Australian Broker Call

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

Ord Minnett observes the stock has performed strongly since November 2016, rising more than 55%. The broker notes strong direct property markets are conducive to the company's business  and, unlike many listed peers, Abacus is willing to sell assets to crystallise gains. 

Further strong profit realisations are expected in FY18 and the broker raises the target to $3.80 from $3.70. Nevertheless, the strong share price moves have taken the stock past the target and the rating is downgraded to Hold from Buy.

Target price is $3.80 Current Price is $4.05 Difference: minus $0.25 (current price is over target).
If ABP meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.55, suggesting downside of -12.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.5

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

Morgan Stanley rates ACX as Overweight (1) -

Morgan Stanley expects few surprises at the upcoming investor briefing on November 21. The main debate the broker envisages is the sales trajectory and essentially whether the company will attain growth of 20% or more, in line with long-term guidance.

Long term, the broker believes the company has the ability to scale margins to 40% and evidence of continued acceleration to this objective is considered the next catalyst.

Overweight retained. Industry view is In-line. Target is raised to $5.50 from $5.05.

Target price is $5.50 Current Price is $4.83 Difference: $0.67
If ACX meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.33, suggesting downside of -10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Citi rates AWE as Downgrade to Neutral from Buy (3) -

Waitsia 2P reserves have been upgraded by 78%, exceeding Citi's expectations.

The broker believes the fact the company is yet to contract its phase 2 gas is indicative of a competitive Western Australian domestic gas market and therefore finds it difficult to believe the large increase in 2P would contribute to a phase 3 development. 

The broker suspects marketing efforts are progressing slower than originally anticipated. Rating is downgraded to Neutral/High Risk from Buy/High Risk as the value proposition appears to be less compelling. Target is $0.60.

Target price is $0.60 Current Price is $0.56 Difference: $0.04
If AWE meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.51, suggesting downside of -8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Macquarie rates AWE as Neutral (3) -

The broker had expected a decent reserve upgrade at Waitsia but 78% was greater than expected. Target rises to 60c from 52c.

The broker retains Neutral on AWE, suggesting that the issue is not one of how much gas there is, but who's going to buy it. AWE has suggested west coast market will be in undersupply by 2019 as legacy North West Shelf volumes decline, but the broker expects Gorgon phase 2 to fill much of the void, leaving AWE to compete for market share.

Target price is $0.60 Current Price is $0.56 Difference: $0.04
If AWE meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.51, suggesting downside of -8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

UBS rates AWE as Sell (5) -

An independent review of the Waitsia gasfield has been announced, with gross 2P reserves increasing by 78%. The upgrade comes in the wake of better-than-expected reservoir quality and thickness.

UBS had been anticipating a material increase to reserves after drilling results supported a larger base. Sell rating retained. Target rises to $0.51 from $0.47.

The market is awaiting confirmation of further gas sales associated with stage 2 and the company expects the project to reach a final investment decision by the end of the year.

Target price is $0.51 Current Price is $0.56 Difference: minus $0.05 (current price is over target).
If AWE meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.51, suggesting downside of -8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.3

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

Credit Suisse rates AZJ as Underperform (5) -

The company has confirmed it approached the WICET board with a proposal to acquire the coal terminal. Consortium partners are seeking to acquire the coal mine customers of WICET.

Credit Suisse suggests there is a significant risk the ACCC will block the company owning the terminal. Underperform rating and $4.90 target retained.

Target price is $4.90 Current Price is $5.12 Difference: minus $0.22 (current price is over target).
If AZJ meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.92, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -0.4

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

Morgans rates CGR as Add (1) -

The company's quarterly update signalled FY18 operating earnings guidance of more than $15.5m, up 18%.

The refinancing of up to $40m in fixed-rate bonds is anticipated in May next year and Morgans factors this into forecasts, underpinning a material step higher for underlying earnings into FY19.

Add rating and target raised to $0.50 from $0.48.

Target price is $0.50 Current Price is $0.42 Difference: $0.08
If CGR meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Citi rates CPU as Neutral (3) -

Citi had suspected prior guidance would prove conservative. The company has upgraded FY18 guidance to 10% growth in management earnings on the back of stronger corporate actions as well as US mortgage servicing.

