expenditure estimates and lowers risk weightings. Furthermore, there is a potential knock-on impact on the timing of the Papua LNG project.

Macquarie reduces the Oil Search target by -15% to $6.80 and downgrades to Neutral from Outperform.

RESMED INC ((RMD)) Downgrade to Neutral from Buy by UBS .B/H/S: 3/3/1

Following the second quarter results UBS updates assumptions, which results in upgrades of 5% to earnings per share. However, based on the recent share price performance the rating is downgraded to Neutral from Buy.

US re-supply is showing no signs of a slowdown. Furthermore, with the success of Brightree, UBS does not believe saturation will occur in the short to medium term. Target is raised to US$174 from US$150.

SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP ((SCP)) Downgrade to Hold from Accumulate by Ord Minnett .B/H/S: 0/4/2

First half results revealed leasing markets for retail have deteriorated. Ord Minnett is concerned this will become worse.

Neighbourhood centre capitalisation rates also remain elevated, which the broker assesses largely reflects direct market inefficiencies and is something the company could exploit.

Ord Minnett downgrades to Hold from Accumulate because of a recent run up in the share price. Target is raised to $3.00 from $2.70 to reflect a lower cost of capital.

SEEK LIMITED ((SEK)) Downgrade to Reduce from Hold by Morgans .B/H/S: 3/2/1

Morgans downgrades to Reduce from Hold to reflect a view that coronavirus may be more disruptive to Asian job markets and last longer than the SARS virus. The company is highly leveraged to Asian job ads.

The broker lowers FY20 and FY21 estimates by -9.7% and -21.4% respectively. Target is reduced to $19.25 from $21.82.

See also SEK upgrade.

WESTPAC BANKING CORPORATION ((WBC)) Downgrade to Underweight from Equal-weight by Morgan Stanley .B/H/S: 2/4/1

Morgan Stanley considers Westpac has the worst revenue outlook of the major banks with ongoing AUSTRAC uncertainty and the potential for disappointment on costs, downgrading to Underweight from Equal-weight.

Morgan Stanley also suggests there is limited capital and dividend flexibility but does not expect another capital raising unless the AUSTRAC penalty is over -$2bn.

While forecasting reported revenue to grow 1.5% in FY20, notable items are clouding underlying trends, the broker adds. Target is reduced to $23.60 from $24.50. Industry view: In Line.

Total Recommendations
Recommendation Changes

Broker Recommendation Breakup

Broker Rating

 

Order Company New Rating Old Rating Broker
Upgrade
1 ALACER GOLD CORP Buy Neutral Credit Suisse
2 AUSTRALIA & NEW ZEALAND BANKING GROUP Neutral Sell Credit Suisse
3 AUSTRALIA & NEW ZEALAND BANKING GROUP Buy Neutral Morgan Stanley
4 BANK OF QUEENSLAND LIMITED Neutral Sell Citi
5 BAPCOR LIMITED Buy Neutral Morgans
6 BORAL LIMITED Buy Neutral UBS
7 CIMIC GROUP LIMITED Buy Neutral Macquarie
8 COLES GROUP LIMITED Neutral Sell Credit Suisse
9 CSR LIMITED Buy Sell UBS
10 FLEXIGROUP LIMITED Buy Neutral Morgans
11 G.U.D. HOLDINGS LIMITED Neutral Sell UBS
12 GENWORTH MORTGAGE INSURANCE AUSTRALIA LIMITED Buy Buy Macquarie
13 HARVEY NORMAN HOLDINGS LIMITED Buy Neutral UBS
14 HARVEY NORMAN HOLDINGS LIMITED Neutral Sell Morgan Stanley
15 HT&E LIMITED Neutral Sell Macquarie
16 ILUKA RESOURCES LIMITED Neutral Sell Citi
17 JANUS HENDERSON GROUP PLC. Buy Neutral Macquarie
18 JANUS HENDERSON GROUP PLC. Buy Neutral Citi
19 JB HI-FI LIMITED Neutral Sell UBS
20 NEW HOPE CORPORATION LIMITED Buy Neutral Citi
21 NEWCREST MINING LIMITED Neutral Sell Ord Minnett
22 NIB HOLDINGS LIMITED Neutral Sell Morgan Stanley
23 SEEK LIMITED Buy Neutral Credit Suisse
24 SENEX ENERGY LIMITED Buy Neutral Morgan Stanley
25 THE STAR ENTERTAINMENT GROUP LIMITED Neutral Sell Credit Suisse
26 WESFARMERS LIMITED Neutral Sell Morgan Stanley
Downgrade
27 BEACH ENERGY LIMITED Sell Neutral Morgan Stanley
28 CALTEX AUSTRALIA LIMITED Neutral Buy Morgan Stanley
29 COLES GROUP LIMITED Sell Neutral Morgans
30 COMMONWEALTH BANK OF AUSTRALIA Sell Neutral Credit Suisse
31 FRONTIER DIGITAL VENTURES LIMITED Neutral Buy Morgans
32 HT&E LIMITED Neutral Buy Credit Suisse
33 MIRVAC GROUP Neutral N/A Morgan Stanley
34 MOTORCYCLE HOLDINGS LIMITED Neutral Buy Morgans
35 MOUNT GIBSON IRON LIMITED Sell Neutral Citi
36 NORTHERN STAR RESOURCES LTD Neutral Buy Ord Minnett
37 OIL SEARCH LIMITED Neutral Buy Macquarie
38 OIL SEARCH LIMITED Sell Neutral Ord Minnett
39 RESMED INC Neutral Buy UBS
40 SEEK LIMITED Sell Neutral Morgans
41 SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP Neutral Buy Ord Minnett
42 WESTPAC BANKING CORPORATION Sell Neutral Morgan Stanley

