Australian Broker Call

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

Managing liquidity is now primary focus for the company as, while the first 11 weeks of the second half produced buoyant trading, subsequently there has been a marked slowdown. Guidance is now withdrawn.

The board will no longer pay the interim dividend. The main risk is that non-essential retail stores may close and, in the above scenario, the balance sheet could come under pressure, Morgans points out.

Rating is downgraded to Hold from Add and the target lowered to $1.60 from $2.26.

Target price is $1.60 Current Price is $0.56 Difference: $1.04
If ADH meets the Morgans target it will return approximately 186% (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

Citi rates ALL as Buy (1) -

As part of the implementation of more widespread restrictions on social gatherings, pubs registered & licensed clubs and casinos in NSW will be shut.

Citi assumes three-months shutdown, which drives downgrades of -44% to FY20 Australasian segment earnings.

With a strong balance sheet, the broker looks through to FY22 and assesses there is a large earnings buffer. Buy rating maintained. Target is reduced to $29.40 from $32.10.

Target price is $29.40 Current Price is $16.91 Difference: $12.49
If ALL meets the Citi target it will return approximately 74% (excluding dividends, fees and charges).

Current consensus price target is $33.84, suggesting upside of 100.1% (ex-dividends)

The company's fiscal year ends in September.

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 ALL as Buy (1) -

Based on the latest data, the broker estimates Aristocrat Leisure's social gaming and casino app revenue has grown by 10-15% year to date. Total social gaming revenue is estimated to be up 90% year on year in February and 50% year to date.

Buy and $39.60 target retained.

Target price is $39.60 Current Price is $16.91 Difference: $22.69
If ALL meets the UBS target it will return approximately 134% (excluding dividends, fees and charges).

Current consensus price target is $33.84, suggesting upside of 100.1% (ex-dividends)

The company's fiscal year ends in September.

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 ALX as Outperform (1) -

The company has postponed the distribution and withdrawn guidance, instead using distributions to repay debt. Long-term fundamentals are unchanged, in Macquarie's view.

The extent of the squeeze on distributions remains a function of the length of lock-downs and subsequent recovery, the broker adds. Outperform rating maintained. Target is reduced to $7.14 from $8.14.

Target price is $7.14 Current Price is $5.16 Difference: $1.98
If ALX meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $7.63, suggesting upside of 47.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

UBS rates ALX as Neutral (3) -

Global lockdowns have led to an estimated drop in traffic on Atlas Arteria toll roads in excess of -50%. Resultant loss of cash flow puts near term dividends in question, the broker warns, and the complex structure of the business raises certain risks around debt covenants.

Dulles Greenway looks safe but APRR may hit lock-up, albeit a delay of dividends could avert this, the broker suggests. The broker now has the stock under review hence FNArena has withdrawn price target and EPS/DPS forecasts.

Current Price is $5.16. Target price not assessed.

Current consensus price target is $7.63, suggesting upside of 47.9% (ex-dividends)

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

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

Citi upgrades the banking sector to Buy. Even in a severe bad debt scenario the current crisis is not likely to de-stabilise the sector such as what occurred in the GFC, says the broker.

Citi lowers ANZ cash earnings forecast by -6-7% for FY20 and FY21. Stronger net interest income assumptions and markets income are offset by higher bad debts.

The broker cuts the second half dividend forecast by -18%. Rating is upgraded to Buy from Neutral and the target is lowered to $24.75 from $28.00.

Target price is $24.75 Current Price is $14.79 Difference: $9.96
If ANZ meets the Citi target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $20.88, suggesting upside of 41.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Credit Suisse rates AQZ as Outperform (1) -

Credit Suisse notes at least 65% of Alliance Aviation's flight hours are sourced from fly-in, fly-out markets where consistent feedback signals there is no disruption.

Still, the business is not completely immune and, in the interests of being prudent, the company has cancelled the dividend and signalled profitability could be below FY19 levels.

Credit Suisse finds the valuation undemanding and retains an Outperform rating. Target is reduced to $1.90 from $3.15.

Target price is $1.90 Current Price is $1.09 Difference: $0.81
If AQZ meets the Credit Suisse target it will return approximately 74% (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

Morgan Stanley rates ARF as Overweight (1) -

Guidance is withdrawn, specifically because of social isolation measures which may materially lower attendance at child care facilities.

As yet, Morgan Stanley notes, the government has not mandated closures of education centres. The board has deferred the March distribution in light of the uncertainties.

