Australian Broker Call

Morgans rates 1AD as Downgrade to Hold from Add (3) -

Morgans was unimpressed with news of the resignation of AdAlta's chief executive officer Sam Cobb, noting six months of solid progress which included the completion of a $5m placement and entitlement offer.

The broker adjusts its model to include the issuance and places a -25% discount on the valuation to account for leadership uncertainty and also delays near-term licensing and long-term commercialisation assumptions.

Target price falls to 18c from 82c and rating downgraded to Hold from Add.

Target price is $0.18 Current Price is $0.13 Difference: $0.05
If 1AD meets the Morgans target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

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

Australian Finance Group has entered into a binding merger with mortgage aggregator Connective Group Pty Ltd. The broker believes the deal will prove earnings-per-share accretive, pending approvals - a major proviso.

The deal will hang on court and ACCC approval and the risk is high enough for the broker not to factor completion into earnings forecasts and valuations.

Meanwhile, the company's full-year result outpaced consensus by 7.5% and the broker expects consensus upgrades to outer year earnings.

Target price rises to $2.30 from $2. The broker downgrades to Hold from Add.

Target price is $2.30 Current Price is $2.14 Difference: $0.16
If AFG meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.5

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

UBS rates AMC as Reinstate Coverage with Neutral Rating (3) -

UBS reinstates coverage with a Neutral rating and $16.15 target. Post the merger with Bemis the broker expects Amcor's revenue growth rates to track defensive category growth rates, or modestly exceed the food/beverage/home care end market.

The broker expects Amcor to keep the shareholder value creation model as the core driver of the capital allocation framework following the merger.

Target price is $16.15 Current Price is $15.17 Difference: $0.98
If AMC meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $16.84, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Citi rates ANN as Buy (1) -

FY19 results were largely in line with estimates. Organic sales growth was a little soft, in Citi's view, although the weakness in industrial was offset by a strong result in healthcare.

Basic guidance for FY20 earnings per share of US112-122c is in line and at the mid point translates to 5% growth, on Citi's estimates. The broker maintains a Buy rating and $31.50 target.

Target price is $31.50 Current Price is $27.29 Difference: $4.21
If ANN meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $28.29, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.3

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

Credit Suisse rates ANN as Downgrade to Neutral from Outperform (3) -

FY19 earnings were ahead of Credit Suisse estimates. However, the top line disappointed, as global markets weakened further. The broker notes FY20 is all about cost reductions and the buyback.

Credit Suisse forecasts FY20 earnings per share of US$1.17, aided by the US$10m earnings (EBIT) benefit from the transformation program and a modest tailwind from raw material costs.

The broker includes a US$70m buyback in FY20 estimates. Following the strong share price performance the rating is downgraded to Neutral from Outperform.

Credit Suisse remains cautious about the continued weakness in the global environment and the impact on revenue and earnings. Target is reduced to $28.00 from $28.60.

Target price is $28.00 Current Price is $27.29 Difference: $0.71
If ANN meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $28.29, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.3

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

Macquarie rates ANN as Neutral (3) -

Ansell's full-year result beat consensus and the broker by 3% thanks to lower costs and tax rates, but organic revenue growth disappointed.

The broker notes the transformation program is on track and the balance sheet has plenty of room for acquisitions and buybacks. The company guided to improved organic revenue growth.

Despite this, Macquarie sees continuing macroeconomic headwinds and retains a Neutral rating. Target price rises to $27.41 from $26.90.

Target price is $27.41 Current Price is $27.29 Difference: $0.12
If ANN meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $28.29, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.3

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

Morgan Stanley rates ANN as Overweight (1) -

FY19 earnings were better than Morgan Stanley expected, although revenue was marginally below estimates. FY20 guidance captures the FX headwinds, offset by raw material and transformation program gains.

Given the ongoing improvement with respect to the visibility on FX, input costs and organic growth, Morgan Stanley believes Ansell should trade at least in line with historical averages, implying an FY20 PE of 18.5x.

Overweight rating. Target is raised to $31.60 from $29.44. Industry view is In-Line.

Target price is $31.60 Current Price is $27.29 Difference: $4.31
If ANN meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $28.29, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.3

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

Morgans rates ANN as Hold (3) -

Ansell reported a mixed full-year, weak organic sales growth being countered by stronger margins thanks to cost-outs and one-offs, lower tax/interest and buybacks.

