Australian Broker Call

Ord Minnett rates ABP as Upgrade to Accumulate from Hold (2) -

Ord Minnett notes, since the pandemic has affected markets, A-REITs have fallen -40% while the S&P ASX 200 index has declined -27%.

As a result, the broker makes changes to recommendations for around half of its coverage.

December 2019 book values are expected to be impaired for all property sectors over the next 12-18 months, from revised cash flow and growth assumptions and higher capitalisation rates.

Abacus Property is upgraded to Accumulate from Hold and the target is lowered to $2.70 from $3.30.

Target price is $2.70 Current Price is $2.41 Difference: $0.29
If ABP meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.58, suggesting upside of 48.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

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

Morgan Stanley envisages upside risk to March quarter revenue as merchants accelerate the transition to online sales to combat the lock-down.

The broker also suspects it is too early for credit concerns to emerge. This is likely to come to a head in June or even the September quarter.

Equal-weight. Target is $19.00. Industry view is In-Line.

Target price is $19.00 Current Price is $20.00 Difference: minus $1 (current price is over target).
If APT meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.77, suggesting upside of 43.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Macquarie rates ARF as Upgrade to Outperform from Neutral (1) -

Macquarie observes government policy has tilted to support the sector and the valuation is attractive. Childcare operators will receive a subsidy if services are kept open and not charged. The funding will apply from April 6.

While downside risks may exist for commercial leases in the broader sense, Macquarie believes any regulatory headwinds will be directed towards financially-distressed tenants.

Rating is upgraded to Outperform from Neutral. Target is reduced to $2.45 from $3.20.

Target price is $2.45 Current Price is $2.10 Difference: $0.35
If ARF meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.47, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Credit Suisse rates BLD as Outperform (1) -

Credit Suisse assesses the key infrastructure & construction segments will experience a less brutal contraction compared with repairs and re-modelling. The broker expects a -10% revenue decline in FY20-21.

The main concern are US building products and ash. Falling electricity demand will affect ash supply and coal output is down -33% in the year to date.

While ratings are on negative outlook, free cash flow will remain positive and within covenants. The broker assesses gearing will remain below 40% even with the Headwaters write-down.

Credit Suisse expects Boral will avoid an equity raising although suspension of the dividend in FY21 is possible. Outperform. Target is reduced to $3.70 from $4.70.

Target price is $3.70 Current Price is $2.30 Difference: $1.4
If BLD meets the Credit Suisse target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $3.50, suggesting upside of 52.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgan Stanley rates CAR as Overweight (1) -

Morgan Stanley considers the risks are to the downside, although remains fundamentally positive on a 12-month view.

Assuming AP Eagers ((APE)) accounts for around 11% of dealer turnover it is reasonable, in the broker's view, to assume it accounts for 11% of Carsales.com dealer revenues.

AP Eagers has asked landlords for three months of free rent, assessing April-June will be critical months when income will be low.

Overweight rating, Attractive industry view and $15.50 target maintained.

Target price is $15.50 Current Price is $11.54 Difference: $3.96
If CAR meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $16.68, suggesting upside of 44.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Ord Minnett rates CDP as Upgrade to Accumulate from Hold (2) -

Ord Minnett notes, since the pandemic has affected markets, A-REITs have fallen -40% while the S&P ASX 200 index has declined -27%.

As a result, the broker makes changes to recommendations for around half of its coverage.

December 2019 book values are expected to be impaired for all property sectors over the next 12-18 months, from revised cash flow and growth assumptions and higher capitalisation rates.

Carindale Property is upgraded to Accumulate from Hold. Target is reduced to $3.60 from $5.20.

Target price is $3.60 Current Price is $2.78 Difference: $0.82
If CDP meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Ord Minnett rates CLW as Downgrade to Hold from Buy (3) -

Ord Minnett notes, since the pandemic has affected markets, A-REITs have fallen -40% while the S&P ASX 200 index has declined -27%.

As a result, the broker makes changes to recommendations for around half of its coverage.

December 2019 book values are expected to be impaired for all property sectors over the next 12-18 months, from revised cash flow and growth assumptions and higher capitalisation rates.

The broker's analysis suggests impairments of around -5% are likely for neighbourhood centres, long WALE and industrial assets.

Rating is downgraded to Hold from Buy and the target lowered to $3.90 from $5.10.