Overweight rating and In-Line industry view maintained. Target is $3.35.

Target price is $3.35 Current Price is $1.54 Difference: $1.81
If ARF meets the Morgan Stanley target it will return approximately 118% (excluding dividends, fees and charges).

Current consensus price target is $3.17, suggesting upside of 105.6% (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 ASB as Outperform (1) -

The impact of the crisis on FY20 guidance appears low to Macquarie. US operations are considered essential critical infrastructure.

Committed orders provide good visibility into FY20 and FY21 revenue. Macquarie retains an Outperform rating  and reduces the target by -36% to $3.20.

Target price is $3.20 Current Price is $2.52 Difference: $0.68
If ASB meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $4.12, suggesting upside of 63.4% (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 AUB as Outperform (1) -

Macquarie assesses insurance brokers are resilient in an economic downturn. FY20 guidance has not been withdrawn, with growth of 6-8% in earnings per share expected.

Macquarie retains an Outperform rating and reduces the target to $13.09 from $14.31.

Target price is $13.09 Current Price is $10.94 Difference: $2.15
If AUB meets the Macquarie target it will return approximately 20% (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

Citi rates BBN as Buy (1) -

The company's update has indicated momentum in both like-for-like sales and online, although guidance has been withdrawn. So far the business has bucked the retail slowdown but the potential for store closures could make it challenging, Citi asserts.

The broker assumes one month of store closures and weak momentum in the fourth quarter. Nevertheless, Baby Bunting appears well-placed.

The business is delaying $7m of capital expenditure associated with the rolling out of the new brand. Meanwhile, short-term liquidity is supported by $27m in unused funds. Buy rating and $2.65 target.

Target price is $2.65 Current Price is $1.82 Difference: $0.83
If BBN meets the Citi target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 72.8% (ex-dividends)

The company's fiscal year ends in July.

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 BBN as Overweight (1) -

The company has withdrawn guidance, despite a strong performance in the year to date

 Morgan Stanley expects most stores will stay open as 54 of the 56 stores are outside shopping centres.

Overweight. Target is $3.80. Industry view is In-line.

Target price is $3.80 Current Price is $1.82 Difference: $1.98
If BBN meets the Morgan Stanley target it will return approximately 109% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 72.8% (ex-dividends)

The company's fiscal year ends in July.

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 BEN as Upgrade to Buy from Sell (1) -

Citi upgrades the banking sector to Buy. Even in a severe bad debt scenario the current crisis is not likely to de-stabilise the sector such as what occurred in the GFC, says the broker.

The broker lowers cash earnings forecasts by -6% for FY20 but upgrades FY21 by 5% and FY22 by 16%.

The broker expects, while bad debts weigh, the bank will benefit from industry-wide mortgage repricing and a predominantly housing-related book.

The dividend is expected to be cut to $0.24 in the second half. Rating is upgraded to Buy from Sell and the target reduced to $7.25 from $9.25.

Target price is $7.25 Current Price is $5.44 Difference: $1.81
If BEN meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $7.56, suggesting upside of 38.9% (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

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

Citi upgrades the banking sector to Buy. Even in a severe bad debt scenario the current crisis is not likely to de-stabilise the sector such as what occurred in the GFC, says the broker.

Citi lowers cash earnings forecasts for Bank of Queensland by -10% for FY20 but upgrades FY21 and FY22 by 9-11%.

The broker believes the bank should benefit from industry-wide mortgage repricing amid less sensitivity to cash-linked small and medium enterprises. Bad debts may weigh, nevertheless.

Rating is upgraded to Buy from Neutral and the target reduced to $6.50 from $7.75.

Target price is $6.50 Current Price is $4.69 Difference: $1.81
If BOQ meets the Citi target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $7.01, suggesting upside of 49.6% (ex-dividends)

The company's fiscal year ends in August.

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 CBA as Upgrade to Buy from Sell (1) -

Citi upgrades the banking sector to Buy. Even in a severe bad debt scenario the current crisis is not likely to de-stabilise the sector such as what occurred in the GFC, says the broker.

Citi maintains Commonwealth Bank's near-term earnings estimates in FY20 and FY21. Stronger net interest income assumptions and markets income are offsetting higher bad debts, in the broker's assessment.

The dividend forecast for the second half is reduced to $1.90. Rating is upgraded to Buy from Sell and the target reduced to $68.75 from $72.50.