The broker notes the transformation program is ahead of plan, channel partnerships are growing, and earnings momentum and balance sheet are sound.

Despite trade-war and macro headwinds, management is targeting flat to modest growth. Management flags more buybacks, which should add 5c to the top end of guidance.

Morgans lifts FY20-22 earnings-per-share estimates about 2.2% (rising to 6% after buybacks) and the target price rises to $25.69 from $25.45. Hold rating retained to reflect a total shareholder return of less than 10%.

Target price is $25.69 Current Price is $27.29 Difference: minus $1.6 (current price is over target).
If ANN meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.29, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.3

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

Ord Minnett rates ANN as Hold (3) -

FY19 net profit was ahead of Ord Minnett's forecasts. Nevertheless, the result underwhelmed the broker as there was a further deceleration in organic sales growth and the inclusion of previously undisclosed cost adjustments.

Management's confidence that organic sales can recover in FY20 is considered optimistic, even allowing for the positive trend in healthcare sales.

Nevertheless, Ord Minnett finds limited downside as the balance sheet offers support for earnings via further capital management or acquisitions. Hold maintained. Target rises to $27 from $26.

Target price is $27.00 Current Price is $27.29 Difference: minus $0.29 (current price is over target).
If ANN meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.29, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.3

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

UBS rates ANN as Neutral (3) -

FY19 results were in line with expectations. Quality was affected by the significant transformation costs. Organic revenue growth in the industrial unit was weak, UBS asserts.

The broker believes management should be commended for managing the business through a very patchy global growth path in FY19 along with implementing another large restructure.

UBS looks forward to FY20 results which do not adjust for non-recurring items, allowing for more meaningful analysis of performance. Neutral maintained. Target is raised to $26.80 from $25.00.

Target price is $26.80 Current Price is $27.29 Difference: minus $0.49 (current price is over target).
If ANN meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.29, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.3

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

Citi rates AZJ as Neutral (3) -

Citi lowers FY20 forecasts by -1% to reflect slower growth in the coal and bulk business. FY20 network earnings estimates are unchanged at $447m.

The broker envisages scope for Aurizon to repurchase up to 10% of its outstanding share base should the gearing of operations reach the $1.2bn flagged by management.

The outlook has considerably improved over the last 12 months, in the broker's view, but the current share price reflects a lot of the improved fundamentals. Neutral rating maintained. Target rises to $5.70 from $5.60.

Target price is $5.70 Current Price is $6.05 Difference: minus $0.35 (current price is over target).
If AZJ meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.44, suggesting downside of -10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Credit Suisse rates AZJ as Outperform (1) -

FY19 results were marginally below estimates. The company has announced a $300m share buyback, broadly in line with Credit Suisse estimates. It has also announced a legal restructure which allows for $1.2bn additional debt capacity.

The broker expects the additional capacity will fund buybacks and includes $1.5bn in buybacks over the next 2.5 years.

Credit Suisse believes the restructure decision is the right one, as the only potential enduring benefit from separation of the network and operations would be an improved regulatory environment for the network business, and this has already been achieved in a commercial deal with coal miner customers.

Outperform rating and $6 target maintained.

Target price is $6.00 Current Price is $6.05 Difference: minus $0.05 (current price is over target).
If AZJ meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.44, suggesting downside of -10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

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

Aurizon's full-year result beat the broker (+4%) and consensus (+6%), thanks to a reversal of a QNI bad debt.

The highlight was the capital restructure which will unlock $1.2bn to underpin an extension of the $0.3bn buyback, which should boost earnings per share.

Otherwise, networks eased -1%, and coal -2%, and bulk posted a strong performance.

Earnings per share forecasts rise 1.5% in FY20 and ease -1% in FY21.

Macquarie perceives Aurizon's valuation as stretched and retains an underperform rating. Target price $5.28.

Target price is $5.28 Current Price is $6.05 Difference: minus $0.77 (current price is over target).
If AZJ meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.44, suggesting downside of -10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

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

FY19 results were broadly in line with expectations. Morgan Stanley expects FY20 guidance for earnings (EBIT) of $880-930m and capital initiatives will be well received.

