Australian Broker Call

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April 02, 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.

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Today's Upgrades and Downgrades
AGL - AGL ENERGY Upgrade to Neutral from Sell UBS
Downgrade to Hold from Add Morgans
BXB - BRAMBLES Upgrade to Outperform from Neutral Macquarie
CTX - CALTEX AUSTRALIA Upgrade to Accumulate from Hold Ord Minnett
DMP - DOMINO'S PIZZA Downgrade to Hold from Add Morgans
IEL - IDP EDUCATION Upgrade to Add from Hold Morgans
Upgrade to Buy from Accumulate Ord Minnett
MFG - MAGELLAN FINANCIAL GROUP Upgrade to Neutral from Underperform Macquarie
PDL - PENDAL GROUP Upgrade to Neutral from Underperform Credit Suisse
Upgrade to Outperform from Neutral Macquarie
PPT - PERPETUAL Upgrade to Neutral from Underperform Macquarie
QAN - QANTAS AIRWAYS Downgrade to Underperform from Neutral Credit Suisse
RBL - REDBUBBLE Downgrade to Reduce from Add Morgans
SHL - SONIC HEALTHCARE Downgrade to Hold from Accumulate Ord Minnett
SYD - SYDNEY AIRPORT Downgrade to Underperform from Neutral Credit Suisse
TCL - TRANSURBAN GROUP Upgrade to Buy from Neutral UBS
Downgrade to Underperform from Neutral Credit Suisse
VEA - VIVA ENERGY GROUP Downgrade to Hold from Accumulate Ord Minnett
AGL  AGL ENERGY LIMITED

Infrastructure & Utilities

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Overnight Price: $17.66

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

A drop in European electricity demand is a sign of what's ahead in Australia. Morgans expects demand to remain resilient in essential retail and heavy industries but bad debts are expected to grow among retail customers. Spot prices are now significantly weaker.

The balance sheets of both AGL Energy and Origin Energy are strong, the broker notes, but cash flow will be challenging for Origin in FY21.

AGL downgraded to Hold from Add. Target falls to $17.39 from $18.35.

Target price is $17.39 Current Price is $17.66 Difference: minus $0.27 (current price is over target).
If AGL meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.12, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 95.00 cents.
At the last closing share price the estimated dividend yield is 5.38%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 129.9, implying annual growth of -5.9%.

Current consensus DPS estimate is 97.7, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 108.00 cents.
At the last closing share price the estimated dividend yield is 6.12%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 127.1, implying annual growth of -2.2%.

Current consensus DPS estimate is 97.8, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 13.9.

Market Sentiment: -0.4

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


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

UBS upgrades to Neutral from Sell, believing the share price is now at fair value. The broker considers the balance sheet enviable along with the dividend yield.

The fundamental concern is that the stock is over-exposed to falling wholesale electricity prices while securing value-accretive growth is challenged. Target is reduced to $18.00 from $18.80.

Target price is $18.00 Current Price is $17.66 Difference: $0.34
If AGL meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $18.12, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 100.00 cents and EPS of 133.00 cents.
At the last closing share price the estimated dividend yield is 5.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 129.9, implying annual growth of -5.9%.

Current consensus DPS estimate is 97.7, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 97.00 cents and EPS of 129.00 cents.
At the last closing share price the estimated dividend yield is 5.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 127.1, implying annual growth of -2.2%.

Current consensus DPS estimate is 97.8, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 13.9.

Market Sentiment: -0.4

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

BAP  BAPCOR LIMITED

Automobiles & Components

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Overnight Price: $4.36

Credit Suisse rates BAP as Outperform (1) -

Bapcor has underperformed recently, given the concerns around shut-downs and the associated impact on the balance sheet.

Credit Suisse observes the company has multiple options on its balance sheet which limits gearing to 2.6x FY20 operating earnings (EBITDA).

The broker retains an Outperform rating and reduces the target to $5.85 from $7.50.

Target price is $5.85 Current Price is $4.36 Difference: $1.49
If BAP meets the Credit Suisse target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $6.83, suggesting upside of 56.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 8.00 cents and EPS of 26.64 cents.
At the last closing share price the estimated dividend yield is 1.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.0, implying annual growth of -12.8%.

Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 7.83 cents and EPS of 31.43 cents.
At the last closing share price the estimated dividend yield is 1.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.3, implying annual growth of 14.3%.

Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 12.7.

Market Sentiment: 1.0

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

BXB  BRAMBLES LIMITED

Transportation & Logistics

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Overnight Price: $11.61

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

Consumable product volumes are being supported by panic buying, benefiting pallet volumes, although there are higher costs Macquarie notes.

Given the company's highly defensive end-product exposure, the broker expects earnings should be resilient during a global recession. Profit estimates are marginally increased for FY20/21.

Rating is upgraded to Outperform from Neutral and the target raised to $12.90 from $12.50.

Target price is $12.90 Current Price is $11.61 Difference: $1.29
If BXB meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $12.64, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 24.64 cents and EPS of 47.66 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.2, implying annual growth of N/A.

Current consensus DPS estimate is 43.7, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 20.7.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 29.18 cents and EPS of 55.73 cents.
At the last closing share price the estimated dividend yield is 2.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.0, implying annual growth of 24.6%.

Current consensus DPS estimate is 43.9, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 16.6.

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

Market Sentiment: 0.7

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: $23.02

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

Ord Minnett upgrades to Accumulate from Hold, having reviewed earnings estimates for the oil refining stocks. Restrictions on international air travel and a significant reduction in domestic flights should dramatically reduce demand for jet fuel.

Meanwhile, retail fuel margins have been very strong in February and March, a positive. Ord Minnett prefers Caltex Australia versus Viva Energy ((VEA)) as the latter's product mix is a headwind and there is limited potential for cost savings. Target is reduced to $26.50 from $30.00.

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

Target price is $26.50 Current Price is $23.02 Difference: $3.48
If CTX meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $30.93, suggesting upside of 34.3% (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 11.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 172.3, implying annual growth of 13.9%.

Current consensus DPS estimate is 98.4, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 13.4.

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 10.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 204.2, implying annual growth of 18.5%.

Current consensus DPS estimate is 120.5, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 11.3.

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

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Overnight Price: $51.45

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

It's a case of pros and cons for fast food chains at this time, Morgans notes, as an increase in home delivery demand is offset by a drop-off in store pick-ups, pantry loading and a lack of footy on TV to drive demand. Store closures in France and NZ add to the issues for Domino's Pizza, and an update shows slowing sales.

The broker does not see a significant earnings hit, but is mindful that the stock fell only -8% in March compared to -21% for the index, thus there is a risk of earnings disappointment. All will revert quickly on the other side, but for now the broker pulls back to Hold from Add and awaits further updates. Target falls to $57.19 from $58.67.

