Australian Broker Call

Produced and copyrighted by at www.fnarena.com

September 03, 2020

Access Broker Call Report Archives here

COMPANIES DISCUSSED IN THIS ISSUE

Click on symbol for fast access.

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
EVN - Evolution Mining Upgrade to Neutral from Underperform Macquarie
IFL - IOOF Holdings Upgrade to Buy from Hold Ord Minnett
NUF - Nufarm Upgrade to Neutral from Underperform Macquarie
ALL  ARISTOCRAT LEISURE LIMITED

Gaming

More Research Tools In Stock Analysis - click HERE

Overnight Price: $28.91

UBS rates ALL as Buy (1) -

UBS observes more than 85% of US casinos remain open and more than 90% of machines at these venues are switched on. Margins are high because of a positive mix to gaming revenue.

Commentary suggests growth in users is starting to moderate but retention is still strong. The broker factors in operating upgrades and currency downgrades and retains a Buy rating, raising the target to $34.25 from $29.60.

Target price is $34.25 Current Price is $28.91 Difference: $5.34
If ALL meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $30.24, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of 65.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.9, implying annual growth of -38.0%.

Current consensus DPS estimate is 0.1, implying a prospective dividend yield of 0.0%.

Current consensus EPS estimate suggests the PER is 43.8.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 47.00 cents and EPS of 117.00 cents.
At the last closing share price the estimated dividend yield is 1.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.1, implying annual growth of 59.2%.

Current consensus DPS estimate is 26.8, implying a prospective dividend yield of 0.9%.

Current consensus EPS estimate suggests the PER is 27.5.

Market Sentiment: 0.9

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

AMP  AMP LIMITED

Insurance

More Research Tools In Stock Analysis - click HERE

Overnight Price: $1.62

Ord Minnett rates AMP as Hold (3) -

Ord Minnett reports AMP will be reviewing its group assets due to the various unsolicited offers it has received. The broker notes the company seems open to pursuing options if they release more shareholder value. 

Even so, there may be constraints, indicates the broker, in the form of unsatisfactory offers for some assets or certain assets needing to be sold together (like the bank and the Australian Wealth Management business).

Hold rating retained with a target price of $1.75.

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

Target price is $1.75 Current Price is $1.62 Difference: $0.13
If AMP meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.61, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 10.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 6.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.5, implying annual growth of N/A.

Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 15.8.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 6.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.9, implying annual growth of -5.7%.

Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 16.8.

Market Sentiment: 0.0

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

BLD  BORAL LIMITED

Building Products & Services

More Research Tools In Stock Analysis - click HERE

Overnight Price: $4.00

UBS rates BLD as Buy (1) -

Boral's end markets are improving, UBS notes. Nevertheless, for now the broker suggests investors may be inclined to go elsewhere for leverage to the recovery, as Boral remains a story about execution.

The broker believes Boral should improve its customer insights and not simply sell products, in order to become a supplier of choice, which could allow less competition on price.

Another lever to higher returns is further cost control and improved efficiencies. Buy rating and $4.30 target maintained.

Target price is $4.30 Current Price is $4.00 Difference: $0.3
If BLD meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.07, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 6.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 1.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of N/A.

Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 0.9%.

Current consensus EPS estimate suggests the PER is 26.2.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 15.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 3.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, implying annual growth of 52.9%.

Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 17.2.

Market Sentiment: 0.0

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

BSL  BLUESCOPE STEEL LIMITED

Steel & Scrap

More Research Tools In Stock Analysis - click HERE

Overnight Price: $13.15

UBS rates BSL as Neutral (3) -

UBS observes US market conditions are normalising. The company has been a little surprised at the speed at which idled capacity has come back given the low prices and uncertain demand.

The main concern UBS has is that favourable government policy and low interest rates will slow supply rationalisation, which is needed for confidence in long-term spreads. Neutral rating and $12.30 target maintained.

Target price is $12.30 Current Price is $13.15 Difference: minus $0.85 (current price is over target).
If BSL meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.22, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 14.00 cents and EPS of 58.00 cents.
At the last closing share price the estimated dividend yield is 1.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 47.3, implying annual growth of 148.9%.

Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 28.2.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 14.00 cents and EPS of 73.00 cents.
At the last closing share price the estimated dividend yield is 1.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.5, implying annual growth of 89.2%.

Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 14.9.