The company has announced up to a $300m on-market buyback. Morgan Stanley believes the restructure to free up $1.2bn in debt capacity will allow additional growth and/or capital management initiatives.

Target is raised to $5.88 from $5.49. Equal-weight rating. Industry view: Cautious.

Target price is $5.88 Current Price is $6.05 Difference: minus $0.17 (current price is over target).
If AZJ meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.44, suggesting downside of -10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Morgans rates AZJ as Hold (3) -

Aurizon Holdings' full-year result outpaced the broker's forecast, thanks to a doubtful debt reversal from QNI, despite still posting a fall in earnings.

Morgans perceives the capital restructure and strategic reviews as game changers, substantially lifting funding capacity and buoying the share price.

The broker cuts EBIT forecasts -1% to match guidance and raises earnings-per-share forecasts 2% to 9% across FY20-FY23 to reflect the buyback program.

Target price rises to $5.51 from $4.73 and Hold rating retained.

Target price is $5.51 Current Price is $6.05 Difference: minus $0.54 (current price is over target).
If AZJ meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.44, suggesting downside of -10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

UBS rates AZJ as Neutral (3) -

Aurizon posted FY19 underlying earnings (EBIT) of $809m, in line with UBS forecasts. Management has used the opportunity to announce a new capital structure which will mean around $1.2bn of increased debt in the above-rail business, taking gearing to 1.5x from near zero.

UBS calculates Aurizon now has over $1.5bn to deploy into buybacks. The removal of uncertainty around UT5 and investor support for infrastructure stocks has resulted in a 25% outperformance over the past year, the broker adds.

Neutral maintained. Target is raised $5.70 from $5.60.

Target price is $5.70 Current Price is $6.05 Difference: minus $0.35 (current price is over target).
If AZJ meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.44, suggesting downside of -10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.1

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

Citi rates BEN as Sell (5) -

The headline results were weaker than expected, although Citi suspects investors looked through the one-offs and found franchise improvement.

Underlying trends were better-than-expected, such as above-system lending growth, unexpectedly flat net interest margins and a stronger capital position.

Timing played a fortunate part in FY19 but the broker suggests this is unlikely to repeat in FY20. Sell rating and $9.50 target maintained.

Target price is $9.50 Current Price is $10.88 Difference: minus $1.38 (current price is over target).
If BEN meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.81, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -1.0

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

Credit Suisse rates BEN as Underperform (5) -

FY19 cash earnings were below Credit Suisse estimates. The broker downgrades cash earnings forecasts by -3-4% for FY20-21.

The broker notes earnings quality was affected by an increase in the balance of capitalised software and a higher trading book revaluation. Net interest margins were stable and there was an improvement in the CET1 ratio to 8.92%.

Credit Suisse maintains an Underperform rating and reduces the target to $10.00 from $10.25.

Target price is $10.00 Current Price is $10.88 Difference: minus $0.88 (current price is over target).
If BEN meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.81, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -1.0

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

Macquarie rates BEN as Underperform (5) -

Bendigo and Adelaide Bank's full-year result outpaced consensus but the broker says weak revenue, down -2% in the second-half, combined with second-half margin pressure, paint a straitened picture.

Macquarie notes the company is targeting costs, but says this will prove cold comfort without revenue improvement, and believes the company's cost-to-income targets are aspirational.

Target price steady at $9.50. Underperform rating retained.

Target price is $9.50 Current Price is $10.88 Difference: minus $1.38 (current price is over target).
If BEN meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.81, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -1.0

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

Morgan Stanley rates BEN as Underweight (5) -

Second-half cash profit missed Morgan Stanley's estimates. The broker believes faster action on costs is required to protect earnings from lower interest rates, fee pressure and increasing competition.

Margins were better in the second half but already capture the benefit of standard variable re-pricing, although this does not allow for the full impact of lower interest rates which is expected to be a headwind in the first half of FY20.

The broker likes the digital initiatives but finds there are few tangible benefits to date. Underweight maintained. Industry view: In-Line. Target is raised to $10.30 from $10.10.

Target price is $10.30 Current Price is $10.88 Difference: minus $0.58 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.81, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -1.0

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

Ord Minnett rates BEN as Lighten (4) -

FY19 earnings were below forecasts. The second half was significantly weaker than Ord Minnett expected, driven largely by one-off costs which the broker acknowledges are unlikely to repeat.

