Australian Broker Call

Morgan Stanley rates AD8 as Overweight (1) -

Morgan Stanley assesses a favourable industry reaction and tangible product demand, after the first Dante-enabled video products were launched by Audinate. The ability to replicate its Audio success into Video is a key part of the broker's Overweight rating thesis.

Further Dante Video product launches are scheduled by end of 2021. The broker maintains its $10 target price.

Target price is $10.00 Current Price is $9.52 Difference: $0.48
If AD8 meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $10.33, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Citi rates AFG as Buy (1) -

As the company has announced the proposed tie-up with Connective will not proceed, Citi reminds investors its Buy rating was for the company as a stand-alone proposition to start with.

Citi doesn't see anything untoward from this latest development and suggests the deal might still be revisited at a later stage.

Target price is $3.40 Current Price is $2.66 Difference: $0.74
If AFG meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.25, suggesting upside of 21.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgan Stanley rates AGL as Underweight (5) -

AGL Energy reports on Thursday, August 12, and Morgan Stanley suggests recent higher wholesale prices will provide some near-term comfort. However, the new entrant large scale supply, and rooftop solar is expected to keep the FY23 pool price in backwardation.

The broker thinks investors' focus will be on the de-merger implementation. Additionally, the company's view is expected on FY23 wholesale prices, as the weather normalises in FY22, and on the potential for lower covid-demand impact in FY23.

Morgan Stanley retains its Underweight rating and $8.88 target. Industry view: Cautious.

Target price is $8.88 Current Price is $7.87 Difference: $1.01
If AGL meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.33, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.5

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

Morgans rates ALL as Add (1) -

Following a change in analyst at Morgans, earnings (EBITDA) estimates for FY21 and FY22 are increased by 12% and 6.7%. The broker retains its Add rating and raises its target price to $45 from $37.31.

The analyst believes shares can continue to rise due to the long-term organic growth platform, strong cash conversion and strong return on capital employed (ROCE). Also, there's considered a platform for inorganic investment, as shown by Plarium and Big Fish acquisitions. 

Target price is $45.00 Current Price is $41.50 Difference: $3.5
If ALL meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $43.38, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Ord Minnett rates AMP as Hold (3) -

AMP has announced a new advice model for its aligned adviser network. This has potential implications for future fund flows and possibly for the restoration of margins in the advice business, explains Ord Minnett. The Hold rating and $1.35 target are retained.

The new model is based on industry benchmarking and services offered, and will be phased-in from 1 January 2022 to 1 January 2023. The analyst believes AMP’s advice business is likely to be significantly loss-making, in-line with most in the industry.

Target price is $1.35 Current Price is $1.08 Difference: $0.27
If AMP meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.24, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

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

APA Group's FY21 results are scheduled for Wednesday, August 25. Morgan Stanley anticipates the group could provide a breakdown of
FY22 capex, and an update on near term growth capex targets, previously around $300m per annum.

The broker also expects updates on research and trial projects on gas pipelines in the era of energy transition. Morgan Stanley maintains its Equal-weight rating and $9.65 target price. Industry view is Cautious. 

Target price is $9.65 Current Price is $9.59 Difference: $0.06
If APA meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $10.55, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

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

With the Australian Real Estate sector moving into reporting season next week, Morgan Stanley highlights stocks that may outperform.

With an increasing likelihood that landlords will have to provide rental relief, particularly to retail tenants, the broker believes investors will respond positively to REITs that are able to generate secure cash flows and provide guidance at results.

Thus, the broker has a preference for triple-nets like Arena REIT, where the tenant must pay property taxes, building insurance and maintenace and repairs. Morgan Stanley retains an Equal-weight rating, In-Line industry view and $3.66 target.

The REIT is due to report on August 11.

Target price is $3.66 Current Price is $3.65 Difference: $0.01
If ARF meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.54, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Morgan Stanley rates BOQ as Overweight (1) -

Morgan Stanley assesses credit quality and provision outcomes broadly met expectations, after the Bank of Queensland released its Pillar 3 disclosures on capital and credit quality as at May 2021.

The broker feels the potential impact of current lockdowns on the bank will be mitigated by its lending mix (around 79% mortgages) and geographic mix. Morgan Stanley maintains its Overweight rating and $10.50 target price. Industry view: In-line.

