Australian Broker Call

Citi rates AHY as Upgrade to Neutral from Sell (3) -

Having revisited their numbers and assumptions for Asaleo Care, Citi analysts are now willing to speculate there could be value on offer through selling assets and/or relocation of operations.

There is a strategic review in progress. In addition, Citi analysts are willing to bet pulp prices have peaked. Upgrade to Neutral from Sell. Target price lifts to 80c from 65c.

Target price is $0.80 Current Price is $0.72 Difference: $0.08
If AHY meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $0.78, suggesting upside of 8.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.0

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

Macquarie rates ALX as Outperform (1) -

Atlas Arteria's Sep Q traffic numbers were expected to show slower growth and they did, albeit a little slower than feared. While a calendar effect in France was cited, slowing consumer confidence and rising fuel costs are having an impact, the broker notes.

APPR has signed another agreement for additional investment for three-year increased pricing. The broker's Outperform call largely reflects the upside on offer once APPR relationship inefficiencies are worked through. Greenway upside is modest until a solution is determined for the western end. Target falls to $7.25 from $7.35.

Target price is $7.25 Current Price is $6.77 Difference: $0.48
If ALX meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.10, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

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

APRR traffic and toll revenue in the September quarter was softer than Morgans forecast and below long-term trends. The weakness in traffic at Dulles Greenway was not unexpected and the broker expects further declines in 2019.

At APRR the traffic benefit from strike activity experienced in previous periods has subsided while fuel prices had a weakening impact, particularly given the size of the diesel increase. At DG the decline in traffic was affected by Hurricane Florence as well as improvements in the surrounding road network.

Morgans downgrades to Hold from Add and raises the target to $6.95 from $6.94.

Target price is $6.95 Current Price is $6.77 Difference: $0.18
If ALX meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $7.10, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

UBS rates ALX as Buy (1) -

The company experienced softer traffic in the third quarter, partly explained by higher fuel prices, which are up 20% year-on-year. APRR provided another period of strong revenue growth while Dulles Greenway experienced its sixth consecutive period of declines, affected by improvements on surrounding networks, congestion and adverse weather.

UBS forecasts are unchanged for the second half with traffic expected to decline -3% at Dulles Greenway before returning to growth in 2019. Buy rating and $7.10 target unchanged.

Target price is $7.10 Current Price is $6.77 Difference: $0.33
If ALX meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.10, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

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

First quarter revenue growth of 6% was ahead of Credit Suisse forecasts. Management has indicated that price increases offset the majority of the cost inflation Brambles experienced in the quarter. The broker suggests there could be an acceleration of the pricing benefit over the next 18 months.

Judging from press speculation, Credit Suisse observes significant private equity interest in the IFCO RPC business the company is seeking to sell or de-merge.

The broker upgrades to Outperform from Neutral and raises the target to $11.50 from $10.90.

Target price is $11.50 Current Price is $10.74 Difference: $0.76
If BXB meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.02, suggesting upside of 2.6% (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: 0.4

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

Macquarie rates BXB as Neutral (3) -

Brambles' Sep Q revenue growth was in line with expectation. FY19 guidance implies improvement in underlying profit should start to be seen by the second half, the broker notes, supporting margin expansion into FY20 and beyond.

Management commentary provides greater comfort of margin improvement in the Americas, hence the broker has increased its valuation multiple on upside risk. Neutral retained, target rises to $10.30 from $10.05.

Target price is $10.30 Current Price is $10.74 Difference: minus $0.44 (current price is over target).
If BXB meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.02, suggesting upside of 2.6% (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: 0.4

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

Morgan Stanley rates BXB as Upgrade to Equal-weight from Underweight (3) -

First half guidance was in line with Morgan Stanley's expectations and this should move consensus estimates to more realistic levels. The broker believes inflation remains a risk although conditions appear to be easing.

The stock has outperformed the market by around 10% since just before its results, which Morgan Stanley believes reflects enthusiasm for the decision to separate out IFCO.