Target price is $68.75 Current Price is $56.55 Difference: $12.2
If CBA meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $64.21, suggesting upside of 13.5% (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 CCX as Overweight (1) -

Morgan Stanley believes City Chic is well-placed to benefit from changes in consumer behaviour to online. This should help the business manage the risks from the virus relatively better than other retailers.

On the back of the broker's survey, 27% of consumers expect to buy more non-grocery items online in the next month and 55% expect to make less frequent visits to shopping centres in the next month.

Overweight rating and $4 target. Industry view is In-Line.

Target price is $4.00 Current Price is $0.92 Difference: $3.08
If CCX meets the Morgan Stanley target it will return approximately 335% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Ord Minnett rates CSL as Hold (3) -

The closure of the US/Mexico border will have implications for plasma collections, Ord Minnett believes, as the company has a number of centres along the border that rely on Mexicans.

Even while estimating this accounts for just 5% of collections, the broker expects the company will seek to raise collections elsewhere to offset the loss.

Plasma collection has been deemed part of the US critical infrastructure, the broker points out, but the company and competitors will need to raise awareness of the available cash payments for donations to ensure collections continue.

Hold rating maintained. Target is $305.

Target price is $305.00 Current Price is $283.07 Difference: $21.93
If CSL meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $316.59, suggesting upside of 11.8% (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: 0.4

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

Morgan Stanley rates CTD as Overweight (1) -

Morgan Stanley considers the balance sheet and working capital position puts the company on a more sustainable footing versus its peers. The receivables risk is also considered less pronounced, while there is headroom in debt facilities.

FY20 and FY21 earnings estimates are reduced, although the broker expects a gradual recovery in the first half of FY21. Target is reduced to $10 from $27. Overweight rating retained. Industry view is In-Line.

Target price is $10.00 Current Price is $7.17 Difference: $2.83
If CTD meets the Morgan Stanley target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $13.90, suggesting upside of 93.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

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

Caltex has indicated that jet fuel may be down -80-90% in the months that travel restrictions are in place.

A six-month reduction in travel might imply a -40-50% reduction in jet fuel for 2020 and on Morgan Stanley's calculations this would approximate a -$40-50m reduction in earnings (EBIT).

All up, the broker envisage risk to the Couche-Tard offer, given the current earnings trajectory.

Target is $34. Industry view is In-Line. Equal-weight.

Target price is $34.00 Current Price is $20.65 Difference: $13.35
If CTX meets the Morgan Stanley target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $31.45, suggesting upside of 52.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

Credit Suisse rates CWN as Outperform (1) -

Casinos have been ordered to shut down, until at least April 13 in the case of Victoria. Credit Suisse reduces estimates for earnings per share by -19% in FY20.

Some recovery is expected in FY21 off a much lower base. Crown Resorts' leverage ratio is projected to rise but to be well below covenants.

The broker assumes the company forgoes declaring dividends in the second half and FY21. Outperform rating and $11 target maintained.

Target price is $11.00 Current Price is $6.41 Difference: $4.59
If CWN meets the Credit Suisse target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $11.14, suggesting upside of 73.8% (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

Morgan Stanley rates DHG as Overweight (1) -

The company had pointed to a positive start to 2020 but there is now considerable uncertainty in the real estate market, Morgan Stanley observes.

The broker expects an acute reduction in new listings in Sydney and Melbourne over the next few weeks and months. The issue is now about the timing and trajectory of a recovery.

Target is $3.75. Industry view is Attractive. Overweight rating retained on a 12-month view.

Target price is $3.75 Current Price is $1.80 Difference: $1.95
If DHG meets the Morgan Stanley target it will return approximately 108% (excluding dividends, fees and charges).

Current consensus price target is $3.31, suggesting upside of 83.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

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

While the operating business has challenges, Citi believes there are multiple levers to cushion the impact on profitability in the current downturn.

Following the drop of -52% in the share price since the first half result, the broker assesses shareholders are now getting the operating businesses for free, given a $2bn property portfolio.

The broker factors in the closure of cinemas over the entire fourth quarter and hotel closures during April and May as well as lower occupancy in March and June.

There is also a risk that the sale of the German cinemas is delayed into the second half of FY21. Rating is upgraded to Buy from Neutral and the target is lowered to $7.45 from $12.65.

Target price is $7.45 Current Price is $6.13 Difference: $1.32
If EVT meets the Citi target it will return approximately 22% (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

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

Guidance has been withdrawn. Morgans observes the company faces several challenges, particularly given its exposure to travel, point-of-sale retail and solar.

