Australian Broker Call

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March 13, 2020

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COMPANIES DISCUSSED IN THIS ISSUE

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

Last Updated: 05:00 PM

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

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

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

Today's Upgrades and Downgrades
AGL - AGL ENERGY Upgrade to Add from Hold Morgans
ALX - ATLAS ARTERIA Upgrade to Outperform from Neutral Macquarie
ANZ - ANZ BANKING GROUP Upgrade to Buy from Neutral UBS
APA - APA Upgrade to Add from Hold Morgans
BEN - BENDIGO AND ADELAIDE BANK Upgrade to Neutral from Sell UBS
CBA - COMMBANK Upgrade to Neutral from Sell UBS
CCL - COCA-COLA AMATIL Upgrade to Outperform from Neutral Macquarie
CSL - CSL Upgrade to Buy from Neutral Citi
DMP - DOMINO'S PIZZA Upgrade to Outperform from Neutral Macquarie
FLT - FLIGHT CENTRE Downgrade to Underperform from Neutral Macquarie
IGO - IGO Upgrade to Accumulate from Hold Ord Minnett
MIN - MINERAL RESOURCES Upgrade to Accumulate from Hold Ord Minnett
NAB - NATIONAL AUSTRALIA BANK Upgrade to Neutral from Sell UBS
NHF - NIB HOLDINGS Upgrade to Accumulate from Hold Ord Minnett
ORE - OROCOBRE Upgrade to Hold from Sell Ord Minnett
RRL - REGIS RESOURCES Upgrade to Accumulate from Hold Ord Minnett
SPK - SPARK NEW ZEALAND Upgrade to Neutral from Underperform Credit Suisse
STO - SANTOS Upgrade to Add from Hold Morgans
A2M  THE A2 MILK COMPANY LIMITED

Dairy

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Overnight Price: $14.97

Citi rates A2M as Buy (1) -

Citi analysts have undertaken a rigorous re-assessment of Australia's Food & Beverage sector. Sector top picks are a2 Milk and Asaleo Care. Citi analysts remind investors food and beverage companies typically have modest operating leverage and good balance sheets, which means these shares should outperform in a volatile market.

Today's sector analysis includes risk to sales, balance sheet positions and extent of the PE de-rating. Price target of $19.20 retained for a2 Milk, with the Buy rating "emphasised".

Target price is $19.20 Current Price is $14.97 Difference: $4.23
If A2M meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $17.34, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 0.00 cents and EPS of 53.82 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.7, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 31.4.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 0.00 cents and EPS of 63.86 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.4, implying annual growth of 20.3%.

Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 0.3%.

Current consensus EPS estimate suggests the PER is 26.1.

This company reports in NZD. 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

AGL  AGL ENERGY LIMITED

Infrastructure & Utilities

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Overnight Price: $16.89

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

Morgans expects electricity demand will remain resilient in the second half despite interruptions to economic activity. Moreover, AGL Energy carries minimal exposure to the spot price as customer demand is well matched by generation output.

The stock has fallen -19% from its post reporting high in the midst of a broader market sell-off and the broker upgrades to Add from Hold. Target is reduced to $18.35 from $18.38.

Target price is $18.35 Current Price is $16.89 Difference: $1.46
If AGL meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $18.89, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 98.00 cents and EPS of 111.00 cents.
At the last closing share price the estimated dividend yield is 5.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 129.4, implying annual growth of -6.2%.

Current consensus DPS estimate is 100.2, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 13.1.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 108.00 cents and EPS of 144.00 cents.
At the last closing share price the estimated dividend yield is 6.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 135.2, implying annual growth of 4.5%.

Current consensus DPS estimate is 102.7, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 12.5.

Market Sentiment: -0.4

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

AHY  ASALEO CARE LIMITED

Household & Personal Products

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Overnight Price: $1.00

Citi rates AHY as Buy (1) -

Citi analysts have undertaken a rigorous re-assessment of Australia's Food & Beverage sector. Sector top picks are a2 Milk and Asaleo Care. Citi analysts remind investors food and beverage companies typically have modest operating leverage and good balance sheets, which means these shares should outperform in a volatile market.

Today's sector analysis includes risk to sales, balance sheet positions and extent of the PE de-rating. Price target of $1.30 retained for Asaleo Care, with the Buy rating "emphasised".

Target price is $1.30 Current Price is $1.00 Difference: $0.3
If AHY meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $1.24, suggesting upside of 23.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 4.50 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 4.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.7, implying annual growth of 63.4%.

Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 5.00 cents and EPS of 7.50 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.1, implying annual growth of 6.0%.

Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 14.1.

Market Sentiment: 0.7

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

ALX  ATLAS ARTERIA

Infrastructure & Utilities

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Overnight Price: $5.91

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

Atlas Arteria will feel the impact of the virus, Macquarie notes, but offsetting currency movements are material and medium-term government responses are likely to be positive to valuations. The stock offers material value for investors and while the virus initially hurts, valuation should recover quickly.

The dividend is already below cash flow providing scope to maintain current growth, and if the currency remains low, there is minor upside, Macquarie suggests. Upgrade to Outperform, target falls to $8.14 from $8.42 on short-term impact.

Target price is $8.14 Current Price is $5.91 Difference: $2.23
If ALX meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $7.92, suggesting upside of 33.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 36.00 cents and EPS of 55.10 cents.
At the last closing share price the estimated dividend yield is 6.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.5, implying annual growth of 1600.0%.

Current consensus DPS estimate is 36.0, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 13.9.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 42.00 cents and EPS of 92.10 cents.
At the last closing share price the estimated dividend yield is 7.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.0, implying annual growth of 36.5%.

Current consensus DPS estimate is 40.7, implying a prospective dividend yield of 6.9%.

Current consensus EPS estimate suggests the PER is 10.2.

Market Sentiment: 0.2

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

ANZ  AUSTRALIA & NEW ZEALAND BANKING GROUP

Banks

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Overnight Price: $18.24

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

Following the rapid correction in Australian bank share prices, UBS believes value is emerging for the first time in several years. The broker is now incorporating an Australian recession in its economic outlook along with quantitative easing.

While acknowledging a low level of confidence in forecasts, the broker believes consensus is now materially overstating the case and this is reflected in current share prices.

As a result, ANZ Bank is upgraded to Buy from Neutral. This is the first time UBS has had a Buy rating on an Australian bank in three years. Target is $21.

Target price is $21.00 Current Price is $18.24 Difference: $2.76
If ANZ meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $25.34, suggesting upside of 38.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 150.00 cents and EPS of 189.00 cents.
At the last closing share price the estimated dividend yield is 8.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 202.9, implying annual growth of -3.4%.

Current consensus DPS estimate is 155.7, implying a prospective dividend yield of 8.5%.

Current consensus EPS estimate suggests the PER is 9.0.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 140.00 cents and EPS of 187.00 cents.
At the last closing share price the estimated dividend yield is 7.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 206.1, implying annual growth of 1.6%.

Current consensus DPS estimate is 152.0, implying a prospective dividend yield of 8.3%.