Nevertheless, the outlook is considered difficult and the broker expects the bank will need to cut its dividend next year. Lighten rating and $9.80 target maintained.

Target price is $9.80 Current Price is $10.88 Difference: minus $1.08 (current price is over target).
If BEN 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 $9.81, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -1.0

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

UBS rates BEN as Sell (5) -

FY19 net profit of $416m was down -8% and the second half was below expectations. Net interest margins were the highlight, rising two basis points to 1.97% although UBS notes much of this was a timing benefit.

Costs were disappointing for the broker while asset quality was solid and credit charges were flat. The bank has a strong deposit franchise and, while this provides a funding advantage, the broker envisages it a headwind as interest rates approach zero.

UBS was surprised by the ambitious 50% CTI target. The broker remains cautious on the stock and maintains a Sell rating. Target is raised to $9.75 from $9.50.

Target price is $9.75 Current Price is $10.88 Difference: minus $1.13 (current price is over target).
If BEN meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.81, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -1.0

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

Citi rates CLW as Buy (1) -

FY20 results were in line with guidance and expectations. FY20 guidance is upgraded by 0.25% to 4.0% growth.

Citi continues to believe this is conservative and that there will be positive earnings revisions over the near to medium term, given the full year impact of a record number of acquisitions and declining cost of debt.

A Buy rating is reiterated. Target is raised to $5.92 from $5.29.

Target price is $5.92 Current Price is $5.47 Difference: $0.45
If CLW meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Macquarie rates CLW as Underperform (5) -

Charter Hall LW REIT's full-year results were in line with guidance and consensus.

Woolworths ((WOW)) has extended its Hoppers Crossing lease by five years, after receiving a 35% to 40% effective rental discount via rental abatement as an incentive. As operating earnings exclude amortisation of tenant incentives, the abatement won't hit earnings-per-share or dividends.

EPS forecasts rise roughly 1% across FY20-FY22, thanks to lower debt costs. Target price rises to $4.17 from $4.12 and ?Underperform rating retained.

Target price is $4.17 Current Price is $5.47 Difference: minus $1.3 (current price is over target).
If CLW meets the Macquarie target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.21, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Ord Minnett rates CLW as Buy (1) -

FY19 earnings were in line with Ord Minnett's forecasts. The broker continues to like the defensive, long-leased portfolio with predictable earnings growth.

The company has upgraded FY20 growth guidance slightly to 4.0%. Buy rating maintained. Target rises to $5.65 from $5.25.

Target price is $5.65 Current Price is $5.47 Difference: $0.18
If CLW meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

UBS rates CLW as Neutral (3) -

FY19 results were in line with guidance and UBS estimates. The highlight was the extension of the lease term at Hopper Crossing for five years post December 2020.

This is the only material expiry until 2024 and, in the broker's view, illustrates management's ability to continually improve the portfolio. Neutral rating maintained. Target is raised to $5.10 from $4.90.

Target price is $5.10 Current Price is $5.47 Difference: minus $0.37 (current price is over target).
If CLW meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.21, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.3

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

Credit Suisse rates COE as Neutral (3) -

FY19 results were in line with estimates. There is a 10% increase to 2P estimates for Casino Henry, offset by a -2% decrease for Sole. Sole start-up guidance remains on track and firm gas sales are expected in December.

Should Annie/Elanora and Sole proceed successfully over coming months, Credit Suisse suspects momentum will provide further price support, although any disappointment will dampen enthusiasm.

Neutral maintained. Target is raised to $0.56 from $0.55.

Target price is $0.56 Current Price is $0.55 Difference: $0.01
If COE meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Macquarie rates COE as Outperform (1) -

Cooper Energy turned in a mixed FY19 result, slightly outpacing the broker thanks to a tax benefit. EPS forecasts rise 5% in FY20 and fall -13% and -33% in FY21 and FY22.

Operating costs were higher than expected and FY20 guidance, while strong, lacked a forecast for Sole, which will now be commissioned in September with gas sales starting in December (postponed one quarter).

Macquarie likes the company's growth profile and maintains an Outperform rating. Target price rises to 65c from 60c to reflect greater certainty on Manta, and a rolling valuation.