The broker upgrades to Equal-weight from Underweight and raises the target to $10.30 from $9.90. Industry view is Cautious.

Target price is $10.30 Current Price is $10.74 Difference: minus $0.44 (current price is over target).
If BXB 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 $11.02, suggesting upside of 2.6% (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: 0.4

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

Morgans rates BXB as Hold (3) -

The first quarter sales update was largely in line with Morgans' estimates. Given the rate at which costs are increasing, the broker suspects the company's initiatives will be unlikely to offset a decline in margins in the short term.

For FY19 Morgans forecasts operating earnings (EBIT) margins to be down to 17.3% before rising slightly in FY20. Hold rating maintained. Target rises to $10.41 from $10.18.

Target price is $10.41 Current Price is $10.74 Difference: minus $0.33 (current price is over target).
If BXB meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.02, suggesting upside of 2.6% (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: 0.4

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

Ord Minnett rates BXB as Buy (1) -

Ord Minnett believes the start to FY19 was reasonable and earnings should improve as the impact of elevated costs begins to fade over the year. The stock remains the broker's top pick in the transport sector and a Buy rating is reiterated.

Importantly, the company has stated that investors should expect an improvement in profit growth in the second half. Ord Minnett expects these improvements will be delivered, at least in part, by a better performance from CHEP in the US. Target is reduced to $12.55 from $12.75.

Target price is $12.55 Current Price is $10.74 Difference: $1.81
If BXB meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $11.02, suggesting upside of 2.6% (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: 0.4

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

UBS rates BXB as Buy (1) -

Revenue grew 6% in the first quarter and the company assumes a flat first half before earnings growth accelerates in the second half. This suggests to UBS the first half is likely to be the cyclical low point for margins which have fallen to around 17.0% from 20.1% in FY16.

Input costs are expected to moderate from FY20 as a result of the company's cost mitigation strategies. Buy rating maintained. Target rises to $12.10 from $11.80.

Target price is $12.10 Current Price is $10.74 Difference: $1.36
If BXB meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $11.02, suggesting upside of 2.6% (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: 0.4

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

Ord Minnett rates CBA as Hold (3) -

Commonwealth Bank has sold its 80% stake in the Indonesian life insurance business for $426m. The bank has also disclosed a delay of six months in completing the divestment of CommInsure Life and BoComm Life.

Ord Minnett observes the Indonesian transaction is relatively immaterial to the investment case and maintains a Hold rating and $78 target.

Target price is $78.00 Current Price is $66.92 Difference: $11.08
If CBA meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $74.00, suggesting upside of 10.6% (ex-dividends)

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

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

Net profit for the nine months to September was up 12.6%, in line with Credit Suisse expectations. Work in hand is stable at $35bn and management expects a further $35bn in bidding opportunities this year.

The broker maintains a target of $47.50, believing a premium rating for CIMIC is appropriate because of robust contract gains, order book and margins. Rating is downgraded to Neutral from Outperform.

Target price is $47.50 Current Price is $47.77 Difference: minus $0.27 (current price is over target).
If CIM 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 $47.94, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in December.

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 CIM as Outperform (1) -

Cimic's Sep Q profit was up 13% on last year and full year guidance has been reaffirmed.  The macro outlook remains robust in the company's core infrastructure and resources markets, the broker notes.

The recent share price pullback has taken valuation below the traditional earnings correlation level, the broker points out. Outperform retained on a forecast 9% compound earnings growth rate over the next three years compared to 5% for the market, with acquisition optionality. Target unchanged at $51.84.

Target price is $51.84 Current Price is $47.77 Difference: $4.07
If CIM meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $47.94, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates CIM as Accumulate (2) -

Net profit in the September quarter was up 13% and a slightly higher growth rate was achieved versus the first half. The company maintains its guidance range, which Ord Minnett suggests is conservative.