Target price is $3.90 Current Price is $4.31 Difference: minus $0.41 (current price is over target).
If CLW meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.34, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Ord Minnett rates CQR as Downgrade to Lighten from Hold (4) -

Ord Minnett notes, since the pandemic has affected markets, A-REITs have fallen -40% while the S&P ASX 200 index has declined -27%.

As a result, the broker makes changes to recommendations for around half of its coverage.

December 2019 book values are expected to be impaired for all property sectors over the next 12-18 months, from revised cash flow and growth assumptions and higher capitalisation rates.

The broker's analysis suggests impairments of around -5% are likely for neighbourhood centres, long WALE and industrial assets and up to -30% for retail malls.

The broker downgrades to Lighten from Hold and reduces the target to $2.60 from $4.00.

Target price is $2.60 Current Price is $3.15 Difference: minus $0.55 (current price is over target).
If CQR meets the Ord Minnett target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.09, suggesting upside of 29.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Credit Suisse rates CSL as Outperform (1) -

Around 98% of the company's US plasma collection centres operate in states that have either a partial or full lock-down. Yet the collection centres remain open because of their classification as critical infrastructure.

While expecting some disruption, Credit Suisse also suspects the rise in unemployment may bring new donors. Still, lower collections over the next three-six-month will affect FY21 earnings to some extent.

The broker reduces the target to $329 from $350. Outperform maintained.

Target price is $329.00 Current Price is $319.19 Difference: $9.81
If CSL meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $310.73, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Morgans rates DTL as Hold (3) -

Data#3 has noted its primary objective at present is to keep staff and customers safe and serviced. Immediate demand for the company's remote working solutions is strong.

Data suggest to the broker Data#3 will achieve its full-year objective of delivering sustainable growth.

Yet economic uncertainty cannot be ignored, hence the broker lowers its forecasts and target to $3.45 from $4.31. Hold retained.

Target price is $3.45 Current Price is $3.25 Difference: $0.2
If DTL meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

Ord Minnett notes, since the pandemic has affected markets, A-REITs have fallen -40% while the S&P ASX 200 index has declined -27%.

As a result, the broker makes changes to recommendations for around half of its coverage.

December 2019 book values are expected to be impaired for all property sectors over the next 12-18 months, from revised cash flow and growth assumptions and higher capitalisation rates.

The broker's analysis suggests impairments of around -15-25% for office assets.

Rating is downgraded to Hold from Accumulate and the target lowered to $8.50 from $12.40.

Target price is $8.50 Current Price is $9.00 Difference: minus $0.5 (current price is over target).
If DXS meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.10, suggesting upside of 34.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

UBS rates FBU as Neutral (3) -

The company has withdrawn guidance for FY20 and cancelled the interim dividend to preserve liquidity.

UBS notes the vast majority of the company's operations are not considered essential services in New Zealand and will cease trading for at least the initial four-week shutdown.

The broker understands that Fletcher Building intends to reduce salaries by -20% during the initial level 4 period of the four weeks. Liquidity stress is not expected, if GDP recovers sharply in the fourth quarter in line with the broker's estimates.

Neutral maintained. Target is reduced to NZ$3.90 from NZ$5.05.

Current Price is $3.24. Target price not assessed.

Current consensus price target is $4.40, suggesting upside of 35.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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 FLT as Buy (1) -

In a quick response to the latest market update by Flight Centre, Citi analysts welcome the various initiatives (including $960m capital raising) that take total available liquidity to $1.98bn, or twenty months of projected -$65m per month cash burn.

Lenders have provided covenant relief for the remainder of 2020, with Citi questioning what exactly this means for June next year as the international travel sector is still expected to be far from normal by then.

This year's covid-19 crisis is causing a permanent shift in the company's business model and cost base, point out the analysts, with Flight Centre intending to close down -50% of all bricks and mortar shops globally.

Citi analysts think Flight Centre will emerge as an industry winner when the covid-19 disruption ends, leading to an improved competitive position.

Current Price is $9.91. Target price not assessed.

Current consensus price target is $28.16, suggesting upside of 184.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Ord Minnett rates GOZ as Upgrade to Accumulate from Hold (2) -

Ord Minnett notes, since the pandemic has affected markets, A-REITs have fallen -40% while the S&P ASX 200 index has declined -27%.

As a result, the broker makes changes to recommendations for around half of its coverage.

December 2019 book values are expected to be impaired for all property sectors over the next 12-18 months, from revised cash flow and growth assumptions and higher capitalisation rates.