Target price is $0.65 Current Price is $0.55 Difference: $0.1
If COE meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Morgans rates COE as Add (1) -

Cooper Energy's earnings fell well short of the broker thanks to a rehabilitation provision for Patricia Baleen, despite net profit outpacing the broker and consensus.

Morgans says the Sole project is approaching its final hurdles to startup and all offshore construction has been completed - just downstream infrastructure to go.

The commissioning of the Orebost gas plant has been postponed to September (previous guidance was for first sales in September).

The broker says Cooper Energy remains its top small/mid cap energy pick. Target price inches up to 67c from 66c. Buy rating retained.

Target price is $0.67 Current Price is $0.55 Difference: $0.12
If COE meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.7

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

Credit Suisse rates CWN as Neutral (3) -

Credit Suisse notes press speculation that Great Respect, an entity owned by a Ho family discretionary trust is banned by the NSW government from being a close associate of Crown Resorts.

Great Respect owns over 20% of Melco International which, through a subsidiary owns around 54% of MLCO, which is seeking approval to control 19.99% of Crown Resorts.

Credit Suisse believes if MLCO cannot obtain approval it almost certainly eliminates the company as a potential takeover suitor. Neutral rating and $11 target maintained.

Target price is $11.00 Current Price is $11.30 Difference: minus $0.3 (current price is over target).
If CWN meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.81, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.2

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

Macquarie rates FSF as Underperform (5) -

Fonterra's full-year result held on earnings but disappointed on one-offs and accounting adjusts. The company logged impairments to five assets, including the NZ consumer business after losing market share.

No dividend was declared. EPS forecasts fall -1% to -15% across FY19 and FY20, Macquarie citing lack of clarity in the earnings profile at this point.

Target price falls to NZ$3.45 from NZ$4. Underperform rating retained.

Current Price is $3.43. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in July.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: -0.3

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

Citi rates GPT as Sell (5) -

First half results were -3% below Citi's estimates. Interest rates offset a retail result that was still below downgraded expectations. The outperformance of the office segment continues, with strong 6.5% income growth following three successive years of over 5%.

Citi maintains a Sell rating and expects reduced forecasts and falling retail values to weigh on the stock. Target is reduced to $5.57 from $5.59.

Target price is $5.57 Current Price is $6.12 Difference: minus $0.55 (current price is over target).
If GPT meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.00, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Credit Suisse rates GPT as Neutral (3) -

First half results was slightly ahead of expectations. 2019 guidance is unchanged. The main positive in the first half was office growth, underpinned by strong leasing outcomes in Sydney and Melbourne.

Credit Suisse believes reinvestment is the main growth driver, noting the company's low pro forma gearing of 22.0%, below its target of 25-35%.

Credit Suisse believes GPT is well-positioned to fund its development pipeline with available liquidity of $1.4bn. Neutral rating maintained. Target rises to $5.99 from $5.88.

Target price is $5.99 Current Price is $6.12 Difference: minus $0.13 (current price is over target).
If GPT meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.00, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Macquarie rates GPT as Neutral (3) -

GPT Group's first half performance slightly beat forecasts at Macquarie. Guidance for the full year was closer to the 2.6% Macquarie was expecting, with management guiding towards 2.5% growth (in FFOps).

Macquarie analysts believe there are sufficient indications in yesterday's release to assume the outlook remains "difficult". The analysts are talking "limited green shoots in retail" while slightly reducing forecasts.

Rolling forward the valuation modeling results in a 1% increase for the price target to $6.21. Macquarie's analysis suggest GPT won't be able to genuinely benefit from falling interest rates, suggesting that will be more of a FY20 story. On this basis, the Neutral rating has been retained.

Target price is $6.21 Current Price is $6.12 Difference: $0.09
If GPT meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.00, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Ord Minnett rates GPT as Hold (3) -

First half 2019 results were -1% below Ord Minnett's forecasts. The broker notes an increased divergence between the retail, office and industrial segments.

The broker expects GPT to trade above net tangible asset value despite the slowing in the retail portfolio. Hold maintained. Target is raised to $6.00 from $5.90.

Target price is $6.00 Current Price is $6.12 Difference: minus $0.12 (current price is over target).
If GPT meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.00, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

UBS rates GPT as Neutral (3) -

First half results were below UBS estimates, with the variance related to development profits and retail income. Guidance for 2019 is unchanged.