Current consensus EPS estimate suggests the PER is 8.9.

Market Sentiment: 0.3

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

APA  APA GROUP

NatGas

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Overnight Price: $9.37

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

Morgans upgrades to Add from Hold, given recent share price weakness. The broker considers APA Group the best-of-breed in the energy infrastructure segment.

Furthermore, the broker suggests the nature of the revenue makes it an ideal place to deploy capital to avoid exposure to coronavirus, while delivering a 5.3% cash yield. Target is $10.90.

Target price is $10.90 Current Price is $9.37 Difference: $1.53
If APA meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $11.30, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 50.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.5, implying annual growth of 16.8%.

Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 32.9.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 52.20 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 5.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.8, implying annual growth of 11.6%.

Current consensus DPS estimate is 52.5, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 29.5.

Market Sentiment: 0.1

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

APT  AFTERPAY LIMITED

Business & Consumer Credit

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Overnight Price: $23.06

UBS rates APT as Sell (5) -

UBS has updated global growth forecasts. While the Buy Now Pay Later segment can rapidly alter credit, higher unemployment is expected to drive bad debts up in the short term.

While quantifying the impact is difficult, UBS notes Afterpay's receivables turnover is higher than Zip Co ((Z1P)), making funding risks lower.

However, Zip asks applicants about their employment status, an advantage in the broker's view.

Sell rating maintained. Target is reduced to $17.90 from $18.20.

Target price is $17.90 Current Price is $23.06 Difference: minus $5.16 (current price is over target).
If APT meets the UBS target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.65, suggesting upside of 63.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 21.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 105.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -14.3, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 12.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 189.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.8, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 823.6.

Market Sentiment: 0.7

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

BEN  BENDIGO AND ADELAIDE BANK LIMITED

Banks

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Overnight Price: $6.55

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

Following the rapid correction in Australian bank share prices, UBS believes value is emerging for the first time in several years. The broker is now incorporating an Australian recession in its economic outlook along with quantitative easing.

While acknowledging a low level of confidence in forecasts, the broker believes consensus is now materially overstating the case and this is reflected in current share prices.

Bendigo and Adelaide Bank is upgraded to Neutral from Sell. Target is $6.50.

Target price is $6.50 Current Price is $6.55 Difference: minus $0.05 (current price is over target).
If BEN meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.52, suggesting upside of 30.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 EPS of 69.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.8, implying annual growth of -16.7%.

Current consensus DPS estimate is 60.8, implying a prospective dividend yield of 9.3%.

Current consensus EPS estimate suggests the PER is 9.3.

Forecast for FY21:

UBS forecasts a full year FY21 EPS of 55.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.6, implying annual growth of -13.0%.

Current consensus DPS estimate is 56.0, implying a prospective dividend yield of 8.5%.

Current consensus EPS estimate suggests the PER is 10.6.

Market Sentiment: -0.7

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

BHP  BHP GROUP

Bulks

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Overnight Price: $25.95

Credit Suisse rates BHP as Neutral (3) -

Credit Suisse cuts oil price forecasts substantially, lowering Brent in 2020 to US$37-42/bbl from US$55-63/bbl. 2021 forecasts are also reduced, to US$45-50/bbl from US$55-65/bbl.

Earnings for BHP Group are reduced by around -2% over FY20 and -7% over FY21. Neutral rating and $41 target maintained.

Target price is $41.00 Current Price is $25.95 Difference: $15.05
If BHP meets the Credit Suisse target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $39.15, suggesting upside of 50.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 171.59 cents and EPS of 299.55 cents.
At the last closing share price the estimated dividend yield is 6.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 310.2, implying annual growth of N/A.

Current consensus DPS estimate is 205.7, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 119.24 cents and EPS of 237.02 cents.
At the last closing share price the estimated dividend yield is 4.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 302.8, implying annual growth of -2.4%.

Current consensus DPS estimate is 203.1, implying a prospective dividend yield of 7.8%.

Current consensus EPS estimate suggests the PER is 8.6.

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

BKL  BLACKMORES LIMITED

Health & Nutrition

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Overnight Price: $66.66

Citi rates BKL as Neutral (3) -

Citi analysts have undertaken a rigorous re-assessment of Australia's Food & Beverage sector. Sector top picks are a2 Milk and Asaleo Care. Citi analysts remind investors food and beverage companies typically have modest operating leverage and good balance sheets, which means these shares should outperform in a volatile market.

Today's sector analysis includes risk to sales, balance sheet positions and extent of the PE de-rating. Price target of $72.80 retained for Blackmores, with an unchanged Neutral rating.

Citi analysts point out Blackmores' level of gearing is higher than the industry average, but not high compared to other industries.

Target price is $72.80 Current Price is $66.66 Difference: $6.14
If BKL meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $65.97, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 0.00 cents and EPS of 116.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 57.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 110.5, implying annual growth of -64.3%.

Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 0.2%.

Current consensus EPS estimate suggests the PER is 60.3.

Forecast for FY21:

Citi forecasts a full year FY21 EPS of 140.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 203.5, implying annual growth of 84.2%.

Current consensus DPS estimate is 148.4, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 32.8.

Market Sentiment: -0.3

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

BKW  BRICKWORKS LIMITED

Building Products & Services

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Overnight Price: $15.19

Macquarie rates BKW as Neutral (3) -

Washington H Soul Pattinson ((SOL)), in which Brickworks is a major cross-shareholder, has guided to a -70-75% drop in profit in the second half from the first due to reduced earnings in major investments.

Brickworks expects a "significant" decline in first half earnings for Building Products due to weaker building activity. The company's Property contribution is nevertheless expected to be stronger.

The net result is guidance ot a -37% decline in second half underlying profit. The broker retains Neutral, cutting its target to $17.90 from $18.50.

Target price is $17.90 Current Price is $15.19 Difference: $2.71
If BKW meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $18.68, suggesting upside of 23.0% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 54.00 cents and EPS of 117.60 cents.
At the last closing share price the estimated dividend yield is 3.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 114.5, implying annual growth of 10.8%.

Current consensus DPS estimate is 55.3, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 13.3.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 56.00 cents and EPS of 112.10 cents.
At the last closing share price the estimated dividend yield is 3.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 112.6, implying annual growth of -1.7%.

Current consensus DPS estimate is 57.3, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 13.5.

Market Sentiment: 0.0

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

CBA  COMMONWEALTH BANK OF AUSTRALIA

Banks

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Overnight Price: $64.39

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

Following the rapid correction in Australian bank share prices, UBS believes value is emerging for the first time in several years. The broker is now incorporating an Australian recession in its economic outlook along with quantitative easing.

While acknowledging a low level of confidence in forecasts, the broker believes consensus is now materially overstating the case and this is reflected in current share prices.

UBS upgrades Commonwealth Bank to Neutral from Sell. The main concern previously was a stretched valuation but the share price has now fallen such that it represents reasonable value. Target is $65.

Target price is $65.00 Current Price is $64.39 Difference: $0.61
If CBA meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $72.46, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 431.00 cents and EPS of 465.00 cents.
At the last closing share price the estimated dividend yield is 6.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 479.4, implying annual growth of -1.3%.