Market Sentiment: 0.4

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

More Research Tools In Stock Analysis - click HERE

Overnight Price: $9.08

Credit Suisse rates CCL as Outperform (1) -

Credit Suisse points out Coca-Cola Amatil's cost reduction programs over 2019-22 should reduce the cost base by -$120m. The broker assesses these will be directed towards discretionary spending.  

The company is recovering in the on-the-go channel sales in places where covid-19 restrictions have been relaxed, observes the broker. 2022 group sales are expected to be just slightly less than in 2019.

Credit Suisse retains its Outperform rating with the target decreasing to $10.95 from $11.25.

Target price is $10.95 Current Price is $9.08 Difference: $1.87
If CCL meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $9.83, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 31.00 cents and EPS of 43.44 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.2, implying annual growth of -16.4%.

Current consensus DPS estimate is 26.6, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 21.4.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 41.00 cents and EPS of 50.33 cents.
At the last closing share price the estimated dividend yield is 4.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.6, implying annual growth of 17.1%.

Current consensus DPS estimate is 42.1, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 18.3.

Market Sentiment: 0.4

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

COH  COCHLEAR LIMITED

Medical Equipment & Devices

More Research Tools In Stock Analysis - click HERE

Overnight Price: $191.81

Morgan Stanley rates COH as Overweight (1) -

Morgan Stanley considers Cochlear's Remote Check to be a good marketing tool that is likely to free up 13-15% of channel capacity.

The broker notes the company is winning market share due to its off-the-ear solution and the new product - Kanso 2 - will likely help gain more. 

Overweight retained with a target price of $229. Industry view: In-line.

Target price is $229.00 Current Price is $191.81 Difference: $37.19
If COH meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $201.33, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 186.00 cents and EPS of 463.00 cents.
At the last closing share price the estimated dividend yield is 0.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 328.1, implying annual growth of N/A.

Current consensus DPS estimate is 109.9, implying a prospective dividend yield of 0.6%.

Current consensus EPS estimate suggests the PER is 59.8.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 375.40 cents and EPS of 538.00 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 35.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 459.3, implying annual growth of 40.0%.

Current consensus DPS estimate is 308.1, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 42.7.

Market Sentiment: -0.1

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

More Research Tools In Stock Analysis - click HERE

Overnight Price: $83.20

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

Domino's Pizza Enterprises' FY20 result was in line with Morgan Stanley's estimates except for in ANZ and Europe due to covid-19 related disruptions.

The broker calculates net headwind from covid-19 to be -$15-18m in ANZ and Europe, which dragged down the second half operating income by circa -14% in both regions. Japan did very well with second-half operating income growth of 58%, observes the broker.

A stronger-than-expected start to FY21 prompts the broker to increase its FY21-23 earnings forecast, aided by strong momentum and the increase in scale in Japan creating a stronger platform for long-term growth.

The key focus here will be on retaining new customers, adds Morgan Stanley.

Equal-weight rating reiterated. Target is raised to $70 from $55. Industry view is Cautious.

Target price is $70.00 Current Price is $83.20 Difference: minus $13.2 (current price is over target).
If DMP meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $70.84, suggesting downside of -16.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 143.00 cents and EPS of 203.00 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.9, implying annual growth of 24.9%.

Current consensus DPS estimate is 141.6, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 42.1.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 155.00 cents and EPS of 228.00 cents.
At the last closing share price the estimated dividend yield is 1.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 222.5, implying annual growth of 10.8%.

Current consensus DPS estimate is 155.9, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 38.0.

Market Sentiment: -0.4

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

EVN  EVOLUTION MINING LIMITED

Gold & Silver

More Research Tools In Stock Analysis - click HERE

Overnight Price: $5.67

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

The investor briefing highlighted the potential the company envisages for Red Lake. Macquarie finds the prospect of an open pit at the site compelling but awaits more clarity on the costs and the path to approval before including it in forecasts.

The broker assumes a higher conversion of resources to reserves, which extends assumed mine life of the assets. This leads to an upgrade to Neutral from Underperform. Target is raised to $5.60 from $5.20.

Target price is $5.60 Current Price is $5.67 Difference: minus $0.07 (current price is over target).
If EVN meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.00, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 10.00 cents and EPS of 23.20 cents.
At the last closing share price the estimated dividend yield is 1.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of 33.3%.

Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 23.9.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 9.00 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 1.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.7, implying annual growth of 0.4%.

Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 23.8.

Market Sentiment: -0.6

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


UBS rates EVN as Sell (5) -

The broker reports the main news from the company's strategy briefing were the aspirations outlined by management for Red Lake and Mungari. The 300-500,000 ozpa target at Red Lake is materially higher than previously indicated and the 200-300,000 ozpa that underpinned the acquisition.