The broker believes GPT is well-placed to deliver solid ongoing growth, noting it is trading on a 4.4% distribution yield with growth of 4.3%.

Neutral rating maintained. Target is reduced to $6.25 from $6.32.

Target price is $6.25 Current Price is $6.12 Difference: $0.13
If GPT meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $6.00, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Citi rates JBH as Neutral (3) -

FY19 results were above the top end of guidance, although Citi notes growth was being driven by the recovery in The Good Guys' gross margin and cost reductions occurring at an unsustainable rate.

The company's guidance for sales growth of 2.2% is cautious, in the broker's view. The broker expects 2.4%, with a skew to JB Hi-Fi beating guidance because of the benefits from tax returns and the cuts to official rates.

Neutral rating maintained. Target is raised to $29.50 from $27.80.

Target price is $29.50 Current Price is $30.95 Difference: minus $1.45 (current price is over target).
If JBH meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.88, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Credit Suisse rates JBH as Underperform (5) -

FY19 results were ahead of forecasts but Credit Suisse does not believe there is material evidence that structural pressures are lessening. The broker assesses guidance for group sales growth of 2% in FY20 is relatively conservative.

Overall, the broker believes the stock is largely an investment story dependent on execution and a view on the macro cycle. Underperform maintained. Target is raised to $26.02 from $23.27.

Target price is $26.02 Current Price is $30.95 Difference: minus $4.93 (current price is over target).
If JBH meets the Credit Suisse target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.88, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Macquarie rates JBH as Neutral (3) -

JB Hi-Fi's full-year result outpaced the broker and consensus thanks to an unexpected boost from The Good Guys, which lifted sales and margins (up 33 basis points to 20.6%).

But the broker remains unimpressed, noting guidance of just 2% like-for-like sales growth, and a missed beat on JB Australia sales.

Macquarie had expected better given two rate cuts, tax relief, post-election sentiment and changes to APRA lending criteria, but assesses the result was still commendable against the consumer backdrop.

Target price rises to $30.10. Neutral rating retained.

Target price is $30.10 Current Price is $30.95 Difference: minus $0.85 (current price is over target).
If JBH meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.88, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

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

Sales growth for JB Hi-Fi was better than Morgan Stanley feared in the fourth quarter, accelerating to 3.3%. July trading is also better than expected, although the broker notes the business was lapping relatively easy comparables.

The outcome for JB Hi-Fi was solid in FY19, when set against market concerns regarding the lack of post-election momentum. However, Morgan Stanley notes, The Good Guys is experiencing a tough demand backdrop for white goods.

FY20 estimates are increased by 0.5%. Ultimately, the broker suggests the near-term outlook will test the flexibility of the company's model.

Rating is downgraded to Equal-weight from Overweight after the recent outperformance in the shares. Target is $28. Industry view: Cautious.

Target price is $28.00 Current Price is $30.95 Difference: minus $2.95 (current price is over target).
If JBH meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.88, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Morgans rates JBH as Hold (3) -

JB Hi-Fi's full-year result outpaced the top end of consensus and Morgans by 2.5% to 3% thanks to a strong bounce in The Good Guys' returns.

FY20 sales guidance was well below the broker's forecast, the company forecasting minimal store rollouts and an emphasis on like-for-like sales.

Strong cash flow generation meant net debt hit the low-end of guidance, and the dividend represented a 65% payout ratio.

Morgans maintains a Hold rating and the target price rises to $29.55 from $28.82.

Target price is $29.55 Current Price is $30.95 Difference: minus $1.4 (current price is over target).
If JBH 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 $28.88, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Ord Minnett rates JBH as Hold (3) -

FY19 underlying net profit was ahead of Ord Minnett's forecasts. The result benefited from another period of strong cost management at JB Hi-Fi and The Good Guys.

FY20 sales guidance is below the broker's forecasts but considered conservative. Hold maintained. Target is raised to $31 from $29.

Target price is $31.00 Current Price is $30.95 Difference: $0.05
If JBH meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $28.88, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

UBS rates JBH as Sell (5) -

FY19 net profit was ahead of UBS estimates, cash flow was strong and the broker found the outlook more positive.