Current consensus DPS estimate is 431.0, implying a prospective dividend yield of 6.7%.

Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 347.00 cents and EPS of 421.00 cents.
At the last closing share price the estimated dividend yield is 5.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 485.1, implying annual growth of 1.2%.

Current consensus DPS estimate is 415.0, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: -0.7

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

CCL  COCA-COLA AMATIL LIMITED

Food, Beverages & Tobacco

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Overnight Price: $10.26

Citi rates CCL as Sell (5) -

Citi analysts have undertaken a rigorous re-assessment of Australia's Food & Beverage sector. Sector top picks are a2 Milk and Asaleo Care. Citi analysts remind investors food and beverage companies typically have modest operating leverage and good balance sheets, which means these shares should outperform in a volatile market.

Today's sector analysis includes risk to sales, balance sheet positions and extent of the PE de-rating. Price target is $10.60 for Coca-Cola Amatil. Rating remains Sell.

Target price is $10.60 Current Price is $10.26 Difference: $0.34
If CCL meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $12.28, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Citi forecasts a full year FY20 EPS of 58.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.3, implying annual growth of 10.8%.

Current consensus DPS estimate is 49.3, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 17.9.

Forecast for FY21:

Citi forecasts a full year FY21 EPS of 60.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.8, implying annual growth of 4.4%.

Current consensus DPS estimate is 50.5, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 17.2.

Market Sentiment: -0.1

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


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

With respect to the virus, Macquarie sees limited risk to Consumer Staples particularly supermarkets, Coca-Cola Amatil and Domino's Pizza.

The broker has left its forecasts and $13.60 target for Coca-Cola unchanged but has upgraded to Outperform.

Target price is $13.60 Current Price is $10.26 Difference: $3.34
If CCL meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $12.28, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 49.60 cents and EPS of 55.10 cents.
At the last closing share price the estimated dividend yield is 4.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.3, implying annual growth of 10.8%.

Current consensus DPS estimate is 49.3, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 17.9.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 51.00 cents and EPS of 56.70 cents.
At the last closing share price the estimated dividend yield is 4.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.8, implying annual growth of 4.4%.

Current consensus DPS estimate is 50.5, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 17.2.

Market Sentiment: -0.1

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

CGC  COSTA GROUP HOLDINGS LIMITED

Agriculture

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Overnight Price: $3.04

Citi rates CGC as Neutral (3) -

Citi analysts have undertaken a rigorous re-assessment of Australia's Food & Beverage sector. Sector top picks are a2 Milk and Asaleo Care. Citi analysts remind investors food and beverage companies typically have modest operating leverage and good balance sheets, which means these shares should outperform in a volatile market.

Today's sector analysis includes risk to sales, balance sheet positions and extent of the PE de-rating. Price target is $3.20. Rating is Neutral.

Target price is $3.20 Current Price is $3.04 Difference: $0.16
If CGC meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.16, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 8.00 cents and EPS of 13.20 cents.
At the last closing share price the estimated dividend yield is 2.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.5, implying annual growth of N/A.

Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 24.3.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 10.50 cents and EPS of 15.60 cents.
At the last closing share price the estimated dividend yield is 3.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.6, implying annual growth of 32.8%.

Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 18.3.

Market Sentiment: 0.2

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

COL  COLES GROUP LIMITED

Food, Beverages & Tobacco

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Overnight Price: $15.66

Macquarie rates COL as Outperform (1) -

With respect to the virus, Macquarie sees limited risk to Consumer Staples particularly supermarkets, Coca-Cola Amatil and Domino's Pizza.

The broker has not adjusted its forecasts for Coles and retains Outperform and a $17.20 target.

Target price is $17.20 Current Price is $15.66 Difference: $1.54
If COL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $16.10, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 55.50 cents and EPS of 69.40 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.7, implying annual growth of -16.2%.

Current consensus DPS estimate is 57.7, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 23.1.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 56.50 cents and EPS of 70.60 cents.
At the last closing share price the estimated dividend yield is 3.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.7, implying annual growth of 4.4%.

Current consensus DPS estimate is 60.1, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 22.1.

Market Sentiment: -0.1

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

CSL  CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences

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Overnight Price: $304.00

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

A brave team of healthcare analysts at Citi has upgraded CSL to Buy from Neutral if only because the share price continues to weaken. Citi has kept the $332 price target intact, while forecasting double-digit percentages growth in EPS for each of the following three years.

Moreover, Citi analysts believe risk to earnings in the medium-term remains to the upside because CSL continues to increase market share due to its superior plasma collection position.

Target price is $332.00 Current Price is $304.00 Difference: $28
If CSL meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $326.44, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 296.64 cents and EPS of 670.79 cents.
At the last closing share price the estimated dividend yield is 0.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 716.1, implying annual growth of N/A.

Current consensus DPS estimate is 315.5, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 42.5.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 353.35 cents and EPS of 826.52 cents.
At the last closing share price the estimated dividend yield is 1.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 863.6, implying annual growth of 20.6%.

Current consensus DPS estimate is 379.8, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 35.2.

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

CTX  CALTEX AUSTRALIA LIMITED

Crude Oil

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Overnight Price: $24.69

Credit Suisse rates CTX as Neutral (3) -

Credit Suisse suggests the sharp decline in the share price would tip the scale towards the takeover not proceeding.

The broker poses the question: would a potential acquirer proceed with a proposal at a 40% premium to the current share price and could funding be obtained in the current environment in any case.

The broker sets the target at $24.00, reduced from $34.74, and maintains a Neutral rating.

Target price is $24.00 Current Price is $24.69 Difference: minus $0.69 (current price is over target).
If CTX meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.45, suggesting upside of 27.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 87.30 cents and EPS of 141.00 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 181.4, implying annual growth of 19.9%.

Current consensus DPS estimate is 107.4, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 126.55 cents and EPS of 213.00 cents.
At the last closing share price the estimated dividend yield is 5.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 208.2, implying annual growth of 14.8%.

Current consensus DPS estimate is 123.9, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 11.9.

Market Sentiment: 0.0

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


Ord Minnett rates CTX as Hold (3) -

Caltex Australia has highlighted downside risk to jet volumes. Ord Minnett reduces estimates for the Lytton refinery and the fuels & infrastructure division.

The broker assesses the corporate appeal is not supporting the share price. Hold maintained. Target is reduced to $30 from $35.

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

Target price is $30.00 Current Price is $24.69 Difference: $5.31
If CTX meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $31.45, suggesting upside of 27.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 194.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 181.4, implying annual growth of 19.9%.

Current consensus DPS estimate is 107.4, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 219.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 208.2, implying annual growth of 14.8%.

Current consensus DPS estimate is 123.9, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 11.9.

Market Sentiment: 0.0

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

DMP  DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco

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Overnight Price: $52.82

Citi rates DMP as Sell (5) -

Citi analysts have undertaken a rigorous re-assessment of Australia's Food & Beverage sector. Sector top picks are a2 Milk and Asaleo Care. Citi analysts remind investors food and beverage companies typically have modest operating leverage and good balance sheets, which means these shares should outperform in a volatile market.