Citi lifts estimates. The company suggests it is unlikely to buy back shares between January 1 and the payment of the unfranked interim dividend in mid-March. Citi understands the impact is expected to be negligible in FY18.

The broker considers the outlook sound but the valuation full and retains a Neutral rating. Target rises to $16.00 from $14.40.

Target price is $16.00 Current Price is $16.02 Difference: minus $0.02 (current price is over target).
If CPU meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.28, suggesting downside of -10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: -0.1

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

Deutsche Bank rates CPU as Sell (5) -

The company has upgraded guidance for FY18 for management earnings to be up 10%, versus previous guidance of up 7.5%.

The lift in performance is attributed to strong contributions from corporate actions and mortgage services. Deutsche Bank suspects that mortgage servicing margins are likely to disappoint over the medium term.

Sell rating and $13 target maintained.

Target price is $13.00 Current Price is $16.02 Difference: minus $3.02 (current price is over target).
If CPU meets the Deutsche Bank target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.28, suggesting downside of -10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: -0.1

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

Macquarie rates CPU as Neutral (3) -

Computershare has lifted FY18 guidance for management earnings growth to 10% from a prior 7.5%, thanks to better than expected contributions from Corporate Actions and a growing Mortgage Services business. The broker suspects margin income has also been supportive in recent months.

Target rises to $14.86 from $14.22, but with the stock trading at a 17% PE premium to market and FY19 looking more subdued, Neutral retained.

Target price is $14.86 Current Price is $16.02 Difference: minus $1.16 (current price is over target).
If CPU meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.28, suggesting downside of -10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: -0.1

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

Morgans rates CPU as Hold (3) -

The company has used its AGM to upgrade FY18 guidance to 10% growth in management earnings. Morgans is not surprised by the upgrade, having suspected the original guidance was conservative.

Nevertheless, the broker welcomes the fact that management is taking a more cautious approach to setting expectations after a long period when downside risks were underestimated.

Hold rating retained. Target is raised to $15.17 from $14.72.

Target price is $15.17 Current Price is $16.02 Difference: minus $0.85 (current price is over target).
If CPU meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.28, suggesting downside of -10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: -0.1

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

Ord Minnett rates CPU as Hold (3) -

The company has upgraded its guidance for management earnings growth to 10% from 7.5%. The upgrade is attributed to stronger contributions from corporate actions in mortgage servicing.

Ord Minnett considers the latest guidance is supported by the performance seen in the first four months as opposed to any changes in underlying assumptions. The broker is encouraged by the trends to date but finds the current share price very full.

Hold retained. Target is $13.50.

Target price is $13.50 Current Price is $16.02 Difference: minus $2.52 (current price is over target).
If CPU meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.28, suggesting downside of -10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: -0.1

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

UBS rates CPU as Neutral (3) -

The company has upgraded FY18 earnings growth guidance to 10.0% from 7.5%, in constant currency terms. UBS observes the stronger start reflects better corporate action revenue and stronger growth in mortgage services over the last four months.

Tailwinds from northern hemisphere interest rate rises are emerging but, with more moderate medium-term growth prospects as these drivers fade, UBS retains a Neutral rating. Target is raised to $15.20 from $14.80.

Target price is $15.20 Current Price is $16.02 Difference: minus $0.82 (current price is over target).
If CPU meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.28, suggesting downside of -10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: -0.1

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

Morgan Stanley rates FXJ as Overweight (1) -

Morgan Stanley expects the spin-out of Domain (November 16) will highlight higher value and an opportunity to monetise assets remaining in the "stub", as media consolidation is expected to occur.

The broker acknowledges it is about to have its non-consensus thesis put to the test. After a recent rally in the shares the broker believes Domain is better reflected in the price but still envisages further upside.

The broker reiterates an Overweight rating and Attractive industry view. Target is reduced to $1.40 from $1.50.

Target price is $1.40 Current Price is $1.08 Difference: $0.32
If FXJ meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $1.13, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Morgan Stanley rates GXY as Downgrade to Equal-weight from Overweight (3) -

Recent moves in the share price now incorporate most of the opportunities on a risk-weighted basis, Morgan Stanley believes. Despite downgrading the stock to Equal-weight from Overweight the broker remains constructive on the industry, at least for the short-term.