Target price is $10.50 Current Price is $8.90 Difference: $1.6
If BOQ meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $9.87, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Ord Minnett rates BOQ as Accumulate (2) -

Ord Minnett has updated its financial model for Bank of Queensland, following the bank’s March-quarter Pillar 3 release. It showed a modest increase in non-performing loans (NPL) in the housing and business segments.

The broker increases forecast contributions from the ME Bank acquisition in the second half to two months, from one month previously. As a result, Ord Minnett's FY21 cash net profit forecast is 3% higher, with future periods remaining unchanged.

The broker maintains its Accumulate rating and lifts its target price to $9.80 from $9.60.

Target price is $9.80 Current Price is $8.90 Difference: $0.9
If BOQ meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.87, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

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

UBS has pushed out the expectations of a rental recovery in office and envisages around -100 basis points of risk to Sydney occupancy if lockdowns extend beyond August.

The broker calculates the pandemic affected earnings decrease by around -4.4% in FY21 and expects the current lockdowns will affect outlook statements for the core retail and office real estate sectors.

UBS downgrades BWP Trust to Sell from Neutral. Target is steady at $3.86.

Target price is $3.86 Current Price is $4.22 Difference: minus $0.36 (current price is over target).
If BWP meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.65, suggesting downside of -12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.8

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

UBS rates CAR as Buy (1) -

UBS revises forecasts to incorporate the recent acquisition of Trader Interactive. The broker expects all online classifieds will benefit from the current macro environment.

Buy rating reiterated. Target is reduced to $24.00 from $24.50.

Target price is $24.00 Current Price is $22.16 Difference: $1.84
If CAR meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $22.24, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Ord Minnett rates CBA as Hold (3) -

With the bank due to report its FY21 result on Wednesday, August 11, Ord Minnett forecasts a cash net profit (from continuing operations) of $8.69bn. This is 19% above the same period last year, due to stronger pre-provision profits and lower impairment charges.

The broker expects revenue growth should be impressive, based on a rise in its net interest margin (NIM) of 2.5bps half-on-half, and market share gains.

The analyst suggests outlook commentary is key, especially for margins, which are likely to come under renewed pressure in FY22. So too, the size, form and timing of capital management. Ord Minnett maintains its Hold rating and $92 target price.

Target price is $92.00 Current Price is $99.14 Difference: minus $7.14 (current price is over target).
If CBA meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $89.33, suggesting downside of -11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.5

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

Macquarie rates CCX as Outperform (1) -

City Chic has acquired Navabi for EUR6m, which Macquarie assesses provides a material entry into Europe. City Chic will now own stock in continental Europe with a warehouse in Germany and the priority is to build stock to commercial levels over the next six months.

The company has also provided a trading update on FY22 and unaudited results for FY21. For the former, the first half has started strongly in the US and UK, the broker notes, offsetting temporary store closures in Australia.

 FY21 operating earnings margins of 16.4% are ahead of Macquarie's forecasts, suggesting a strong performance from Avenue and the online contribution. Outperform maintained. Target is raised to $6.50 from $5.20.

Target price is $6.50 Current Price is $5.77 Difference: $0.73
If CCX meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.45, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Morgan Stanley rates CCX as Overweight (1) -

While Morgan Stanley suspects City Chic Collective would have been on track for a bigger upgrade prior to lockdowns, the company still guided to FY21 earnings (EBITDA) 5% above the broker's estimates. 

Management announced the completed acquisition of European women's plus-size retailer, Navabi, for -$9.6m, funded from cash of $72m. Navabi customers are based mostly in Germany, generating $16.6m in sales in 2020, explains the analyst.

The broker estimates 4-6% FY22 EPS accretion from the transaction, based on no revenue growth and 10-15% margins. Morgan Stanley retains its Overweight rating with a target of $4.75. Industry view is In-line.

Target price is $4.75 Current Price is $5.77 Difference: minus $1.02 (current price is over target).
If CCX meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.45, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Ord Minnett rates CCX as Accumulate (2) -

Ord Minnett believes City Chic Collective's strong FY21 result validates its expansion strategy and recent acquisitions. It's felt the company remains well positioned to deliver strong growth in the medium term. 

Management announced an agreement to acquire Navabi, a European online marketplace, operating predominantly in Germany, but also in France and the UK. The cost is -$9.6m, which will be funded from existing cash reserves of $71.5m.