Moreover, potential exists for consensus upgrades to 2019 forecasts at the 2018 results, should the growth rate achieved for the nine months to September extend into the December quarter. Accumulate rating and $48.90 target maintained.

Target price is $48.90 Current Price is $47.77 Difference: $1.13
If CIM meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $47.94, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in December.

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 CIM as Neutral (3) -

The company reported a firm third quarter, in line with UBS estimates. 2018 net profit guidance of $720-780m is reiterated. CIMIC is benefiting from strong construction and services as well as a strengthening contract mining market.

UBS remains attracted to the company's dominant position in infrastructure construction. Forecasts are upgraded by 2%. Neutral rating maintained. Target is raised to $49.50 from $48.50.

Target price is $49.50 Current Price is $47.77 Difference: $1.73
If CIM meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $47.94, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in December.

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 CLQ as Outperform (1) -

CleanTeq's Sep Q update revealed funding solutions for Sunrise are continuing to be discussed with interested parties and various options are on the table, including direct investment, offtake, of streaming funding arrangements. Debt funding arrangements with the four major lenders are also progressing.

The broker notes CleanTeq offers unique ASX-listed exposure to cobalt, but had assumed further progress on Sunrise would have been made by now. This leads the broker to push out its first production date by six months to mid-2021. Outperform retained, target falls to $1.10 from $1.20.

Target price is $1.10 Current Price is $0.43 Difference: $0.67
If CLQ meets the Macquarie target it will return approximately 156% (excluding dividends, fees and charges).

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

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

Morgan Stanley expects Hizentra for CIDP to add 2-3% to CSL's immunoglobulin franchise growth. Hizentra for CIDP was approved in the US in March.

While there is general acceptance among experts that the disease is over diagnosed, until simplified tools are available rates of diagnosis are likely to remain high, the broker suggests, and therefore there is no risk to growth for CSL at present. Target is $189. Equal weight retained. Industry view: In-line.

Target price is $189.00 Current Price is $181.96 Difference: $7.04
If CSL meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $213.58, suggesting upside of 17.4% (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: 0.4

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

Citi rates HSO as Neutral (3) -

Citi observes the BGH/AusSuper consortium has revived its bid at $2.36 a share. The new proposal includes a number of conditions, including the company not proceeding with the proposed sale of an interest in its property assets.

Given the stock's underperformance since Healthscope refused the first offer the broker believes it likely other shareholders will join Ellerston Capital in supporting due diligence. Neutral rating and $2.25 target maintained.

Target price is $2.25 Current Price is $2.15 Difference: $0.1
If HSO meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.21, suggesting upside of 2.8% (ex-dividends)

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

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

The company has received another unsolicited offer at $2.36 a share, from the BGH/AusSuper consortium. This is the same as the offer back in April but Asian pathology assets have now been sold and the offer is dependent upon the hospital division achieving FY19 10% growth in operating earnings.

It is also dependent on the company not proceeding with the proposed sale & lease-back of property assets and no further assets being divested. Morgan Stanley believes, in the near term, operating fundamentals are taking a backseat to re-organisation of assets and a takeover premium is likely to remain in the shares.

Equal-weight rating maintained. Target is $2.37. Industry view is In-Line.

Target price is $2.37 Current Price is $2.15 Difference: $0.22
If HSO meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.21, suggesting upside of 2.8% (ex-dividends)

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

Ord Minnett rates HSO as Hold (3) -

Healthscope has received a renewed bid from the consortium led by BGH Capital and AustralianSuper. The main difference this time around is the support from significant shareholder Ellerston Capital for granting due diligence. Ord Minnett suggests this increases the likelihood of the board engaging with the consortium although the bid is highly conditional.

The broker also cautions that operating conditions remain challenging and put at risk guidance for more than 10% growth in hospital earnings, which is now a condition of the bid. Hold rating and $2.10 target maintained.