Attractive industry view retained. Target is raised to $3.80 from $3.00.

Target price is $3.80 Current Price is $3.94 Difference: minus $0.14 (current price is over target).
If GXY meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.58, suggesting downside of -9.3% (ex-dividends)

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.3

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

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

In the light of weak data from APRA, Ord Minnett believes Healthscope will face greater margin pressure than previously expected.

The broker reduces earnings estimates to reflect a weak start to the year and downgrades to Hold from Buy. Target is reduced to $1.95 from $2.00.

Target price is $1.95 Current Price is $1.86 Difference: $0.09
If HSO meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.10, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.1

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

Citi rates IPL as Neutral (3) -

FY17 results beat Citi's estimates. The company has made a strong start to FY18 but the broker considers this priced into the stock. The $300m buyback is a positive surprise.

Citi upgrades FY18-19 forecasts by 5%. Neutral retained. Target rises to $4.20 from $4.06.

Target price is $4.20 Current Price is $3.92 Difference: $0.28
If IPL meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

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

FY17 results were solid and Credit Suisse believes the $300m buyback should also provide some near-term support for the share price.

Nevertheless, the broker considers the stock expensive, in a fertiliser market that is likely to weaken in FY18 amid company-specific headwinds.

Rating is downgraded to Underperform from Neutral. Target is raised to $3.49 from $3.29.

Target price is $3.49 Current Price is $3.92 Difference: minus $0.43 (current price is over target).
If IPL 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 $3.92, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Deutsche Bank rates IPL as Buy (1) -

The company reported an underlying net profit of $318.7m for FY17, up 8% and in line with Deutsche Bank's estimates.

The broker believes the company is well-positioned to benefit from improving demand for explosives in North America and Australia as well as a recent uptick in global fertiliser prices. A share buyback of up to $300m has been announced.

Deutsche Bank maintains a Buy rating and raises the target to $4.40 from $4.00.

Target price is $4.40 Current Price is $3.92 Difference: $0.48
If IPL meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Macquarie rates IPL as Outperform (1) -

Incitec's profit result beat the broker by 6%. There were a couple of one-offs, the broker notes, but these are overshadowed by solid cash flow and debt reduction. A 5% buyback was announced.

The company's Business Excellence program, which the broker suggests is underappreciated, over-delivered. While the heat is coming out of the urea market, DAP prices are rising. Add in strong cash generation and buyback support and the broker retains Outperform. Target rises to $4.22 from $3.92.

Target price is $4.22 Current Price is $3.92 Difference: $0.3
If IPL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

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

Morgan Stanley found the FY17 result solid but believes the trajectory is likely to disappoint. Thus far, explosives earnings have failed to track volume growth and there is little evidence of underlying leverage in operations.

While the stock should benefit from the recent rally in fertiliser prices, Morgan Stanley envisages downside risk to spot prices over the near term.

The broker retains an Equal-weight rating and Cautious industry view. The target is raised to $3.60 from $3.50.

Target price is $3.60 Current Price is $3.92 Difference: minus $0.32 (current price is over target).
If IPL meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.92, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Morgans rates IPL as Hold (3) -

FY17 results were weaker than Morgans expected, particularly if excluding one-off asset sales. On the back of increased fertiliser prices and the $300m on-market share buyback, the broker makes material upgrades to forecasts.

While the outlook is more positive and the balance sheet is strong, the broker considers the stock fairly valued and retains a Hold rating. Target is raised to $3.65 from $3.30.

Target price is $3.65 Current Price is $3.92 Difference: minus $0.27 (current price is over target).
If IPL meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.92, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.4

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

Morgans rates LVH as Add (1) -

The company has added a new industry vertical, winning its first major public utility customer in partnership with a global recruitment process outsource company.

 The client is expected to go live within the next 2-3 weeks and has potential to be a significant generator of revenue. Morgans retains an Add rating and $1.10 target.

Target price is $1.10 Current Price is $1.03 Difference: $0.07
If LVH meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Morgan Stanley rates MNF as Overweight (1) -

Morgan Stanley considers FY18 guidance conservative. The company has guided to gross profit of $72.3m and flagged higher expensed R&D.