UBS considers this a stretch target at this stage. At Mungari the company is working on an extension from the current five years of reserves to detail a 10-year new mine plan. UBS maintains a Sell rating and $4.90 target.

Target price is $4.90 Current Price is $5.67 Difference: minus $0.77 (current price is over target).
If EVN meets the UBS target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.00, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 16.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of 33.3%.

Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 23.9.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 15.00 cents and EPS of 34.00 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 16.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.7, implying annual growth of 0.4%.

Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 23.8.

Market Sentiment: -0.6

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

GNC  GRAINCORP LIMITED

Agriculture

More Research Tools In Stock Analysis - click HERE

Overnight Price: $4.32

Credit Suisse rates GNC as Outperform (1) -

Credit Suisse has upgraded its east coast winter crop forecast to 25mt led by favourable rainfall through autumn, winter and spring for east coast Australia.

Consensus forecasts indicate the market appears to be under-estimating the size of the winter crop along with Graincorp's leverage to incremental export volume, comment the analysts.

Credit Suisse retains its Outperform rating with the target price rising to $4.85 from $4.72.

Target price is $4.85 Current Price is $4.32 Difference: $0.53
If GNC meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.60, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 2.00 cents and EPS of 1.65 cents.
At the last closing share price the estimated dividend yield is 0.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 261.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.8, implying annual growth of N/A.

Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%.

Current consensus EPS estimate suggests the PER is 249.4.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 19.73 cents and EPS of 34.45 cents.
At the last closing share price the estimated dividend yield is 4.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.8, implying annual growth of 944.4%.

Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 23.9.

Market Sentiment: 0.8

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

IFL  IOOF HOLDINGS LIMITED

Wealth Management & Investments

More Research Tools In Stock Analysis - click HERE

Overnight Price: $3.58

Ord Minnett rates IFL as Upgrade to Buy from Hold (1) -

Ord Minnett notes risks around IOOF Holdings' proposed acquisition of National Australia Bank's ((NAB)) MLC business. The broker highlights the company has bought businesses like MLC that have negative net flows and it is unclear if the negative flow can be stopped.

On the bright side, the company will be the largest superannuation player in the market which, the broker feels, should ensure longevity.

Ord Minnett upgrades its recommendation to Buy from Hold with the target price lowered to $4.15 from $5.00.

Target price is $4.15 Current Price is $3.58 Difference: $0.57
If IFL meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 28.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 15.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 4.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.8, implying annual growth of -24.3%.

Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 19.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 5.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.3, implying annual growth of -1.6%.

Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 11.6.

Market Sentiment: 0.5

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

JIN  JUMBO INTERACTIVE LIMITED

Gaming

More Research Tools In Stock Analysis - click HERE

Overnight Price: $13.37

Morgan Stanley rates JIN as Overweight (1) -

Morgan Stanley notes clarity on Jumbo Interactive's future relationship with LotteryWest by September-end could have a material impact on the company's total transaction value, revenue and business mix.

The broker sees the most upside if both companies enter into a SaaS agreement which could see the bulk of LotteryWest's sales migrate to Jumbo Interactive's platform.  

Morgan Stanley reiterates its Overweight rating with a target price of $14.30. Industry view: In-line.

Target price is $14.30 Current Price is $13.37 Difference: $0.93
If JIN meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 42.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.83.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 EPS of 50.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.74.

Market Sentiment: 1.0

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

NUF  NUFARM LIMITED

Agriculture

More Research Tools In Stock Analysis - click HERE

Overnight Price: $4.02

Citi rates NUF as Buy (1) -

Citi observes Nufarm is emerging from difficult agricultural and industry conditions. The impairment of -$215m for the European business is consistent with lower sustainable earnings, the broker assesses.

Moreover, Citi remains of the view the acquired portfolio would only generate around 84% of the original plan for operating earnings. Buy rating reiterated. Target rises to $5.60 from $5.50.

Target price is $5.60 Current Price is $4.02 Difference: $1.58
If NUF meets the Citi target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $4.76, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 18.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.3, implying annual growth of N/A.

Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.1%.

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

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 6.00 cents and EPS of 22.90 cents.
At the last closing share price the estimated dividend yield is 1.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of N/A.

Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 22.8.

Market Sentiment: 0.4

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


Credit Suisse rates NUF as Outperform (1) -

Nufarm provided guidance for FY20 operating income of $230-$240m versus Credit Suisse's forecast of $253m. The company expects operating income in the second half to improve for Australia and North America while declining in Europe.