Target price is $2.10 Current Price is $2.15 Difference: minus $0.05 (current price is over target).
If HSO 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 $2.21, suggesting upside of 2.8% (ex-dividends)

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

Citi rates ILU as Buy (1) -

Iluka Resources' Sierra Leonne operations have been halted due to strike action. The company deems the strike unlawful.

Management noted the action will impact the 2018 full year production. Citi has downgraded production guidance to 135kt from 144kt, if the strike is resolved quickly. Citi forecasts production of 158kt in 2019.

Buy rating and $12.10 target maintained.

Target price is $12.10 Current Price is $8.51 Difference: $3.59
If ILU meets the Citi target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $11.52, suggesting upside of 35.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

Market Sentiment: 0.7

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

Credit Suisse rates LNK as Neutral (3) -

The company will sell 47% of its 19.8% stake in PEXA if the IPO proceeds. Sale proceeds are expected to be at least $165m. Credit Suisse observes there are a number of issues for the company because of regulatory changes and account losses that have lowered growth.

Nevertheless, the company is building up funds to assist in its acquisition strategy. Link Administration raised $300m in April and should receive at least $130m from its sale of the PEXA stake. Credit Suisse maintains a Neutral rating and raises the target to $8.40 from $8.10.

Target price is $8.40 Current Price is $7.75 Difference: $0.65
If LNK meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $8.60, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Ord Minnett rates LNK as Lighten (4) -

The company intends to sell a portion of its stake in PEXA, expecting to receive more than $165m from the sell-down, depending on the IPO price.

Ord Minnett adjusts earnings estimates to reflect the expected proceeds and increases the target to $7.20 from $7.00. Lighten rating maintained.

Target price is $7.20 Current Price is $7.75 Difference: minus $0.55 (current price is over target).
If LNK meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.60, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Citi rates MGR as Neutral (3) -

Management has reiterated guidance for FY19 and Citi analysts, clearly, are willing to throw their support behind management's skills and expertise.

After conversations with industry experts, report the analysts, trends visible in property markets are likely to continue over the next twelve months.

Within this context, the analysts point out Mirvac's retail portfolio is still growing at 3.1%. Neutral maintained. Target price $2.47 (unchanged).

Target price is $2.47 Current Price is $2.25 Difference: $0.22
If MGR meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Macquarie rates MGR as Outperform (1) -

Mirvac has reaffirmed FY19 guidance at its Sep Q update as expected. The quarter saw 22% of FY19 settlements completed on a default rate below 2%. While the residential market is weakening, Mirvac is shifting focus towards commercial, the broker notes.

Conditions in the different segments are as expected and the shift is towards passive rental collection. With a buyback remaining active below net asset value and a forecast total shareholder return of 19% the broker retains Outperform and a $2.57 target.

Target price is $2.57 Current Price is $2.25 Difference: $0.32
If MGR meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

UBS rates MGR as Sell (5) -

The company has indicated specialty retail sales have slowed over the September quarter albeit from a high base. UBS is pleased the apparel category continues to strengthen while office and industrial fundamentals remain solid.

The broker continues to believe the residential market will be the marginal driver of Mirvac's relative performance, as housing activity is falling ahead of expectations and not reflected in consensus estimates beyond FY20.

Guidance is reiterated for 2-4% growth in earnings per share. Sell rating and $2.22 target maintained.

Target price is $2.22 Current Price is $2.25 Difference: minus $0.03 (current price is over target).
If MGR meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.48, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.1

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

Citi rates MMS as Buy (1) -

Citi analysts have interpreted AGM commentary in a positive light, with the analysts suggesting the Beyond 2020 investment should improve efficiencies.

Expected savings are likely to be reinvested to grow market share, suggest the analysts. Buy. Target price $19.39 (unchanged).

Target price is $19.39 Current Price is $16.27 Difference: $3.12
If MMS meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $18.29, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Morgans rates MP1 as Add (1) -

First quarter results were strong and Morgans observes the strongest-ever absolute organic revenue, making first half forecasts for 30% revenue growth seem achievable.