Today's sector analysis includes risk to sales, balance sheet positions and extent of the PE de-rating. Price target for Domino's Pizza is $49.80 with an unchanged Sell rating.

Target price is $49.80 Current Price is $52.82 Difference: minus $3.02 (current price is over target).
If DMP meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $57.99, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 124.30 cents and EPS of 177.40 cents.
At the last closing share price the estimated dividend yield is 2.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 181.0, implying annual growth of 33.6%.

Current consensus DPS estimate is 128.2, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 29.2.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 140.00 cents and EPS of 201.40 cents.
At the last closing share price the estimated dividend yield is 2.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 204.5, implying annual growth of 13.0%.

Current consensus DPS estimate is 143.8, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 25.8.

Market Sentiment: 0.1

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


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

With respect to the virus, Macquarie sees limited risk to Consumer Staples particularly supermarkets, Coca-Cola Amatil and Domino's Pizza.

The broker has left its forecasts and $66.10 target for Domino's Pizza unchanged but upgraded to Outperform.

Target price is $66.10 Current Price is $52.82 Difference: $13.28
If DMP meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $57.99, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 130.60 cents and EPS of 183.50 cents.
At the last closing share price the estimated dividend yield is 2.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 181.0, implying annual growth of 33.6%.

Current consensus DPS estimate is 128.2, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 29.2.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 147.20 cents and EPS of 210.00 cents.
At the last closing share price the estimated dividend yield is 2.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 204.5, implying annual growth of 13.0%.

Current consensus DPS estimate is 143.8, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 25.8.

Market Sentiment: 0.1

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

FLT  FLIGHT CENTRE LIMITED

Travel, Leisure & Tourism

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Overnight Price: $18.93

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

Macquarie sees earnings risk for JB Hi-Fi, Harvey Norman, Treasury Wine Estates and Flight Centre from lower consumer discretionary spending in the face of increasing virus risk.

In the wake of the US travel ban on Europe, the broker cuts its FY20 earnings forecast cut by -34% for Flight Centre. Target falls to $17.95 from $35.40.

"We believe consensus is yet to adjust to this new reality," says Macquarie. Downgrade to Underperform. No earnings forecast numbers have been provided.

Target price is $17.95 Current Price is $18.93 Difference: minus $0.98 (current price is over target).
If FLT meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.74, suggesting upside of 88.8% (ex-dividends)

Forecast for FY20:

Current consensus EPS estimate is 163.5, implying annual growth of -37.5%.

Current consensus DPS estimate is 100.3, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 11.6.

Forecast for FY21:

Current consensus EPS estimate is 227.4, implying annual growth of 39.1%.

Current consensus DPS estimate is 150.3, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 8.3.

Market Sentiment: 0.1

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

FMG  FORTESCUE METALS GROUP LTD

Iron Ore

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Overnight Price: $9.58

Macquarie rates FMG as Outperform (1) -

With Fortescue Metals' share price down -13% in seven days (prior to today) despite unchanged iron ore prices, the broker notes the stock is trading on a spot PE multiple of 3.8x and offering a 20% FY21 free cash fow yield.

Given the broker expects the bulk of this to be returned to shareholders, a 20% dividend yield is possible. Outperform reiterated, target unchanged at $12.40.

Target price is $12.40 Current Price is $9.58 Difference: $2.82
If FMG meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $9.98, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 144.69 cents and EPS of 214.48 cents.
At the last closing share price the estimated dividend yield is 15.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 214.5, implying annual growth of N/A.

Current consensus DPS estimate is 222.3, implying a prospective dividend yield of 23.2%.

Current consensus EPS estimate suggests the PER is 4.5.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 79.40 cents and EPS of 113.28 cents.
At the last closing share price the estimated dividend yield is 8.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 135.1, implying annual growth of -37.0%.

Current consensus DPS estimate is 171.0, implying a prospective dividend yield of 17.8%.

Current consensus EPS estimate suggests the PER is 7.1.

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

FNP  FREEDOM FOODS GROUP LIMITED

Food, Beverages & Tobacco

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Overnight Price: $4.26

Citi rates FNP as Buy (1) -

Citi analysts have undertaken a rigorous re-assessment of Australia's Food & Beverage sector. Sector top picks are a2 Milk and Asaleo Care. Citi analysts remind investors food and beverage companies typically have modest operating leverage and good balance sheets, which means these shares should outperform in a volatile market.

Today's sector analysis includes risk to sales, balance sheet positions and extent of the PE de-rating. Price target is $5.90. Rating is Buy.

Citi analysts point out Freedom Foods' level of gearing is higher than the industry average, but not high compared to other industries.

Target price is $5.90 Current Price is $4.26 Difference: $1.64
If FNP meets the Citi target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $5.82, suggesting upside of 36.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 7.30 cents and EPS of 11.30 cents.
At the last closing share price the estimated dividend yield is 1.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.4, implying annual growth of 143.1%.

Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 37.4.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 12.10 cents and EPS of 19.90 cents.
At the last closing share price the estimated dividend yield is 2.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.0, implying annual growth of 84.2%.

Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 20.3.

Market Sentiment: 1.0

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

HLO  HELLOWORLD LIMITED

Travel, Leisure & Tourism

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Overnight Price: $1.68

Ord Minnett rates HLO as Buy (1) -

Ord Minnett expects conditions will become tougher and the decision by the company to withdraw guidance is no surprise.

Still, the market appears to be pricing in a declining earnings stream for the next three years, while the broker assumes the virus affects earnings for the remainder of 2020 followed by a recovery in 2021.

The stock appears oversold and a Buy rating is retained. Target is lowered to $3.28 from $3.79.

Target price is $3.28 Current Price is $1.68 Difference: $1.6
If HLO meets the Ord Minnett target it will return approximately 95% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 13.40 cents and EPS of 24.90 cents.
At the last closing share price the estimated dividend yield is 7.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.75.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 10.90 cents and EPS of 22.10 cents.
At the last closing share price the estimated dividend yield is 6.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.60.

Market Sentiment: 0.5

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

HVN  HARVEY NORMAN HOLDINGS LIMITED

Consumer Electronics

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Overnight Price: $3.15

Macquarie rates HVN as Neutral (3) -

Macquarie sees earnings risk for JB Hi-Fi, Harvey Norman, Treasury Wine Estates and Flight Centre from lower consumer discretionary spending in the face of increasing virus risk.

FY21 earnings forecast cut by -5% for Harvey Norman. Target falls to $3.20 from $3.90, Neutral retained. No earnings forecast numbers have been provided.

Target price is $3.20 Current Price is $3.15 Difference: $0.05
If HVN meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 25.8% (ex-dividends)

Forecast for FY20:

Current consensus EPS estimate is 28.2, implying annual growth of -18.7%.

Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 7.6%.

Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY21:

Current consensus EPS estimate is 28.9, implying annual growth of 2.5%.

Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 7.7%.

Current consensus EPS estimate suggests the PER is 10.9.