There is also a risk to the balance sheet if a steep increase in impairments is experienced. Morgans notes the company has not disclosed covenants, which makes understanding the risk difficult.

The broker regards the stock has high risk until more certainty is achieved and downgrades to Hold from Add. Target is reduced to $0.62 from $2.25.

Target price is $0.62 Current Price is $0.41 Difference: $0.21
If FXL meets the Morgans target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $1.46, suggesting upside of 254.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Ord Minnett rates HUB as Buy (1) -

Despite the sharp contraction in the market, Ord Minnett still expects HUB24 will grow earnings by 27% in FY20 and 30% in FY21.

Strong flows are expected to buffer the business against weak markets and the reduced cash spread. Buy maintained. Target is lowered to $12.24 from $15.46.

Target price is $12.24 Current Price is $6.70 Difference: $5.54
If HUB meets the Ord Minnett target it will return approximately 83% (excluding dividends, fees and charges).

Current consensus price target is $11.53, suggesting upside of 72.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgan Stanley rates IEL as Overweight (1) -

Morgan Stanley assesses high-conviction stocks that can offer attractive long-term returns and withstand the current uncertainty. IDP Education has a leading position globally and an expanding opportunity.

It meets the broker's requirements of high quality, structural growth and a strong balance sheet. Target is reduced to $18.50 from $24.00. Overweight rating. Industry view is In-Line.

Target price is $18.50 Current Price is $10.87 Difference: $7.63
If IEL meets the Morgan Stanley target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $21.51, suggesting upside of 97.8% (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 IFL as Neutral (3) -

Macquarie suspects the balance sheet will come into focus should there not be a recovery in equity markets.

At current levels, even after significant earnings reductions and limited cost offsets, the valuation is considered attractive.

However, questions surrounding the balance sheet preclude the broker from taking a more positive view

Target is reduced to $3.75 from $7.30. Neutral rating retained.

Target price is $3.75 Current Price is $2.74 Difference: $1.01
If IFL meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $6.37, suggesting upside of 132.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.0

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

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

Credit Suisse upgrades to Neutral from Underperform. The broker considers the business a relative safe haven in discretionary retail.

There is also a sound funding position which would only be tested if there was an extended closure of retail stores and an inability to extend credit payments.

While expecting cash flow will crimp expenditure, the broker notes the performance in the March quarter provides a cash buffer heading into the uncertain June quarter. Target is reduced to $26.98 from $31.97.

Target price is $26.98 Current Price is $23.99 Difference: $2.99
If JBH meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $35.73, suggesting upside of 48.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

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

Like-for-like sales growth appears to have accelerated up until March on the back of strong demand for remote workstations and home appliances.

However, given the developments Morgan Stanley notes a risk that stores may be closed for an uncertain period of time in the near future and the company has withdrawn guidance as a result.

Significant headroom exists in facilities, the broker points out, while liquidity is likely to be the focus for investors across the retail sector.

Equal-weight. Target is $39. Industry view: Cautious.

Target price is $39.00 Current Price is $23.99 Difference: $15.01
If JBH meets the Morgan Stanley target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $35.73, suggesting upside of 48.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Morgans rates JBH as Add (1) -

The company has withdrawn guidance but the update revealed very strong trading in the third quarter, as consumers spent in anticipation of the potential impact of virus-related shutdowns.

Morgans had expected the business would be a beneficiary of increased demand for technology and white goods, but the withdrawal of guidance is considered prudent, given the significant uncertainty as to whether retailers/shopping centres can remain open in the short term if shut-downs escalate.

Add rating maintained. Target is reduced to $33.15 from $36.44.

Target price is $33.15 Current Price is $23.99 Difference: $9.16
If JBH meets the Morgans target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $35.73, suggesting upside of 48.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Ord Minnett rates JBH as Accumulate (2) -

Guidance has been withdrawn. Ord Minnett notes sales are outperforming Harvey Norman ((HVN)) because of the category mix but also, arguably, market share gains.

In contrast, JB New Zealand is losing market share to Harvey Norman. While the shopping centre skew is a negative, the prospect of rent relief exists.

Airport stores, however, are an area of downside, the broker adds. Accumulate maintained. Target is $38.

Target price is $38.00 Current Price is $23.99 Difference: $14.01
If JBH meets the Ord Minnett target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $35.73, suggesting upside of 48.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

UBS rates JBH as Neutral (3) -

JB Hi-Fi's sales growth accelerated sharply in February-March as consumers jumped on home office, gaming and other products in the face of the virus. Despite this, management has withdrawn FY20 guidance due to uncertainty.