Ports increased 10% and services per port edged higher to 2.5, with the broker noting a positive combination of more customers, more ports and more services.

As quarterly outcomes can be lumpy Morgans, at this stage, makes no changes to estimates. Add rating and $4.44 target maintained.

Target price is $4.44 Current Price is $3.52 Difference: $0.92
If MP1 meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $4.75, suggesting upside of 34.8% (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 MP1 as Buy (1) -

UBS was impressed by the first quarter results. The company has invested in its direct sales force which has pushed out break-even, potentially to the fourth quarter of FY21 on UBS estimates.

Still, the broker believes this makes sense and enables a larger market share in the longer term. Buy rating maintained. Target is reduced to $4.80 from $5.25.

Target price is $4.80 Current Price is $3.52 Difference: $1.28
If MP1 meets the UBS target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $4.75, suggesting upside of 34.8% (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 NCK as Neutral (3) -

Citi observes sales are holding up in a tough market and Nick Scali appears to be gaining market share amid the exit of competitors such as John Cootes and the underperformance of Steinhoff's mid-market brands.

The company has flagged weaker margins in the short term because of a lower Australian dollar. Citi believes FY19 earnings should benefit from another nine new stores but maintains a Neutral rating, as housing indicators suggest trading conditions will become more challenging. Target is steady at $6.75.

Target price is $6.75 Current Price is $5.46 Difference: $1.29
If NCK meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Macquarie rates OGC as Outperform (1) -

OceanaGold has announced that production at Macraes in NZ, which has been in continuous operation for 28 years, could be extended through 2020 thanks to extensions and possible additions of new mines.

The miner remains the broker's top pick in the intermediate gold producer universe. Outperform and $5.50 target retained.

Target price is $5.50 Current Price is $4.36 Difference: $1.14
If OGC meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $4.63, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in December.

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: 0.8

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

Macquarie rates OSH as Outperform (1) -

Oil Search's Sep Q numbers came as no surprise. The company has lifted the bottom end of its 2018 production guidance range due to outperformance in PNG and tightened cost guidance.

The front end engineering design (FEED) for PNG expansion appears to be delayed to beyond the APEC meeting rather than at it but the JV could move ahead on the first train, the broker believes, with the second to come later. Exxon's support for the project and potential 30-40 year life means a six month delay is trivial, the broker suggests. 

Outperform and $9.40 target retained.

Target price is $9.40 Current Price is $7.97 Difference: $1.43
If OSH meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.80, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in December.

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 OSH as Hold (3) -

September quarter production was broadly in line with Ord Minnett estimates. While oil production may not reach levels obtained before the earthquake until next year the strong performance from PNG LNG has allowed full year production guidance to be narrowed.

Production guidance has been narrowed to 25-26mmboe. Ord Minnett maintains a Hold rating and $9.10 target.

Target price is $9.10 Current Price is $7.97 Difference: $1.13
If OSH meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.80, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in December.

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 OSH as Neutral (3) -

The timing for FEED in the PNG expansion plans has slipped, UBS suspects. The broker infers a change in wording in the company's third quarter update translates to a delay. Oil Search now expects the key terms of the fiscal agreement to be decided ahead of the APEC meeting in November.

UBS expects FEED may be delayed a few months into the first half of 2019. 2018 guidance is narrowed to production of 25-26mmboe. Meanwhile, the PNG LNG project achieved record production of 8.9mtpa in the September quarter. Neutral rating and $9.45 target maintained.

Target price is $9.45 Current Price is $7.97 Difference: $1.48
If OSH meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $8.80, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates RSG as Buy (1) -

Citi notes Resolute Mining had another lean quarter in September as it moved to processing underground ore from open pit mining and drawing down stockpiles.

While investors have been patient with the transition, Citi suggests the company will need to deliver more sulphide tonnage in the December quarter and commence bulk underground mining or confidence could ebb.

Buy/High Risk rating maintained and target is reduced to $1.55 from $1.60.