The broker upgrades to Accumulate from Hold and reduces the target to $3.00 from $3.65.

Target price is $3.00 Current Price is $2.87 Difference: $0.13
If GOZ meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.83, suggesting upside of 33.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Ord Minnett rates GPT as Upgrade to Accumulate from Hold (2) -

Ord Minnett notes, since the pandemic has affected markets, A-REITs have fallen -40% while the S&P ASX 200 index has declined -27%.

As a result, the broker makes changes to recommendations for around half of its coverage.

December 2019 book values are expected to be impaired for all property sectors over the next 12-18 months, from revised cash flow and growth assumptions and higher capitalisation rates.

GPT is upgraded to Accumulate from Hold. Target is reduced to $4.30 from $5.80.

Target price is $4.30 Current Price is $3.73 Difference: $0.57
If GPT meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.36, suggesting upside of 43.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Ord Minnett rates IAG as Hold (3) -

The company has updated on the impact of the pandemic. Ord Minnett suspects Insurance Australia Group could benefit from reduced claims in motor vehicles and pricing increases in regulated classes, which should more than offset any pressure stemming from commercial business and interest rates.

Management has retained FY20 guidance. The main issue, Ord Minnett anticipates, is that clients may drop or reduce cover. Hold maintained. Target is raised to $7.00 from $6.94.

Target price is $7.00 Current Price is $6.39 Difference: $0.61
If IAG meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.05, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Macquarie rates IPL as Outperform (1) -

Macquarie lowers Australian dollar estimates which, while positive for earnings on translation, is also correlated with lower fertiliser prices.

Agriculture is considered relatively defensive and the Australian winter plantings have commenced, with seasonal conditions so far the best in four years.

Meanwhile, Incitec Pivot's balance sheet is considered manageable and there are no debt maturities until FY21. Outperform maintained. Target is reduced to $3.06 from $3.45.

Target price is $3.06 Current Price is $2.15 Difference: $0.91
If IPL meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $3.40, suggesting upside of 58.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Macquarie rates JHX as Outperform (1) -

Macquarie considers the investment case attractive, although the current crisis in the US still presents a clear risk in the short term.

Still, the business has low operating leverage and the broker considers this under-appreciated.

Any weakness is expected to present an opportunity to invest and an Outperform rating is retained. Target is reduced to $35.30 from $35.60.

Target price is $35.30 Current Price is $19.69 Difference: $15.61
If JHX meets the Macquarie target it will return approximately 79% (excluding dividends, fees and charges).

Current consensus price target is $34.00, suggesting upside of 72.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY20:

Forecast for FY21:

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

Macquarie rates KMD as Neutral (3) -

First half results exceeded expectations. The company has announced an NZ$207m equity raising by way of a placement and rights issue.

While this is a much-needed cash injection, and the business is managing its cash and working capital accordingly, Macquarie is cautious.

The broker is yet to become confident in the longer-term ability of Kathmandu to attain a sustainable and attractive sales profile offshore.

Target falls to $0.98 from $1.57. Neutral retained.

Target price is $0.98 Current Price is $0.69 Difference: $0.29
If KMD meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Ord Minnett rates LEP as Upgrade to Hold from Lighten (3) -

Ord Minnett notes, since the pandemic has affected markets, A-REITs have fallen -40% while the S&P ASX 200 index has declined -27%.

As a result, the broker makes changes to recommendations for around half of its coverage.

December 2019 book values are expected to be impaired for all property sectors over the next 12-18 months, from revised cash flow and growth assumptions and higher capitalisation rates.

Ord Minnett upgrades to Hold from Lighten and reduces the target to $4.00 from $4.10.

Target price is $4.00 Current Price is $3.95 Difference: $0.05
If LEP meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Ord Minnett rates MGR as Upgrade to Accumulate from Hold (2) -

Ord Minnett notes, since the pandemic has affected markets, A-REITs have fallen -40% while the S&P ASX 200 index has declined -27%.

As a result, the broker makes changes to recommendations for around half of its coverage.

December 2019 book values are expected to be impaired for all property sectors over the next 12-18 months from revised cash flow and growth assumptions and higher capitalisation rates.

Mirvac is upgraded to Accumulate from Hold. The target is reduced to $2.40 from $2.90.