FY20 sales guidance for growth of 2% is likely to prove conservative, in the broker's view, in the context of improving trends through July and industry consolidation.

While JB Hi-Fi is arguably one of the best-run electronics retailers, UBS believes there is little upside left, given competitive, cost and margin headwinds. Sell rating maintained. Target is raised to $28.00 from $26.85.

Target price is $28.00 Current Price is $30.95 Difference: minus $2.95 (current price is over target).
If JBH meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.88, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.3

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

Morgan Stanley rates NEC as Overweight (1) -

The company has made a bid for the 45% of radio broadcaster Macquarie Radio it does not own. Morgan Stanley considers this a sensible and attractive use of shareholder capital. Accretion of 3-5% is estimated for FY20-21.

Overweight. Target is $2.30. Industry view: Attractive.

Target price is $2.30 Current Price is $1.87 Difference: $0.43
If NEC meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

UBS rates NEC as Buy (1) -

The company plans to acquire the remainder of Macquarie Radio Network for $114m. The deal is expected to deliver around $10m in synergies.

UBS believes, strategically, the company was left with two options: either do nothing or sell its stake, or acquire the remainder and drive an earnings improvement through synergies. Buy and a $2.15 target maintained.

Target price is $2.15 Current Price is $1.87 Difference: $0.28
If NEC meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

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

Citi has upgraded to Buy from Neutral with a revised price target of $2.65 (we had $3.01 since May) while asserting the share price has fallen too far. On the stockbroker's forecasts, the stock is now trading at a -38% discount to the Small Ordinaries.

The analysts acknowledge the risks associated with being a contractor to the mining sector, but nevertheless believe the present discount is simply "excessive".

Revised forecasts assume any exposure to the Dalgaranga Gold project will be written off, plus lower group margins are also assumed.

Target price is $2.65 Current Price is $2.02 Difference: $0.63
If NWH meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Credit Suisse rates NWS as Upgrade to Outperform from Neutral (1) -

Credit Suisse found the FY19 results solid and ahead of expectations, despite a miss at the revenue line. The highlight has been the relatively consistent performance of news and information services.

The focus on value is also more evident. The value of the company's assets, excluding REA Group ((REA)), has effectively halved since the split from Fox back in 2013 and Credit Suisse does not believe this is justified.

An increasing focus on value by management can act to close the gap. Rating is upgraded to Outperform from Neutral and the target raised to $22.50 from $18.90.

Target price is $22.50 Current Price is $21.53 Difference: $0.97
If NWS meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $22.14, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.6

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

Macquarie rates NWS as Outperform (1) -

News Corp's full-year underlying results met the broker, but pressed ahead after accounting for a lower tax expense. Weighing on the result was a weaker contribution from REA Group ((REA)) but the broker sees a turnaround ahead in FY20. 

Macquarie notes several headwinds, including foreign exchange, SunBets and structural problems at Foxtel. EPS forecasts fall -5.7% in FY20 and -3.7% in FY21.

Target price rises 6.7% to $26.46. Outperform rating retained.

Target price is $24.79 Current Price is $21.53 Difference: $3.26
If NWS meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $22.14, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

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

Market Sentiment: 0.6

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

Morgans rates PPS as Add (1) -

Praemium's FY19 profit met the broker, Australian operations continuing to underpin the stock.

Morgans lowers earnings forecast to account for a lower UK revenue base, and slower assumed growth in Australia and the UK.

As the stock trades at a discount to valuation, the broker maintains an Add rating. Target price eases -1% to 59c.

Target price is $0.59 Current Price is $0.55 Difference: $0.04
If PPS meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 1.0

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

Macquarie rates QBE as Neutral (3) -

Upon a general review of global insurance prices, Macquarie finds QBE Insurance is trading at a -15% discount to a weighted basket of international peers. Those peers only saw a small impact from prevented planting in Q2 US crop loss rations, the analysts point out.

As a read-through to QBE's upcoming interim report release, Macquarie believes the global margin and pricing outlook continues to improve. The broker anticipates QBE will likely release a strong interim report, with global headwinds building into the second half.

Neutral rating and $12.20 price target retained.

Target price is $12.20 Current Price is $11.90 Difference: $0.3
If QBE meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $12.96, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.6

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