Recommendation

Positive Change Covered by > 2 Brokers

Order Symbol Company New Rating Previous Rating Change Recs
1 CSR CSR LIMITED -8.0% -58.0% 50.0% 6
2 ASB AUSTAL LIMITED 67.0% 33.0% 34.0% 3
3 AQG ALACER GOLD CORP 100.0% 67.0% 33.0% 3
4 HVN HARVEY NORMAN HOLDINGS LIMITED 8.0% -25.0% 33.0% 6
5 ANZ AUSTRALIA & NEW ZEALAND BANKING GROUP 14.0% -14.0% 28.0% 7
6 FXL FLEXIGROUP LIMITED 100.0% 75.0% 25.0% 4
7 NHC NEW HOPE CORPORATION LIMITED 75.0% 50.0% 25.0% 4
8 CIM CIMIC GROUP LIMITED 75.0% 50.0% 25.0% 4
9 BLD BORAL LIMITED 10.0% -10.0% 20.0% 5
10 BAP BAPCOR LIMITED 100.0% 80.0% 20.0% 5

Negative Change Covered by > 2 Brokers

Order Symbol Company New Rating Previous Rating Change Recs
1 VUK VIRGIN MONEY UK PLC 67.0% 100.0% -33.0% 3
2 SCP SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP -33.0% -10.0% -23.0% 6
3 OSH OIL SEARCH LIMITED -7.0% 14.0% -21.0% 7
4 BPT BEACH ENERGY LIMITED -33.0% -17.0% -16.0% 6
5 IFL IOOF HOLDINGS LIMITED -8.0% 8.0% -16.0% 6
6 WBC WESTPAC BANKING CORPORATION 14.0% 29.0% -15.0% 7
7 RMD RESMED INC 29.0% 43.0% -14.0% 7
8 CBA COMMONWEALTH BANK OF AUSTRALIA -71.0% -57.0% -14.0% 7
9 BWP BWP TRUST -83.0% -75.0% -8.0% 3
10 ABC ADELAIDE BRIGHTON LIMITED -57.0% -50.0% -7.0% 7

Target Price

Positive Change Covered by > 2 Brokers

Order Symbol Company New Target Previous Target Change Recs
1 RMD RESMED INC 24.258 21.087 15.04% 7
2 CSR CSR LIMITED 4.332 3.842 12.75% 6
3 GUD G.U.D. HOLDINGS LIMITED 11.940 10.720 11.38% 5
4 JBH JB HI-FI LIMITED 35.487 32.051 10.72% 7
5 SCP SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP 2.690 2.546 5.66% 6
6 HVN HARVEY NORMAN HOLDINGS LIMITED 4.195 3.978 5.46% 6
7 WES WESFARMERS LIMITED 36.846 35.131 4.88% 7
8 BLD BORAL LIMITED 4.860 4.640 4.74% 5
9 CIM CIMIC GROUP LIMITED 35.385 34.475 2.64% 4
10 IFL IOOF HOLDINGS LIMITED 7.775 7.600 2.30% 6

Negative Change Covered by > 2 Brokers

Order Symbol Company New Target Previous Target Change Recs
1 OSH OIL SEARCH LIMITED 6.899 7.527 -8.34% 7
2 AQG ALACER GOLD CORP 8.367 8.633 -3.08% 3
3 NHF NIB HOLDINGS LIMITED 5.747 5.797 -0.86% 7
4 SGR THE STAR ENTERTAINMENT GROUP LIMITED 4.533 4.561 -0.61% 7
5 WBC WESTPAC BANKING CORPORATION 26.336 26.464 -0.48% 7
6 NCM NEWCREST MINING LIMITED 28.509 28.620 -0.39% 7
7 SXY SENEX ENERGY LIMITED 0.453 0.454 -0.22% 6