Target price is $2.40 Current Price is $2.09 Difference: $0.31
If MGR meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.85, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Morgans rates NAN as Add (1) -

Nanosonics has reported a strong March quarter and noted an unsurprisingly uncertain June quarter outlook. Management nonetheless highlighted a resilient consumables component, ongoing commitment to R&D, a review of expenses and a significant cash holding.

This crisis will not change the longer term importance of high level disinfection, the broker notes, while suggesting investors use volatility to add to positions. Add rating retained, target falls to $6.92 from $6.97.

Target price is $6.92 Current Price is $5.99 Difference: $0.93
If NAN meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.27, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Ord Minnett rates NSR as Resume coverage with Hold (3) -

Ord Minnett notes, since the pandemic has affected markets, A-REITs have fallen -40% while the S&P ASX 200 index has declined -27%.

As a result, the broker makes changes to recommendations for around half of its coverage.

December 2019 book values are expected to be impaired for all property sectors over the next 12-18 months, from revised cash flow and growth assumptions and higher capitalisation rates.

The broker's analysis suggests impairments of around -15% are likely for self storage and childcare centres.

Ord Minnett resumes coverage of National Storage with a Hold rating and $1.50 target.

Target price is $1.50 Current Price is $1.70 Difference: minus $0.2 (current price is over target).
If NSR meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.78, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Morgan Stanley rates NTO as Overweight (1) -

Morgan Stanley notes the Nitro Software business is in the process of shifting to a software-as-a-service model, resulting in a disconnect between key metrics and revenue and considered an opportunity.

The broker envisages the digitisation of document workflow and e-signing is an inevitable structural trend. The current crisis is likely to accelerate the adoption of solutions that simplify, track and accelerate workflow and lower the cost.

Overweight rating, target is reduced to $1.80 from $2.40. In-Line industry view.

Target price is $1.80 Current Price is $1.18 Difference: $0.62
If NTO meets the Morgan Stanley target it will return approximately 53% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

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

NextDC has announced a $672 capital raising at $7.80 to accelerate current fit-outs for third generation data centres in Sydney and Melbourne. The raising will ensure the balance sheet is in good shape, Morgans notes.

Target is slightly reduced to $8.56 from $8.73 to account for a higher share-count but the raising significantly de-risks the stock and broker views the medium term outlook as positive. So does the market, hence following a strong share price run Morgans pulls back to Hold from Add.

Target price is $8.56 Current Price is $8.78 Difference: minus $0.22 (current price is over target).
If NXT meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.26, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

Credit Suisse rates ORA as Outperform (1) -

The company expects to complete the sale of the fibre business by the end of the month. Credit Suisse now assumes $750m is distributed by way of a special dividend of $0.62. A $200m buyback is then expected in FY21.

The broker assumes the packaging distribution business suffers a -20% drop in earnings (EBIT) in FY21. The Australasian beverage packaging business is likely to gain from pantry stocking beer and soft drinks.

Outperform rating maintained. Target is reduced to $2.15 from $3.40.

Target price is $2.15 Current Price is $2.52 Difference: minus $0.37 (current price is over target).
If ORA meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.99, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Ord Minnett rates OSH as Hold (3) -

Similar to peers, Oil Search is addressing the weakness in oil prices, deferring capital expenditure. Still, debt metrics look stretched to Ord Minnett, more so at spot prices.

For those that are willing to take on balance sheet risk, the company's financial leverage means it is likely to outperform peers in a rising oil price environment, the broker adds.

Hold maintained. Target is reduced to $3.50 from $3.65.

Target price is $3.50 Current Price is $2.73 Difference: $0.77
If OSH meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.08, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.1

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

Morgans rates RAP as Add (1) -

ResApp Health's share price has been on a rollercoaster ride, the broker notes, from the disappointing FDA setback to virus-inspired awareness of the company's telehealth applications, which are enjoying a sustained increase in demand.

The broker has made no change to forecasts at this stage. Add and 24c target retained, with upside risk offered by ResApp's new obstructive sleep apnea product.

Target price is $0.24 Current Price is $0.19 Difference: $0.05
If RAP meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Morgan Stanley rates REA as Overweight (1) -

Morgan Stanley suggests, while there are differences between the UK and Australian markets, the fact that UK real estate portal Zoopla has experienced a -60% drop in UK housing transactions has negative implications for the local operator.

If this is matched in Australia, it would be more severe than the -20-30% downside encapsulated in consensus expectations, the broker points out.