Market Sentiment: 0.2

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

IGO  IGO LIMITED

Nickel

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Overnight Price: $4.04

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

Ord Minnett upgrades to Accumulate from Hold, given the slump in the share price. Target is reduced to $5.40 from $5.70.

After updating commodity price forecasts Ord Minnett retains a relative preference for diversified miners and gold stocks.

The broker finds selective value in base metals while considers it too early for lithium names.

Target price is $5.40 Current Price is $4.04 Difference: $1.36
If IGO meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $5.96, suggesting upside of 47.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 44.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.8, implying annual growth of 162.2%.

Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 12.0.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 46.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.2, implying annual growth of 10.1%.

Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 10.9.

Market Sentiment: 0.1

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

ING  INGHAMS GROUP LIMITED

Food, Beverages & Tobacco

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Overnight Price: $3.35

Citi rates ING as Buy (1) -

Citi analysts have undertaken a rigorous re-assessment of Australia's Food & Beverage sector. Sector top picks are a2 Milk and Asaleo Care. Citi analysts remind investors food and beverage companies typically have modest operating leverage and good balance sheets, which means these shares should outperform in a volatile market.

Today's sector analysis includes risk to sales, balance sheet positions and extent of the PE de-rating. Price target for Inghams Group is $3.90 with a Buy rating.

Target price is $3.90 Current Price is $3.35 Difference: $0.55
If ING meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.54, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 16.10 cents and EPS of 23.40 cents.
At the last closing share price the estimated dividend yield is 4.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of -34.0%.

Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 16.80 cents and EPS of 24.60 cents.
At the last closing share price the estimated dividend yield is 5.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.3, implying annual growth of 9.0%.

Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 13.8.

Market Sentiment: 0.3

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

JBH  JB HI-FI LIMITED

Consumer Electronics

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Overnight Price: $33.25

Macquarie rates JBH as Outperform (1) -

Macquarie sees earnings risk for JB Hi-Fi, Harvey Norman, Treasury Wine Estates and Flight Centre from lower consumer discretionary spending in the face of increasing virus risk.

FY21 earnings forecast cut by -3% for JB Hi-Fi. Target falls to $38.80 from $51.10, Outperform retained. No earnings forecast numbers have been provided.

Target price is $38.80 Current Price is $33.25 Difference: $5.55
If JBH meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $38.70, suggesting upside of 16.4% (ex-dividends)

Forecast for FY20:

Current consensus EPS estimate is 229.9, implying annual growth of 5.7%.

Current consensus DPS estimate is 151.2, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY21:

Current consensus EPS estimate is 237.8, implying annual growth of 3.4%.

Current consensus DPS estimate is 155.6, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 14.0.

Market Sentiment: 0.0

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

KAR  KAROON ENERGY LTD

Crude Oil

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Overnight Price: $0.38

Macquarie rates KAR as Outperform (1) -

Finalisation of the Bauna acquisition has been delayed to the June quarter from the March quarter, pending environmental licences, approvals and debt funding finalisation. The acquisition would make Karoon Gas Australia's fourth largest liquids producer, the broker notes.

Plunging oil prices nevertheless put the deal at risk, but the broker notes Karoon Energy would retain $500m or 90cps in cash (last trading price 37c) and be eligible for a $50m deposit return if failure is not Karoon's fault. Outperform retained, target falls to $1.80 from $1.90 on the delay.

Target price is $1.80 Current Price is $0.38 Difference: $1.42
If KAR meets the Macquarie target it will return approximately 374% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 400.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.4, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 35.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.7, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 1.8.

Market Sentiment: 1.0

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

MIN  MINERAL RESOURCES LIMITED

Iron Ore

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Overnight Price: $14.20

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

After the slump in the share price, Ord Minnett upgrades to Accumulate from Hold. Target is lowered to $16.00 from $16.20.

After updating commodity price forecasts Ord Minnett retains a relative preference for diversified miners and gold stocks.

The broker finds selective value in base metals while considers it too early for lithium names.

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

Target price is $16.00 Current Price is $14.20 Difference: $1.8
If MIN meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $17.77, suggesting upside of 25.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 172.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 166.9, implying annual growth of 91.8%.

Current consensus DPS estimate is 83.0, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 8.5.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 235.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 166.3, implying annual growth of -0.4%.

Current consensus DPS estimate is 82.0, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 8.5.

Market Sentiment: 0.8

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

MTS  METCASH LIMITED

Food, Beverages & Tobacco

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Overnight Price: $2.36

Macquarie rates MTS as Neutral (3) -

With respect to the virus, Macquarie sees limited risk to Consumer Staples particularly supermarkets, Coca-Cola Amatil and Domino's Pizza.

The broker has not adjusted its forecasts for Metcash and retains Neutral and a $2.65 target.

Target price is $2.65 Current Price is $2.36 Difference: $0.29
If MTS meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.81, suggesting upside of 18.9% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 13.20 cents and EPS of 22.50 cents.
At the last closing share price the estimated dividend yield is 5.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.1, implying annual growth of 6.3%.

Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 12.60 cents and EPS of 21.30 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.0, implying annual growth of -5.0%.

Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 11.2.

Market Sentiment: 0.3

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

NAB  NATIONAL AUSTRALIA BANK LIMITED

Banks

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Overnight Price: $17.87

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

Following the rapid correction in Australian bank share prices, UBS believes value is emerging for the first time in several years. The broker is now incorporating an Australian recession in its economic outlook along with quantitative easing.

While acknowledging a low level of confidence in forecasts, the broker believes consensus is now materially overstating the case and this is reflected in current share prices.

UBS upgrades National Australia Bank to Neutral from Sell. The bank is currently facing a number of challenges and the broker awaits the strategic review. Target is $19.

Target price is $19.00 Current Price is $17.87 Difference: $1.13
If NAB meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $25.77, suggesting upside of 44.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 158.00 cents and EPS of 184.00 cents.
At the last closing share price the estimated dividend yield is 8.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 197.0, implying annual growth of 10.1%.

Current consensus DPS estimate is 161.3, implying a prospective dividend yield of 9.0%.

Current consensus EPS estimate suggests the PER is 9.1.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 150.00 cents and EPS of 166.00 cents.
At the last closing share price the estimated dividend yield is 8.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.4, implying annual growth of 1.7%.

Current consensus DPS estimate is 159.0, implying a prospective dividend yield of 8.9%.

Current consensus EPS estimate suggests the PER is 8.9.

Market Sentiment: 0.1

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

NHF  NIB HOLDINGS LIMITED

Insurance

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Overnight Price: $3.83

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

Ord Minnett upgrades to Accumulate from Hold, noting Medibank Private ((MPL)) is trading at an undeserved premium to nib Holdings, even though both are subject to the same pressures.

The broker does not expect material headwinds for the health insurers from the coronavirus issue, although there may be some delay in elective healthcare costs. Target is reduced to $4.64 from $5.22.

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

Target price is $4.64 Current Price is $3.83 Difference: $0.81
If NHF meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.07, suggesting upside of 32.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 19.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.9, implying annual growth of -15.2%.

Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 20.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 5.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.3, implying annual growth of 8.6%.

Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 12.6.

Market Sentiment: 0.2

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

ORE  OROCOBRE LIMITED

New Battery Elements

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Overnight Price: $2.11

Ord Minnett rates ORE as Upgrade to Hold from Sell (3) -

After the slump in the share price, Ord Minnett upgrades to Hold from Sell. Target is raised to $2.60 from $2.55.

After updating commodity price forecasts Ord Minnett retains a relative preference for diversified miners and gold stocks.

The broker finds selective value in base metals while considers it too early for lithium names.

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

Target price is $2.60 Current Price is $2.11 Difference: $0.49
If ORE meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.34, suggesting upside of 58.1% (ex-dividends)

Forecast for FY20:

Current consensus EPS estimate is -4.6, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY21:

Current consensus EPS estimate is 0.5, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 422.0.

Market Sentiment: 0.3

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

RHC  RAMSAY HEALTH CARE LIMITED

Healthcare services

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Overnight Price: $60.66

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

Ramsay Health Plus and Remedy Healthcare have announced a new joint venture called Ramsay Connect.

This will deliver community and home-based care, including rehabilitation in the home subsequent to joint replacement, out-of-hospital palliative care and health management programs.

Morgan Stanley considers this a positive move that should improve the sustainability of the private health model but remains uncertain about the financial impact as no specific details were provided.

Equal-weight rating retained. Target is $61. Industry view is In-Line.

Target price is $61.00 Current Price is $60.66 Difference: $0.34
If RHC meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $71.77, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 EPS of 299.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 287.1, implying annual growth of 8.4%.

Current consensus DPS estimate is 154.1, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 21.1.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 315.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 307.5, implying annual growth of 7.1%.

Current consensus DPS estimate is 162.8, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 19.7.

Market Sentiment: 0.1

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


UBS rates RHC as Neutral (3) -

The coronavirus pandemic has potential to cause disruption to private hospitals, UBS notes. This could come in the form of deferred elective surgery and issues about accessing consumables as well as the quarantining of health workers.

However, depending on the severity of the pandemic, the public hospital system may need to outsource submissions to the private system which would offset the loss of private elective work.

While this issue is likely to dominate the news over the next 3-6 months, the broker believes the broader concerns about private health affordability and declining participation are likely to persist.

No earnings changes are made and a Neutral rating is maintained. Target is $73.

Target price is $73.00 Current Price is $60.66 Difference: $12.34
If RHC meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $71.77, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 143.00 cents and EPS of 274.00 cents.
At the last closing share price the estimated dividend yield is 2.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 287.1, implying annual growth of 8.4%.

Current consensus DPS estimate is 154.1, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 21.1.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 139.00 cents and EPS of 289.00 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 307.5, implying annual growth of 7.1%.

Current consensus DPS estimate is 162.8, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 19.7.

Market Sentiment: 0.1

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

RRL  REGIS RESOURCES LIMITED

Gold & Silver

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Overnight Price: $3.28

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

After the slump in the share price, Ord Minnett upgrades to Accumulate from Hold. Target is raised to $4.40 from $3.90.

After updating commodity price forecasts Ord Minnett retains a relative preference for diversified miners and gold stocks.

The broker finds selective value in base metals while considers it too early for lithium names.

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

Target price is $4.40 Current Price is $3.28 Difference: $1.12
If RRL meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $4.84, suggesting upside of 47.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 44.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.7, implying annual growth of 26.5%.

Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 8.1.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 64.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.4, implying annual growth of -0.7%.

Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 8.1.

Market Sentiment: 0.4

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

SPK  SPARK NEW ZEALAND LIMITED

Telecommunication

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Overnight Price: $4.18

Credit Suisse rates SPK as Upgrade to Neutral from Underperform (3) -

The sell-off in the stock after the results provides an opportunity, Credit Suisse suggests. The broker remains sufficiently attracted to the company's execution on its strategy and competitive position.

A focus on mobile and cloud services, along with cost reductions, should support modest earnings growth as some of the additional media expenditure rolls off in FY21.

The stock is down sufficiently, in the broker's view, to support an upgrade in the rating to Neutral from Underperform. Target is NZ$4.05.

Current Price is $4.18. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 23.72 cents and EPS of 21.07 cents.
At the last closing share price the estimated dividend yield is 5.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.6, implying annual growth of N/A.

Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 19.4.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 23.72 cents and EPS of 22.30 cents.
At the last closing share price the estimated dividend yield is 5.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.9, implying annual growth of 6.0%.

Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 18.3.

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

STO  SANTOS LIMITED

NatGas

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Overnight Price: $4.45

Macquarie rates STO as Outperform (1) -

Santos has completed the sale of a 25% interest in Darwin LNG and Bayu-Undan (offshore East Timor) as expected, post the acquisition of ConocoPhillips' NT interests. Santos received more for the stakes than the broker had forecast.

The broker believes the company remains in control of its production portfolio while at the same time driving down costs, but weak oil prices put pressure on the balance sheet, earnings and growth options.

Outperform and $8.60 target retained, with the broker noting spot crude (Brent) is currently -43% below 2020-21 forecasts.

Target price is $8.60 Current Price is $4.45 Difference: $4.15
If STO meets the Macquarie target it will return approximately 93% (excluding dividends, fees and charges).

Current consensus price target is $8.42, suggesting upside of 89.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 19.49 cents and EPS of 67.04 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.2, implying annual growth of N/A.

Current consensus DPS estimate is 24.7, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 7.3.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 8.73 cents and EPS of 60.93 cents.
At the last closing share price the estimated dividend yield is 1.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.4, implying annual growth of 10.1%.

Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 6.6.

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

Market Sentiment: 0.6

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


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

Morgans upgrades to Add from Hold, given the decline in the share price. Target is reduced to $7.97 from $8.49.

While volatiility appears likely to continue in the short term the stock is now in value territory, implying an oil price of US$45/bbl which the broker considers is unsustainable in the long term.

The company has reached an agreement to sell down a 25% interest in Darwin LNG and Bayu Undan for US$390m. Discussions on a sell-down of Barossa to around 40% ownership are also well advanced.

Target price is $7.97 Current Price is $4.45 Difference: $3.52
If STO meets the Morgans target it will return approximately 79% (excluding dividends, fees and charges).

Current consensus price target is $8.42, suggesting upside of 89.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 29.08 cents and EPS of 46.53 cents.
At the last closing share price the estimated dividend yield is 6.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.2, implying annual growth of N/A.

Current consensus DPS estimate is 24.7, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 7.3.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 14.54 cents and EPS of 79.98 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.4, implying annual growth of 10.1%.

Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 6.6.

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

Market Sentiment: 0.6

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

TCL  TRANSURBAN GROUP

Infrastructure & Utilities

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Overnight Price: $12.65

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

Morgan Stanley envisages several downside impacts from the current coronavirus scenario. Airport traffic is around 10-20% of traffic on roads and contributes around 38% to the company's proportional revenue.

Australian airports are reporting -10-15% declines in passengers, reflecting travel plans. The broker estimates an impact on FY20 traffic of -1%.