FY21-22 forecasts for Europe have been downgraded due to persistent under-performance.

Credit Suisse reaffirms its Outperform rating with the target price reducing to $5.04 from $6.74, mostly on account of downgrade to European forecasts.

Nufarm will be reporting its FY20 result on September 23, 2020.

Target price is $5.04 Current Price is $4.02 Difference: $1.02
If NUF meets the Credit Suisse target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $4.76, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 3.00 cents and EPS of minus 22.10 cents.
At the last closing share price the estimated dividend yield is 0.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.3, implying annual growth of N/A.

Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.1%.

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

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 7.00 cents and EPS of 22.14 cents.
At the last closing share price the estimated dividend yield is 1.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of N/A.

Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 22.8.

Market Sentiment: 0.4

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


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

Nufarm, which reports its FY20 result on September 23, anticipates underlying FY20 operating earnings of $230-240m. A non-cash impairment of -$215m will be taken in relation to the European assets.

Europe is the main culprit in the weaker-than-expected outcome although there was some potential relief on the way with lower raw material costs over the last quarter.

Given the extent of the recent share price decline, Macquarie upgrades to Neutral from Underperform. Target is reduced to $4.26 from $4.85.

Target price is $4.26 Current Price is $4.02 Difference: $0.24
If NUF meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.76, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 143.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.3, implying annual growth of N/A.

Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.1%.

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

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 4.30 cents and EPS of 17.10 cents.
At the last closing share price the estimated dividend yield is 1.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of N/A.

Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 22.8.

Market Sentiment: 0.4

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


Morgan Stanley rates NUF as Overweight (1) -

Nufarm pre-guided FY20 profit and expects operating income to be $290-300m which is -10% below Morgan Stanley's estimate. This is excluding impairments worth -$215m in its European business.

The broker highlights while business seems to be improving in North America and Australia, cyclical weakness is increasing issues in Europe.

FY20 operating income forecast has been reduced by -10% to $298m with net profit forecast declining to a loss of -$17m. The broker sees upside for the company under normal conditions and potential upside from the Omega-3 opportunity.

Morgan Stanley rates the stock as Overweight with the target price decreasing to $4.80 from $4.90. Industry view: Cautious.

Target price is $4.80 Current Price is $4.02 Difference: $0.78
If NUF meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.76, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 100.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.3, implying annual growth of N/A.

Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.1%.

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

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 4.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 1.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of N/A.

Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 22.8.

Market Sentiment: 0.4

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


Ord Minnett rates NUF as Hold (3) -

Nufarm announced its preliminary FY20 operating earnings in the range of $290–$300m which is below Ord Minnett’s estimated $314m. An impairment charge of -$215m related to its European assets was announced.

Ord Minnett expects earnings to recover from FY21 after a challenging few years in ANZ driven by unfavourable weather and supply chain issues affecting costs in Europe.

Some major structural challenges facing the company include long term overhang from the regulatory environment and penetration of innovators in the crop protection industry's generic segment.

Ord Minnett maintains its Hold recommendation, with the target price reducing to $4.00 from $4.70.

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

Target price is $4.00 Current Price is $4.02 Difference: minus $0.02 (current price is over target).
If NUF meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.76, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 15.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.3, implying annual growth of N/A.

Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.1%.

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

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 0.00 cents and EPS of 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of N/A.

Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 22.8.

Market Sentiment: 0.4

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


UBS rates NUF as Buy (1) -

Nufarm expects FY20 operating earnings (EBITDA) of $230-240m from continuing operations, which at the mid point represents a decline of -27%. UBS believes the decline has largely been caused by the European division.

Europe has been affected by severe drought, higher input costs and elevated channel inventory. UBS suspects Europe may be at an earnings trough and with cyclical factors reversing and a potential re-basing of costs this creates substantial upside potential.

The broker retains a Buy rating and reduces the target to $4.87 from $5.19.

Target price is $4.87 Current Price is $4.02 Difference: $0.85
If NUF meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.76, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 100.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.3, implying annual growth of N/A.

Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.1%.

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

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 2.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 0.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of N/A.

Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 22.8.

Market Sentiment: 0.4

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

PAL  PALLA PHARMA LTD

Pharmaceuticals & Biotech/Lifesciences

More Research Tools In Stock Analysis - click HERE

Overnight Price: $0.76

Morgans rates PAL as Add (1) -

The first half underlying net loss for Palla Pharma was larger than forecast by Morgans.The result was impacted by a major UK customer manufacturing license loss and the early jettison of a non-opiate contract manufacturing organisation (CMO) contract.