Earning Forecast

Positive Change Covered by > 2 Brokers

Order Symbol Company New EF Previous EF Change Recs
1 AQG ALACER GOLD CORP 63.792 39.416 61.84% 3
2 JHG JANUS HENDERSON GROUP PLC. 384.924 358.509 7.37% 4
3 FSF FONTERRA SHAREHOLDERS' FUND 23.760 22.520 5.51% 3
4 CIM CIMIC GROUP LIMITED 256.500 245.400 4.52% 4
5 COL COLES GROUP LIMITED 66.821 64.813 3.10% 7
6 CL1 CLASS LIMITED 5.500 5.367 2.48% 3
7 PNI PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED 20.467 20.033 2.17% 3
8 SCP SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP 16.767 16.480 1.74% 6
9 RMD RESMED INC 60.803 59.846 1.60% 7
10 BPT BEACH ENERGY LIMITED 25.603 25.270 1.32% 6

Negative Change Covered by > 2 Brokers

Order Symbol Company New EF Previous EF Change Recs
1 ORE OROCOBRE LIMITED -2.716 -1.627 -66.93% 7
2 VUK VIRGIN MONEY UK PLC 14.838 24.021 -38.23% 3
3 OGC OCEANAGOLD CORPORATION 7.928 11.643 -31.91% 5
4 PLS PILBARA MINERALS LIMITED -1.440 -1.203 -19.70% 4
5 FXL FLEXIGROUP LIMITED 18.350 20.475 -10.38% 4
6 SFR SANDFIRE RESOURCES NL 62.443 68.727 -9.14% 7
7 WSA WESTERN AREAS NL 26.321 28.736 -8.40% 7
8 NCM NEWCREST MINING LIMITED 140.062 150.500 -6.94% 7
9 SUN SUNCORP GROUP LIMITED 83.080 89.183 -6.84% 7
10 S32 SOUTH32 LIMITED 7.825 8.394 -6.78% 7

Technical limitations

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CHARTS

ANZ BAP BLD BOQ BPT CBA COL CSR FDV GUD HT1 HVN ILU JBH JHG MGR MGX MTO NCM NHC NHF NST RMD SEK SGR WBC WES WOW

For more info SHARE ANALYSIS: ANZ - ANZ GROUP HOLDINGS LIMITED

For more info SHARE ANALYSIS: BAP - BAPCOR LIMITED

For more info SHARE ANALYSIS: BLD - BORAL LIMITED

For more info SHARE ANALYSIS: BOQ - BANK OF QUEENSLAND LIMITED

For more info SHARE ANALYSIS: BPT - BEACH ENERGY LIMITED

For more info SHARE ANALYSIS: CBA - COMMONWEALTH BANK OF AUSTRALIA

For more info SHARE ANALYSIS: COL - COLES GROUP LIMITED

For more info SHARE ANALYSIS: CSR - CSR LIMITED

For more info SHARE ANALYSIS: FDV - FRONTIER DIGITAL VENTURES LIMITED

For more info SHARE ANALYSIS: GUD - G.U.D. HOLDINGS LIMITED

For more info SHARE ANALYSIS: HT1 - HT&E LIMITED

For more info SHARE ANALYSIS: HVN - HARVEY NORMAN HOLDINGS LIMITED

For more info SHARE ANALYSIS: ILU - ILUKA RESOURCES LIMITED

For more info SHARE ANALYSIS: JBH - JB HI-FI LIMITED

For more info SHARE ANALYSIS: JHG - JANUS HENDERSON GROUP PLC

For more info SHARE ANALYSIS: MGR - MIRVAC GROUP

For more info SHARE ANALYSIS: MGX - MOUNT GIBSON IRON LIMITED

For more info SHARE ANALYSIS: MTO - MOTORCYCLE HOLDINGS LIMITED

For more info SHARE ANALYSIS: NCM - NEWCREST MINING LIMITED

For more info SHARE ANALYSIS: NHC - NEW HOPE CORPORATION LIMITED

For more info SHARE ANALYSIS: NHF - NIB HOLDINGS LIMITED

For more info SHARE ANALYSIS: NST - NORTHERN STAR RESOURCES LIMITED

For more info SHARE ANALYSIS: RMD - RESMED INC

For more info SHARE ANALYSIS: SEK - SEEK LIMITED

For more info SHARE ANALYSIS: SGR - STAR ENTERTAINMENT GROUP LIMITED

For more info SHARE ANALYSIS: WBC - WESTPAC BANKING CORPORATION

For more info SHARE ANALYSIS: WES - WESFARMERS LIMITED

For more info SHARE ANALYSIS: WOW - WOOLWORTHS GROUP LIMITED