Target price is $57.19 Current Price is $51.45 Difference: $5.74
If DMP meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $56.04, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 120.00 cents and EPS of 172.00 cents.
At the last closing share price the estimated dividend yield is 2.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 176.7, implying annual growth of 30.4%.

Current consensus DPS estimate is 124.8, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 29.1.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 137.00 cents and EPS of 195.00 cents.
At the last closing share price the estimated dividend yield is 2.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 199.1, implying annual growth of 12.7%.

Current consensus DPS estimate is 144.2, implying a prospective dividend yield of 2.8%.

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

EVN  EVOLUTION MINING LIMITED

Gold & Silver

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Overnight Price: $4.11

Credit Suisse rates EVN as Outperform (1) -

There was no disruption to production from the crisis over the March quarter. Guidance in FY20 is for 725,000 ounces at $940-990/oz, which excludes unexpected contribution from Red Lake.

The guidance and the current gold price support a robust outlook, Credit Suisse maintains. The broker retains an Outperform rating and $4.60 target.

Target price is $4.60 Current Price is $4.11 Difference: $0.49
If EVN meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.18, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 15.41 cents and EPS of 23.00 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 17.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.9, implying annual growth of 62.5%.

Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 19.7.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 15.78 cents and EPS of 31.17 cents.
At the last closing share price the estimated dividend yield is 3.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of 23.9%.

Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 15.9.

Market Sentiment: 0.6

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


Ord Minnett rates EVN as Hold (3) -

The company has maintained guidance and announced completion of the Red Lake acquisition. FY20 production guidance is 725,000 ounces at an all-in sustaining cost of $940-990/oz.

This excludes unexpected contribution from Red Lake. Ord Minnett retains a Hold rating and $3.70 target.

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

Target price is $3.70 Current Price is $4.11 Difference: minus $0.41 (current price is over target).
If EVN meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.18, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 24.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.9, implying annual growth of 62.5%.

Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 19.7.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 36.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of 23.9%.

Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 15.9.

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 Buy (1) -

Management has reiterated guidance for FY20. The Red Lake acquisition has been completed and, while the timing of the asset acquisition is not ideal because of mobility restrictions in Canada and Australia, UBS believes only low expectations for this asset are priced in.

The valuation is considered attractive and a Buy rating and $4.80 target are maintained.

Target price is $4.80 Current Price is $4.11 Difference: $0.69
If EVN meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.18, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 16.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 3.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.9, implying annual growth of 62.5%.

Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 19.7.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 12.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 2.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of 23.9%.

Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 15.9.

Market Sentiment: 0.6

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

GUD  G.U.D. HOLDINGS LIMITED

Household & Personal Products

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Overnight Price: $9.54

Macquarie rates GUD as Neutral (3) -

Macquarie revises forecasts to allow for the impact of coronavirus on the automotive trade industry. While demand is solid to date, vehicle movements and trade demand have declined significantly in Australasia.

Macquarie considers the automotive trade industry an essential service that will rebound quickly once lock-down rules are relaxed.

The broker believes the company's facilities are also sufficient to withstand an extended period of restrictions. Neutral maintained. Target is reduced to $9.50 from $11.80.

Target price is $9.50 Current Price is $9.54 Difference: minus $0.04 (current price is over target).
If GUD meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.52, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 30.00 cents and EPS of 36.30 cents.
At the last closing share price the estimated dividend yield is 3.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.9, implying annual growth of -16.0%.

Current consensus DPS estimate is 40.9, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 30.00 cents and EPS of 41.10 cents.
At the last closing share price the estimated dividend yield is 3.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.1, implying annual growth of 3.8%.

Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 15.9.

Market Sentiment: 0.2

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

HPI  HOTEL PROPERTY INVESTMENTS

Infra & Property Developers

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Overnight Price: $2.19

Morgans rates HPI as Hold (3) -

Hotel Property Investments' pub and accommodation assets are majority leased to a JV between Coles ((COL)) and KKR. Pubs are closed but bottle shops are still operating, but given the uncertainty of the duration of shutdowns the broker expects a significant earnings impact on tenants.

The company has gearing of 38% and an indirect cost ratio of 3.5x versus covenant requirement of 2x, the broker notes. Target falls to $2.58 from $3.36, Hold retained.

Target price is $2.58 Current Price is $2.19 Difference: $0.39
If HPI meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 20.70 cents and EPS of 19.80 cents.
At the last closing share price the estimated dividend yield is 9.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.06.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 18.70 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 8.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.71.

Market Sentiment: 0.0

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

IEL  IDP EDUCATION LIMITED

Education & Tuition

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Overnight Price: $14.71

Morgan Stanley rates IEL as Overweight (1) -

The company has added debt facilities of $150m and will raise $190m in new equity, which will create a $430m liquidity buffer, along with existing reserves.

Morgan Stanley assesses this development comes with dilution of -7% but is a sensible trade-off, given the current environment.

The broker reduces student placement volume forecasts to reflect that enrolments from the July semester onward in Australia may be pushed out.

The main difference in assumptions now is the lock-down in India, which the broker estimates accounts for close to 40% of student placement and IELTS volumes.

Morgan Stanley considers the business critical to the functioning of higher education systems domestically, and increasingly abroad, and retains an Overweight rating. Industry view is In-Line. Target is reduced to $17.50 from $18.50.

Target price is $17.50 Current Price is $14.71 Difference: $2.79
If IEL meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $18.35, suggesting upside of 24.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 27.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 73.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of -1.4%.

Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 56.8.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 27.30 cents and EPS of 36.00 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 40.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.5, implying annual growth of 40.9%.

Current consensus DPS estimate is 23.5, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 40.3.

Market Sentiment: 0.6

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


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

IDP Education was travelling along fine at the beginning of the year before the wheels fell off in March, a trading update revealed. This has prompted a $240m capital raising and debt refinancing. Morgans has cut earnings per share forecast by over -40% and does not expect a full recovery until FY22.

The broker notes, nonetheless, the nature of IDP's business means it may recover faster than expected, and a strengthened balance sheet will make the company better positioned, operating as a large global player with limited competition. Target falls to $15.07 from $24.49. Upgrade to Add from Hold.

Target price is $15.07 Current Price is $14.71 Difference: $0.36
If IEL meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $18.35, suggesting upside of 24.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 17.00 cents and EPS of 19.00 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 77.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of -1.4%.

Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 56.8.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 23.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 63.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.5, implying annual growth of 40.9%.

Current consensus DPS estimate is 23.5, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 40.3.

Market Sentiment: 0.6

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


Ord Minnett rates IEL as Upgrade to Buy from Accumulate (1) -

The company has raised $240m, and increased the size of its debt facility by $150m. There is also a series of cost reduction initiatives announced.

The coronavirus crisis is likely to cause a material disruption to the business but Ord Minnett asserts structural drivers underpinning international student mobility have not changed.

With enhanced capital flexibility and a strong long-term outlook the broker upgrades to Buy from Accumulate. Target is reduced to $16.98 from $22.34.