Truck traffic contributes 17% of all Transurban's traffic and 27% of proportional revenue and a -1% drop is also included in estimates for FY20.

Commuter traffic is also likely to be further affected by widespread workplace and education institution closures, the broker notes.

Equal-weight and $15.70 target retained. Industry view: Cautious.

Target price is $15.70 Current Price is $12.65 Difference: $3.05
If TCL meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $14.89, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 62.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 4.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 66.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.9, implying annual growth of 201.5%.

Current consensus DPS estimate is 62.0, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 63.6.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 65.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 5.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.8, implying annual growth of 19.6%.

Current consensus DPS estimate is 65.1, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 53.2.

Market Sentiment: -0.2

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

TWE  TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco

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Overnight Price: $9.34

Citi rates TWE as Neutral (3) -

Citi analysts have undertaken a rigorous re-assessment of Australia's Food & Beverage sector. Sector top picks are a2 Milk and Asaleo Care. Citi analysts remind investors food and beverage companies typically have modest operating leverage and good balance sheets, which means these shares should outperform in a volatile market.

Today's sector analysis includes risk to sales, balance sheet positions and extent of the PE de-rating. Price target for Treasury Wine Estates is $12.30.

Citi rates this stock Neutral and explains more clarity needs to emerge around the coronavirus impact on sales before the stock will be able to re-rate.

Target price is $12.30 Current Price is $9.34 Difference: $2.96
If TWE meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $12.87, suggesting upside of 37.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Citi forecasts a full year FY20 EPS of 59.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.0, implying annual growth of -2.4%.

Current consensus DPS estimate is 35.8, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY21:

Citi forecasts a full year FY21 EPS of 62.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.3, implying annual growth of 14.6%.

Current consensus DPS estimate is 42.3, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 14.3.

Market Sentiment: 0.0

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


Macquarie rates TWE as Neutral (3) -

Macquarie sees earnings risk for JB Hi-Fi, Harvey Norman, Treasury Wine Estates and Flight Centre from lower consumer discretionary spending in the face of increasing virus risk.

FY21 earnings forecast cut by -5% for Treasury Wine. Target falls to $9.40 from $12.00, Neutral retained. No earnings forecast numbers have been provided.

Target price is $9.40 Current Price is $9.34 Difference: $0.06
If TWE meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $12.87, suggesting upside of 37.8% (ex-dividends)

Forecast for FY20:

Current consensus EPS estimate is 57.0, implying annual growth of -2.4%.

Current consensus DPS estimate is 35.8, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY21:

Current consensus EPS estimate is 65.3, implying annual growth of 14.6%.

Current consensus DPS estimate is 42.3, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 14.3.

Market Sentiment: 0.0

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

WES  WESFARMERS LIMITED

Apparel & Footwear

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Overnight Price: $36.75

Macquarie rates WES as Outperform (1) -

With respect to the virus, Macquarie sees limited risk to Consumer Staples particularly supermarkets, Coca-Cola Amatil and Domino's Pizza.

For Wesfarmers, Bunnings has proven relatively resilient through past shocks so forecasts unchanged. The broker has cut forecasts for K-Mart (lower foot traffic and discretionary spending) and Officeworks (increased work-from-home and lower business activity).

FY20 group earnings forecast falls -1.5%. No updated numbers have been provided. Outperform retained, but no mention of change to target.

Current Price is $36.75. Target price not assessed.

Current consensus price target is $39.54, suggesting upside of 7.6% (ex-dividends)

Forecast for FY20:

Current consensus EPS estimate is 164.3, implying annual growth of -3.9%.

Current consensus DPS estimate is 147.3, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 22.4.

Forecast for FY21:

Current consensus EPS estimate is 168.2, implying annual growth of 2.4%.

Current consensus DPS estimate is 153.3, implying a prospective dividend yield of 4.2%.

Current consensus EPS estimate suggests the PER is 21.8.

Market Sentiment: -0.3

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

WOW  WOOLWORTHS LIMITED

Food, Beverages & Tobacco

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Overnight Price: $35.95

Macquarie rates WOW as Outperform (1) -

With respect to the virus, Macquarie sees limited risk to Consumer Staples particularly supermarkets, Coca-Cola Amatil and Domino's Pizza.

While the broker has left its forecasts for Coles unchanged, earnings forecasts for Woolworths fall -5% given exposure through Big W and the company's hotel assets. Supermarket forecasts are unchanged. Target falls to $42.10 from $43.40, Outperform retained.

The broker has not provided updated earnings forecast numbers.

Target price is $42.10 Current Price is $35.95 Difference: $6.15
If WOW meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $39.55, suggesting upside of 10.0% (ex-dividends)

Forecast for FY20:

Current consensus EPS estimate is 133.2, implying annual growth of -35.4%.

Current consensus DPS estimate is 101.2, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 27.0.

Forecast for FY21:

Current consensus EPS estimate is 144.2, implying annual growth of 8.3%.

Current consensus DPS estimate is 110.3, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 24.9.

Market Sentiment: 0.2

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

Z1P  ZIP CO LIMITED

Business & Consumer Credit

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Overnight Price: $1.36

UBS rates Z1P as Buy (1) -

UBS has updated global growth forecasts. While the Buy Now Pay Later segment can rapidly alter credit, higher unemployment is expected to drive bad debts up in the short term.

While quantifying the impact is difficult, UBS notes Afterpay's ((APT)) receivables turnover is higher than Zip Co, making funding risks lower.

However, Zip asks applicants about their employment status, an advantage in the broker's view.

Buy rating maintained. Target is reduced to $3.90 from $4.40.

Target price is $3.90 Current Price is $1.36 Difference: $2.54
If Z1P meets the UBS target it will return approximately 187% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 155.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 14.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -12.4, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.1, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Market Sentiment: 0.8