The broker maintains its Accumulate rating and lifts its target to $6.25 from $5.50. The analyst notes the company's omni-channel positioning, with over two-thirds of sales online, has ensured the trading performance has remained relatively resilient.

Target price is $6.25 Current Price is $5.77 Difference: $0.48
If CCX meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.45, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Morgan Stanley rates CHC as Overweight (1) -

With the Australian Real Estate sector moving into reporting season next week, Morgan Stanley highlights stocks that may outperform. Charter Hall Group is considered a preferred pick, due to earnings certainty, a strong growth outlook, and thematic tailwinds.

The broker believes the group's first-time FY22 guidance could be material (22% EPS growth is the analyst's forecast). This is considered driven by performance fees, and 28% funds under management (FUM) growth over the last 12 months.

Charter Hall Group reports on August 23, and Morgan Stanley retains its Overweight rating and $17.45 target price. Industry view is In-Line.

Target price is $17.45 Current Price is $15.66 Difference: $1.79
If CHC meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $16.88, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

Morgan Stanley rates CIP as Overweight (1) -

With the Australian Real Estate sector moving into reporting season next week, Morgan Stanley highlights stocks that may outperform.

With an increasing likelihood that landlords will have to provide rental relief, particularly to retail tenants, the broker believes investors will respond positively to REITs that are able to generate secure cash flows and provide guidance at results.

From this perspective, Morgan Stanley has a slight preference for office/industrial owners such as Centuria Industrial REIT. The broker maintains its Overweight rating and $3.90 target price. Industry view: In-line. The REIT reports on August 5.

Target price is $3.90 Current Price is $3.79 Difference: $0.11
If CIP meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Morgan Stanley rates CLW as Overweight (1) -

With the Australian Real Estate sector moving into reporting season next week, Morgan Stanley highlights stocks that may outperform.

With an increasing likelihood that landlords will have to provide rental relief, particularly to retail tenants, the broker believes investors will respond positively to REITs that are able to generate secure cash flows and provide guidance at results.

Thus, the broker has a preference for triple-nets like Charter Hall Long WALE, where the tenant must pay property taxes, building insurance and maintenance and repairs. Morgan Stanley retains an Overweight rating, In-Line industry view and $5.35 target.

The REIT is due to report on August 9.

Target price is $5.35 Current Price is $4.94 Difference: $0.41
If CLW meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.15, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Morgan Stanley rates COF as Underweight (5) -

With the Australian Real Estate sector moving into reporting season next week, Morgan Stanley highlights stocks that may outperform.

With an increasing likelihood that landlords will have to provide rental relief, particularly to retail tenants, the broker believes investors will respond positively to REITs that are able to generate secure cash flows and provide guidance at results.

From this perspective, Morgan Stanley has a slight preference for office/industrial owners such as Centuria Office REIT. The broker maintains its Underweight rating and $2.05 target price. Industry view: In-line.

The REIT reports on August 3.

Target price is $2.05 Current Price is $2.46 Difference: minus $0.41 (current price is over target).
If COF meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.25, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.5

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

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

UBS has pushed out the expectations of a rental recovery in office and envisages around -100 basis points of risk to Sydney occupancy if lockdowns extend beyond August.

The broker calculates the pandemic affected earnings decrease by around -4.4% in FY21 and expects the current lockdowns will affect outlook statements for the core retail and office real estate sectors.

UBS downgrades Centuria Office to Sell from Neutral. Target is raised to $2.25 from $2.10.

Target price is $2.25 Current Price is $2.46 Difference: minus $0.21 (current price is over target).
If COF meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.25, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -0.5

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

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

After returning from restriction on coverage for Crown Resorts, Credit Suisse lowers its rating to Neutral from Outperform and reduces its target price to $10.10 from $13.50. The broker thinks the Melbourne licence will not be canceled.

The broker lowers FY21-23 earnings (EBITDA) forecasts by -15-23%, due to potentially higher costs associated with a more stringent regulatory regime, and a review of premium-mass player financial health.

Also, there's the prospect of further China 'blacklisting' of gaming destinations, and potential for more rolling covid restrictions, explains the analyst. The broker also removes the takeover premium it had previously added to the valuation.