Target price is $16.98 Current Price is $14.71 Difference: $2.27
If IEL meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $18.35, suggesting upside of 24.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 15.10 cents and EPS of 19.50 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 75.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of -1.4%.

Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 56.8.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 24.30 cents and EPS of 33.80 cents.
At the last closing share price the estimated dividend yield is 1.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.5, implying annual growth of 40.9%.

Current consensus DPS estimate is 23.5, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 40.3.

Market Sentiment: 0.6

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

IFN  INFIGEN ENERGY

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Overnight Price: $0.45

Morgans rates IFN as Add (1) -

A drop in European electricity demand is a sign of what's ahead in Australia. Morgans expects demand to remain resilient in essential retail and heavy industries but bad debts are expected to grow among retail customers.

Spot prices are now significantly weaker. The balance sheets of both AGL Energy and Origin Energy are strong, the broker notes, but cash flow will be challenging for Origin in FY21.

Infigen Energy has a much lower share of retail customers compared to the Big Two and wind farms have longer term contracts at fixed prices, the broker notes. Lower spot prices will nevertheless lower revenues. Target falls to 71c from 80c, Add retained.

Target price is $0.71 Current Price is $0.45 Difference: $0.26
If IFN meets the Morgans target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $0.74, suggesting upside of 64.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 2.00 cents.
At the last closing share price the estimated dividend yield is 4.44%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.5, implying annual growth of 4.7%.

Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 10.0.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 2.00 cents.
At the last closing share price the estimated dividend yield is 4.44%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.4, implying annual growth of -2.2%.

Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 10.2.

Market Sentiment: 0.7

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: $4.34

Macquarie rates IGO as Outperform (1) -

Macquarie assesses the discovery of massive nickel-copper sulphide by Legend Mining ((LEG)) has enhanced the potential for additional discoveries on the Fraser Range. This highlights the strategic value of IGO's dominant landholding.

The broker believes extending the life of Nova can deliver a material uplift in value. Meanwhile, the operating performance is strong and a beat on production guidance at Nova in FY20 is still possible.

Outperform rating maintained. Target is $5.90.

Target price is $5.90 Current Price is $4.34 Difference: $1.56
If IGO meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $5.57, suggesting upside of 28.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 13.00 cents and EPS of 30.10 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.0, implying annual growth of 140.5%.

Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 19.00 cents and EPS of 41.20 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 10.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.5, implying annual growth of 14.5%.

Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 12.2.

Market Sentiment: 0.4

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

JHG  JANUS HENDERSON GROUP PLC.

Wealth Management & Investments

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Overnight Price: $23.50

Macquarie rates JHG as Outperform (1) -

While the improvement in retail flows has probably unwound in recent weeks, Macquarie still envisages material upside for the business at current levels.

Moreover, the dividend yield of 9.5% and a 3.5% accretive buyback for every US$100m provides valuation support.

The broker finds no issues on the balance sheet and retains an Outperform rating. Target is reduced to $33.00 from $42.80.

Target price is $33.00 Current Price is $23.50 Difference: $9.5
If JHG meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $38.19, suggesting upside of 62.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 211.18 cents and EPS of 282.01 cents.
At the last closing share price the estimated dividend yield is 8.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 407.8, implying annual growth of N/A.

Current consensus DPS estimate is 242.8, implying a prospective dividend yield of 10.3%.

Current consensus EPS estimate suggests the PER is 5.8.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 211.18 cents and EPS of 299.60 cents.
At the last closing share price the estimated dividend yield is 8.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 421.8, implying annual growth of 3.4%.

Current consensus DPS estimate is 252.7, implying a prospective dividend yield of 10.8%.

Current consensus EPS estimate suggests the PER is 5.6.

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

Market Sentiment: 0.5

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

JIN  JUMBO INTERACTIVE LIMITED

Gaming

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Overnight Price: $9.65

Morgan Stanley rates JIN as Overweight (1) -

The company's trading update suggests a very conservative fourth quarter is being factored in, as Morgan Stanley suspects there will be accelerated online adoption of lotteries.

Target is $16. Overweight rating. Industry view is In-Line.

Target price is $16.00 Current Price is $9.65 Difference: $6.35
If JIN meets the Morgan Stanley target it will return approximately 66% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 EPS of 42.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.98.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 60.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.08.

Market Sentiment: 0.5

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


Morgans rates JIN as Hold (3) -

A trading update from Jumbo Interactive included earnings guidance below expectation, although the company does have a track record of being conservative, the broker notes.

Jumbo has a strong balance sheet and considerable cash holdings, putting it in good stead in the current environment, suggest the analysts.

The company should benefit from to the shift to digital, not just at the moment but structurally, but the broker remains cautious on ticket sales at this time. Target falls to $9.62 from $12.54, Hold retained.

Target price is $9.62 Current Price is $9.65 Difference: minus $0.03 (current price is over target).
If JIN meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 34.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 3.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.13.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 41.00 cents and EPS of 48.00 cents.
At the last closing share price the estimated dividend yield is 4.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.10.

Market Sentiment: 0.5

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

MFG  MAGELLAN FINANCIAL GROUP LIMITED

Wealth Management & Investments

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Overnight Price: $45.99

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

Macquarie continues to believe Magellan Financial is the highest quality fund manager on the ASX. However, following the recent rally and perceived flight to quality, the stock is considered fairly valued.

Marking to market reduces funds under management by -12% in February and March. Rating is upgraded to Neutral from Underperform and the target reduced to $50 from $60.

Target price is $50.00 Current Price is $45.99 Difference: $4.01
If MFG meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $44.80, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 205.50 cents and EPS of 227.10 cents.
At the last closing share price the estimated dividend yield is 4.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 227.1, implying annual growth of 6.6%.

Current consensus DPS estimate is 205.6, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 218.00 cents and EPS of 244.60 cents.
At the last closing share price the estimated dividend yield is 4.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 224.4, implying annual growth of -1.2%.

Current consensus DPS estimate is 204.9, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 20.5.

Market Sentiment: 0.0

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

NWS  NEWS CORPORATION

Print, Radio & TV

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Overnight Price: $13.87

Morgan Stanley rates NWS as Underweight (5) -

Morgan Stanley considers the exit of inserts/coupons is an incremental positive, expecting the growth trajectory of the remaining business should be improved.

The question now is whether there are further asset sales and if capital management is on the cards.

Underweight rating and US$10.75 target maintained. Industry view: Attractive.

Current Price is $13.87. Target price not assessed.

Current consensus price target is $24.42, suggesting upside of 76.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 29.33 cents and EPS of 52.79 cents.
At the last closing share price the estimated dividend yield is 2.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.6, implying annual growth of N/A.

Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 29.33 cents and EPS of 58.66 cents.
At the last closing share price the estimated dividend yield is 2.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.0, implying annual growth of 14.1%.

Current consensus DPS estimate is 32.9, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 20.4.