Additionally, the supply chain was affected by covid-19 disruptions, explains the broker. FY20 guidance is unchanged.

Morgans revises down 2020 and 2021 earnings (EBITDA) by -72% and -28%, respectively, after lower sales assumptions and re-basing costs.

Execution remains paramount, notes the analyst, with the pieces in place for significant growth acceleration from the second half, 2020.

The Add rating is unchanged and the target price is decreased to $1.02 from $1.23.

Target price is $1.02 Current Price is $0.76 Difference: $0.26
If PAL meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 38.00.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 2.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.15.

Market Sentiment: 1.0

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

RMD  RESMED INC

Medical Equipment & Devices

More Research Tools In Stock Analysis - click HERE

Overnight Price: $24.67

Ord Minnett rates RMD as Lighten (4) -

The implications of US Medicare 2019's data release on ResMed in the current environment are limited, asserts Ord Minnett. The data show funding for sleep devices and masks rose 15% during 2019.

The broker remains cautious on the outlook for ResMed due to near-term challenges to patient diagnosis and the risk of weaker demand for sleep therapy during the expected economic downturn.

Ord Minnett retains its Lighten recommendation with a target price of $20.00.

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

Target price is $20.00 Current Price is $24.67 Difference: minus $4.67 (current price is over target).
If RMD meets the Ord Minnett target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.96, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 23.52 cents and EPS of 69.54 cents.
At the last closing share price the estimated dividend yield is 0.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.1, implying annual growth of N/A.

Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 0.9%.

Current consensus EPS estimate suggests the PER is 39.0.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 25.30 cents and EPS of 81.37 cents.
At the last closing share price the estimated dividend yield is 1.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 72.6, implying annual growth of 11.5%.

Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 0.9%.

Current consensus EPS estimate suggests the PER is 35.0.

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

UMG  UNITED MALT GROUP LIMITED

Agriculture

More Research Tools In Stock Analysis - click HERE

Overnight Price: $4.09

Macquarie rates UMG as Outperform (1) -

United Malt continues to enjoy progressive monthly improvements in volumes and the outcome for the year to date is better than Macquarie expected.

Admittedly, the pandemic is having a short-term impact on beer volumes because of the restrictions for sale on public premises.

Macquarie finds the stock is still attractive relative to global brewer peers and retains an Outperform rating. Target rises to $5.05 from $4.72.

Target price is $5.05 Current Price is $4.09 Difference: $0.96
If UMG meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.61, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of 19.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.6, implying annual growth of N/A.

Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 0.2%.

Current consensus EPS estimate suggests the PER is 25.4.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 13.10 cents and EPS of 21.40 cents.
At the last closing share price the estimated dividend yield is 3.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.8, implying annual growth of 19.3%.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 21.3.

Market Sentiment: 0.7

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


UBS rates UMG as Buy (1) -

United Malt has indicated volumes in the year to date are at 90% of pre-pandemic levels. UBS remains positive on the underlying market position and notes the hard-to-replicate assets. This is expected to support defensive growth.

Moreover, the valuation is attractive and the broker retains a Buy rating and $4.65 target.

UBS lifts FY20 estimates by 13% to reflect the better-than-expected recovery in volumes in the second half. The company has also announced a $27m investment to upgrade the existing kiln at its Perth processing plant, to be completed by October 2021.

Target price is $4.65 Current Price is $4.09 Difference: $0.56
If UMG meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.61, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 2.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 0.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.6, implying annual growth of N/A.

Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 0.2%.

Current consensus EPS estimate suggests the PER is 25.4.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 11.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 2.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.8, implying annual growth of 19.3%.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 21.3.

Market Sentiment: 0.7

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

WSA  WESTERN AREAS NL

Nickel

More Research Tools In Stock Analysis - click HERE

Overnight Price: $2.27

Macquarie rates WSA as Outperform (1) -

The company has released a maiden reserve for the AM6 deposit. This extends Macquarie's assumed mine life at Cosmos beyond 11 years. However, the broker suspects higher production rates may be assessed as part of the updated mine scheduling.

Macquarie also notes spot nickel prices have risen 20% in the past couple of months while the share price has fallen -13%.

This rise in the nickel price enhances the earnings upgrade momentum and the broker maintains an Outperform rating. Target is raised to $2.80 from $2.70.