The broker has not changed its forecasts given the likely pending impact on overall sales from the oncoming wave of unemployment. The broker nevertheless notes the company has one of the strongest balance sheets in the domestic retail sector. Neutral and $43 target retained.

Target price is $43.00 Current Price is $23.99 Difference: $19.01
If JBH meets the UBS target it will return approximately 79% (excluding dividends, fees and charges).

Current consensus price target is $35.73, suggesting upside of 48.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Credit Suisse rates LNK as Outperform (1) -

The company has withdrawn FY20 guidance. Credit Suisse downgrades estimates by -8% for FY20 and -20% for FY21.

While FY21 will capture most of the impact, the broker expects a snapping back of earnings in FY22-23 as corporate actions pick up.

High levels of gearing could be mitigated, in the broker's view, and at this stage an equity raising is not deemed necessary.

Outperform rating maintained. Target is reduced to $4.60 from $5.90.

Target price is $4.60 Current Price is $2.87 Difference: $1.73
If LNK meets the Credit Suisse target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $5.17, suggesting upside of 80.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Macquarie rates LNK as Outperform (1) -

Link Administration has withdrawn FY20 guidance. Macquarie does not believe debt serviceability is an issue.

The broker considers the valuation attractive, the balance sheet solid and maintains an Outperform rating.

Earnings estimates are reduced by -33% for FY20 and -45% for FY21. Target is lowered to $4.40 from $7.10.

Target price is $4.40 Current Price is $2.87 Difference: $1.53
If LNK meets the Macquarie target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $5.17, suggesting upside of 80.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

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

Link Administration is withdrawing guidance for FY20. Some of the business is affected by market volatility and reduced margin income on float balances.

Still, Morgan Stanley considers the stock one of the more defensive in the non-bank financials.

The company has also indicated it will remain comfortably within its debt covenants but is also taking measures to reduce costs.

Equal-weight. Target is $5.30. In-Line industry view maintained.

Target price is $5.30 Current Price is $2.87 Difference: $2.43
If LNK meets the Morgan Stanley target it will return approximately 85% (excluding dividends, fees and charges).

Current consensus price target is $5.17, suggesting upside of 80.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

UBS rates LNK as Buy (1) -

While 80% of Link Administration's revenue is recurring in nature, transactional and market-related revenues are at risk due to market volatility and economic pressures, the broker notes.

Link has withdrawn FY20 guidance. Taking the GFC experience as a guide, the broker lowers its 2020 profit forecast by -18%, noting outer year earnings are less affected thanks to the lower A$.

Link has said it is comfortably within its covenants, and on a -55% fall in share price the broker retains Buy. Target falls to $5.00 from $6.25.

Target price is $5.00 Current Price is $2.87 Difference: $2.13
If LNK meets the UBS target it will return approximately 74% (excluding dividends, fees and charges).

Current consensus price target is $5.17, suggesting upside of 80.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.8

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

Ord Minnett rates MME as Buy (1) -

The operating business is ahead of prospectus but a new funding facility is considered critical, expected at the end of FY20.

Ord Minnett suspects the true test of provision ratios and arrears is likely to come mid 2020. Buy rating maintained. Target is reduced to $1.35 from $1.88.

Target price is $1.35 Current Price is $0.59 Difference: $0.76
If MME meets the Ord Minnett target it will return approximately 129% (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

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

FY20 guidance has been withdrawn. Morgans believes it appropriate to revise forecasts and adjust dividend expectations, as cash conservation is paramount.

While the balance sheet is in a reasonable position, the broker reduces the valuation and applies a further -20% discount, setting the target at $0.66 from $1.15. Rating is downgraded to Hold from Add for the short term.

Target price is $0.66 Current Price is $0.40 Difference: $0.26
If MVF meets the Morgans target it will return approximately 65% (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

Citi rates NAB as Buy (1) -

Citi upgrades the banking sector to Buy. Even in a severe bad debt scenario the current crisis is not likely to de-stabilise the sector such as what occurred in the GFC, says the broker.

The broker lowers cash earnings forecasts by -3-6% for FY20 and FY21, expecting stronger net interest income and markets income will be offset by higher bad debts.

Forecasts for the second half dividend are reduced to $0.75, restoring a 75% pay-out ratio. Buy maintained. Target is reduced to $25.50 from $30.50.