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

Market Sentiment: 0.5

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


UBS rates NWS as Buy (1) -

News Corp has announced the sale of its News America Marketing business for US$175-235m cash, with an option to retain up to 15% equity.

While the magnitude of this deal is small in the broader context of the business, UBS considers it "qualitatively positive".

The NAM business has no significant synergies with the rest of the News Corp stable and the analysts suggest it removes a structurally-challenged business at a time of extreme uncertainty.

Buy rating maintained. Target is reduced to $23.40 from $24.00.

Target price is $23.40 Current Price is $13.87 Difference: $9.53
If NWS meets the UBS target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $24.42, suggesting upside of 76.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 29.33 cents and EPS of 49.86 cents.
At the last closing share price the estimated dividend yield is 2.11%.
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 59.6, implying annual growth of N/A.

Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 29.33 cents and EPS of 45.46 cents.
At the last closing share price the estimated dividend yield is 2.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.0, implying annual growth of 14.1%.

Current consensus DPS estimate is 32.9, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 20.4.

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

Market Sentiment: 0.5

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

ORG  ORIGIN ENERGY LIMITED

NatGas

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Overnight Price: $4.80

Morgans rates ORG as Hold (3) -

A drop in European electricity demand is a sign of what's ahead in Australia. Morgans expects demand to remain resilient in essential retail and heavy industries but bad debts are expected to grow among retail customers. Spot prices are now significantly weaker.

The balance sheets of both AGL Energy and Origin Energy are strong, the broker notes, but cash flow will be challenging for Origin in FY21.

Hold retained for Origin. Target falls to $4.75 from $6.12.

Target price is $4.75 Current Price is $4.80 Difference: minus $0.05 (current price is over target).
If ORG meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.48, suggesting upside of 35.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 6.00 cents.
At the last closing share price the estimated dividend yield is 1.25%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.9, implying annual growth of -14.4%.

Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 8.1.

Forecast for FY21:

Current consensus EPS estimate is 40.7, implying annual growth of -30.9%.

Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 11.8.

Market Sentiment: 0.5

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

PDL  PENDAL GROUP LIMITED

Wealth Management & Investments

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Overnight Price: $4.66

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

Credit Suisse lowers estimates for earnings by -11% in FY20, -25% FY21 and -25% in FY22. This is driven by lower funds under management from the drop in equity markets and an assumption that markets will remain flat for the remainder of 2020.

The broker estimates that only around 5% of JO Hambro retail is outperforming over one year and only 50% over three and five years as of the end of February 2020.

As the share price is down -44% over the last three months, and having downgraded estimates, the broker is more comfortable with its earnings forecasts.

Target is reduced to $4.90 from $6.60 and the rating upgraded to Neutral from Underperform.

Target price is $4.90 Current Price is $4.66 Difference: $0.24
If PDL meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.44, suggesting upside of 38.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 35.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 7.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.8, implying annual growth of -17.6%.

Current consensus DPS estimate is 35.5, implying a prospective dividend yield of 7.6%.

Current consensus EPS estimate suggests the PER is 10.4.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 32.00 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 6.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.5, implying annual growth of 1.6%.

Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 10.2.

Market Sentiment: 0.5

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


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

Following recent market movements, Macquarie reviews the impact on Pendal Group. The relative performance is improving and, following a recent de-rating, the stock is now trading around -27% below the five-year average.

Macquarie considers this an attractive entry point and upgrades to Outperform from Neutral. Target is reduced to $6.00 from $8.75.

Target price is $6.00 Current Price is $4.66 Difference: $1.34
If PDL meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.44, suggesting upside of 38.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 31.50 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 6.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.8, implying annual growth of -17.6%.

Current consensus DPS estimate is 35.5, implying a prospective dividend yield of 7.6%.

Current consensus EPS estimate suggests the PER is 10.4.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 38.50 cents and EPS of 45.30 cents.
At the last closing share price the estimated dividend yield is 8.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.5, implying annual growth of 1.6%.

Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 10.2.

Market Sentiment: 0.5

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

PPT  PERPETUAL LIMITED

Wealth Management & Investments

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Overnight Price: $25.52

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

Following recent market movements, Macquarie reviews the impact on Perpetual. The relative equities performance is improving and fixed income has moderated.

The broker has no issues with the balance sheet and does not expect Perpetual to pursue any additional offshore acquisitions in the current environment.

Macquarie considers the valuation more appealing now and upgrades to Neutral from Underperform. Target is reduced to $27.50 from $40.00.

Target price is $27.50 Current Price is $25.52 Difference: $1.98
If PPT meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $38.37, suggesting upside of 50.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 160.00 cents and EPS of 178.50 cents.
At the last closing share price the estimated dividend yield is 6.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 214.6, implying annual growth of -14.5%.

Current consensus DPS estimate is 184.7, implying a prospective dividend yield of 7.2%.

Current consensus EPS estimate suggests the PER is 11.9.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 170.00 cents and EPS of 191.50 cents.
At the last closing share price the estimated dividend yield is 6.66%.
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 229.0, implying annual growth of 6.7%.

Current consensus DPS estimate is 202.3, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 11.1.

Market Sentiment: 0.0

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

PTM  PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments

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Overnight Price: $3.23

Macquarie rates PTM as Underperform (5) -

Macquarie expects outflows to remain elevated, given the mature customer base. The broker marks to market, which reduces funds under management by -9% for February and March.

Although downside protection is starting to deliver relative outperformance the broker's preferences lie elsewhere and an Underperform rating is maintained. Target is reduced to $3.15 from $4.00.

Target price is $3.15 Current Price is $3.23 Difference: minus $0.08 (current price is over target).
If PTM meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.88, suggesting downside of -10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 22.50 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 6.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.6, implying annual growth of -9.0%.

Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 7.6%.

Current consensus EPS estimate suggests the PER is 13.1.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 21.00 cents and EPS of 21.20 cents.
At the last closing share price the estimated dividend yield is 6.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.2, implying annual growth of -17.9%.

Current consensus DPS estimate is 20.8, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 16.0.

Market Sentiment: -0.8

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

QAN  QANTAS AIRWAYS LIMITED

Transportation & Logistics

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Overnight Price: $3.22

Credit Suisse rates QAN as Downgrade to Underperform from Neutral (5) -

Credit Suisse forecasts Qantas to gain a $290m benefit from the federal government's JobKeeper subsidies. However, the longer the shut-down, the more difficult and costly the re-start will be, in the broker's view.

Credit Suisse pushes out expectations for a full recovery to FY23. Cash flow is expected to be steered towards balance sheet repair and fleet renewal once the crisis is over. Rating is lowered to Underperform from Neutral. Target is $2.20.

Target price is $2.20 Current Price is $3.22 Difference: minus $1.02 (current price is over target).
If QAN meets the Credit Suisse target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.62, suggesting upside of 43.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 13.50 cents and EPS of minus 2.50 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 minus 128.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.2, implying annual growth of -83.3%.

Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 35.0.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 54.58 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of 98.9%.

Current consensus DPS estimate is 13.2, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 17.6.

Market Sentiment: 0.4

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

RBL  REDBUBBLE LIMITED

Software & Services

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Overnight Price: $0.57

Morgans rates RBL as Downgrade to Reduce from Add (5) -

Redbubbles' sales growth has slowed and become more volatile due to the increasing toll on consumer finances. The company had $31m in cash at the end of March, Morgans notes, and has taken steps to reduce costs. Guidance for becoming cash flow positive has nevertheless been withdrawn.

The broker cuts forecasts and now anticipates a capital raising in the second half of 2020. Target falls to 50c from $1.53, double-downgrade to Reduce from Add.

Target price is $0.50 Current Price is $0.57 Difference: minus $0.07 (current price is over target).
If RBL meets the Morgans target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY20:

Morgans 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 14.25.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.67.

Market Sentiment: -1.0

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

REG  REGIS HEALTHCARE LIMITED

Aged Care & Seniors

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Overnight Price: $1.33

Macquarie rates REG as Underperform (5) -

Macquarie assesses heightened pressures on the aged care sector with increased risk to working capital in order to fund outgoing Refundable Accommodation Deposits if occupancy and incoming RAD tightens.

This means debt will be needed to fund RAD. Underperform rating maintained. Target is reduced to $1.09 from $1.77 and estimates for earnings per share are cut by -38%, -90% and -29% for FY20, FY21 and FY22 respectively.

Target price is $1.09 Current Price is $1.33 Difference: minus $0.24 (current price is over target).
If REG meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.81, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 4.00 cents and EPS of 5.40 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.9, implying annual growth of -53.3%.

Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 16.8.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.50 cents and EPS of 0.80 cents.
At the last closing share price the estimated dividend yield is 0.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 166.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.2, implying annual growth of -21.5%.

Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 21.5.

Market Sentiment: -0.3

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


Morgans rates REG as Hold (3) -

Regis Healthcare has withdrawn guidance, deferred its interim dividend until September and paused further development. The broker notes the company's debt position is reasonable and sufficient to see Regis through the uncertainty.

Target falls to $1.95 from $2.18, Hold retained.

Target price is $1.95 Current Price is $1.33 Difference: $0.62
If REG meets the Morgans target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 4.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.9, implying annual growth of -53.3%.

Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 16.8.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 4.00 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.2, implying annual growth of -21.5%.

Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 21.5.

Market Sentiment: -0.3

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

SCG  SCENTRE GROUP

REITs

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Overnight Price: $1.71

Morgan Stanley rates SCG as Underweight (5) -

Scentre Group has increased its undrawn liquidity and has $3.1bn available now. This suggests to Morgan Stanley there are sufficient funds to get through debt maturities until December 2021.

In the near term is the uncertainty around the extent of rent relief that may have to be provided to tenants. The company is yet to formally respond with rent relief and Morgan Stanley expects this could involve a mixture of deferrals and cuts.

Target is $3.11. Underweight. Industry view: In Line.

Target price is $3.11 Current Price is $1.71 Difference: $1.4
If SCG meets the Morgan Stanley target it will return approximately 82% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 60.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 23.30 cents and EPS of 25.30 cents.
At the last closing share price the estimated dividend yield is 13.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.6, implying annual growth of 1.3%.

Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 11.2%.

Current consensus EPS estimate suggests the PER is 7.6.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 24.00 cents and EPS of 26.20 cents.
At the last closing share price the estimated dividend yield is 14.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.4, implying annual growth of 12.4%.

Current consensus DPS estimate is 21.9, implying a prospective dividend yield of 12.8%.

Current consensus EPS estimate suggests the PER is 6.7.

Market Sentiment: -0.3

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

SHL  SONIC HEALTHCARE LIMITED

Healthcare services

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Overnight Price: $23.30

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

Ord Minnett reviews its forecasts, resulting in further reductions to estimates, albeit partially offset by a higher contribution from coronavirus testing.

The broker expects the business will recover rapidly when the lock-down is lifted but remains wary about the market underestimating the hit to earnings in the short term.

Rating is downgraded to Hold from Accumulate and the target is lowered to $27.50 from $28.50.

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

Target price is $27.50 Current Price is $23.30 Difference: $4.2
If SHL meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $27.70, suggesting upside of 18.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 88.00 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 3.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.9, implying annual growth of -23.3%.

Current consensus DPS estimate is 70.8, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 24.8.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 92.00 cents and EPS of 100.00 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 115.6, implying annual growth of 23.1%.

Current consensus DPS estimate is 86.4, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 20.2.

Market Sentiment: 0.4

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

SYD  SYDNEY AIRPORT HOLDINGS LIMITED

Infrastructure & Utilities

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Overnight Price: $5.41

Credit Suisse rates SYD as Downgrade to Underperform from Neutral (5) -

Credit Suisse expects international passengers will be down -70% and domestic down -58% in 2020.

A slower recovery is expected after the crisis, with the broker now expecting full passenger recovery will be delayed until 2023 for domestic and 2024 for international.

No dividend is expected in 2020. Credit Suisse assumes Sydney Airport grants some level of rent relief to tenants, or tenants default.

Rating is downgraded to Underperform from Neutral. Target is reduced to $4.50 from $5.00.

Target price is $4.50 Current Price is $5.41 Difference: minus $0.91 (current price is over target).
If SYD meets the Credit Suisse target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.72, suggesting upside of 24.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 7.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 68.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.4, implying annual growth of -58.6%.

Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 73.1.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 17.50 cents and EPS of 1.26 cents.
At the last closing share price the estimated dividend yield is 3.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 429.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.8, implying annual growth of 113.5%.

Current consensus DPS estimate is 33.0, implying a prospective dividend yield of 6.1%.

Current consensus EPS estimate suggests the PER is 34.2.

Market Sentiment: 0.2

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: $11.92

Citi rates TCL as Sell (5) -

The latest market update showed traffic is declining on Transurban's toll roads with the closing week of March signalling an acceleration in the negative trend. Citi analysts add they believe declines in revenues are possibly larger than the falls in traffic numbers.

No surprise, given the covid-19 context, Transurban has now withdrawn dividend guidance for H2. The company now expects to pay dividends in-line with free cash flow but excluding capital releases. Previously, point out the analysts, dividends were paid out 100% including capital releases.

Citi analysts point out if this becomes the new dividend policy for longer, consensus dividend forecasts will see significant reset at a lower level. Sell rating retained. Target price tumbles to $10.15 (from $12.03 in February).

Target price is $10.15 Current Price is $11.92 Difference: minus $1.77 (current price is over target).
If TCL meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.19, suggesting upside of 10.7% (ex-dividends)

Forecast for FY20:

Current consensus EPS estimate is 15.2, implying annual growth of 130.3%.

Current consensus DPS estimate is 47.9, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 78.4.