Target price is $10.10 Current Price is $9.50 Difference: $0.6
If CWN meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $11.74, suggesting upside of 30.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.4

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

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

Cleanaway Waste Management reports on Friday, August 20. The company remains one of Morgan Stanley's preferred stocks in the Utilities sector. It's considered to have relatively favourable drivers for earnings and ESG factors.

The broker believes investor focus will be on returns on capital invested in recycling, and the recovery and reprocessing projects, offsetting the landfill earnings reduction. Focus will also likely be on progress of the potential acquisition, notes the analyst.

Morgan Stanley retains the Equal-Weight rating and $2.78 target price. Industry view: Cautious. 

Target price is $2.78 Current Price is $2.54 Difference: $0.24
If CWY meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Morgan Stanley rates DXS as Overweight (1) -

With the Australian Real Estate sector moving into reporting season next week, Morgan Stanley highlights stocks that may outperform.

With an increasing likelihood that landlords will have to provide rental relief, particularly to retail tenants, the broker believes investors will respond positively to REITs that are able to generate secure cash flows and provide guidance at results.

Morgan Stanley notes consensus has assumed around -1% DPS growth in FY22  for Dexus, due to divestments and weaker rental outcomes. However, recent activity, could see the DPS surprise and lift by around 2%.

In the analyst's view, even if the REIT guides to flat DPS growth this could be above market expectations. Morgan Stanley retains its Overweight rating for Dexus, with a target of $11.75. Industry View: In-line. The REIT reports on August 17.

Target price is $11.75 Current Price is $10.35 Difference: $1.4
If DXS meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $10.60, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

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

UBS has pushed out the expectations of a rental recovery in office and envisages around -100 basis points of risk to Sydney occupancy if lockdowns extend beyond August.

The broker calculates the pandemic affected earnings decrease by around -4.4% in FY21 and expects the current lockdowns will affect outlook statements for the core retail and office real estate sectors.

UBS downgrades Dexus to Neutral from Buy because of subdued 2021 leasing and a suspected deterioration in cash flow. Target is reduced to $10.90 from $11.00.

Target price is $10.90 Current Price is $10.35 Difference: $0.55
If DXS meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $10.60, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

Morgan Stanley rates GMG as Overweight (1) -

With the Australian Real Estate sector moving into reporting season next week, Morgan Stanley highlights stocks that may outperform. Goodman Group is considered a preferred pick, due to earnings certainty, a strong growth outlook, and thematic tailwinds.

The broker believes the group can securely deliver 13% EPS growth in FY22, and work-in-progress could potentially hit $10bn, based on strong cap rate compression across the industry. 

Goodman Group reports on August 12 and Morgan Stanley retains its Overweight rating and $23 target price. In-Line industry view.

Target price is $23.00 Current Price is $22.53 Difference: $0.47
If GMG meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $21.56, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Credit Suisse rates GPT as Outperform (1) -

Due to covid-related restrictions, GPT Group has withdrawn 2021 funds from operations (FFO) and DPS guidance. Credit Suisse believes quantifying the amount of any potential voluntary tenant assistance is not possible at this stage.

It appears to the broker the swing factor could be voluntary rent relief, mainly for the Sydney retail portfolio. There's considered enough value to maintain the Outperform rating. The broker raises its target price to $4.84 from $4.78.

Target price is $4.84 Current Price is $4.62 Difference: $0.22
If GPT meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Macquarie rates GPT as Neutral (3) -

Macquarie notes GPT has withdrawn FY21 guidance given the uncertainties. Prior guidance was based on there being no significant disruptions from the pandemic. Macquarie retains a Neutral rating but envisages downside risk exists to earnings.

The broker assesses it will have been difficult for landlords to reduce costs in FY21. Still, GPT has a diverse exposure and solid balance sheet. Target is $4.81.

Target price is $4.81 Current Price is $4.62 Difference: $0.19
If GPT meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Morgan Stanley rates GPT as Underweight (5) -

Morgan Stanley suggests the market should not be surprised GPT Group has withdrawn its 2021 funds from operations (FFO) and DPS guidance. It was first provided last April, subject to no further disruption from covid.

The analyst thinks the withdrawal is prudent, given ongoing uncertainty in Sydney. Morgan Stanley's Underweight rating and $4.70 target are retained. Industry view is In-Line.