Target price is $1.55 Current Price is $1.03 Difference: $0.52
If RSG meets the Citi target it will return approximately 50% (excluding dividends, fees and charges).

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

Macquarie rates RSG as Outperform (1) -

Maintenance, plant upgrades and the weather all led to a weaker than expected production performance from Resolute in the Sep Q. Syama underground is nevertheless on track and the broker expects a production trough has been seen and improvement should follow from here.

The broker expects Syama to become a high quality, long life, low cost asset. Exploration has led to the potential of considerable upside and Ravenswood should also improve from here. Outperform and $1.40 target retained.

Target price is $1.40 Current Price is $1.03 Difference: $0.37
If RSG meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

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 SGF as Buy (1) -

AGM comments were "solid" in Citi's view, but there is softness in car sales and this, the analysts point out, has led management to guide the Australian Consumer business towards a greater than usual 2H skew.

Citi analysts have in response slightly lowered expectations, just to be safe. Target price declines by -2% to $4.11. Buy rating retained.

Target price is $4.11 Current Price is $3.66 Difference: $0.45
If SGF meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.84, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Morgan Stanley rates SGP as Downgrade to Underweight from Overweight (5) -

Morgan Stanley suggests the limited number of contracts on hand for FY20 could mean reductions to expectations if residential weakness persists. The company has only 974 contracts due to settle beyond  FY19.

As house price declines are accelerating, and price expectations are a key driver of future activity, Morgan Stanley reduces FY20 settlement forecast by -6%. The strong correlation between the company's residential deposits and retail growth suggests ongoing pressure on retail operating metrics.

The broker envisages Stockland could look to dispose of around $1bn in retail assets in a bid to improve the quality of its portfolio. Rating is downgraded to Underweight from Overweight. Target is reduced to $4.15 from $4.60. Cautious industry view.

Target price is $4.15 Current Price is $3.82 Difference: $0.33
If SGP meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.38, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgan Stanley rates TRS as Downgrade to Underweight from Equal-weight (5) -

Morgan Stanley has re-based expectations on the back of the company's recent profit downgrade. Comparable sales have deteriorated in the first weeks of FY19, attributed to weakness in the retail environment, increasing competition and promotional pricing.

Morgan Stanley finds it difficult to envisage this will ease in the lead up to Christmas. The broker does not rule out another profit downgrade post Christmas and, if conditions persist, believes there is a risk of a loss sooner rather than later.

Rating is downgraded to Underweight from Equal-weight on the target reduced to $2.10 from $6.10. In-Line industry view.

Target price is $2.10 Current Price is $2.45 Difference: minus $0.35 (current price is over target).
If TRS meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.46, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.5

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

Citi rates WOR as Buy (1) -

Post the announcement of agreement to acquire some operations from Jacobs Engineering, the end result in a long negotiation process, Citi analysts have reiterated their Buy call.

The deal not only turns WorleyParsons into a market leader in its core end sectors, but it is also projected to lift group EBITA margins by +200bps to 8.6% by FY21.

Estimates have been reduced at first, to incorporate the capital raising, but increased post FY19. Target price loses -3% to $20.70.

Target price is $20.70 Current Price is $15.82 Difference: $4.88
If WOR meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $19.59, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

WorleyParsons will acquire the energy, chemicals and resources division of Jacob's Engineering for US$3.3bn. The deal will be funded via an entitlement offer, debt and placement, leaving Jacob's Engineering with 11% ownership of WorleyParsons.

Credit Suisse estimates the price is reasonably full but the deal does provides an opportunity to capture new business from both geography and a sector perspective.

Trading multiples appear enough to justify the price and the broker is pleased the balance sheet is not compromised. Nevertheless, it is expected to take some time for the company to demonstrate the upside. Credit Suisse upgrades to Neutral from Underperform. Target is raised to $17.60 from $10.50.

Target price is $17.60 Current Price is $15.82 Difference: $1.78
If WOR meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $19.59, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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