Target price is $25.50 Current Price is $14.27 Difference: $11.23
If NAB meets the Citi target it will return approximately 79% (excluding dividends, fees and charges).

Current consensus price target is $20.61, suggesting upside of 44.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgan Stanley rates NAB as Overweight (1) -

National Australia Bank has converted $750m in capital notes into ordinary equity and noted current volatility in global capital markets may negatively affect mark-to-market valuations and the market and treasury portfolios.

Meanwhile, the broader economic impact of the pandemic is expected to affect asset quality and lead to increased provisioning.

Morgan Stanley currently forecasts markets and treasury income to be broadly flat in FY20 and impairment charges to rise to around 19 percentage points of loans in FY20 and around 26 percentage points in FY21, from 15 percentage points in FY19.

Overweight. Target is $19.50. Industry view: In-line.

Target price is $19.50 Current Price is $14.27 Difference: $5.23
If NAB meets the Morgan Stanley target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $20.61, suggesting upside of 44.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Ord Minnett rates NCM as Hold (3) -

Canada's Lundin Gold has temporarily ceased operations at Fruta del Norte, Ecuador, a mine in which Newcrest owns a 32% stake.

Ord Minnett notes the extent of the closure remains dependent on actions by local and national governments.

Hold rating and $26 target maintained.

Target price is $26.00 Current Price is $24.21 Difference: $1.79
If NCM meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $28.55, suggesting upside of 17.9% (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: 0.0

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

Macquarie rates NHF as Neutral (3) -

FY20 guidance has been withdrawn. While sales of private health insurance are holding up, the company is considering options to support members encountering financial difficulty.

The company has advised a -1% drop in hospitalisation for the remainder of 2020 would equate to a reduction of -$8.8m in claims.

Macquarie envisages material upside risk to FY20 and FY21 estimates should claims slow. Neutral maintained. Target is reduced to $4.95 from $5.00.

Target price is $4.95 Current Price is $5.07 Difference: minus $0.12 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.03, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

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

The company has withdrawn FY20 guidance. Membership of Australian resident health insurance is ahead of budget in the year to date but nib Holdings acknowledges the downside risk from recession and higher unemployment.

Sales of international inbound health insurance are expected to be negatively affected by restrictions on foreign entry but the claims impact is not significant.

Equal-weight rating maintained. Target is $5.05. Industry view is In-Line.

Target price is $5.05 Current Price is $5.07 Difference: minus $0.02 (current price is over target).
If NHF meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.03, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

UBS rates NHF as Buy (1) -

Nib Holdings has withdrawn FY20 guidance due to uncertainty. That uncertainty goes both ways, the broker notes, for what nib might lose on the swings of travel revenues it may pick up on the roundabout of reduced hospital utilisation, as elective procedures are deferred. The impacts will be transitory, the broker notes, but difficult to predict short term.

The broker has taken a conservative approach in lowering earnings forecasts, but notes this implies earnings upside risk. Buy and $4.75 target retained.

Target price is $4.75 Current Price is $5.07 Difference: minus $0.32 (current price is over target).
If NHF 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 $5.03, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Ord Minnett rates NWL as Buy (1) -

Despite the sharp contraction in the market, Ord Minnett still expects Netwealth will grow earnings by 10% in FY20 and 7% in FY21.

Strong flows are expected to buffer the business against weak markets and the reduced cash spread. Buy maintained. Target is lowered to $7.55 from $8.72.

Target price is $7.55 Current Price is $5.91 Difference: $1.64
If NWL meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $7.14, suggesting upside of 20.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.2

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

Morgan Stanley rates NWS as Underweight (5) -

REA Group ((REA)) has withdrawn guidance for FY20. REA Group contributes around 35% of News Corp's operating earnings.

Morgan Stanley expects consensus estimates for FY20-21 will move lower, noting the market value of the company's stake in REA Group has already fallen more than -50%.

Underweight rating and US$12.50 target maintained. Industry view: Attractive.

Current Price is $13.89. Target price not assessed.

Current consensus price target is $24.62, suggesting upside of 77.3% (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: 0.5

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

Credit Suisse rates PMV as Outperform (1) -

Premier Investments has the strongest funding position under Credit Suisse's coverage and is likely to be a beneficiary of competitors closing their doors.

There is a strong growth opportunity through the expansion of Smiggle and the broker maintains an Outperform rating. Target is reduced to $9.94 from $20.22.