Target price is $4.70 Current Price is $4.62 Difference: $0.08
If GPT meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

Credit Suisse rates HUM as Neutral (3) -

A new analyst takes over coverage of Humm Group at Credit Suisse, and is generally positive on the move to expand the BNPL business into new markets (UK in June 2021, Canada before 2022).

However, the broker cautions on strong competition in these regions, which raises the execution risk of gaining sufficient traction with customers and merchants. Credit Suisse maintains its Neutral rating and lowers its target price to $1.05 from $1.20.

The analyst notes a key consideration, when comparing the company’s BNPL business to that of its competitors, is the capital intensity associated with running a longer duration receivables book.

Target price is $1.05 Current Price is $0.96 Difference: $0.09
If HUM meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.27, suggesting upside of 31.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Macquarie rates JBH as Neutral (3) -

Ahead of the official results on August 16, Macquarie notes there is a risk to the start of FY22 from ongoing lockdowns.

The broker expects the main areas of focus in the results will be cost control, the impact of lockdowns on July trading and details about supply chain disruptions.

Neutral and $50.40 target retained.

Target price is $50.40 Current Price is $50.40 Difference: $0
If JBH meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $52.39, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

Ord Minnett rates LYC as Lighten (4) -

Thanks to record cash generation, Ord Minnett estimates Lynas Rare Earths has ended FY21 in its strongest financial position to date. The strong production performance in-light of the recent Malaysian lockdown is considered pleasing.

Record pricing realised $39/kg, and pushed revenue for the quarter to $186m, with a minimum capex spend of -$14m and a rigid cost base, explains the analyst. This generated a 'whopping' $107m in free cash flow, enthuses the broker.

The Malaysian lockdown has Ord Minnett cautious on near-term production, due to government restrictions limiting staff numbers to 40% (from 60%). Forecast utilisation rates are lowered to 70% for the first half of FY22.

The broker increases its target price to $4.30 from $4.20 though leaves its Lighten rating unchanged on valuation concerns.

Target price is $4.30 Current Price is $7.11 Difference: minus $2.81 (current price is over target).
If LYC meets the Ord Minnett target it will return approximately minus 40% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: -1.0

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

Macquarie rates MCR as Outperform (1) -

Mincor Resources has indicated the development rates for the declines at Cassini and Durkin North/Long are progressing. The company is on track to achieve first nickel concentrate in March 2022.

Exploration success has also been achieved at Golden Mile with narrow intersections of nickel sulphide. Lower grade narrow mineralisation has also been discovered at Location 1, a potentially new regional exploration channel.

Macquarie retains an Outperform rating and $1.40 target.

Target price is $1.40 Current Price is $1.22 Difference: $0.18
If MCR meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgan Stanley rates MGR as Overweight (1) -

With the Australian Real Estate sector moving into reporting season next week, Morgan Stanley highlights stocks that may outperform.

A 12% EPS growth forecast for Mirvac Group is based on Locomotive Workshop profit, the contribution from Build-to-Rent and circa 2,500 residential settlements. The group reports on August 12.

Positive catalysts could include commentary around apartment launches/sales, or potential re-start of office development pipeline, explains the analyst. Morgan Stanley's Overweight rating and $3.30 target price are maintained. Industry view is In-Line.

Target price is $3.30 Current Price is $2.80 Difference: $0.5
If MGR meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.98, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

UBS rates NEC as Upgrade to Buy from Neutral (1) -

UBS assesses traditional media names are conservatively priced and have leverage to current macro conditions while also likely to benefit from any improvement in inflation.

The impact of the pandemic is expected to drive material growth in traditional media in the June half while for FY22 there is potential for upside if strong macro conditions hold.

Nine Entertainment's rating is upgraded to Buy from Neutral and the target is raised to $3.10 from $3.00.

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

Current consensus price target is $3.35, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

UBS rates NWH as Buy (1) -

UBS believes NRW Holdings can maintain revenue of around $2.2bn in FY22, irrespective of whether several major iron ore projects will be completed in FY21.

Despite the fact iron ore capital expenditure from major miners is likely to decline, overall levels of expenditure remain healthy, in the broker's view. The company has also built up its public infrastructure capability.

UBS transfers coverage to another analyst, retaining a Buy rating and reducing the target to $2.37 from $3.00.