Target price is $2.80 Current Price is $2.27 Difference: $0.53
If WSA meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.72, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 2.00 cents and EPS of 6.40 cents.
At the last closing share price the estimated dividend yield is 0.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.8, implying annual growth of -41.7%.

Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.9%.

Current consensus EPS estimate suggests the PER is 34.6.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 2.00 cents and EPS of 6.70 cents.
At the last closing share price the estimated dividend yield is 0.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.4, implying annual growth of 23.5%.

Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 28.0.

Market Sentiment: 0.7

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


Morgan Stanley rates WSA as Overweight (1) -

Western Areas declared a maiden AM6 Reserve of 2.1mt for 47kt Nickel at 2.2% which is in-line with Morgan Stanley's estimated 47kt at 2.3% Nickel.

The reported net present value of the project is $47m (pre-tax) while using a nickel price and capital cost broadly in line with the broker's estimates. The broker believes this implies the reported net present value (after tax) will likely be around half of its estimate of $74m.

Target is $2.75. Overweight rating.  Industry view: Attractive.

Target price is $2.75 Current Price is $2.27 Difference: $0.48
If WSA meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.72, suggesting upside of 15.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 1.00 cents and EPS of 1.00 cents.
At the last closing share price the estimated dividend yield is 0.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 227.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.8, implying annual growth of -41.7%.

Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.9%.

Current consensus EPS estimate suggests the PER is 34.6.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 3.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 1.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.4, implying annual growth of 23.5%.

Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 28.0.

Market Sentiment: 0.7

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
ALL Aristocrat Leisure $29.72 UBS 34.25 29.60 15.71%
CCL Coca-Cola Amatil $9.26 Credit Suisse 10.95 11.25 -2.67%
DMP Domino's Pizza $84.53 Morgan Stanley 70.00 55.00 27.27%
EVN Evolution Mining $5.64 Macquarie 5.60 5.20 7.69%
GNC Graincorp $4.49 Credit Suisse 4.85 4.72 2.75%
IFL IOOF Holdings $3.63 Ord Minnett 4.15 4.60 -9.78%
NUF Nufarm $3.96 Citi 5.60 5.50 1.82%
Credit Suisse 5.04 6.74 -25.22%
Macquarie 4.26 4.85 -12.16%
Morgan Stanley 4.80 4.90 -2.04%
Ord Minnett 4.00 4.70 -14.89%
UBS 4.87 5.19 -6.17%
PAL Palla Pharma $0.77 Morgans 1.02 1.23 -17.07%
UMG United Malt Group $4.22 Macquarie 5.05 4.72 6.99%
WSA Western Areas $2.35 Macquarie 2.80 2.70 3.70%
Summaries
ALL Aristocrat Leisure Buy - UBS Overnight Price $28.91
AMP AMP Ltd Hold - Ord Minnett Overnight Price $1.62
BLD Boral Buy - UBS Overnight Price $4.00
BSL Bluescope Steel Neutral - UBS Overnight Price $13.15
CCL Coca-Cola Amatil Outperform - Credit Suisse Overnight Price $9.08
COH Cochlear Overweight - Morgan Stanley Overnight Price $191.81
DMP Domino's Pizza Equal-weight - Morgan Stanley Overnight Price $83.20
EVN Evolution Mining Upgrade to Neutral from Underperform - Macquarie Overnight Price $5.67
Sell - UBS Overnight Price $5.67
GNC Graincorp Outperform - Credit Suisse Overnight Price $4.32
IFL IOOF Holdings Upgrade to Buy from Hold - Ord Minnett Overnight Price $3.58
JIN Jumbo Interactive Overweight - Morgan Stanley Overnight Price $13.37
NUF Nufarm Buy - Citi Overnight Price $4.02
Outperform - Credit Suisse Overnight Price $4.02
Upgrade to Neutral from Underperform - Macquarie Overnight Price $4.02
Overweight - Morgan Stanley Overnight Price $4.02
Hold - Ord Minnett Overnight Price $4.02
Buy - UBS Overnight Price $4.02
PAL Palla Pharma Add - Morgans Overnight Price $0.76
RMD Resmed Lighten - Ord Minnett Overnight Price $24.67
UMG United Malt Group Outperform - Macquarie Overnight Price $4.09
Buy - UBS Overnight Price $4.09
WSA Western Areas Outperform - Macquarie Overnight Price $2.27
Overweight - Morgan Stanley Overnight Price $2.27
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

16

3. Hold

6

4. Reduce

1

5. Sell

1

Thursday 03 September 2020

Access Broker Call Report Archives here

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