Target price is $9.94 Current Price is $9.47 Difference: $0.47
If PMV meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $13.97, suggesting upside of 47.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Macquarie rates PMV as Neutral (3) -

First half results were ahead of Macquarie's estimates. The broker notes the balance sheet is net cash and debt facilities are secured against the company's property.

Nevertheless, trading across Australasia, Europe and Asia has been affected by the crisis and Macquarie's is negative about trading in the short term.

The main positives are the balance sheet and the company's power over landlords in Australasia. Neutral maintained. Target is raised to $12.82 from $11.71.

Target price is $12.82 Current Price is $9.47 Difference: $3.35
If PMV meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $13.97, suggesting upside of 47.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

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

Morgan Stanley believes Premier Investments is better placed compared with peers because of its cost discipline and robust balance sheet.

Trade has been severely disrupted because of the virus. Morgan Stanley has a low level of confidence in downwardly revised forecasts as the size of the demand shock is too difficult to predict.

Sales forecasts are reduced by -15-20% across FY20-22. Equal-weight rating, In-Line industry view. Target is reduced to $13.50 from $20.55.

Target price is $13.50 Current Price is $9.47 Difference: $4.03
If PMV meets the Morgan Stanley target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $13.97, suggesting upside of 47.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Ord Minnett rates RWC as Accumulate (2) -

Ord Minnett expects the company will be able to manage the current crisis and retain its balance sheet in good order.

A relatively defensive exposure should also allow earnings to hold up in a recession. Ord Minnett reiterates an Accumulate rating and $4 target.

Target price is $4.00 Current Price is $1.72 Difference: $2.28
If RWC meets the Ord Minnett target it will return approximately 133% (excluding dividends, fees and charges).

Current consensus price target is $3.88, suggesting upside of 125.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Macquarie rates SDF as Outperform (1) -

Macquarie assesses insurance brokers are resilient in an economic downturn. The broker reduces estimates by -3.5% in FY20 and -8% in FY21 to reflect economic weakness, partially offset by premium funding.

Target is reduced to $3.50 from $4.40. Outperform.

Target price is $3.50 Current Price is $2.94 Difference: $0.56
If SDF meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 37.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.6

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

Morgan Stanley rates SGP as Overweight (1) -

Stockland has withdrawn FY20 guidance. All previous outlook statements have also been withdrawn. Undrawn liquidity of $850m has been confirmed.

The company also reiterated gearing of 26.1% versus a covenant of 50%. Target is $5.55. Rating is Overweight. Industry view is In-Line.

Target price is $5.55 Current Price is $1.89 Difference: $3.66
If SGP meets the Morgan Stanley target it will return approximately 194% (excluding dividends, fees and charges).

Current consensus price target is $4.55, suggesting upside of 140.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: -0.2

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

Credit Suisse rates STO as No Rating (-1) -

Expenditure has been cut by -US$600m in 2020. Barossa FID has also been deferred until business conditions improve.

Credit Suisse assumes -US$200m of the reductions stem from exploration/appraisal of NT and offshore Western Australia and some capital expenditure is deferred onshore.

The company has indicated debt covenants are not under threat. There is a possible risk, in the broker's view, that sentiment on debt covenants will weigh if the oil price drops below US$20/bbl.

The broker is restricted on providing a rating or target at present.

Current Price is $3.46. Target price not assessed.

Current consensus price target is $6.76, suggesting upside of 95.3% (ex-dividends)

The company's fiscal year ends in December.

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 STO as Outperform (1) -

Santos has cut capital expenditure guidance by -38%. This is largely related to expenditure on the PNG LNG expansion and Barossa. The company is also taking steps to lower costs.

Macquarie believes the company is in control of the portfolio, although weak oil prices are putting pressure on earnings, the balance sheet and growth options.

Outperform maintained. Target is reduced -5% to $8.20.

Target price is $8.20 Current Price is $3.46 Difference: $4.74
If STO meets the Macquarie target it will return approximately 137% (excluding dividends, fees and charges).

Current consensus price target is $6.76, suggesting upside of 95.3% (ex-dividends)

The company's fiscal year ends in December.

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

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

Santos has guided for a -US$550m reduction in 2020 capital expenditure and a -US$50m reduction in cash production costs. Morgan Stanley expects the latter excludes the impact of the Darwin LNG acquisition.

This acquisition will provide a greater interest in a high-cost asset and Morgan Stanley expects group production costs will increase towards US$8/boe.