Target price is $2.37 Current Price is $1.78 Difference: $0.59
If NWH meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

UBS rates NWS as Upgrade to Buy from Neutral (1) -

UBS assesses traditional media names are conservatively priced and have leverage to current macro conditions while also likely to benefit from any improvement in inflation.

The impact of the pandemic is expected to drive material growth in traditional media in the June half while for FY22 there is potential for upside if strong macro conditions hold.

The broker upgrades News Corp to Buy from Neutral although acknowledges its view of valuation is now less conservative with the removal of the liquidity discount for REA Group ((REA)) and a higher valuation for Dow Jones. Target is raised to $39.50 from $35.00.

Target price is $39.50 Current Price is $32.28 Difference: $7.22
If NWS meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $40.77, suggesting upside of 26.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 1.0

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

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

Origin Energy reports on Thursday, August 19, and Morgan Stanley looks for commentary around cost control, for example the Kraken implementation.

The broker also expects updates on the company's gas supply portfolio, and any colour on the pricing rationale of the three year flexible services contract with APA Group ((APA)). The Equal-weight rating and $4.88 target are maintained. Industry view: Cautious.

Target price is $4.88 Current Price is $4.47 Difference: $0.41
If ORG meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.6

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

Macquarie rates OZL as Outperform (1) -

OZ Minerals' Q2 production report, released today, has been labeled a strong result by Macquarie analysts, upon initial assessment.

Both copper and gold production were double digit percentage higher than forecast, plus guidance for 2021 gold production has been upgraded by some 7%.

Macquarie maintains the Outperform rating. Price target $31.

Target price is $31.00 Current Price is $22.04 Difference: $8.96
If OZL meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $23.59, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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

Morgans rates PPT as Add (1) -

Morgans makes small changes to FY21 and FY22 estimates after Perpetual released its fourth quarter business update. It's thought the recent Barrow Hanley/Trillium acquisitions have put the foundations in place for a strong global investment management platform.

While Perpetual Asset Management's assets under management (AUM) grew 3% sequentially on favourable market movements, total Asset Management flows were still weak in the analyst's view. The broker maintains its Add rating and lifts its target to $42.21 from $41.63.

Target price is $42.21 Current Price is $37.68 Difference: $4.53
If PPT meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $38.45, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

Macquarie rates PRN as Outperform (1) -

Perenti Global has launched its new technology offering, Idoba, which provides mining technology services and leverages its mining services base

 Macquarie notes there is a large order book although margin compression is a short-term headwind. Still, this is factored into the current share price, in the broker's view, and an Outperform rating is maintained.

The key catalyst over the next five years is positioning the portfolio in better jurisdictions, opines the analyst. Target is $0.95.

Target price is $0.95 Current Price is $0.91 Difference: $0.04
If PRN meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgans rates PTB as Add (1) -

Prior to FY21 results on August 27, PTB Group has upgraded earnings (EBITDA) and net profit before tax and foreign exchange (NPBTFX) guidance to the upper end of the previous range. Morgans lifts normalised FY21 EPS forecast by 2% and maintains its $0.93 target price.

The broker sees significant upside to this price target, with potential growth in the US being the key value driver. The analyst awaits FY22 guidance at the full year result for increased confidence in the US outlook and maintains the Add rating.

Target price is $0.93 Current Price is $0.76 Difference: $0.17
If PTB meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 1.0

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

Morgan Stanley rates QBE as Overweight (1) -

Morgan Stanley lifts its price target for QBE Insurance Group to $12.50 from $12 on investment gains and a change to foreign exchange assumptions. While the broker is mindful of crop risks, there are no extra losses for now.

The analyst expects pricing to moderate in 2Q21, but remain well above claims inflation. This is believed to set-up more than one year of margin expansion.

Regarding investment gains, the broker assumes a US$70m benefit from higher risk free rates (unchanged from 1Q21), and a modest benefit from tighter credit spreads.  Morgan Stanley retains its Overweight rating. Industry view: In-line. 

Target price is $12.50 Current Price is $10.78 Difference: $1.72
If QBE meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $12.00, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.8

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

Citi rates RIO as Buy (1) -

Rio Tinto is scheduled to report interim results on July 28. Citi analysts are forecasting underlying net profits of US$12.29bn for a 1H dividend of US$7.22/shr.