Overweight and $105 target retained. Industry view: Attractive.

Target price is $105.00 Current Price is $79.31 Difference: $25.69
If REA meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $94.12, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

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

Shutdowns are likely to put significant pressure on underlying demand for Reece products and thus revenue generation over FY20-21, Morgans warns. This will likely lead to reduced growth plans. The company will keep its stores open for essential water and sanitation product supply.

Current uncertainty and high gearing see Morgans pull back to Hold from Add, while still highlighting the longer term potential of the business. Target falls to $10.16 from $12.84.

Target price is $10.16 Current Price is $8.69 Difference: $1.47
If REH meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.5

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

Citi rates RHC as Buy (1) -

Citi finds it impossible to accurately forecast earnings for the short term but assesses the company's debt position remains strong and that, once the crisis has passed, the relative value of hospital infrastructure will be enhanced.

The broker assumes Australian and UK fourth quarter operating earnings (EBITDA) will be zero, as hospital infrastructure is made available for the government's pandemic preparations.

 FY21-22 estimates are unchanged. Buy retained. Target is reduced to $70 from $75.

Target price is $70.00 Current Price is $60.31 Difference: $9.69
If RHC meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $64.63, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

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

Ord Minnett notes, since the pandemic has affected markets, A-REITs have fallen -40% while the S&P ASX 200 index has declined -27%.

As a result, the broker makes changes to recommendations for around half of its coverage.

December 2019 book values are expected to be impaired for all property sectors over the next 12-18 months, from revised cash flow and growth assumptions and higher capitalisation rates.

The broker's analysis suggests impairments of around -30% are likely for retail malls.

Rating is downgraded to Hold from Accumulate. Target is lowered to $1.90 from $2.50.

Target price is $1.90 Current Price is $1.69 Difference: $0.21
If SCG meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting upside of 47.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Macquarie rates SEK as Neutral (3) -

Macquarie reviews forward estimates and now expects 2020 listing volumes to be down -40%.

The company appears well-positioned for the long term and the broker considers the stock more a play on yield growth than volume over time.

Still, significant earnings headwinds are expected over the next 12 months. Neutral retained. Target is reduced to $16.20 from $22.60.

Target price is $16.20 Current Price is $14.28 Difference: $1.92
If SEK meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $20.32, suggesting upside of 42.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgan Stanley rates SEK as Overweight (1) -

In assessing the updates from global recruitment firms, Morgan Stanley believes it is too early to have a definitive view for Australia.

Yet the read-through is incrementally negative, even assuming the drop in revenues in Australia is less severe.

Overweight retained. Industry view: Attractive. Target is $20.

Target price is $20.00 Current Price is $14.28 Difference: $5.72
If SEK meets the Morgan Stanley target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $20.32, suggesting upside of 42.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Ord Minnett rates SGP as Upgrade to Accumulate from Lighten (2) -

Ord Minnett notes, since the pandemic has affected markets, A-REITs have fallen -40% while the S&P ASX 200 index has declined -27%.

As a result, the broker makes changes to recommendations for around half of its coverage.

December 2019 book values are expected to be impaired for all property sectors over the next 12-18 months, from revised cash flow and growth assumptions and higher capitalisation rates.

Stockland is upgraded to Accumulate from Lighten and the target reduced to $3.10 from $3.90.

Target price is $3.10 Current Price is $2.48 Difference: $0.62
If SGP meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $3.60, suggesting upside of 45.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

UBS rates SGP as Neutral (3) -

UBS revises estimates to reflect the uncertainty. Retail estimates are re-based by -6-10% to reflect rental abatements. Free cash flow forecasts are reduced by -10% in FY20 and -22% in FY21.

The broker assumes Stockland does not pay a second half distribution in order to preserve the gearing ratio. Gearing is higher than the sector average, but liquidity and covenant risk appear low.

UBS retains a Neutral rating and reduces the target to $3.00 from $4.80.

Target price is $3.00 Current Price is $2.48 Difference: $0.52
If SGP meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.60, suggesting upside of 45.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Macquarie rates SHL as Neutral (3) -

Macquarie considers the risks in the short term from the coronavirus crisis are skewed to the downside. Moreover, reimbursements in the US and Germany present headwinds.

The broker incorporates more conservative growth assumptions and reduces estimates for earnings per share by -26% in FY20 and -23% in FY21.