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

Today's Price Target Changes
Company Last Price Broker New Target Prev Target Change
AGL AGL ENERGY $16.89 Morgans 18.35 18.38 -0.16%
ALX ATLAS ARTERIA $5.91 Macquarie 8.14 8.42 -3.33%
ANZ ANZ BANKING GROUP $18.24 UBS 21.00 24.50 -14.29%
APT AFTERPAY $23.06 UBS 17.90 18.20 -1.65%
AWC ALUMINA $1.57 Ord Minnett 1.80 2.10 -14.29%
BEN BENDIGO AND ADELAIDE BANK $6.55 UBS 6.50 8.25 -21.21%
BHP BHP $25.95 Ord Minnett 38.60 42.00 -8.10%
BKW BRICKWORKS $15.19 Macquarie 17.90 18.50 -3.24%
BOQ BANK OF QUEENSLAND $5.84 UBS 6.00 7.50 -20.00%
BSL BLUESCOPE STEEL $10.50 Ord Minnett 13.70 16.00 -14.38%
CBA COMMBANK $64.39 UBS 65.00 71.00 -8.45%
CTX CALTEX AUSTRALIA $24.69 Credit Suisse 24.00 34.74 -30.92%
Ord Minnett 30.00 35.00 -14.29%
EVN EVOLUTION MINING $3.69 Ord Minnett 3.80 3.60 5.56%
FLT FLIGHT CENTRE $18.93 Macquarie 17.95 35.40 -49.29%
FMG FORTESCUE $9.58 Ord Minnett 10.60 11.00 -3.64%
FNP FREEDOM FOODS $4.26 Citi 5.90 5.80 1.72%
GXY GALAXY RESOURCES $0.78 Ord Minnett 1.00 1.30 -23.08%
HLO HELLOWORLD $1.68 Ord Minnett 3.28 3.79 -13.46%
HVN HARVEY NORMAN HOLDINGS $3.15 Macquarie 3.20 3.90 -17.95%
IGO IGO $4.04 Ord Minnett 5.40 5.70 -5.26%
ILU ILUKA RESOURCES $7.09 Ord Minnett 10.30 9.30 10.75%
JBH JB HI-FI $33.25 Macquarie 38.80 51.10 -24.07%
KAR KAROON ENERGY $0.38 Macquarie 1.80 1.90 -5.26%
MIN MINERAL RESOURCES $14.20 Ord Minnett 16.00 16.20 -1.23%
NAB NATIONAL AUSTRALIA BANK $17.87 UBS 19.00 25.00 -24.00%
NHF NIB HOLDINGS $3.83 Ord Minnett 4.64 5.22 -11.11%
NST NORTHERN STAR $10.80 Ord Minnett 14.00 13.00 7.69%
ORE OROCOBRE $2.11 Ord Minnett 2.60 2.55 1.96%
PLS PILBARA MINERALS $0.18 Ord Minnett 0.16 0.25 -36.00%
RRL REGIS RESOURCES $3.28 Ord Minnett 4.40 3.90 12.82%
S32 SOUTH32 $1.85 Ord Minnett 2.55 3.00 -15.00%
SAR SARACEN MINERAL $3.14 Ord Minnett 5.00 4.70 6.38%
SBM ST BARBARA $1.80 Ord Minnett 3.90 3.60 8.33%
SFR SANDFIRE $3.48 Ord Minnett 4.00 6.00 -33.33%
SGM SIMS METAL MANAGEMENT $7.30 Ord Minnett 7.90 9.50 -16.84%
STO SANTOS $4.45 Morgans 7.97 8.49 -6.12%
TWE TREASURY WINE ESTATES $9.34 Macquarie 9.40 12.00 -21.67%
WBC WESTPAC BANKING $17.60 UBS 18.50 23.50 -21.28%
WES WESFARMERS $36.75 Macquarie N/A 52.60 -100.00%
WOW WOOLWORTHS $35.95 Macquarie 42.10 43.50 -3.22%
WSA WESTERN AREAS $1.97 Ord Minnett 2.50 3.00 -16.67%
Z1P ZIP CO $1.36 UBS 3.90 4.40 -11.36%
Summaries
A2M A2 MILK Buy - Citi Overnight Price $14.97
AGL AGL ENERGY Upgrade to Add from Hold - Morgans Overnight Price $16.89
AHY ASALEO CARE Buy - Citi Overnight Price $1.00
ALX ATLAS ARTERIA Upgrade to Outperform from Neutral - Macquarie Overnight Price $5.91
ANZ ANZ BANKING GROUP Upgrade to Buy from Neutral - UBS Overnight Price $18.24
APA APA Upgrade to Add from Hold - Morgans Overnight Price $9.37
APT AFTERPAY Sell - UBS Overnight Price $23.06
BEN BENDIGO AND ADELAIDE BANK Upgrade to Neutral from Sell - UBS Overnight Price $6.55
BHP BHP Neutral - Credit Suisse Overnight Price $25.95
BKL BLACKMORES Neutral - Citi Overnight Price $66.66
BKW BRICKWORKS Neutral - Macquarie Overnight Price $15.19
CBA COMMBANK Upgrade to Neutral from Sell - UBS Overnight Price $64.39
CCL COCA-COLA AMATIL Sell - Citi Overnight Price $10.26
Upgrade to Outperform from Neutral - Macquarie Overnight Price $10.26
CGC COSTA GROUP Neutral - Citi Overnight Price $3.04
COL COLES GROUP Outperform - Macquarie Overnight Price $15.66
CSL CSL Upgrade to Buy from Neutral - Citi Overnight Price $304.00
CTX CALTEX AUSTRALIA Neutral - Credit Suisse Overnight Price $24.69
Hold - Ord Minnett Overnight Price $24.69
DMP DOMINO'S PIZZA Sell - Citi Overnight Price $52.82
Upgrade to Outperform from Neutral - Macquarie Overnight Price $52.82
FLT FLIGHT CENTRE Downgrade to Underperform from Neutral - Macquarie Overnight Price $18.93
FMG FORTESCUE Outperform - Macquarie Overnight Price $9.58
FNP FREEDOM FOODS Buy - Citi Overnight Price $4.26
HLO HELLOWORLD Buy - Ord Minnett Overnight Price $1.68
HVN HARVEY NORMAN HOLDINGS Neutral - Macquarie Overnight Price $3.15
IGO IGO Upgrade to Accumulate from Hold - Ord Minnett Overnight Price $4.04
ING INGHAMS GROUP Buy - Citi Overnight Price $3.35
JBH JB HI-FI Outperform - Macquarie Overnight Price $33.25
KAR KAROON ENERGY Outperform - Macquarie Overnight Price $0.38
MIN MINERAL RESOURCES Upgrade to Accumulate from Hold - Ord Minnett Overnight Price $14.20
MTS METCASH Neutral - Macquarie Overnight Price $2.36
NAB NATIONAL AUSTRALIA BANK Upgrade to Neutral from Sell - UBS Overnight Price $17.87
NHF NIB HOLDINGS Upgrade to Accumulate from Hold - Ord Minnett Overnight Price $3.83
ORE OROCOBRE Upgrade to Hold from Sell - Ord Minnett Overnight Price $2.11
RHC RAMSAY HEALTH CARE Equal-weight - Morgan Stanley Overnight Price $60.66
Neutral - UBS Overnight Price $60.66
RRL REGIS RESOURCES Upgrade to Accumulate from Hold - Ord Minnett Overnight Price $3.28
SPK SPARK NEW ZEALAND Upgrade to Neutral from Underperform - Credit Suisse Overnight Price $4.18
STO SANTOS Outperform - Macquarie Overnight Price $4.45
Upgrade to Add from Hold - Morgans Overnight Price $4.45
TCL TRANSURBAN GROUP Equal-weight - Morgan Stanley Overnight Price $12.65
TWE TREASURY WINE ESTATES Neutral - Citi Overnight Price $9.34
Neutral - Macquarie Overnight Price $9.34
WES WESFARMERS Outperform - Macquarie Overnight Price $36.75
WOW WOOLWORTHS Outperform - Macquarie Overnight Price $35.95
Z1P ZIP CO Buy - UBS Overnight Price $1.36
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

21

2. Accumulate

4

3. Hold

18

5. Sell

4

Friday 13 March 2020

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