Buy rating retained alongside a price target of $135 with the analysts observing higher than generally anticipated iron ore prices have worked in the company's favour, detracting attention from its less than perfect operational performance.

Target price is $135.00 Current Price is $130.11 Difference: $4.89
If RIO meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $135.43, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.4

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

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

Morgan Stanley notes it's unclear how long the current strike at the 100%-0wned Kitimat aluminium smelter in Canada will last, or to what extent smelter output will be disrupted.

Kitimat produces around 0.6% of the world's primary aluminium supply, and an extended strike could further tighten the market, explains the analyst. Morgan Stanley's Equal-weight rating and $129 target price are retained. Industry view is In-Line. 

Target price is $129.00 Current Price is $130.11 Difference: minus $1.11 (current price is over target).
If RIO meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $135.43, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.4

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

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

As a consequence of the DreamStation recall, Morgan Stanley notes Philips is not taking orders for new devices, but continues to sell
masks/consumables.

The broker already expected accelerated growth for ResMed, on the back of its upcoming S11 platform launch, and the issues at Philips should provide a tailwind. Morgan Stanley's Equal-weight rating and $30.1 target are unchanged. Industry view: In-Line.

Target price is $30.10 Current Price is $35.27 Difference: minus $5.17 (current price is over target).
If RMD meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.85, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.5

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

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

Ord Minnett’s EPS forecasts for the fourth quarter result are 8% ahead of consensus, as device sales were likely boosted by a key competitor’s recall. However, it's felt manufacturing and supply chain constraints may prevent the company taking full advantage.

Due to the strong recent share price performance, the broker downgrades its rating on ResMed to Hold from Accumulate, though raises its target price to $33.50 from $32.00.

The analyst assumes gross margins were weaker due to higher transport costs and the transition to a new manufacturing facility in Singapore. The company is expected to report on Friday, August 6.

Target price is $33.50 Current Price is $35.27 Difference: minus $1.77 (current price is over target).
If RMD 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 $32.85, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.5

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

Morgan Stanley rates S32 as Overweight (1) -

Following June quarter results, Morgan Stanley retains its Overweight rating for South32 and lowers its price target to $3.4 from $3.45. Industry view: Attractive. The company is considered to have reported strong production at key assets.

The broker points out higher grades and lower tonnes at Hermosa indicate cost benefits and value crystallisation. Hermosa's pre-feasibility study results are expected imminently.

The analyst considers most of the company's assets are well positioned in the first/second quartile of the global cost curve. Past operational issues are considered to have improved, and more consistency is expected in the future.

Target price is $3.40 Current Price is $2.99 Difference: $0.41
If S32 meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.52, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

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

Market Sentiment: 0.9

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

UBS rates SEK as Buy (1) -

UBS is increasingly confident that Seek can execute on its long-term aspirations in Australasia and increases base case forecasts for revenue to $900m by FY26.

The broker's survey continues to support short-term upside from yield increases. Forecasts are raised by 6-8% for FY21-23. Buy rating reiterated. Target rises to $35.00 from $34.50.

Target price is $35.00 Current Price is $30.50 Difference: $4.5
If SEK meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $31.36, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.7

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

Morgan Stanley rates SGP as Overweight (1) -

With the Australian Real Estate sector moving into reporting season next week, Morgan Stanley highlights stocks that may outperform.

With an increasing likelihood that landlords will have to provide rental relief, particularly to retail tenants, the broker believes investors will respond positively to REITs that are able to generate secure cash flows and provide guidance at results.

The residential developers like Stockland may be in a position to guide to an uplift in residential settlements (even if they won't guide
to EPS), based on pre-sales secured through FY21. Morgan Stanley retains its Overweight rating and $5 target. Industry view: In-line.

The REIT reports on August 20.

Target price is $5.00 Current Price is $4.35 Difference: $0.65
If SGP meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.65, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

UBS rates SGP as Upgrade to Buy from Neutral (1) -

UBS has pushed out the expectations of a rental recovery in office and envisages around -100 basis points of risk to Sydney occupancy if lockdowns extend beyond August.

The broker calculates the pandemic affected earnings decrease by around -4.4% in FY21 and expects the current lockdowns will affect outlook statements for the core retail and office real estate sectors.