The broker is surprised at both the strength of top-line growth and the magnitude of the step up in R&D. Nevertheless strong returns on the additional investment are expected.

Overweight rating. Target price is $6.15. In-Line sector view.

Target price is $6.15 Current Price is $5.68 Difference: $0.47
If MNF meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 1.0

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

Deutsche Bank rates OFX as Hold (3) -

First half earnings fell -6% but were in line with expectations.  Earnings were aided by an easy comparable period but offset by challenging macro conditions.

Operating metrics are strong but Deutsche Bank observes this is yet to convert into earnings growth. Hold rating retained. Target is $1.40.

Target price is $1.40 Current Price is $1.40 Difference: $0
If OFX meets the Deutsche Bank target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.5

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

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

Morgans interprets the stronger share price as a response to stronger lithium carbonate equivalent pricing amid expectations for a tighter market and short covering.

The broker notes the company, with a 66.5% interest in the Olaroz lithium brine project, was the most shorted stock listed on the ASX through August/September 2017.

The broker downgrades to Hold from Add, given the share price strength. Target is raised to $5.85 from $5.36.

Target price is $5.85 Current Price is $5.87 Difference: minus $0.02 (current price is over target).
If ORE meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.10, suggesting downside of -13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.3

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

Citi rates OZL as Buy (1) -

The company, on the basis of a positive scoping study, has decided to invest more in the West Musgrave nickel-copper project, which offers long-term growth potential and further exposure to base metals and cobalt.

The company will spend $19m to fund a pre-feasibility study and earn a 51% interest over the next 18 months, after which it will decide whether to proceed to a definitive feasibility study for a further $14m and earn an increase in interest to 70%.

Buy rating retained. Target is raised to $10.00 from $9.80.

Target price is $10.00 Current Price is $8.35 Difference: $1.65
If OZL meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

Market Sentiment: 0.4

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

Morgan Stanley rates PRT as Underweight (5) -

At the AGM, the company reported total regional TV advertising was down -5% in the September quarter. Negative trends have persisted in October.

Guidance is reiterated for first half net profit of between $11.7-12.7m, down -22-28%.

Underweight retained. Price target is 34c. Industry view is Attractive.

Target price is $0.34 Current Price is $0.33 Difference: $0.01
If PRT meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.34, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: -1.0

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

Morgan Stanley rates S32 as Downgrade to Equal-weight from Overweight (3) -

Higher costs and lower metallurgical coal production have resulted in material cuts to Morgan Stanley's estimates. FY18 is reduced by -8% and FY19 by -12%.

As a result the broker now considers the stock fully valued and lowers the rating to Equal-weight from Overweight. Target is reduced to $3.40 from $3.50. Industry view is Attractive.

Target price is $3.40 Current Price is $3.24 Difference: $0.16
If S32 meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.17, suggesting downside of -2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Forecast for FY19:

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

Market Sentiment: 0.0

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

Macquarie rates WFD as Outperform (1) -

US mall landlord General Growth Properties has received an offer from Brookfield Asset Management to acquire the remaining 66% of shares it doesn't own. The broker notes Westfield's portfolio is of a similar quality to that of GGP, yet higher than other US peers.

Yet Westfield's development pipeline will see a greater proportion of flagship properties enter the mix, further increasing quality. On such quality, a forecast total shareholder return of 19%, a material re-rate to asset valuation, and potential for M&A, the broker retains Outperform.

Target falls to $9.59 from $9.72. Not explained, but probably an FX adjustment.

Target price is $9.59 Current Price is $8.32 Difference: $1.27
If WFD meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.99, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.4

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

Credit Suisse rates WPL as Underperform (5) -

Shell has now sold out its entire stake in Woodside. While this does not necessarily signify anything regarding a view on Browse, Credit Suisse assumes the company formed the view that Browse was not attractive.

While Shell coming off the register makes no difference to the valuation of Woodside, Credit Suisse still finds the stock too expensive and retains an Underperform rating and $26.20 target.

Target price is $26.20 Current Price is $30.49 Difference: minus $4.29 (current price is over target).
If WPL meets the Credit Suisse target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.90, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY17:

Forecast for FY18:

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

Market Sentiment: 0.0

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