Forecast for FY21:

Current consensus EPS estimate is 21.2, implying annual growth of 39.5%.

Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 56.2.

Market Sentiment: 0.1

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


Credit Suisse rates TCL as Downgrade to Underperform from Neutral (5) -

Traffic deteriorated through March although heavy vehicle traffic was resilient. Credit Suisse forecasts a -40% decline in traffic over the next six months.

The broker notes the company's liquidity is sufficient, with unrestricted cash of $400m and undrawn credit facilities of $3.1bn. FY21 distribution estimates are reduced by -38%.

The broker suspects companies may become more risk averse after the crisis, which could lead to more conservative capital structures and cash being steered to strengthen balance sheets rather than restoring dividend pay-outs to historical levels.

Rating is downgraded to Underperform from Neutral and the target is $10.65.

Target price is $10.65 Current Price is $11.92 Difference: minus $1.27 (current price is over target).
If TCL meets the Credit Suisse target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.19, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 43.53 cents and EPS of 4.58 cents.
At the last closing share price the estimated dividend yield is 3.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 260.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 130.3%.

Current consensus DPS estimate is 47.9, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 78.4.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 29.75 cents and EPS of minus 2.41 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 494.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.2, implying annual growth of 39.5%.

Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 56.2.

Market Sentiment: 0.1

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


Macquarie rates TCL as Outperform (1) -

March quarter traffic is down -4%, with the last week down -36%, indicative of the move to lock down in Australia. Macquarie assesses the revenue impact in North America is likely to be closer to -90% as cities there enter full lock-down.

Dividend policy appears to be headed back to cash flow from assets and there is potential in the broker's view for this to stay at more modest levels. The broker retains an Outperform rating with a $14.48 target.

Target price is $14.48 Current Price is $11.92 Difference: $2.56
If TCL meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $13.19, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 46.30 cents and EPS of 39.10 cents.
At the last closing share price the estimated dividend yield is 3.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 130.3%.

Current consensus DPS estimate is 47.9, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 78.4.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 53.30 cents and EPS of 53.20 cents.
At the last closing share price the estimated dividend yield is 4.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.2, implying annual growth of 39.5%.

Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 56.2.

Market Sentiment: 0.1

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


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

While there is uncertainty over near-term traffic outcomes the provisional data on Australian roads show declines are less than European peers and at the lower end of Morgan Stanley's scenarios.

The company's North American traffic declines are in line with peers. Second half distribution guidance is withdrawn and Transurban now expects to pay its second half distribution in line with free cash, excluding capital releases.

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

Target price is $15.70 Current Price is $11.92 Difference: $3.78
If TCL meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $13.19, suggesting upside of 10.7% (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 5.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 62.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 130.3%.

Current consensus DPS estimate is 47.9, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 78.4.

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 5.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 45.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.2, implying annual growth of 39.5%.

Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 56.2.

Market Sentiment: 0.1

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


Morgans rates TCL as Hold (3) -

Traffic has dried up, leading Transurban to withdraw guidance. The dividend is now dependent on free cash flow ex of capital releases. The broker believes a 2.2% yield can be delivered over the next 12 months, while noting that will rapidly grow as traffic recovers.

The stock looks attractive at current levels but downside traffic risk remains, the broker warns, and thus the risk of asset distribution lock-up and a capital raising to support the company's credit rating. Target falls to $13.78 from $14.81, Hold retained.

Target price is $13.78 Current Price is $11.92 Difference: $1.86
If TCL meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $13.19, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 45.80 cents.
At the last closing share price the estimated dividend yield is 3.84%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 130.3%.

Current consensus DPS estimate is 47.9, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 78.4.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 35.00 cents.
At the last closing share price the estimated dividend yield is 2.94%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.2, implying annual growth of 39.5%.

Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 56.2.

Market Sentiment: 0.1

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


Ord Minnett rates TCL as Accumulate (2) -

The quarterly traffic update reflected recent weakness, in particular a sharp deterioration in late March. Guidance is also updated, with the company expecting to distribute free cash, excluding capital releases, for the second half of FY20.

Ord Minnett reduces dividend forecasts for the second half and FY21. The broker's revised forecasts also indicate debt serviceability has deteriorated further. Accumulate maintained. Target is reduced to $13.75 from $14.50.

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

Target price is $13.75 Current Price is $11.92 Difference: $1.83
If TCL meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $13.19, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 12.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 99.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 130.3%.

Current consensus DPS estimate is 47.9, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 78.4.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 70.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.2, implying annual growth of 39.5%.

Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 56.2.

Market Sentiment: 0.1

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


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

UBS assumes a three-month shock to traffic, whereby Australian private vehicle traffic declines -50% and heavy vehicles -20%. This is slightly greater than the current rate, but more moderate than international anecdotes.

While the duration of the disruption is unclear, the broker points out traffic should be one of the first activities to recover.

The company has disclosed $3.5bn in liquidity against $2.9bn of capital expenditure requirements and debt refinancing to June 2021.

This suggests to the broker that the disruption in the bond market should be manageable. UBS upgrades to Buy from Neutral and reduces the target to $13.85 from $16.05.

Target price is $13.85 Current Price is $11.92 Difference: $1.93
If TCL meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $13.19, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 42.00 cents and EPS of 1.50 cents.
At the last closing share price the estimated dividend yield is 3.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 794.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 130.3%.

Current consensus DPS estimate is 47.9, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 78.4.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 51.00 cents and EPS of 12.30 cents.
At the last closing share price the estimated dividend yield is 4.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 96.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.2, implying annual growth of 39.5%.

Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 56.2.

Market Sentiment: 0.1

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

TLS  TELSTRA CORPORATION LIMITED

Telecommunication

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Overnight Price: $3.18

UBS rates TLS as Buy (1) -

UBS now assumes Telstra cuts the dividend to $0.14, potentially from the second half of FY20. Long-term forecasts for earnings per share are unchanged at $0.18.

What appears less well understood, in the broker's view, is the impact the crisis and a weaker macro outlook will have on medium-term mobile revenue growth aspirations.

The timing of one-off NBN payments and franking could also create complications. The broker retains a Buy rating and $3.70 target.

Target price is $3.70 Current Price is $3.18 Difference: $0.52
If TLS meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.86, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 14.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 4.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of 1.1%.

Current consensus DPS estimate is 15.7, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 17.4.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 14.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 4.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of -3.3%.

Current consensus DPS estimate is 15.4, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 18.0.

Market Sentiment: 0.6

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: $9.81

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

Nielsen data has indicated Treasury Wine's US sales surged in line with the market as consumers stocked pantries.

Although this may help in the short term, it is not expected to resolve the oversupply of commercial/bulk wine.

Equal-weight rating and Cautious industry view maintained. Target is $15.

Target price is $15.00 Current Price is $9.81 Difference: $5.19
If TWE meets the Morgan Stanley target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $12.43, suggesting upside of 26.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 41.60 cents and EPS of 60.00 cents.
At the last closing share price the estimated dividend yield is 4.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.8, implying annual growth of -6.2%.

Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 17.9.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 47.80 cents and EPS of 72.00 cents.
At the last closing share price the estimated dividend yield is 4.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.7, implying annual growth of 12.6%.

Current consensus DPS estimate is 34.0, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 15.9.

Market Sentiment: 0.1

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


UBS rates TWE as Buy (1) -

UBS reduces estimates for FY20-22 to reflect a longer and larger deterioration in US volumes and further weakness in Asia.

The broker notes there is no sign of re-acceleration in China as yet. Buy rating maintained. Target is reduced to $14.80 from $15.40.

Target price is $14.80 Current Price is $9.81 Difference: $4.99
If TWE meets the UBS target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $12.43, suggesting upside of 26.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 31.50 cents and EPS of 53.90 cents.
At the last closing share price the estimated dividend yield is 3.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.8, implying annual growth of -6.2%.

Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 17.9.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 29.30 cents and EPS of 56.90 cents.
At the last closing share price the estimated dividend yield is 2.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.7, implying annual growth of 12.6%.

Current consensus DPS estimate is 34.0, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 15.9.

Market Sentiment: 0.1

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

VEA  VIVA ENERGY GROUP LIMITED

Crude Oil

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Overnight Price: $1.23

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

Ord Minnett reviews earnings estimates for the oil refining & marketing sector. The broker downgrades to Hold from Accumulate, despite recent share price weakness.

The company's product mix is considered a headwind and there is limited potential for cost savings. Hence, the broker prefers Caltex Australia ((CTX)). Target is reduced to $1.40 from $2.25.

Target price is $1.40 Current Price is $1.23 Difference: $0.17
If VEA meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 57.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.1, implying annual growth of 22.4%.

Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 17.3.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.1, implying annual growth of 56.3%.

Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 11.1.

Market Sentiment: 0.3

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

WEB  WEBJET LIMITED

Travel, Leisure & Tourism

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Overnight Price: $2.80

Morgan Stanley rates WEB as Underweight (5) -

The company has raised $275m, with proceeds to cover expenses in 2020, assuming a continuation of severe travel restrictions.

Morgan Stanley points out there is likely to be exposure to impaired receivables and unwinding working capital is likely to put the company back into net debt albeit with liquidity headroom.

Underweight rating maintained. Target is $10.00. Industry View is In-Line.

Target price is $10.00 Current Price is $2.80 Difference: $7.2
If WEB meets the Morgan Stanley target it will return approximately 257% (excluding dividends, fees and charges).

Current consensus price target is $10.70, suggesting upside of 282.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 33.50 cents and EPS of 68.00 cents.
At the last closing share price the estimated dividend yield is 11.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.4, implying annual growth of -7.7%.

Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 7.3%.

Current consensus EPS estimate suggests the PER is 6.5.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 36.40 cents and EPS of 78.00 cents.
At the last closing share price the estimated dividend yield is 13.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.8, implying annual growth of 26.3%.

Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 8.3%.

Current consensus EPS estimate suggests the PER is 5.1.

Market Sentiment: 0.2

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: $36.05

Macquarie rates WES as Outperform (1) -

Following the partial sell-down of the Coles stake, Macquarie has identified a number of companies that could be of interest to Wesfarmers. The broker believes the company is well-placed to capitalise on market disruption.

Of note, March credit card data show a 30% increase in expenditure on hardware, building and garden supplies which likely reflects the increased demand at Bunnings.

Macquarie assesses the diversified portfolio of essential businesses can ride out the crisis. Outperform and $40.20 target retained.

Target price is $40.20 Current Price is $36.05 Difference: $4.15
If WES meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $34.64, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 75.00 cents and EPS of 168.60 cents.
At the last closing share price the estimated dividend yield is 2.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 159.6, implying annual growth of -6.7%.

Current consensus DPS estimate is 136.0, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 22.6.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 146.80 cents and EPS of 183.50 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 161.2, implying annual growth of 1.0%.

Current consensus DPS estimate is 148.3, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 22.4.

Market Sentiment: -0.1

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

WPL  WOODSIDE PETROLEUM LIMITED

NatGas

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Overnight Price: $19.63

Ord Minnett rates WPL as Hold (3) -

The decision to delay the sanctioning of large-scale growth projects is considered prudent. Ord Minnett assumes Scarborough begins production in 2024 and the Pluto train 2 is shelved indefinitely. Browse is expected to come on line in 2029.

The broker prefers other stocks in the sector and maintains a Hold rating. Target is raised to $26.50 from $24.00. The broker now envisages net debt peaks at US$3.5bn and gearing at 16% in 2026.

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

Target price is $26.50 Current Price is $19.63 Difference: $6.87
If WPL meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $24.61, suggesting upside of 25.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 83.59 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.7, implying annual growth of N/A.

Current consensus DPS estimate is 47.6, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 24.3.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 82.12 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 84.0, implying annual growth of 4.1%.

Current consensus DPS estimate is 74.5, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 23.4.

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

Market Sentiment: 0.7

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

XRO  XERO LIMITED

Accountancy

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Overnight Price: $66.33

Macquarie rates XRO as Outperform (1) -

The company is considered well-positioned, given business-critical software. Macquarie notes the core product offering is low-cost in both relative and absolute terms. There is also a strong balance sheet and liquidity.

The broker materially reduces subscription growth forecasts across the first half of FY21 but makes no revisions to FY20 numbers, given a March year end. Outperform maintained. Target is reduced to $80.50 from $83.50.

Target price is $80.50 Current Price is $66.33 Difference: $14.17
If XRO meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $73.92, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of 8.55 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 775.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.7, 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 762.4.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 47.58 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 139.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.5, implying annual growth of 331.0%.

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

Current consensus EPS estimate suggests the PER is 176.9.