Stockland is upgraded to Buy from Neutral. Target is raised to $5.00 from $4.74.

Target price is $5.00 Current Price is $4.35 Difference: $0.65
If SGP meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.65, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.2

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

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

Spark Infrastructure reports first half results on Tuesday, August 24. Morgan Stanley feels investor focus will be on the bidding offer from KKR and the Canadian pension fund, OTPP.

Outside this, focus will likely be on contracted asset base (CAB) growth at TransGrid or from renewable projects, such as the recently announced Dinawan Energy Hub. Morgan Stanley retains its Equal-weight rating and $2.68 price target. Industry view is cautious.

Target price is $2.68 Current Price is $2.57 Difference: $0.11
If SKI meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.3

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

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

Following Silver Lake Resources' better-than-expected June quarter production results, Morgan Stanley lifts lifting FY21 EPS estimates. However, FY22 guidance was weaker than forecast, with gold sales -8% below forecast, and all-in sustaining costs (AISC) 12% higher.

The broker highlights skilled labour mobility and availability issues will result in processing more lower-grade stockpile ore, and expects stockpile ore usage to continue into FY23.

The next big catalyst will be the August Reserve and Resource update, believes the analyst. Morgan Stanley retains its Equal-weight rating and lowers its target price to $1.80 from $1.90. Industry view is Attractive.

Target price is $1.80 Current Price is $1.49 Difference: $0.31
If SLR meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.5

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

UBS rates SXL as Buy (1) -

UBS assesses traditional media names are conservatively priced and have leverage to current macro conditions while also likely to benefit from any improvement in inflation.

The impact of the pandemic is expected to drive material growth in traditional media in the June half while for FY22 there is potential for upside if strong macro conditions hold.

UBS reiterates a Buy rating for Southern Cross Media and reduces the target to $2.40 from $2.50.

Target price is $2.40 Current Price is $1.98 Difference: $0.42
If SXL meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

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

Macquarie believes the current lockdowns are weighing on sentiment and this should be considered temporary.

In reviewing the earnings and investment view ahead of the FY21 result the broker notes risks to merchant growth following the terminal outages in January have significantly diminished, but remains cautious on longer-term growth and margin expectations.

Macquarie upgrades to Neutral from Underperform and raises the target to $3.50 from $2.65.

Target price is $3.50 Current Price is $3.35 Difference: $0.15
If TYR meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.25, suggesting upside of 25.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.8

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

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

UBS has pushed out the expectations of a rental recovery in office and envisages around -100 basis points of risk to Sydney occupancy if lockdowns extend beyond August.

The broker calculates the pandemic affected earnings decrease by around -4.4% in FY21 and expects the current lockdowns will affect outlook statements for the core retail and office real estate sectors.

UBS upgrades Vicinity Centres to Neutral from Sell amid increasing demand for sub regional retail. Target is steady at $1.54.

Target price is $1.54 Current Price is $1.47 Difference: $0.07
If VCX meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.64, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.0

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

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

Macquarie observes Xero's growth trajectory in North America has been equal to its key competitor's product QuickBooks Online, with a 10-year lag.

Over the next 10 years the broker expects growth in North America for the company will either need to moderate or revenue per unit in the region will need to continue declining.

Although subscriber growth in Australasia is expected to remain robust over the next year Macquarie expects it will decline materially thereafter.

The broker reviews its current multiples and finds it hard to justify the current valuation, downgrading to Underperform from Neutral. Target is $130.

Target price is $130.00 Current Price is $143.73 Difference: minus $13.73 (current price is over target).
If XRO meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $119.50, suggesting downside of -15.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY22:

Forecast for FY23:

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

Citi rates Z1P as Buy (1) -

Having allowed themselves some extra time since Zip Co released its quarterly performance update, Citi analysts stick with their Buy rating.

Customer adds are expected to pick up in the first half of FY22 and the broker believes its investment thesis remains unchanged.

Citi analysts do see downside risk to Zip’s growth and margin outlook from a medium-term perspective given its US and UK operations lack scale, but growth from Quadpay’s Shop Anywhere offering is seen as the offset.

Target price is $10.25 Current Price is $6.80 Difference: $3.45
If Z1P meets the Citi target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $8.21, suggesting upside of 22.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Forecast for FY22:

Market Sentiment: 0.1

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