Neutral maintained. Target is reduced to $24.50 from $26.50.

Target price is $24.50 Current Price is $22.52 Difference: $1.98
If SHL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $27.33, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

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

The company's update has indicated the business is tracking in line with guidance. Higher connectivity revenue is expected in the current quarter, reflecting an increase in traffic across the networks.

There is a temporary reduction in revenue from guest wi-fi because of restrictions on university students and travel. A further trading update is anticipated in mid May.

Equal-weight rating maintained, as Morgan Stanley would prefer evidence of sustained sales growth before turning more positive. In-Line industry view. Target is $0.75.

Target price is $0.75 Current Price is $0.65 Difference: $0.1
If SLC meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.02, suggesting upside of 56.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

UBS rates SPK as Neutral (3) -

Spark New Zealand has been one of the better performing NZX50 stocks, UBS observes, given it sells essential services. The balance sheet is also relatively under-geared.

The broker expects the dividend can be maintained in FY20 and FY21 as long as control measures for the coronavirus do not last beyond December 2020.

Neutral maintained. Target is reduced to NZ$4.20 from NZ$4.55.

Current Price is $4.19. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.0

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

Ord Minnett rates SUN as Upgrade to Accumulate from Hold (2) -

Ord Minnett expects the general insurance business could benefit from reduced claims in motor vehicles, offset partially by possible landlord insurance claims.

The broker expects the banking division will suffer from margin pressures and a rise in bad debts, although this will be less than for the major banks.

The broker reviews earnings forecasts and upgrades to Accumulate from Hold as a result. Target is reduced to $12.83 from $13.41.

Target price is $12.83 Current Price is $9.30 Difference: $3.53
If SUN meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $11.66, suggesting upside of 25.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.1

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

Ord Minnett rates VCX as Upgrade to Accumulate from Hold (2) -

Ord Minnett notes, since the pandemic has affected markets, A-REITs have fallen -40% while the S&P ASX 200 index has declined -27%.

As a result, the broker makes changes to recommendations for around half of its coverage.

December 2019 book values are expected to be impaired for all property sectors over the next 12-18 months, from revised cash flow and growth assumptions and higher capitalisation rates.

The broker's analysis suggests impairments of around -30% are likely for retail malls.

Rating is upgraded to Accumulate from Hold and the target lowered to $1.50 from $1.85.

Target price is $1.50 Current Price is $1.14 Difference: $0.36
If VCX meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $1.76, suggesting upside of 54.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Morgan Stanley rates WEB as Upgrade to Equal-weight from Underweight (3) -

The company has recapitalised, raising around $346m, which results in a -150% dilution. Morgan Stanley notes unusual events and the lack of a buffer have led to significant value dilution.

Morgan Stanley reduces FY20 earnings estimates by -93% and FY21 by -84%. The broker does not have a conviction on earnings in order to maintain a strong view on the valuation.

Rating is upgraded to Equal-weight from Underweight, largely because of the improved liquidity and minimal visibility on earnings. The market is expected to look through the FY20 and FY21 results.

Target is reduced to $2.50 from $10.00. Industry View is In-Line.

Target price is $2.50 Current Price is $2.48 Difference: $0.02
If WEB meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.61, suggesting upside of 166.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Ord Minnett rates WEB as Buy (1) -

The company's capital raising has illustrated the devastating impact of the pandemic on the travel sector. Ord Minnett estimates Webjet will now have a cash balance of around $220m as of December 31, 2020, assuming zero revenue.

Furthermore, a decline to around $150m is calculated for June 30, 2021, also assuming no revenue.

Hence, the broker suspects the company can survive the crisis. Buy rating maintained. Target is reduced to $4.86 from $10.47.

Target price is $4.86 Current Price is $2.48 Difference: $2.38
If WEB meets the Ord Minnett target it will return approximately 96% (excluding dividends, fees and charges).

Current consensus price target is $6.61, suggesting upside of 166.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgans rates WGN as Hold (3) -

Wagners has withdrawn full year guidance. The virus is disrupting international sales and domestic construction activity will slow likely in the next six months, albeit there has been minimal interruption to date.

Gearing is becoming elevated but the company does have significant headroom, the broker notes, under a $125m term facility. Target falls to $1.00 from $1.60, Hold retained.

Target price is $1.00 Current Price is $0.93 Difference: $0.07
If WGN meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.25, suggesting upside of 34.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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