Equal-weight maintained. Target is $4.25. Cautious industry view.

Target price is $4.25 Current Price is $3.46 Difference: $0.79
If STO meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $6.76, suggesting upside of 95.3% (ex-dividends)

The company's fiscal year ends in December.

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

Credit Suisse rates SUL as Outperform (1) -

The share price has fallen to such an extent, reflecting either the company is going out of business or the stock is very cheap on even a significantly downgraded view.

The latter is obviously the case, Credit Suisse asserts, also assessing the company could fund operations even through a period of enforced retail closures.

Outperform maintained. Target is reduced to $7.80 from $9.94.

Target price is $7.80 Current Price is $4.06 Difference: $3.74
If SUL meets the Credit Suisse target it will return approximately 92% (excluding dividends, fees and charges).

Current consensus price target is $8.86, suggesting upside of 118.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.9

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

Macquarie rates SYD as Outperform (1) -

Sydney Airport has withdrawn capital expenditure guidance. Macquarie now expects a slower recovery, with international traffic subdued for longer. The long-term earnings potential is unchanged.

However, the broker now expects it will take until 2022 for operating earnings (EBITDA) to exceed 2019. There is upside expected if the pace of recovery is faster. Target is reduced to $6.95 from $7.94 and an Outperform rating is maintained.

Target price is $6.95 Current Price is $4.97 Difference: $1.98
If SYD meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $6.90, suggesting upside of 38.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

Credit Suisse rates TAH as Outperform (1) -

Credit Suisse downgrades FY20 estimates by -10% now clubs and pubs are required to shut for several weeks.

The broker assumes a -22% drop in second half wagering revenue and a -24% drop in second half keno revenue. FY21-22 estimates are unchanged.

The broker now assumes no dividend is declared in the second half of FY20 and the first half of FY21. Outperform rating and $4.25 target maintained.

Target price is $4.25 Current Price is $2.34 Difference: $1.91
If TAH meets the Credit Suisse target it will return approximately 82% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting upside of 80.2% (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 TAH as Equal-weight (3) -

Tabcorp will seek to partially mitigate the impact on its business as hotels & clubs which offer its wagering & gaming services close. This will be done by reductions in expenditure and pushing digital product.

There is a risk around further sports and racing cancellations and closures to convenience outlets that distribute lottery products.

Equal-weight rating maintained. Target is $4.50. Industry view: Cautious.

Target price is $4.50 Current Price is $2.34 Difference: $2.16
If TAH meets the Morgan Stanley target it will return approximately 92% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting upside of 80.2% (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 TRS as Underweight (5) -

The company has reported comparable sales for the week of March 16-22 were up 36.1%, driven by groceries, cleaning products and pet care. The company has also noted that inventory is forthcoming from China.

Nevertheless, Morgan Stanley observes structural challenges are yet to abate. Underweight rating and $1.26 target retained. Industry view: In Line.

Target price is $1.26 Current Price is $2.53 Difference: minus $1.27 (current price is over target).
If TRS meets the Morgan Stanley target it will return approximately minus 50% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 WBC as Upgrade to Buy from Neutral (1) -

Citi upgrades the banking sector to Buy. Even in a severe bad debt scenario the current crisis is not likely to de-stabilise the sector such as what occurred in the GFC, says the broker.

Citi lowers cash earnings forecasts for Westpac by -4-7% for FY20 and FY21. FY22 estimates are upgraded by 6% on the back of higher net interest income from the re-pricing of risks as bad debts recede.

The second half dividend forecast is cut to $0.65. Rating is upgraded to Buy from Neutral. Target is lowered to $26.00 from $27.25.

Target price is $26.00 Current Price is $14.37 Difference: $11.63
If WBC meets the Citi target it will return approximately 81% (excluding dividends, fees and charges).

Current consensus price target is $20.33, suggesting upside of 41.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Forecast for FY21:

Market Sentiment: 0.4

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

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

Credit Suisse upgrades to Neutral from Underperform. Wesfarmers has one of the strongest funding positions in the broker's coverage which should enable it to withstand a prolonged enforced closure of its retail stores.

Moreover, most of the businesses have fundamentally sound positions. While the business has been challenged by lower earnings growth from several of its segments, the broker notes the current crisis offers potential for M&A. Target is reduced to $30.07 from $34.43.

Target price is $30.07 Current Price is $31.32 Difference: minus $1.25 (current price is over target).
If WES meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.02, suggesting upside of 11.8% (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