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

Market Sentiment: 0.2

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

Today's Price Target Changes
Company Last Price Broker New Target Prev Target Change
AGL AGL ENERGY $17.66 Morgans 17.39 18.35 -5.23%
UBS 18.00 18.80 -4.26%
AMC AMCOR $13.31 Ord Minnett 16.50 17.00 -2.94%
BAP BAPCOR LIMITED $4.36 Credit Suisse 5.85 7.50 -22.00%
BXB BRAMBLES $11.61 Macquarie 12.90 12.50 3.20%
CTX CALTEX AUSTRALIA $23.02 Ord Minnett 26.50 30.00 -11.67%
DMP DOMINO'S PIZZA $51.45 Morgans 57.19 60.30 -5.16%
EVN EVOLUTION MINING $4.11 Ord Minnett 3.70 3.80 -2.63%
GUD G.U.D. HOLDINGS $9.54 Macquarie 9.50 11.80 -19.49%
HPI HOTEL PROPERTY INVESTMENTS $2.19 Morgans 2.58 3.36 -23.21%
IEL IDP EDUCATION $14.71 Morgan Stanley 17.50 18.50 -5.41%
Morgans 15.07 24.49 -38.46%
Ord Minnett 16.98 22.34 -23.99%
IFN INFIGEN ENERGY $0.45 Morgans 0.71 0.80 -11.25%
IGO IGO $4.34 Macquarie 5.90 6.40 -7.81%
JHG JANUS HENDERSON GROUP $23.50 Macquarie 33.00 42.80 -22.90%
JIN JUMBO INTERACTIVE $9.65 Morgan Stanley 16.00 21.00 -23.81%
Morgans 9.62 12.54 -23.29%
MFG MAGELLAN FINANCIAL GROUP $45.99 Credit Suisse 38.00 54.50 -30.28%
Macquarie 50.00 60.00 -16.67%
NWS NEWS CORP $13.87 UBS 23.40 24.00 -2.50%
ORG ORIGIN ENERGY $4.80 Morgans 4.75 6.12 -22.39%
PDL PENDAL GROUP $4.66 Credit Suisse 4.90 6.60 -25.76%
Macquarie 6.00 8.75 -31.43%
PPT PERPETUAL $25.52 Credit Suisse 24.25 38.50 -37.01%
Macquarie 27.50 40.00 -31.25%
PTM PLATINUM ASSET MANAGEMENT $3.23 Credit Suisse 2.65 3.60 -26.39%
Macquarie 3.15 4.00 -21.25%
RBL REDBUBBLE $0.57 Morgans 0.50 1.53 -67.32%
REG REGIS HEALTHCARE $1.33 Macquarie 1.09 1.77 -38.42%
Morgans 1.95 2.18 -10.55%
SHL SONIC HEALTHCARE $23.30 Ord Minnett 27.50 28.50 -3.51%
UBS 23.10 24.25 -4.74%
SYD SYDNEY AIRPORT $5.41 Credit Suisse 4.50 5.00 -10.00%
TCL TRANSURBAN GROUP $11.92 Citi 10.15 12.03 -15.63%
Macquarie 14.48 14.47 0.07%
Morgans 13.78 14.81 -6.95%
Ord Minnett 13.75 14.50 -5.17%
UBS 13.85 16.05 -13.71%
TWE TREASURY WINE ESTATES $9.81 UBS 14.80 15.40 -3.90%
VEA VIVA ENERGY GROUP $1.23 Ord Minnett 1.40 2.25 -37.78%
WPL WOODSIDE PETROLEUM $19.63 Ord Minnett 26.50 24.00 10.42%
XRO XERO $66.33 Macquarie 80.50 83.50 -3.59%
Summaries
AGL AGL ENERGY Downgrade to Hold from Add - Morgans Overnight Price $17.66
Upgrade to Neutral from Sell - UBS Overnight Price $17.66
BAP BAPCOR LIMITED Outperform - Credit Suisse Overnight Price $4.36
BXB BRAMBLES Upgrade to Outperform from Neutral - Macquarie Overnight Price $11.61
CTX CALTEX AUSTRALIA Upgrade to Accumulate from Hold - Ord Minnett Overnight Price $23.02
DMP DOMINO'S PIZZA Downgrade to Hold from Add - Morgans Overnight Price $51.45
EVN EVOLUTION MINING Outperform - Credit Suisse Overnight Price $4.11
Hold - Ord Minnett Overnight Price $4.11
Buy - UBS Overnight Price $4.11
GUD G.U.D. HOLDINGS Neutral - Macquarie Overnight Price $9.54
HPI HOTEL PROPERTY INVESTMENTS Hold - Morgans Overnight Price $2.19
IEL IDP EDUCATION Overweight - Morgan Stanley Overnight Price $14.71
Upgrade to Add from Hold - Morgans Overnight Price $14.71
Upgrade to Buy from Accumulate - Ord Minnett Overnight Price $14.71
IFN INFIGEN ENERGY Add - Morgans Overnight Price $0.45
IGO IGO Outperform - Macquarie Overnight Price $4.34
JHG JANUS HENDERSON GROUP Outperform - Macquarie Overnight Price $23.50
JIN JUMBO INTERACTIVE Overweight - Morgan Stanley Overnight Price $9.65
Hold - Morgans Overnight Price $9.65
MFG MAGELLAN FINANCIAL GROUP Upgrade to Neutral from Underperform - Macquarie Overnight Price $45.99
NWS NEWS CORP Underweight - Morgan Stanley Overnight Price $13.87
Buy - UBS Overnight Price $13.87
ORG ORIGIN ENERGY Hold - Morgans Overnight Price $4.80
PDL PENDAL GROUP Upgrade to Neutral from Underperform - Credit Suisse Overnight Price $4.66
Upgrade to Outperform from Neutral - Macquarie Overnight Price $4.66
PPT PERPETUAL Upgrade to Neutral from Underperform - Macquarie Overnight Price $25.52
PTM PLATINUM ASSET MANAGEMENT Underperform - Macquarie Overnight Price $3.23
QAN QANTAS AIRWAYS Downgrade to Underperform from Neutral - Credit Suisse Overnight Price $3.22
RBL REDBUBBLE Downgrade to Reduce from Add - Morgans Overnight Price $0.57
REG REGIS HEALTHCARE Underperform - Macquarie Overnight Price $1.33
Hold - Morgans Overnight Price $1.33
SCG SCENTRE GROUP Underweight - Morgan Stanley Overnight Price $1.71
SHL SONIC HEALTHCARE Downgrade to Hold from Accumulate - Ord Minnett Overnight Price $23.30
SYD SYDNEY AIRPORT Downgrade to Underperform from Neutral - Credit Suisse Overnight Price $5.41
TCL TRANSURBAN GROUP Sell - Citi Overnight Price $11.92
Downgrade to Underperform from Neutral - Credit Suisse Overnight Price $11.92
Outperform - Macquarie Overnight Price $11.92
Equal-weight - Morgan Stanley Overnight Price $11.92
Hold - Morgans Overnight Price $11.92
Accumulate - Ord Minnett Overnight Price $11.92
Upgrade to Buy from Neutral - UBS Overnight Price $11.92
TLS TELSTRA CORP Buy - UBS Overnight Price $3.18
TWE TREASURY WINE ESTATES Equal-weight - Morgan Stanley Overnight Price $9.81
Buy - UBS Overnight Price $9.81
VEA VIVA ENERGY GROUP Downgrade to Hold from Accumulate - Ord Minnett Overnight Price $1.23
WEB WEBJET Underweight - Morgan Stanley Overnight Price $2.80
WES WESFARMERS Outperform - Macquarie Overnight Price $36.05
WPL WOODSIDE PETROLEUM Hold - Ord Minnett Overnight Price $19.63
XRO XERO Outperform - Macquarie Overnight Price $66.33
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

19

2. Accumulate

2

3. Hold

18

5. Sell

10

Thursday 02 April 2020

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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.